Mortgage Rate Update 2/13/09

Mortgage rates have remained flat in the low 5% range. Mortgage bonds have experienced positive pressure coming out of equities negative response to a lack of details and mechanics of the implementation of the remaining TARP funds. However, lenders are still overwhelmed with existing inquiries to refinance–resulting in few lenders to re-price their rates on MBS improvements. It appears that other pressures like uncertainty in the economy, markets, and clogged lender pipelines are sure to push rates back up soon.

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, February 13th, 2009

All rate quotes are for a 60-day lock with 1 point, 20% down payment, $1,500 in finance charges, and 30 days prepaid interest.

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

30 yr conforming fixed: rate = 5.125% APR = 5.288%

15 yr conforming fixed: rate = 4.750% APR = 5.025%

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

5/1 yr conforming ARM: rate = 4.875% APR = 4.488%

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

30 yr CHFA w/ 1 pt : rate = 5.000% APR = 5.375%

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

30 yr jumbo fixed: rate = 6.000% APR = 6.163%

15 yr jumbo fixed: rate = 5.625% APR = 5.839%

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

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CHFA (Connecticut Housing Finance Authority) rates for the week of February 12 – February 18th, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.000 % (APR range 5.100 – 5.500%)
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: 5.000 % (APR range 5.100 – 5.500%)
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 .