Connecticut Financing Update and Mortgage Rates December 16, 2011

Freddie Mac is projecting a "bumpy ride" for the U.S. economy in 2012, based on the projections offered in its newly released U.S. Economic and Housing Market Outlook.

According to Freddie Mac, economic growth will likely strengthen to about 2.5% in 2012, while the U.S. unemployment rate will decline but likely remain above the 8% mark. Freddie Mac also predicts that mortgage rates will likely remain very low, at least through mid-2012, while housing activity as a whole "will be better in 2012, but not robust" as multi-family lending grows and single-family origination decline.

"While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly," says Frank Nothaft, Freddie Mac vice president and chief economist. "Sustained and increased job growth beyond the average monthly payroll gains of 130,000 so far this year ending in November are essential. In housing, look for the rental market to lead the way and for some improvement in the single-family space in parts of the country. All told, next year will be another bumpy ride."


Two recent obscure but important moves could end up sending more business to the Federal Housing Administration at a time when that agency is straining to avoid insolvency.  The first was restoring higher mortgage caps last month. The new loan limit cap for Fairfield County for conforming loans was raised to 601,450 for a single family home.  The other move was proposal last week by Democrats and Republicans to raise the fees that Fannie Mae and Freddie Mac charge lenders, which are passed on to borrowers in the form of higher rates, in order to pay for an extension of the payroll-tax cut. The provision would send those fees straight to the Treasury and explicitly forbids them being used to offset the cost of the firms’ $151 billion taxpayer tab.

Today's Mortgage Rates

30 year fixed - 3.750% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.00% +  0% points for rate
10 year fixed - 2.750%  + 0%  points for rate
5/1 ARM - 2.375%  +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 - 3.750% with +0 % points for rate
5/1 ARM - 2.750%  with + 0 points for rate
7/1 ARM - 3.25 with +  .750 % CREDIT  point for rate

Jumbo - over 601,456 (in Fairfield County, CT)   to 2,000,000
30 year fixed - 4.625  % with 0 points  for rate
15 year fixed - 4.125% with 0  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
recommendations based on your needs.

A Note from Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.