While investors began the week watching for fresh information about Greece and China, the Fed stole the spotlight on Wednesday with news that was unfavorable for mortgage markets, and mortgage rates ended the week moderately higher.

The Fed currently has significant influence on mortgage rates. Over the last year, the Fed pushed mortgage rates lower by purchasing over $1 trillion in mortgage-backed securities (MBS). Wednesday, the Fed’s Plosser suggested that the Fed should begin selling those MBS “sooner rather than later.” Later that day, the Fed released the detailed minutes from the January 27 Fed meeting. The minutes revealed that “several” Fed officials favored starting the sale of the Fed’s MBS portfolio “in the near future.” Investors were not expecting that Fed MBS sales would begin any time soon. Quite simply, adding to the supply of MBS being sold means that yields would need to move higher to attract buyers. Since mortgage rates are largely determined by MBS yields, mortgage rates rose after the news.

Thursday, the Fed announced an increase in the discount rate, the emergency rate at which banks borrow money from the Fed. The Fed made clear that this in no way reflected a change in broader monetary policy or its economic outlook. This was simply a return to more normal levels for one Fed tool now that the financial crisis has eased. As a result, there was very little impact on mortgage rates. According to Fed officials, a move to begin to tighten overall monetary policy, which almost certainly would cause a significant reaction, is still expected to be at least several months away. The inflation data released this week continued to show low levels of current inflation, providing little pressure for the Fed to rush to take action.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, February 19th, 2010

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 = 5.134%

15 yr conforming fixed: rate = 4.375% APR = 4.662%

7/1 yr conforming ARM: rate = 4.250% APR = 4.641%

5/1 yr conforming ARM: rate = 3.875% APR = 4.227%

30 yr FHA Fixed : rate = 4.875 APR = 5.120%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.698%

———————————————————–

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

30 yr jumbo fixed: rate = 5.625% APR = 6.010%

15 yr jumbo fixed: rate = 5.125% APR = 5.357%

7/1 yr jumbo ARM: rate = 4.750% APR =5.224%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of February 18 – 24 , 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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 2/19/10

Global events in China and Greece had a significant impact on US mortgage markets this week, but in opposite directions. In addition, demand was much weaker than average for the 10-year and 30-year Treasury auctions, which pushed up yields. The net result was a slight increase in mortgage rates from last week.

A surprise announcement Thursday night that China raised bank reserve requirements helped mortgage markets and hurt the stock market. The increase is a form of monetary tightening which is intended to slow economic growth in China. This likely means that China will buy fewer exports from other countries, slowing economic growth globally. Slower expected economic growth reduces inflationary pressures, which is positive for mortgage yields.

In recent weeks, large fiscal deficits in Greece have caused speculation that the country will default on its government debt, which resulted in an investor flight to the relative safety of US bonds. This week, the news that Greece will receive economic aid from other European Union nations prompted investors to reverse this flight to safety by selling US bonds, moving yields higher.

While it caused little immediate reaction, on Wednesday Fed Chief Bernanke revealed monetary policy strategies which may have important long-term implications for mortgage markets. Bernanke released the text of a speech which provided more details about the Fed’s planned methods to tighten monetary policy when the economy has gained enough strength. One of the things the Fed intends to do is sell its portfolio of mortgage-backed securities (MBS). Due to concerns about disrupting mortgage markets, however, Bernanke suggested that this will be one of the last measures taken to tighten policy, and it will be done very gradually.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, February 12th, 2010

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 = 5.134%

15 yr conforming fixed: rate = 4.375% APR = 4.662%

7/1 yr conforming ARM: rate = 4.250% APR = 4.641%

5/1 yr conforming ARM: rate = 3.875% APR = 4.227%

30 yr FHA Fixed : rate = 4.875 APR = 5.120%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.698%

———————————————————–

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

30 yr jumbo fixed: rate = 5.625% APR = 6.010%

15 yr jumbo fixed: rate = 5.125% APR = 5.357%

7/1 yr jumbo ARM: rate = 4.750% APR =5.224%

———————————————————————————

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

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 2/12/10

The biggest influence on mortgage rates this week came from outside the US. Concerns about the possible default of sovereign debt in smaller nations caused investors to seek the relative safety of US fixed income securities. This week’s economic data was roughly balanced in terms of positive and negative surprises. The added demand for safer investments helped mortgage rates move lower during the week.

The recession has impacted countries in different ways. Some of the hardest hit have been smaller European nations, such as Greece and Spain. As members of the European Union, they must adhere to certain restrictions which limit their flexibility to adjust domestic economic policy. As a result, some countries may be at risk of defaulting on government debt. Investors responded by buying relatively safer assets such as US bonds, including agency mortgage-backed securities (MBS). Investors also withdrew money from global stock markets during the week. In the US, the Dow fell about 200 points.

