Mortgage Rate Update 4/10/09

Mortgage rates moved up slightly for the week nationally (but stayed at last week’s rates here), and remain under 5%. The short holiday trading week and little economic reporting supported mortgage rates holding flat through most of the week. Mortgage rates still remain below 5%–a historically low level. This stability has increased housing demand and flooded lenders with requests for refinancing. According to the Mortgage Bankers association, the five consecutive weeks of sub-5% mortgage rates have increased mortgage purchase applications 22% and mortgage refinance applications 129%.

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, April 10th, 2009

All rate quotes are for a 60-day lock with 0 points, 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 April 9 – April 15, 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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