Mortgage Rate Update 12/5/08

Mortgage rates fell another quarter point this week (with the notable exception of CHFA & FHA rates, which remained at 5.875% and 5.5%, respectively), possible on their way down to the 4.5% figure that’s been bandied about in the financial news lately. This may or not happen, depending on who you talk to, but even if it doesn’t, the downward trend of the mortgage rates has done some good. Mortgage applications were up 150% nationally over the Thanksgiving week, and the number of people refinancing jumped 300% over the same period. Many people are still holding back however, convinced that 4.5% mortgages backed by the federal government are just around the corner. Our advice is to talk with your mortgage lender and if you find the house that’s just right for you, you’d do just fine with the rates as they are right now.

Here are this week’s rates:

Friday, December 5th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.250% APR = 5.550%

15 yr conforming fixed: rate = 5.125% APR = 5.325%

7/1 yr conforming ARM: rate = 5.625% APR = 5.993%

5/1 yr conforming ARM: rate = 5.250% APR = 5.510%

30 yr FHA Fixed : rate = 5.500% APR = 5.620%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.325%

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Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.250% APR = 6.435%

15 yr jumbo fixed: rate = 5.875% APR = 6.122%

7/1 yr jumbo ARM: rate = **** APR = ****

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CHFA (Connecticut Housing Finance Authority) rates for the week of December 4 – 10, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 – 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .