Wallingford Wired Has a New Home

After 8 months on Blogger, we've decided to take the plunge and move this blog to a new home over on Wordpress.org. It was a decision we agonized over for more than a few days, but in the end all the comments from other bloggers we network with convinced us that a self-hosted blog on Wordpress was the way to go. The new URL for Wallingford Wired is:

http://WallingfordWired.com

All of our posts from here have been migrated over there, and the new layout has a very clean and crisp feel to it that has us very excited about the future. We appreciate everyone who has frequented us here and invite you, and future readers who might happen upon this blog, to visit us at our new home!

Thanks again, and see you over at the new Wallingford Wired!

Warm Regards,

Pat and Wayne Harriman
The Harriman Team

Mortgage Rate Update 10/24/08

Mortgage rates fell a bit across the board this week on reduced concerns about inflation; the 30 year conforming loan fell a quarter point, while the 30 year FHA rate fell an eighth. CHFA rates fell the most, taking 3/8ths off last week's rate, ending at 5.875%. While inflation concerns are easing, fears of a recession seem to have replaced them; with the dismal job report and consumer spending on the downturn, it certainly seems like a recession is coming. The bad thing about that is, we won't know until it's over. The definition of a recession is two quarters of declining growth, but it'll take analysts a while to determine if growth has been shrinking for 6 months. Until then, here are this week's rates:

Friday, October 24th, 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 = 6.347%

15 yr conforming fixed: rate = 5.625% APR = 5.889%

7/1 yr conforming ARM: rate = 6.000% APR = 6.225%

5/1 yr conforming ARM: rate = 5.625% APR = 5.801%

30 yr FHA Fixed : rate = 6.375% APR = 6.661%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.118%

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

30 yr jumbo fixed: rate = 6.500% APR = 6.752%

15 yr jumbo fixed: rate = 6.000% APR = 6.245%

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: 5.875 % (APR range 5.975 - 6.375 %)
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: 5.875 % (APR range 5.975 - 6.375 %)
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.

Wallingford Electric Gives Winter Rate Decrease

Back in May, we reported here about the increase in electric rates that Wallingford Electric put in place to offset the higher cost of power during the heavy usage months of summer. But, as the old saying goes, "what goes up, must come down", and Wallingford Electric is proving that the maxim holds true, even for electric rates.

The Public Utilities Commission voted Tuesday to approve a 2.8% decrease in winter power charges that will go into effect on November 1st and continue until the end of April 2009. What this means for a household that uses 870 kilowatt hours of electricity is that they will pay $96.58 this year for the same power they paid $99.34 last winter. I know, that's not a huge savings, but at this point in the current economic storm that's pounding the entire country, every little bit helps. It should also be noted that this should not be considered an official total until all the final numbers are in and total costs have been determined at the end of the month.

Usually, electric rates typically fall in the winter, then rise again in the summer to encourage energy conservation during peak periods. Even so, the costs usually balance out over the course of the year. You may pay more seasonally in the summer, but with the winter adjustments you end up paying about the same annually. Wallingford is blessed (thankfully!) with some of the lowest electric rates in New England, with the exception of some areas of Maine, and PUC Director George Adair is cautiously optimistic that next summer's peak energy costs may also lower than usual. That would be something to look forward to.

So, mark your calendars for November 1st and watch for those extra $$$ to appear on your electric bill.

(And by the way, don't forget the Fall Electronics Recycling event for Wallingford residents, coming up on Saturday the 25th at Lincoln Middle School in Meriden from 9am to 1pm. See blog post here.)

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Rustic Meriden Raised Ranch

This home has rustic appeal on the outside, and a contemporary feel inside. Large sunken living room with cathedral ceilings and skylights. Open floor plan. Atrium style four season porch plus a screened porch. Lower level family room with wood stove. Fenced yard with pool and tool shed.

Mortgage Rate Update 10/17/08

With the financial markets still in turmoil and the government bailout plan causing banks to borrow more and more money, the rates on 30 year conforming and jumbo loans rose a quarter point this week, while 30 year FHA and CHFA loans remained the same. These rates are still better than the national average 30 year mortgage rate, which currently stands at 6.46%. Hopefully, as markets become less volatile and fears about the economy subside, rates should begin to gradually recede. Because of the volatility of the market, it might make sense for you to act now on securing a loan, rather than wait a while and take a chance on the rates going even higher. Please stay in touch with your mortgage broker to keep abreast of any change in rates.

Friday, October 17th, 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 = 6.375% APR = 6.558%

15 yr conforming fixed: rate = 5.875% APR = 6.024%

7/1 yr conforming ARM: rate = 6.125% APR = 6.337%

5/1 yr conforming ARM: rate = 5.750% APR = 5.955%

30 yr FHA Fixed : rate = 6.500% APR = 6.779%

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

-----------------------------------------------------------

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

30 yr jumbo fixed: rate = 6.750% APR = 6.992%

15 yr jumbo fixed: rate = 6.250% APR = 6.401%

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

---------------------------------------------------------------------------------

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.