Mortgage Rate Update 6/12/09

mortgage_rates2The sharp rise in mortgage rates in recent weeks has dampened what had been a boom in mortgage refinancing and has threatened to squelch signs of a budding recovery in the housing market. However, there is disagreement among Fed officials as to whether additional stimulus is needed. Some believe more should be done to help the economy recover more rapidly, while others are concerned that it may be time to start pulling back in order to minimize the risk of inflation.

Without a consensus on the direction to go, strong new actions are unlikely. However, the Fed may make smaller adjustments to address current economic conditions.

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, June 12th, 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 = 5.500% APR = 5.664%

15 yr conforming fixed: rate = 5.000% APR = 5.240%

7/1 yr conforming ARM: rate = 5.375% APR = 5.725%

5/1 yr conforming ARM: rate = 5.125% APR = 5.320%

30 yr FHA Fixed : rate = 5.500% APR = 5.770%

30 yr CHFA w/ 1 pt : rate = 5.50% APR = 5.895%

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Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.000% APR = 6.242%

15 yr jumbo fixed: rate = 5.625% APR = 5.825%

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

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CHFA (Connecticut Housing Finance Authority) rates for the week of June 11 – 17, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.500 % (APR range 5.600 – 6.000%)
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: 5.500 % (APR range 5.600 – 6.000%)
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 6/12/09 | Business News

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