The economic environment for mortgage rates was little changed this week. Weaker than expected economic data and continued low inflation supported low rates, and investor demand for bonds remained high. As a result, mortgage rates again ended the week a little lower.

As the economic recovery has lost steam recently, investors are closely watching for signs that growth will slow even more. The economic data released during the week was generally weaker than expected. In a sign that the labor market is not improving, Weekly Jobless Claims rose to 500K, the highest level since November 2009. After a series of positive readings, the Philly Fed manufacturing index surprisingly fell to -7.7. Readings below zero indicate a contraction in the sector. Slower economic growth typically leads to less inflationary pressure, which is positive for mortgage rates.

On Tuesday, a conference was held to discuss the future of Fannie Mae and Freddie Mac, and participants offered a wide range of ideas. While no clear consensus was reached, a few hints emerged about what to expect. Treasury Secretary Geithner suggested that the government should retain a role in providing guarantees for mortgages, but that taxpayers should be exposed to less risk. The Obama administration has announced that it will produce a proposal to address these issues by January 2011. In almost any scenario, changes will be phased in very slowly over a period of many years to avoid disruptions to the housing market.

For expert assistance with your financing needs, call Michele Poulin, Retail Sales Manager at Prospect Mortgage, (203) 440-3745.

Here are this week’s rates:

Friday, August 20th, 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 = 4.375% APR = 4.453%

15 yr conforming fixed: rate = 3.750% APR = 3.825%

5/1 yr conforming ARM: rate = 3.375% APR = 3.448%

30 yr FHA Fixed : rate = 4.370 APR = 4.641%

30 yr CHFA w/ 1 pt : rate = 4.000% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of August 19 – 25 , 2010

Homebuyer Mortgage Plan:

Interest rate: 4.000 % (APR range 4.100 – 4.500%)

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: 4.000 % (APR range 4.100 – 4.500%)

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 .

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Mortgage Rate Update 8/20/2010

Uncertainty about the pace of the economic recovery pushed mortgage rates down to another record low this week. The economic outlook is for slower than normal economic growth with low inflation, which is favorable for mortgage rates. The risks of a “double dip” recession and deflation also increase demand for relatively safer investments such as mortgage-backed securities (MBS).

The consensus economic outlook is for slower than average economic growth for several years. The Gross Domestic Product (GDP) report released this week was consistent with this view. GDP increased at a 2.4% annual rate during the second quarter of 2010, which was below the long-term average of about 3.0% per year. With a high Unemployment Rate, below normal economic growth is far from ideal for the labor market, but this is what investors expect. If the economy performs much more poorly, however, the consequences could be severe. The Fed’s Bullard stated this week that he is worried about the risk of a deflationary period in the US similar to that of Japan, which would be very undesirable for the economy, but which would likely lead to lower mortgage rates. He emphasized that he thinks that the most likely scenario is for continued modest economic growth.

The best steps to take to stimulate the economy are being highly debated right now. It’s not clear whether further monetary stimulus from the Fed would be effective enough to offset the downside effects. As a result, most Fed officials feel that they should not take additional actions unless the economy experiences a major downturn. Given enormous budget deficits, fiscal stimulus (more government spending) is also a highly contested option. The Fed’s Fisher pointed to uncertainty about government policies and regulations as a major obstacle for faster growth, but this may not change very quickly. In any case, if the economy follows the expected path for modest economic growth, it may be difficult for the Fed or the government to launch any major new stimulus actions.

For expert assistance with your financing needs, call Michele Poulin, Retail Sales Manager at Prospect Mortgage, (203) 440-3745.

Here are this week’s rates:

Friday, June 18th, 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 = 4.500% APR = 4.577%

15 yr conforming fixed: rate = 3.875% APR = 3.950%

5/1 yr conforming FHA ARM: rate = 3.625% APR = 3.324%

5/1 yr conforming ARM: rate = 3.500% APR = 3.573%

30 yr FHA Fixed : rate = 4.500 APR = 5.105%

30 yr CHFA w/ 1 pt : rate = 4.125% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of June 17 – June 23 , 2010

Homebuyer Mortgage Plan:

Interest rate: 4.125 % (APR range 4.225 – 4.625%)

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: 4.125 % (APR range 4.225 – 4.625%)

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 .

