Mortgage Rate Update 3/20/09

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There was some excitement today as rates in some areas dipped as low as 4.75%, but it seemed to be short-lived. Rates here continue to hold their sideways pattern, and should continue to do so for the foreseeable future, but at least the 30-year is at an even 5 percent.  The Fed buying long-term treasuries and more than doubling their positions in MBS is going to hold mortgage rates steady, pending major market shifts. A majority of financial experts still feel rates will decrease slightly over the next 30 days and show little to no change over the next 90 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, March 20th, 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 = 5.000% APR = 5.210%

15 yr conforming fixed: rate = 4.875% APR = 5.020%

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 = 5.125% APR = 5.415%

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

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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 = ****

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CHFA (Connecticut Housing Finance Authority) rates for the week of March 19 – 25, 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 .

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  1. Pingback: 20 Year Mortgage » Mortgage Rate Update 3/20/09 | Wallingford Wired

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