Friday’s important Employment report contained mixed news. Against a consensus forecast for a gain of 15K jobs, the economy lost -20K jobs in January. The big story, though, was an unexpected drop in the Unemployment Rate to 9.7% from 10.0% in December. Two separate sources of data are used to compute the change in jobs and the change in the unemployment rate, and during volatile periods the two methods can show widely divergent results. The decline in the unemployment rate in January was viewed as very good news by many economists, pointing to an improving labor market. On a more negative note, revisions to older data showed that the economy has lost 8.4 million jobs since the start of the recession in December 2007, from the previous reported level of 7.2 million.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, February 5th, 2010

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 = 5.134%

15 yr conforming fixed: rate = 4.375% APR = 4.662%

7/1 yr conforming ARM: rate = 4.250% APR = 4.641%

5/1 yr conforming ARM: rate = 3.875% APR = 4.227%

30 yr FHA Fixed : rate = 4.875 APR = 5.120%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.698%

———————————————————–

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

30 yr jumbo fixed: rate = 5.625% APR = 6.010%

15 yr jumbo fixed: rate = 5.125% APR = 5.357%

7/1 yr jumbo ARM: rate = 4.750% APR =5.224%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of February 4 – 10 , 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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

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• Mortgage Rate Update 1/22/10 (wallingfordwired.com)

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 2/5/10

While the economic data released this week had little impact, mortgage rates were heavily influenced by two big stories. One was an announcement that China will take steps to slow its economic growth and the other was President Obama’s proposed new restrictions on the activities of financial institutions. Both measures are expected to lead to slower economic growth in the US, which hurt the stock market but helped fixed income markets. As a result, mortgage rates ended a little lower.

During the week, China released a report showing that its Gross Domestic Product (GDP) grew at an 8.7% pace in 2009. Rapid growth generally leads to higher inflation. In an effort to slow its economy and prevent inflation, China announced that it is going to curb bank lending. China currently has the third largest economy and is responsible for a significant percentage of global economic growth, so the effects of a slowdown in China will be felt around the world. In the US, President Obama proposed to limit the size and activities of large banks to reduce the risks to the financial system as a whole. If passed by Congress, this too would lead to slower growth for many large US financial services firms. The potential for slower economic growth and the resulting reduction in inflationary pressures was favorable for mortgage rates.

To build capital and reduce risk, the FHA announced that it will raise insurance rates and tighten credit score requirements. The major changes include increasing upfront premiums from 1.75% to 2.25%, reducing the maximum seller contribution from 6% to 3%, and increasing the level of FICO scores from 500 to 580 below which a down payment of 10% is required. At this point, the expected timing of the upfront premium increase will be in the spring, and the other changes will take place over the summer.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, January 22nd, 2010

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 = 5.134%

15 yr conforming fixed: rate = 4.375% APR = 4.662%

7/1 yr conforming ARM: rate = 4.250% APR = 4.641%

5/1 yr conforming ARM: rate = 3.875% APR = 4.227%

30 yr FHA Fixed : rate = 4.875 APR = 5.120%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.698%

———————————————————–

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

30 yr jumbo fixed: rate = 5.625% APR = 6.010%

15 yr jumbo fixed: rate = 5.125% APR = 5.357%

7/1 yr jumbo ARM: rate = 4.750% APR =5.224%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of January 21 – 27 , 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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 1/22/10

Welcome to the first mortgage rate update of 2010!

Over the last few weeks, many economists have been raising their forecasts for economic growth in 2010. The economic data released this week generally did not support this outlook, however, producing some daily volatility. As a result of the weaker than expected data, mortgage rates ended the week a little lower.

In December, the economy lost -85K jobs, which was lower than the consensus forecast of -5K, and the Unemployment Rate remained at 10.0%. A small revision to the November data created a gain of 4K jobs, the first monthly increase since December 2007. The report indicated that 661K people dropped out of the labor force in December. The details suggest that small businesses may be creating jobs more slowly than larger companies. The manufacturing and constructions sectors continued to perform poorly. Average hourly earnings, an indicator of wage growth, showed a small increase. Overall, the data was weaker than expected, and mortgage rates moved lower after the news.

