Mortgage Rate Update 9/12/08

Well, this is the first rate update since the Feds took over Fannie Mae (FNMA) and Freddie Mac (FHLMC). We were hoping for a little bigger cut in the rates, but suppose this will have to do! A good write-up of the takeover can be found on the Wall Street Journal's web site.

Friday, September 12th, 2008

All rate quotes are for a 60-day lock with 0 points

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


30 yr conforming fixed: rate = 5.875% APR = 6.012%

15 yr conforming fixed: rate = 5.625% APR = 5.881%

7/1 yr conforming ARM: rate = 6.000% APR = 6.245%

5/1 yr conforming ARM: rate = 5.625% APR = 5.889%

30 yr FHA Fixed : rate = 5.750% APR = 5.904%

30 yr CHFA w/ 1 pt : rate = 5.500% APR = 5.772%

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

30 yr jumbo fixed: rate = 6.500% APR = 6.714%

15 yr jumbo fixed: rate = 6.000% APR = 6.226%

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

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CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.500 % (APR range 5.600 - 6.000 %)
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: 5.500 % (APR range 5.600 - 6.000 %)
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.