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.

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%

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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 = ****

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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.

Mill Rates for the Greater New Haven Area

Many of our clients have asked what the mill rate is for the town they live in, or the town they wish to move to, so we thought we'd post the list of mill rates of all the towns covered by the Greater New Haven Board of Realtors. For those who are unfamiliar with what a mill rate is, it's how communities calculate the amount of tax you owe on personal property. The actual term is millage rate, but over time it has been shortened to the root word mill, meaning "thousand". A mill is a thousandth of a dollar, or 0.1%. The mill rate is the amount per thousand dollars of assessed property the owner must pay in taxes to the municipality the property is located in. The assessment ratio in Connecticut is currently 70% of the property's fair market value.

Using the table below as an example, the owner of a property in Wallingford that has an assessed value (not appraised value or sales value) of $250,000 would pay $5,725 in taxes based on the listed mill rate of 22.90, or 0.0229. In New Haven, an owner of that same property would pay $10,552.50 in property taxes, based on the current 42.21 mill rate. Any questions on property assessment should be directed to your town's Tax Assessor's Office.

These rates are current as of July, 2008:

Town	Assessment Ratio	Last Evaluation Year	Next Evaluation Year	Mill Rate
Ansonia	70%	2008	2013	25.25
Beacon Falls	70%	2006	2011	24.73
Bethany	70%	2008	2013	30.03
Branford	70%	2004	2009	23.21
Cheshire	70%	2008	2013	28.05
Derby	70%	2005	2010	26.40
East Haven	70%	2006	2011	22.85
Guilford	70%	2007	2012	19.19
Hamden	70%	2005	2010	29.42
Huntington	70%	2006	2011	18.61
Killingworth	70%	2006	2011	21.00
Madison	70%	2007	2012	17.84
Meriden 1	70%	2006	2011	27.96
Meriden 2	70%	2006	2011	29.89
Milford	70%	2006	2011	28.23
Naugatuck	70%	2007	2012	31.7 *
New Haven	70%	2006	2011	42.21
North Branford	70%	2005	2010	24.95
North Haven	70%	2005	2009	23.50
Orange	70%	2006	2011	27.94
Oxford	70%	2005	2010	20.33
Seymour	70%	2005	2010	25.52
Shelton	70%	2006	2011	18.61
Southington	70%	2005	2010	23.02
Stratford	70%	2004	2009	30.51
Wallingford	70%	2005	2010	22.90
W. Haven 1	70%	2005	2010	35.56
W. Haven -Allington	70%	2005	2010	33.96
W. Haven – W. Shore	70%	2005	2010	33.85

* = Going to referendum