Connecticut Mortgage Rates and Financing Update Nov 11, 2011
For the first time in nearly two years, the demand for mortgage loans to purchase homes is strengthening, not weakening, according to a Federal Reserve opinion survey on bank lending practices . The October survey is based on responses from 51 domestic banks and 22 U.S. branches and agencies of foreign banks.
Reports of strengthened mortgage demand outnumbered reports of weaker demand for the first time since early 2010 may reflect refinancing activity. Few banks reported any change in lending standards for home loans.
"Savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings," says Frank Nothaft, Freddie Mac vice president and chief economist.
....and this from Zillow -
"The peak summer home buying season is over for the year, with fewer home sales to show for it than one would expect based solely on the underlying fundamentals of price and financing costs. Home affordability is at historic lows courtesy of a large reset in home prices and continued low mortgage rates," said Zillow Chief Economist Dr. Stan Humphries. "We're clearly dealing with a crisis of confidence that is keeping potential buyers on the sidelines, fueled largely by high unemployment and more general economic uncertainty. That said, given the steady drumbeat of recent negative economic news, home values held up better than would be expected. We have been forecasting a housing bottom in 2012, at the earliest, and third quarter data further confirms this forecast.
Today's Mortgage Rates
30 year fixed - 3.99% + 0% cost points for rate
20 year fixed - 3.875% + 0 % points for rate
15 year fixed - 3.250% + 0% points for rate
10 year fixed - 3.125% + 0% points for rate
5/1 ARM - 2.50% +0 points for rate
7/1 ARM - 2.750 % + 0 points for rate
10/1 ARM 3.250% + 0 points for rate
FHA/VA
30 year fixed - 3.875% with +0 % points for rate
5/1 ARM - 2.75% with + 0 points for rate
7/1 ARM - 3.25 with + .625 % CREDIT point for rate
Jumbo - over 576,000 (in Fairfield County, CT) to 2,000,000
30 year fixed - 4.750 % with 0 points for rate
15 year fixed - 4.125% with +.250% points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.750 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate
Jennifer Buchanan, Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs . Jennifer's local processing and closing team are also known for their exemplary service.
Understanding that the vast majority of mortgage brokers never discuss the long or short term financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS designation. (Certified Mortgage Planning Specialist)
She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.
Jennifer Buchanan
Metlife Loans
203-341-6949
Jennifer Buchanan- Your certified expert
on mortgages offering Free Unbiased
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