Mortgage Rate Update 3/27/09

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Mortgage rates dropped into the high 4 percent range this week and continue to hold at record lows. Almost totally held by Fed actions in the market–buying mortgage-backed securities and long-term treasuries–there are fears of a rapid reversal in the trend. Key economic data today with the PCE numbers and subtle indicators in recent GDP results may trigger new fears of inflation. This sentiment would push mortgage securities trader to quickly trade down mortgage-related bonds and increase mortgage rates. Probably a good time to consider locking rates.  While 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, those who hold to that belief are becoming fewer.

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 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 = 4.875% APR = 5.150%

15 yr conforming fixed: rate = 4.750% APR = 4.990%

7/1 yr conforming ARM: rate = 5.125% APR = 5.625%

5/1 yr conforming ARM: rate = 4.875% APR = 5.120%

30 yr FHA Fixed : rate = 5.000% APR = 5.215%

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 = 5.750% APR = 6.032%

15 yr jumbo fixed: rate = 5.375% APR = 5.632%

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

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CHFA (Connecticut Housing Finance Authority) rates for the week of March 26 – April 1, 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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