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%

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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

In anticipation of the announcement of favorable new Fed actions, mortgage rates moved lower early in the week. Some investors were looking for the Fed to expand its purchases of Treasury securities, which would be positive for mortgage rates. Those investors were disappointed, however, as the Fed announced no new initiatives. The Fed made no change in rates, holding the fed funds rate close to zero. According to the Fed, the economic outlook has “improved modestly” since the March 18 meeting. A lack of new Fed programs and confirmation of improved economic prospects pushed mortgage rates higher.

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, May 1st, 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 = 5.150%

15 yr conforming fixed: rate = 4.625% APR = 4.850%

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 = 4.875% APR = 5.148%

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 30 – May 6, 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 .

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

Mortgage Rate Update 5/1/2009

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 .

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

Mortgage Rate Update 4/3/09

Mortgage rates dropped into the high 4 percent range this week and continue to hold at record lows. Almost totally held by Fed actions in the market–buying mortgage-backed securities and long-term treasuries–there are fears of a rapid reversal in the trend. Key economic data today with the PCE numbers and subtle indicators in recent GDP results may trigger new fears of inflation. This sentiment would push mortgage securities trader to quickly trade down mortgage-related bonds and increase mortgage rates. Probably a good time to consider locking rates.  While a majority of financial experts still feel rates will decrease slightly over the next 30 days and show little to no change over the next 90 days, those who hold to that belief are becoming fewer.

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, March 27th, 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 March 26 – April 1, 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 .

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

Mortgage Rate Update 3/27/09

The Wallingford housing market showed some signs of life in January. There were fewer listings to sell, sales were up 67% from December and they sold almost 25% quicker, and expired listings were almost half of the previous month. The average sales price decreased, but this was largely due to the absence of the new construction and higher end home sales that were evident in previous months.

Condo sales were again slow in January, with only 1 sold for the entire month. That sale took about 4 months and caused the absorption rate to rise by about 50%, and the two condos that did sell managed to sell in about 2 months. These stats still are somewhat misleading since so few condos are selling at the moment. Mortgage rates dropped to historically low levels last month, but that didn’t seem to have much effect on the market. Financing was still hard to get due to stiffer credit score and down payment requirements, and now rates seem to be trending upwards even though the banks are receiving TARP money and bailouts are coming in rapid-fire succession. As we speak, the $15,000 tax credit for homeowners is being debated (and hopefully passed) in Congress, adding more incentive to buyers to move off the fence and start their home search in earnest.

Here’s the comparison of the last three months:

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service.

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

Wallingford Market Update January 2009

Despite discussion of 4 percent mortgage rates ringing in the halls of the Senate, mortgage rates continue to rise. The MortgageLoan.com mortgage rate survey indicates the average 30-year fixed-rate mortgage rose to 5.39 percent today. This reflects a consistent, multi-week climb from a low of 5.10 percent in late January. The US government and Federal Reserve continue to focus attention on affordable housing costs, but the uncertainty in the market and the enormous illiquid mortgage assets remaining on major banks balance sheets are keeping spreads and consumer mortgage rates high. Financial experts, always the optimistic bunch, still look for rates to decrease slightly over the next 30 days.

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, February 6th, 2009

All rate quotes are for a 60-day lock with 0 points, a 720 credit score, 5% down payment (or more) except for CHFA, FHA and jumbo loans.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.250% APR = 5.510%

15 yr conforming fixed: rate = 5.000% APR = 5.320%

7/1 yr conforming ARM: rate = 5.500% APR = 5.925%

5/1 yr conforming ARM: rate = 5.250% APR = 5.550%

30 yr FHA Fixed : rate = 5.250% APR = 5.605%

30 yr CHFA w/ 1 pt : rate = 5.125% APR = 5.375%

———————————————————–

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

30 yr jumbo fixed: rate = 6.125% APR = 6.499%

15 yr jumbo fixed: rate = 5.750% APR = 5.959%

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

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of February 5 – February 11th, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.125 % (APR range 5.225 – 6.625%)
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: 5.125 % (APR range 5.225 – 5.625%)
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 .

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

Mortgage Rate Update 2/6/09

Mortgage rates are still at record lows, but they are edging up. The most troubling issue is that bank mortgage rates are moving counter to market data, meaning that mortgage banks and lenders are not passing on gains in credit market rate declines. This creates artificial tightening in consumer (mortgage) credit, as well as unpredictability in forecasting mortgage rates. It also runs counter to Federal Reserve and US government policy desires. This will make for some volatility and erratic moves in mortgage rates.  A majority of financial experts look for rates to decrease slightly over the next 30 days.

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, January 30th, 2009

All rate quotes are for a 60-day lock with 1 point, 20% down payment

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.125% APR = 5.288%

15 yr conforming fixed: rate = 4.625% APR = 4.899%

7/1 yr conforming ARM: rate = 5.375% APR = 5.825%

5/1 yr conforming ARM: rate = 5.000% APR = 5.392%

30 yr FHA Fixed : rate = 5.250% APR = 5.605%

30 yr CHFA w/ 1 pt : rate = 5.125% APR = 5.375%

———————————————————–

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

30 yr jumbo fixed: rate = 5.750% APR = 6.229%

15 yr jumbo fixed: rate = 5.375% APR = 5.936%

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

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of January 29 – February 4th, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.125 % (APR range 5.225 – 6.625%)
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: 5.125 % (APR range 5.225 – 5.625%)
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 .

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

Mortgage Rate Update 1/30/09

The Wallingford housing market took a downward turn in November, with the fewest number of homes selling in the past 6 months. They also took an average 32% longer to sell at 75 days, the longest since June. It seems that most buyers were leery of the economic situation and were waiting to see what the Feds were going to do about the mortgage industry’s woes. While the average sales price increased, this was due to 6 brand new $500,000+ homes in a new development (The Willows) selling within a few days of each other.

Condos are still difficult to accurately analyze since there are so few selling. The absorption rate jumped by about 50%, but again, with only 2 condos selling in the month there aren’t many meaningful metrics to report on, other than the fact that condos simply aren’t selling right now. Five have sold in the last 3 months, hardly indicative of any kind of demand, and to make matters worse, there is now an even larger number for sale. The coming weeks and months will be interesting to watch as the situations with the economy, the mortgage rate’s possible descent to 4.5%, and the various bailouts that are in the making all begin to have their respective effects on the housing market. Hopefully, we’re seeing the bottom of the slide and the market will rebound soon. Only time will tell. Here’s the comparison of the last three months:

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service.

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

Wallingford Market Update November 2008