Financing Update and Today's Mortgage Rates in Connecticut- July 8, 2011

This is a great time to buy!

Turmoil and change has been a constant in the mortgage industry and we've always worked our way out of it. Much of what drives our industry is not of our own making or easily managed but we somehow find a way to develop products that both serve the customer and keep our doors open.  It is easy to vilify the mortgage industry, even when the root causes lie far afield as it was with Enron's collapse due to  accounting issues. Caution,  be careful of what you wish for - you may actually get it. For political, economic and accounting - remember:  capital will flow into an arbitrage opportunity, be it a rate arbitrage or a credit arbitrage, until that arbitrage opportunity no longer exists, after which it will not flow at all.  Many, if not most, of the proposals floated to reform real estate finance seemingly forget this basic fact and, if implemented, would be pro-cyclical  - meaning they would serve to provide too much mortgage capital during boom periods and too little during times of slowdown.  Before we wish away Fannie or Freddie or GNMA, we'd be wise to remember this...


30 year fixed - 4.50% - .50 points for rate
20 year fixed - 4.250% - 0 points for rate
15 year fixed - 3.750% 0 points for rate
10 year fixed - 3.250% 0 points for rate
5/1 ARM - 3.00% - 0 points for rate
7/1 ARM - 3.50% - 0 -points for rate
Jumbo - over 729,000
30 year fixed - 4.99% .50 points  for rate
15 year fixed - 4.50% .50 points for rate
5/1 ARM - 3.50% - 0 points for rate
7/1 ARM - 4.00% - 0 points for rate

FHA/VA
30 year fixed - 4.375% - .375%  points for rate
5/1 ARM - 3.250% .125% points for rate
7/1 ARM - 3.625% - .250  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

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Comments

[Mary]

The phasing out of Fannie Mae and Freddie Mac will bring back private capital and banks to the real estate market and the playing field will be level for private capital investment. Borrowers will also be required to put down a larger down payment.