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Mortgage Rate Update 7/30/10

Economic data moved mortgage rates this week. Slower than expected economic growth data and tame inflation figures were favorable for mortgage markets. As a result, mortgage rates ended the week lower.

Heading into a Fed meeting next week, the low inflation data released this week means that there is little pressure on the Fed to begin raising the fed funds rate. May Core Consumer Price Index (CPI) inflation rose at a 0.9% annual rate, the lowest level in four decades. Usually the major task of Fed officials is to prevent inflation from moving too high, but they are now concerned about the risk that inflation will drop too low. Fed officials are most comfortable when inflation remains in the 1.5% to 2.0% range. This also means that there is little inflationary pressure to push mortgage rates higher. Of course, with expectations set so low, if inflation were to surprisingly increase in coming months, it could cause a large reaction in mortgage markets.

Will the “close by” deadline to receive the Home Buyer Tax Credit be extended? The answer to this question is not known as of this Friday morning. The Senate has approved an amendment to a larger bill to do so, but the larger bill is still being debated and its passage is not certain. Extending the “close by” deadline will benefit qualifying home buyers who are not able to close by June 30, the original deadline. Extending the deadline sooner rather than later would help relieve some anxiety. Right now, people in all phases of the home buying process are working very long hours to close an unusually large number of purchases before the end of the month.

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, June 18th, 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)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of June 17 – June 23 , 2010

Homebuyer Mortgage Plan:

Interest rate: 4.250 % (APR range 4.350 – 4.750%)

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: 4.250 % (APR range 4.350 – 4.750%)

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 .

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Mortgage Rate Update 6/18/10

Global economic news was the primary influence on US mortgage markets this week. While the US data released during the week was mixed, an improved economic outlook in many other countries was unfavorable for bond markets. As a result, mortgage rates ended the week a little higher.

In recent weeks, mortgage rates have fallen to the lowest levels in decades. This has occurred, in part, due to the economic troubles in Europe, which reduced the willingness of investors to hold risky assets such as stocks. During periods of uncertainty, it’s common for investors to seek a higher level of relatively safer assets, including US mortgage-backed securities (MBS). On Thursday, however, a series of global headlines from Europe, Asia, and Australia contained positive news for economic growth, which caused investors to move back toward riskier assets and out of bonds. The stock market rallied, and mortgage rates moved higher.

On Thursday, lawmakers introduced a proposal which, if passed, will extend the “close-by” deadline to receive the homebuyer tax credit from June 30 to September 30. The legislation doesn’t affect who may qualify for the tax credit. To qualify, you still must have signed a contract by April 30, but it will relieve some of the pressure to close by June 30. Buyers who had not expected to close by June 30 may now be able to qualify.

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, June 11th, 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)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of June 10 – June 16 , 2010

Homebuyer Mortgage Plan:

Interest rate: 4.250 % (APR range 4.350 – 4.750%)

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: 4.250 % (APR range 4.350 – 4.750%)

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 .

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Mortgage Rate Updates 6/11/10

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)

———————————————————–

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 .

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

Mortgage Rate Update 5/28/10

The biggest economic news this week was that the EU will provide a much larger aid package than previously announced. On Monday, this news caused investors to move funds to riskier assets and out of safer investments such as bonds. This week’s economic data contained few surprises. Later in the week, successful results for the long-term Treasury auctions helped bond markets, and mortgage rates ended the week near the lowest levels of the year.

Monday, the EU and the IMF surprised investors with the announcement that they will make available up to $1 trillion to support Greece and other EU members which are experiencing economic troubles. This enormous amount of aid demonstrates the commitment of the stronger European countries to maintaining the European Union and allowing the weaker countries time to recover. The Euro currency strengthened against the dollar and other currencies, and global stock markets rallied strongly. Mortgage markets were hurt by the news when investors reversed the flight to safety trade and moved funds back into riskier assets such as stocks.

