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

Mortgage Rate Updates 6/11/10

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

Mortgage Rate Update 4/12/10

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

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

There were few surprises in the economic data released this week, and the record $109 billion in Treasury auctions went smoothly. As a result, it was a quiet week for mortgage markets. This week’s economic data showed signs that the economy is gradually improving, while inflation is not a concern right now. Demand remained solid for the Treasury auctions. Mortgage rates ended the week nearly unchanged.

Last week, the Fed increased its weekly mortgage-backed securities (MBS) purchases to about $25 billion, and it maintained that level this week. Prior to that, the Fed had purchased roughly $20 billion per week for a couple of months. The current pace would lead to total purchases of the authorized $1.25 trillion by the end of the year, which is when the program is scheduled to expire. Mortgage rates are largely determined by MBS prices, and the added demand from the Fed has helped to keep mortgage rates low. In a speech this week, the Fed’s Lacker suggested that with the economy improving the Fed may not need to purchase the entire $1.25 trillion of MBS. Lacker’s comments caused little reaction, as his views are often contrary to those of the other Fed officials, but if that were to happen, then mortgage rates would almost certainly move higher. Mortgage investors will be closely watching the Fed’s plans for this program.

The housing data released this week was again positive. July new home sales rose 10% from June to the highest level since September. Inventories dropped to a 7.5-month supply, which was the lowest level since April 2007. This data follows a similar rise in July existing home sales announced last week.

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, August 28th, 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 = 5.250% APR = 5.530%

15 yr conforming fixed: rate = 4.750% APR = 4.990%

7/1 yr conforming ARM: rate = 5.125% APR = 5.425%

5/1 yr conforming ARM: rate = 4.500% APR = 5.014%

30 yr FHA Fixed : rate = 5.250% APR = 5.493%

30 yr CHFA w/ 1 pt : rate = 5.125% APR = 5.488%

———————————————————–

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

30 yr jumbo fixed: rate = 5.750% APR = 6.022%

15 yr jumbo fixed: rate = 5.500% APR = 5.725%

7/1 yr jumbo ARM: rate = 5.125% APR =5.405%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of August 27 – September 2, 2009

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

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

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

Mortgage Rate Update 8/28/09

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

Mortgages rates started the day higher, but are beginning to recover. The strength of equities has started to sell off on details of the bank stress tests. This sell-off is starting to drive some investors back to the safety of bonds, which is recovering the MBS market back to a mortgage rates neutral level for the day.

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 24th, 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 23 – April 29, 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 4/24/09

Mortgage rates moved up slightly for the week nationally (but stayed at last week’s rates here), and remain under 5%. The short holiday trading week and little economic reporting supported mortgage rates holding flat through most of the week. Mortgage rates still remain below 5%–a historically low level. This stability has increased housing demand and flooded lenders with requests for refinancing. According to the Mortgage Bankers association, the five consecutive weeks of sub-5% mortgage rates have increased mortgage purchase applications 22% and mortgage refinance applications 129%.

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 10th, 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 = 4.750% 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 9 – April 15, 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 4/10/09

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 .

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Mortgage Rate Update 3/27/09