Mortgage Rate Update 12/4/09

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It was a tough week for mortgage markets after performing very well for several weeks. Surprisingly strong economic data and a better than expected economic outlook from the Fed ramped up concerns about inflation. Those concerns resulted in higher yields and higher mortgage rates during the week.

Unemployment took center stage this week; after forecasting a loss of at least 125,000 jobs in November, only 11,000 jobs were lost, the best monthly performance since December 2007. The Unemployment Rate dropped to 10.0% from 10.2% in October. While manufacturing and construction remained weak, the service sector added jobs. Average Hourly Earnings, anĀ  indicator of pay growth, rose slightly.

This week’s housing data also exceeded expectations. October Pending Home Sales rose for the ninth consecutive month, increasing 4% to the highest level since March 2006. The index has increased 32% from last year. Pending sales are based on contracts signed but not closed and are a leading indicator of housing market activity. The homebuyer tax credit also provided a boost.

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

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, December 4th, 2009

All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.

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

30 yr conforming fixed: rate = 5.000% APR = 5.240%

15 yr conforming fixed: rate = 4.375% APR = 4.542%

7/1 yr conforming ARM: rate = 4.375% APR = 4.641%

5/1 yr conforming ARM: rate = 4.000% APR = 4.354%

30 yr FHA Fixed : rate = 4.875 APR = 5.230%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.559%

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

30 yr jumbo fixed: rate = 5.250% APR = 5.452%

15 yr jumbo fixed: rate = 4.875% APR = 5.154%

7/1 yr jumbo ARM: rate = 4.625% APR =5.225%

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CHFA (Connecticut Housing Finance Authority) rates for the week of December 3 – December 9 , 2009

Homebuyer Mortgage Plan:
Interest rate: 4.375 % (APR range 4.475 – 4.875%)
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: 4.375 % (APR range 4.475 – 4.875%)
Fees: Up to $2000 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

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