In the housing sector, November Pending Home Sales fell 16% from October, but the decline followed nine straight months of increases and November Pending Home Sales were 15% higher than one year ago. Pending home sales are a leading indicator of future housing market activity. Recent data has been heavily influenced by the timing of the homebuyer tax credit, which was originally set to expire at the end of November. A surge of buyers attempting to purchase before the original deadline pulled demand forward. When the homebuyer tax credit was expanded and extended through the first half of 2010, the time pressure was removed. According to the National Association of Realtors (NAR), we should see another “notable” gain in sales activity in coming months.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, January 8th, 2010

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 = 5.125% APR = 5.344%

15 yr conforming fixed: rate = 4.500% APR = 4.722%

7/1 yr conforming ARM: rate = 4.250% APR = 4.641%

5/1 yr conforming ARM: rate = 4.125% APR = 4.484%

30 yr FHA Fixed : rate = 5.000 APR = 5.350%

30 yr CHFA w/ 1 pt : rate = 4.005% APR = 4.788%

———————————————————–

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

30 yr jumbo fixed: rate = 5.750% APR = 6.130%

15 yr jumbo fixed: rate = 5.250% APR = 5.559%

7/1 yr jumbo ARM: rate = 4.875% APR =5.325%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of January 7 – 13 , 2010

Homebuyer Mortgage Plan:

Interest rate: 4.500 % (APR range 4.600 – 5.000%)

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: 4.500 % (APR range 4.600 – 5.000%)

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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

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Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 1/8/2010

In a week full of major economic news, mortgage rates ended with little change. Wednesday’s Fed meeting produced little reaction in mortgage markets. The PPI inflation report was higher than expected, but the more closely watched CPI report was right on target, remaining at low levels. Economic troubles in some developing nations produced a flight to safer assets, which helped mortgage markets late in the week.

As expected, the Fed held the fed funds rate steady and made no indication that it will raise this rate any time soon. Its statement contained no surprises. Of note, it described improvement in the job market since the last FOMC meeting, as the “deterioration in the labor market is abating.” The Fed expects inflation to remain low. Finally, the statement reminded investors that the $1.25 trillion mortgage-backed securities purchase program will conclude at the end of the first quarter of 2010. Mortgage investors were generally pleased that there was no unfavorable news from the Fed meeting.

The housing sector data released during the week was mostly favorable. November Housing Starts rose 9%, and Building Permits, a leading indicator, showed similar results. The December NAHB Homebuilders Sentiment index surprisingly dropped slightly, to the lowest level since June. Given the passage of the extension and expansion of the homebuyer tax credit, the index was expected to rise.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, December 18th, 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 = 5.000% APR = 5.240%

15 yr conforming fixed: rate = 4.375% APR = 4.542%

7/1 yr conforming ARM: rate = 4.375% APR = 4.641%

5/1 yr conforming ARM: rate = 4.000% APR = 4.354%

30 yr FHA Fixed : rate = 4.875 APR = 5.230%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.559%

———————————————————–

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

30 yr jumbo fixed: rate = 5.250% APR = 5.452%

15 yr jumbo fixed: rate = 4.875% APR = 5.154%

7/1 yr jumbo ARM: rate = 4.625% APR =5.225%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of December 17 – December 23 , 2009

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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 12/18/09

This week’s economic news was mixed for mortgage markets. A speech from Fed Chief Bernanke pushed mortgage rates lower early in the week, but weak results in the Treasury auctions caused them to turn higher again later in the week. In the end, mortgage rates finished with little net change.

Despite a stronger than expected November Employment report released on Friday, December 4, Bernanke came out on Monday and repeated the Fed’s plans to maintain the fed funds rate at extremely low levels for an extended period of time. According to Bernanke, the Fed still expects the labor market to improve very slowly, so they are reluctant to remove monetary stimulus by raising rates. Fed officials believe that inflation will remain low for the next couple of years, meaning that there is little short-term pressure to raise rates.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, December 11th, 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 = 5.000% APR = 5.240%

15 yr conforming fixed: rate = 4.375% APR = 4.542%

7/1 yr conforming ARM: rate = 4.375% APR = 4.641%

5/1 yr conforming ARM: rate = 4.000% APR = 4.354%

30 yr FHA Fixed : rate = 4.875 APR = 5.230%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.559%

———————————————————–

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

30 yr jumbo fixed: rate = 5.250% APR = 5.452%

15 yr jumbo fixed: rate = 4.875% APR = 5.154%

7/1 yr jumbo ARM: rate = 4.625% APR =5.225%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of December 10 – December 16 , 2009

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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 12/11/09

It was a tough week for mortgage markets after performing very well for several weeks. Surprisingly strong economic data and a better than expected economic outlook from the Fed ramped up concerns about inflation. Those concerns resulted in higher yields and higher mortgage rates during the week.

Unemployment took center stage this week; after forecasting a loss of at least 125,000 jobs in November, only 11,000 jobs were lost, the best monthly performance since December 2007. The Unemployment Rate dropped to 10.0% from 10.2% in October. While manufacturing and construction remained weak, the service sector added jobs. Average Hourly Earnings, an  indicator of pay growth, rose slightly.

