Mortgage Rate Update 1/23/09

This week’s rates rose slightly (an eighth of a point, generally; CHFA was unchanged) and this is the fourth day in a row that the rates have been trending upwards. Mortgage rates should return to lower levels, based on Federal Reserve and other government statements. Renewed bank crisis and continued equities market volatility are again plunging mortgage-backed securities into a land of uncertainty. A majority of financial experts look for rates to decrease slightly over the next 30 days.

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 23rd, 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 = 5.125% APR = 5.450%

15 yr conforming fixed: rate = 4.875% APR = 5.200%

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

5/1 yr conforming ARM: rate = 5.125% APR = 5.410%

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 22 – 28, 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 .

Tagged as: 06410, Adjustable rate mortgage, CHFA, Federal Housing Administration, Homebuyer Mortgage Program, interest rate, Jumbo mortgage, Loan, Mortgage