Mortgage Rate Update 10/10/08

The good news is that rates didn't go up any; the bad news is they didn't go down any, either. They're unchanged from last week and the week before (except for CHFA rates); we'll see if they change when the effects of the government bailout manifest themselves in a week or two.

Friday, October 10th, 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 = 6.125% APR = 6.322%

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 = 6.500% APR = 6.779%

30 yr CHFA w/ 1 pt : rate = 6.250% APR = 6.530%

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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: 6.250 % (APR range 6.350 - 6.750 %)
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: 6.000 % (APR range 6.100 - 6.500 %)
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.