This week’s news from the housing sector was mostly positive. April Existing Home Sales rose 8% to an annual rate of 5.77 million units, the highest level in five months. Inventories of unsold existing homes increased a little, but the median home price was 4% higher than one year ago. First-time buyers accounted for 49% of all existing home sales. April New Home Sales rose 15% to an annual rate of 504K units, above the consensus forecast of 425K, and the highest level since May 2008. The home buyer tax credit helped boost sales before its April 30 deadline.
For expert assistance with your financing needs, call Michele Poulin, Retail Sales Manager at Wells Fargo, (203) 440-3745.
Here are this week’s rates:
Friday, May 28th, 2010
All rate quotes are for a 60-day lock with 0 points and a 720 FICO score.
Conforming limits are up to a $417,000 loan limit*
30 yr conforming fixed: rate = 4.875% APR = 5.065%
15 yr conforming fixed: rate = 4.250% APR = 4.573%
5/1 yr conforming FHA ARM: rate = 3.625% APR = 3.324%
5/1 yr conforming ARM: rate = 3.750% APR = 3.765%
30 yr FHA Fixed : rate = 4.875 APR = 5.630%
30 yr CHFA w/ 1 pt : rate = 4.375% APR = (see below)
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CHFA (Connecticut Housing Finance Authority) rates for the week of May 27 – June 2 , 2010
Homebuyer Mortgage Plan:
Interest rate: 4.375 % (APR range 4.475 – 4.875%)
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: 4.375 % (APR range 4.475 – 4.875%)
Fees: Up to $2000 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 Harriman Real Estate LLC and Wells Fargo Home 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 .
{ 2 comments… read them below or add one }
Mortgage rates continue to fall. This is not what the expert said would happen. After the Federal Reserve stopped buying mortgage backed securities, the experts predicted that rates will rise. What do they know? Rates have plunged. You can get a 30 year fixed at 4.77%. If the lender is motivated, it could drop to 4.5%.
Rates will continue falling as long as investors move money from Europe into US Treasuries. This occurrence will be over the next 12 to 18 months. That’s what I think, and I am not an expert.
I have heard rumors that the rates will drop to their lowest levels in 50+ years in the coming months, so it will be interesting to see if that happens.
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