Mortgage Rate Update 1/9/09

This week’s rates dipped below 5% for the first time, getting as low as 4.8% for a 30 year conforming fixed loan before settling back right at the 5% mark. Almost all other rates also fell by at least 1/8th point, except the 30 year FHA. The 30 year CHFA rate fell by an eighth to 5.125%. With the unemployment rate rising to 7.2% (a 16 year high), a market sell-off is expected which, added to the buying of mortgage backed securities by the Fed, could signal a further decline in mortgage rates in the near future.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Here are this week’s rates:

Friday, January 9th, 2009

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 = 5.000% APR = 5.330%

15 yr conforming fixed: rate = 4.750% APR = 5.140%

7/1 yr conforming ARM: rate = 5.375% APR = 5.825%

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

30 yr FHA Fixed : rate = 5.250% APR = 5.605%

30 yr CHFA w/ 1 pt : rate = 5.125% APR = 5.375%

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

30 yr jumbo fixed: rate = 5.750% APR = 6.229%

15 yr jumbo fixed: rate = 5.375% APR = 5.936%

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

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CHFA (Connecticut Housing Finance Authority) rates for the week of January 8 – 14, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.125 % (APR range 5.225 – 6.625%)
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: 5.125 % (APR range 5.225 – 5.625%)
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 .