Mortgage Rate Update 2/27/09

Mortgage rates have taken a turn for the worse this week, but not by much. Bond selling and a small rally in equities are the main culprits. Banks are looking for any reason to re-price higher, plus there is still considerable credit constriction in the market. It is hoped that implementation of President Obama’s mortgage plan and a 6.2% drop in GDP might fuel a rate rally later this week. The 30 year fixed rate mortgages have been stuck around 5% for some time now, and it looks like it’ll take a lot to break into the 4% range.  A majority of financial experts still feel rates will 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, February 27th, 2009

All rate quotes are for a 60-day lock with 1 point, 5% down payment, and a 720 FICO score.

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

30 yr conforming fixed: rate = 5.250% APR = 5.540%

15 yr conforming fixed: rate = 4.875% APR = 5.120%

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

5/1 yr conforming ARM: rate = 5.125% APR = 5.350%

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

30 yr CHFA w/ 1 pt : rate = 5.000% APR = 5.275%

———————————————————–

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

30 yr jumbo fixed: rate = 6.000% APR = 6.399%

15 yr jumbo fixed: rate = 5.625% APR = 5.959%

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

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of February 26 – March 4th, 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 .

Reblog this post [with Zemanta]

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.