Mortgage Rate Update 4/3/09


Mortgage rates seem ready to stabilize for an extended period of time, and our rates this week remain unchanged from last week. The stock market ended the quarter on another down cycle and corporations struggle through another tough quarter. This contributed to some additional improvement in mortgage rates early in the week, but returning to flat yesterday. Current levels of mortgage rates are expected to be the bottom, reinforced by statements from John Kosinan, interim CEO of Freddie Mac.

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 3rd, 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%


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 = ****


CHFA (Connecticut Housing Finance Authority) rates for the week of April 2 – April 8, 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: Mortgage Rate Update 4/3/09 | Wallingford Wired

  2. Kathryn

    This really does seem like the ideal time to take on a mortgage. Connecticut mortgage rates, especially, seem to be offered at such a great rate right now. I think it’s a smart investment to make even though times remain tough for a lot of us.

  3. Post
    The Harriman Team

    We agree, Kathryn. Rates are probably at or very near the lowest we’ll see, and it’s bringing many people off the fence and out looking at homes. Even though home prices MAY go slightly lower (and we’re not convinced of this), the question for potential buyers is whether the prospect of a lower home price is worth possibly missing out on a good interest rate. As you point out, in these tough times each buyer has to weigh those factors and act in their own best interest. If that means holding out for a better deal, so be it. We think most people will realize that rates won’t stay at sub-5% levels for long and will act accordingly.

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