March Pending Home Sales increased 5.3% from February, and were 21% higher than one year ago at this time. The Pending Home Sales index, which measure sales of existing homes based on contracts which have been signed but not yet closed, is a leading indicator for the housing sector. The index provides guidance for future Existing Home Sales reports. The chief economist of the National Association of Realtors (NAR) suggested that the home buyer tax credit has helped “stabilize the market”. Contracts had to be signed by the end of April to qualify for the tax credit, so many buyers rushed to take advantage before the deadline. As a result, the NAR chief economist expects “measurably lower sales” in May. The growth in housing sector activity will then depend largely on the performance of the economy and the labor market. The housing sector may also benefit from increased availability of jumbo mortgages and other forms of credit from non-governmental sources.

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:

Monday, May 17th, 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 = 3.375% APR = 3.208%

5/1 yr conforming ARM: rate = 3.375% APR = 3.5549%

30 yr FHA Fixed : rate = 4.875 APR = 5.630%

30 yr CHFA w/ 1 pt : rate = 4.375% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of May 13 – 19 , 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 .

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Mortgage Rate Update 5/17/10

Despite stronger than expected economic data, the financial situation in Greece held the greatest influence on mortgage rates this week. A flight to quality and prospects of slower economic growth in Europe were favorable for mortgage markets and negative for the stock market, and mortgage rates ended the week lower.

Global financial markets remained focused on the economic troubles of Greece. Greek workers responded to proposed austerity measures with strikes and riots, and investors grew increasingly concerned that other smaller European countries will face similar problems cutting their budget deficits. As a result, US mortgage markets were helped in two primary ways. First, in response to the uncertainty in Europe, investors shifted funds to safer investments, including US Treasuries and mortgage-backed securities (MBS). Second, investors expect that continued economic turmoil in Europe will reduce US exports to the region, slowing US economic growth and reducing inflationary pressures. Increased demand for MBS and lower future inflation are both positive for mortgage markets.

The April Employment report exceeded expectations in nearly every area. Against a consensus forecast of 190K, the economy added 290K jobs in April, the most since March 2006, and the data from prior months was revised higher by an additional 121K. The April figures include 66K temporary census employees hired by the government, but this was fewer than expected. The manufacturing sector added the most jobs since 1998. The Unemployment Rate rose to 9.9% from 9.7%, but that was due to unexpectedly large growth in the labor force as more people began to seek jobs.

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:

Monday, May 10th, 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 = 3.500% APR = 3.266%

5/1 yr conforming ARM: rate = 3.625% APR = 3.638%

30 yr FHA Fixed : rate = 5.000 APR = 5.762%

30 yr CHFA w/ 1 pt : rate = 4.500% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of May 6 – 12 , 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 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 .

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Mortgage Rate Update 5/10/10

While inflation remained low, stronger than expected economic data released this week was negative for mortgage markets. As a result, mortgage rates ended the week a little higher.

The big news in this week’s economic data came from the housing sector. March Existing Home Sales rose 7% from February, and existing home sales were 16% higher than one year ago. Inventories of unsold existing homes fell to an 8-month supply, from 8.5-months in February. March New Home Sales were even better, jumping 27% from February to the highest monthly rate since last July. This marked the largest single-month increase in new home sales since 1963. The chief economist of the National Association of Realtors (NAR) credited the homebuyer tax credit for the strong March housing data. Buyers must sign a contract by April 30 to take advantage of the tax credit, so the April data should benefit as well.

Friday morning, CNBC reported that support is growing among Fed officials to begin sales of mortgage-backed securities (MBS) from the Fed’s portfolio. In a program which ended March 31, the Fed purchased $1.25 trillion of MBS to help lower mortgage rates and boost the economy. According to CNBC, “at least” six members of the Fed’s policymaking committee support near-term MBS sales if the economy continues to improve. The selling could begin as soon as the third or fourth quarter of this year. Fed Chief Bernanke still views the likely time frame to begin MBS sales as next year, but his recent comments have indicated a willingness to keep more options open. With the next Fed meeting taking place on Wednesday, the 2:15 ET release of its statement will take on added significance. If the Fed actually conveys an intention to begin to sell MBS soon, mortgage rates would be likely to rise on the news.

