Mortgage Rate Update 3/6/09

mortgage_rates1Mortgage rates repriced lower on Tuesday. Meanwhile, treasuries continue to trend higher as the bond market begins to get nervous about mounting Federal deficits. The disparity between MBS and treasuries is creating volatility and uncertainty in mortgage rates. Mortgage rates are expected to encounter even more volatility going forward as markets continue to react to the Home Affordable Refinance loan modification program and the embattled Omnibus spending bill in Congress.

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 6th, 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 = 4.625% APR = 4.899%

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

5/1 yr conforming ARM: rate = 4.375% APR = 3.854%

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 = 5.875% APR = 6.035%

15 yr jumbo fixed: rate = 5.500% APR = 5.713%

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

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CHFA (Connecticut Housing Finance Authority) rates for the week of March 5 th – March 11th, 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 3/6/09 | Wallingford Wired

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