This week’s housing data also exceeded expectations. October Pending Home Sales rose for the ninth consecutive month, increasing 4% to the highest level since March 2006. The index has increased 32% from last year. Pending sales are based on contracts signed but not closed and are a leading indicator of housing market activity. The homebuyer tax credit also provided a boost.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, December 4th, 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 = 5.000% APR = 5.240%

15 yr conforming fixed: rate = 4.375% APR = 4.542%

7/1 yr conforming ARM: rate = 4.375% APR = 4.641%

5/1 yr conforming ARM: rate = 4.000% APR = 4.354%

30 yr FHA Fixed : rate = 4.875 APR = 5.230%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.559%

———————————————————–

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

30 yr jumbo fixed: rate = 5.250% APR = 5.452%

15 yr jumbo fixed: rate = 4.875% APR = 5.154%

7/1 yr jumbo ARM: rate = 4.625% APR =5.225%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of December 3 – December 9 , 2009

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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 12/4/09

A combination of factors helped mortgage rates improve yet again during the short Thanksgiving week. Strong demand for the Treasury auctions, low inflation, and a fragile economy were all positive for mortgage markets. As a result, mortgage rates dropped to the lowest levels since January.

The consensus economic outlook is for a gradual recovery with low inflation, and the economic data released during the week was consistent with this view. Economic growth during the third quarter of the year was revised lower, but both the Fed and private economists raised their forecasts for future growth. This week’s economic reports indicated that some sectors of the economy are improving, such as the housing market (see below), while others reflected weakness. Wednesday’s data on Core PCE prices continued to show little inflationary pressure, which allows the Fed to keep rates low to assist the economic recovery.

This week’s home sales data far exceeded expectations across the board. October Existing Home Sales jumped 10% from September. Inventories of unsold existing homes dropped to a 7.0-month supply, the lowest level since February 2007. October New Home Sales rose 6%, and inventories of new homes declined to the lowest level in decades. Extremely low mortgage rates, high affordability levels, and the first-time homebuyer tax credit boosted sales in October.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, November 27th, 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 = 4.750% APR = 5.040%

15 yr conforming fixed: rate = 4.250% APR = 4.542%

7/1 yr conforming ARM: rate = 4.125% APR = 4.441%

5/1 yr conforming ARM: rate = 3.750% APR = 4.014%

30 yr FHA Fixed : rate = 4.875 APR = 5.230%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.559%

———————————————————–

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

30 yr jumbo fixed: rate = 5.125% APR = 5.352%

15 yr jumbo fixed: rate = 5.000% APR = 5.254%

7/1 yr jumbo ARM: rate = 4.750% APR =5.105%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of November 26 – December 2 , 2009

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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 11/27/09

A highly anticipated speech on Monday by Fed Chief Bernanke on the economic outlook revealed no change in the Fed’s stance on short-term monetary policy. There were also few surprises in the economic data released during the week. The monthly inflation readings continued to show that inflation is not a cause for concern in the short-term. As a result, mortgage rates barely moved during the week, remaining at historically low levels.

The decline in the value of the dollar has received a great deal of attention lately. While Fed officials rarely discuss the value of the dollar, Bernanke assured investors that the Fed is closely watching exchange rates. However, he then reminded investors that the Fed’s dual mandate is to promote full employment and to keep prices stable. According to Bernanke, the value of the dollar is just one of many factors affecting inflation, and the Fed is not concerned by the movement in the dollar so far. With a fragile economy and high unemployment rate, he suggested that the Fed intends to keep the fed funds rate at very low levels. Tightening monetary policy to strengthen the dollar would hurt the economic recovery and slow job creation. After the speech, the value of the dollar fell to the lowest level since August 2008.

If foreign investors expect the value of the dollar to continue to fall, it may pose a risk for mortgage rates in the future. Foreign investors historically have been major buyers of mortgage-backed securities (MBS). When the dollar falls, the value of US assets to foreign investors in their own currency declines, making US investments less rewarding. With the Fed scaling back its MBS purchases over the next few months, a drop in foreign demand would further pressure yields higher to fill the void left by the Fed.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, November 20th, 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 = 5.110%

15 yr conforming fixed: rate = 4.375% APR = 4.648%

7/1 yr conforming ARM: rate = 3.750% APR = 4.014%

5/1 yr conforming ARM: rate = 4.875% APR = 5.230%

30 yr FHA Fixed : rate = 5.000 APR = 5.345%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = 4.559%

———————————————————–

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

30 yr jumbo fixed: rate = 5.375% APR = 5.552%

15 yr jumbo fixed: rate = 5.000% APR = 5.254%

7/1 yr jumbo ARM: rate = 4.750% APR =5.105%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of November 19 – November 25 , 2009

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 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 .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 11/20/09