Mortgage Rate Update 2/6/09

Despite discussion of 4 percent mortgage rates ringing in the halls of the Senate, mortgage rates continue to rise. The mortgage rate survey indicates the average 30-year fixed-rate mortgage rose to 5.39 percent today. This reflects a consistent, multi-week climb from a low of 5.10 percent in late January. The US government and Federal Reserve continue to focus attention on affordable housing costs, but the uncertainty in the market and the enormous illiquid mortgage assets remaining on major banks balance sheets are keeping spreads and consumer mortgage rates high. Financial experts, always the optimistic bunch, still 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, February 6th, 2009

All rate quotes are for a 60-day lock with 0 points, a 720 credit score, 5% down payment (or more) except for CHFA, FHA and jumbo loans.

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

30 yr conforming fixed: rate = 5.250% APR = 5.510%

15 yr conforming fixed: rate = 5.000% APR = 5.320%

7/1 yr conforming ARM: rate = 5.500% APR = 5.925%

5/1 yr conforming ARM: rate = 5.250% APR = 5.550%

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

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


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

30 yr jumbo fixed: rate = 6.125% APR = 6.499%

15 yr jumbo fixed: rate = 5.750% APR = 5.959%

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


CHFA (Connecticut Housing Finance Authority) rates for the week of February 5 – February 11th, 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 .

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