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:

Monday, April 26th, 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 = 5.125% APR = 5.318%

15 yr conforming fixed: rate = 4.250% APR = 4.573%

5/1 yr conforming FHA ARM: rate = 3.500% APR = 3.343%

5/1 yr conforming ARM: rate = 3.750% APR = 3.601%

30 yr FHA Fixed : rate = 5.125 APR = 5.897%

30 yr CHFA w/ 1 pt : rate = 4.500% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of April 22 – 28 , 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 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 .

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Mortgage Rate Update 4/26/10

Although this week’s economic data was generally stronger than expected, it was overshadowed by solid demand for the Treasury auctions and intensified concerns about the economic situation in Greece, which helped mortgage markets. After reaching the highest levels since August, mortgage rates ended a little lower than where they ended last week.

Recent increases in yields on long-term fixed-rate securities such as 10-yr Treasuries and mortgage-backed securities (MBS) appeared to have been sufficient to attract investors. Very strong demand from both foreign and domestic investors for Wednesday’s 10-yr auction pushed Treasury yields lower, and mortgage rates followed. Increasing the appeal, renewed worries about the fiscal situation in Greece caused investors to seek the safety of US securities. Comforting statements from Fed officials that they expect inflation to remain low for a long time also added to the demand.

In the housing sector, February Pending Home Sales jumped 8% from January, far exceeding the consensus forecast. Pending Home Sales are a leading indicator of housing market activity. The chief economist of the National Association of Realtors (NAR) considered the data to be a potential sign of a “second surge of home sales this spring”. To receive the homebuyer tax credit, contracts must be signed by the end of April, which likely boosted the results for February. As buyers seek to take advantage of the program, March and April pending sales may show strength as well.

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:

Monday, April 12th, 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 = 5.125% APR = 5.318%

15 yr conforming fixed: rate = 4.375% APR = 4.700%

5/1 yr conforming FHA ARM: rate = 3.750% APR = 3.384%

5/1 yr conforming ARM: rate = 3.875% APR = 3.647%

30 yr FHA Fixed : rate = 5.250 APR = 6.028%

30 yr CHFA w/ 1 pt : rate = 4.500% APR = (see below)

———————————————————–

CHFA (Connecticut Housing Finance Authority) rates for the week of April 8 – 14 , 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 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 .

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Mortgage Rate Update 4/12/10

Stronger than expected Employment data and the end of the Fed’s MBS purchase program were negative for mortgage markets. Mortgage rates ended the week at the highest levels since January.

Investors viewed Friday’s Employment report as positive for the economy, which means it was bad news for mortgage markets, and mortgage rates climbed after its release. Against a consensus forecast of 200K, the economy added 162K jobs in March, the highest level since March 2007. The Unemployment Rate remained at 9.7%. While the headline number fell a little short, other aspects of the data displayed a larger degree of unexpected strength. Hiring of census workers, a temporary boost, added just 48K jobs, which was far less than expected. Revisions to data from prior months added 62K jobs. The separate employment survey used to calculate the unemployment rate, which includes smaller companies, showed a higher level of job gains in March.

To support the economy, the Fed has purchased almost $1.25 trillion of MBS since the start of 2009, but the MBS purchase program ended on March 31. Forecasts for the impact on mortgage rates of reduced demand for MBS varied from slight to as much as a one percent rise. While mortgage rates rose this week, yields in other bond markets posted comparable increases, meaning that the effect of the end of the MBS purchase program was close to the lower end of the estimated range this week.

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:

Monday, April 5th, 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 = 5.250% APR = 5.444%

15 yr conforming fixed: rate = 4.375% APR = 4.700%

5/1 yr conforming FHA ARM: rate = 3.750% APR = 3.384%

5/1 yr conforming ARM: rate = 3.875% APR = 3.564%

30 yr FHA Fixed : rate = 5.250 APR = 6.028%

30 yr CHFA w/ 1 pt : rate = 4.500% APR = (see below)

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CHFA (Connecticut Housing Finance Authority) rates for the week of April 1 – 7 , 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 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 .

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

Mortgage Rate Update 4/5/10