Connecticut Mortgage Rates and Financing Update July 22, 2011

This week was filled with housing-related news. The modest pop in housing starts - new construction (led by multi family), was positive though most analysts believe that there is little reason to believe that the U.S. will see a real pickup in home construction any time soon. The most recent data from the Census Bureau shows 13.4 million vacant homes, roughly 3 million above a normal market. Much of this is from the big increase in vacancies that we saw in 2005-2006 when overbuilding hit its peak. The fastest-growing category of vacancies is in homes that the owner would like to sell or rent but are currently "held off" the market, and it is yet another form of shadow inventory that will eventually have to be absorbed.

We also had the FHA Home Price Index increase by .4% in May, the second consecutive monthly increase and better than the expected 0.1% increase. April's results were revised downward to a 0.2% increase from an initial estimate of a 0.8% increase.   Year over year, home prices were still down 6.3%, and the index remains 19.6% below its peak in April 2007 and roughly equal to the level of January 2004.

Rates crept up during the latter half of the week, mostly due to speculation that Greek bonds will receive some type of European guarantee. Just as investors move money during a "flight to safety," they move it out again when risk is reduced - and that is what we saw Thursday. The EU side of the debt drama appeared to be making some progress as opposed to the US debt ceiling impasse. The 10-yr closed at 3.01%,and traders reported higher selling of mortgage-backed securities on the sell-off. There are no economic releases scheduled for today, Friday July 22.  The markets will stay focused on the deals being reached in Europe and in the US with an eye on what our stock market is doing.

An apparent consequence of Dodd Frank, MetLife Bank is for sale - but not the mortgage company. In a quote that tells it all, "MetLife Bank represented just two percent of MetLife Inc.'s first quarter 2011 operating earnings, and we do not believe it is appropriate for the overwhelming majority of our business to be governed by regulations written for banking institutions," said Steven Kandarian, president and chief executive officer of MetLife Inc. MetLife Inc. said that it is considering the sale of its Met Life Bank N.A.'s depository business and eliminating the company's status as a bank holding company. The firm said it will still offer residential mortgages through its MetLife Home Loans business.


30 year fixed - 4.50% + 0 cost points for rate
20 year fixed - 4.250% + 0 points for rate
15 year fixed - 3.625% + .50 points for rate
10 year fixed - 3.250%  0 cost points for rate
5/1 ARM - 2.750% - 0 points for rate
7/1 ARM - 3.250%  + 0 points for rate

FHA/VA
30 year fixed - 4.375% with 0 points for rate
5/1 ARM - 3.00 with 0 points for rate
7/1 ARM - 3.50 with 0 point for rate

Jumbo - over 729,000
30 year fixed - 4.99 % with +.50  points  for rate
15 year fixed - 4.625% + .250 cost points for rate
5/1 ARM - 3.50% - 0 points for rate
7/1 ARM - 4.00% - 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

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I want that house! How many offers has it had?

There are many reasons you might want to find out how many offers a home has had if you are interested in placing a bid, and many reasons why an agent won't tell you. That doesn't mean that you shouldn't ask, or that you won't find out. If you are interested in a home, probably the most relevant question to ask is, "Are there any offers on the home right now?"

Bear in mind that the listing agent has no fiduciary duty to you, or your agent, and doesn't have to tell you if there are currently any offers on the house. In fact, it's the sellers choice. A seller doesn't even have to tell you that another bid came in while you are negotiating your offer. That seller can accept another bid right under your nose and not give you an opportunity to revise your offer, and that is perfectly acceptable. (not to you of course, but there are no laws against it.

Reasons to ask about previous offers:

If the home has been on the market for a short time, and you feel strongly that it's a good deal and would like to make a bid, its a good idea to find out if there have been offers already that were rejected, so you can place your bid accordingly.

If the home has been on the market for a while, and it seems reasonably priced, you might also want to find out if there was any offers on it. Could it be that the sellers are pretty much non-negotiable? hard to deal with? are there problems with the house? or has it been reduced from a higher price to fair market and it just appears that there may be a problem?

If there were offers that fell apart after the building inspection, what was the issues(s) and were  they rectified?

If you can find out the price and/or terms of the offer(s), you will already know what the seller will accept, and it may be less than you were willing to pay.

... and reasons why you may not find out if there were any bids:

Once word gets out about what an accepted offer was, that seller may not get that price again. (see this prior post on keeping quiet about the sales price)

If the home has had a number of offers and is new to the market, you might take either of two ways, and the listing agent has no way of knowing which- 1) you may want to just bow out because you don't want to get in a bidding war, or 2) you may think that the seller is unreasonable and won't negotiate at all. Let's remember that the seller may not want to get in a bidding war, either.

If the home has had a number of offers and has been on the market for a while, the agent may not want to tell you because it may look like the seller is hard to deal with, even if its not the case.

There is some differing opinions on whether or not it should be disclosed that there were building inspection issues that caused a deal to fall apart whether you SHOULD know what they were, and if they were addressed.  Have your agent look into this as much as possible, and delicately extract whatever information they can from the listing agent.

...or, there may not have  been any offers on the house.

It's definitely worth the effort to try and get as much information as you can prior to placing a bid on any property. Always do your best to try and obtain whatever background you can,  and have your agent delve into the property and listing  history. They really should do this without you having to ask. I know that  I always get whatever helpful information that I can for my buyer clients. When you are ready to become one, contact me.  I take pride in my profession and exemplary service.

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After the Building Inspection- Be Careful When Getting Repair Estimates

I recently spoke with a seller who just got a deposit on his home, and had to get a few repairs done to the premises for the buyers. So he set about getting  estimates for the work to be performed. Being the diligent seller that he was, he called a number of contractors, and of course, only a few called him back. I am not getting on contractors, everyone has to make a living. Some jobs just don't pay enough to warrant an estimate. I get that.  A call back would be nice just to say, "thanks, I'm not interested" but that's getting off point just a little bit.

So this seller called a number of contractors to see about getting a repair done to the chimney that needed to get re-pointed.  Getting a chimney re-pointed pretty much consists of fixing the broken mortar in between the bricks, and depending on how badly it needs repointing, even I can tell that it will need to be done. If I see that there is loose or missing  mortar when we list your home or when we go about finding you your new home, I will tell you up front that it should be looked at.

Well, a few contractors came out and give this seller their estimates, and the prices varied widely.One contractor came in at $500, and another came in at $900, and another came in at $1200. Figuring that three estimates was enough, and since no one else called him back, the seller went with the $500 estimate and got the job completed. What's not so funny is what happened next.

One of the other contractors that never initially called back, finally called to say that he was out to look at the house, and the repair would cost $1,100.. Smart guy that the seller was, he asked the contractor when he looked at the chimney, and the contractor replied that he had just come out that morning.
(By the way, the repair was already done  the previous week).

Could it be that the contractor that did the repair didn't do the job? Or was it that the contractor that just came out was scamming the seller? In this case, the seller asked the second contractor if he went up on the roof to look at the job, and the contractor replied "no, and that he eyeballed it from the yard".  That seller could have gotten scammed very easily, but he was savvy enough not to fall for the trap. (The timing just gave it away) As he told the contractor that the repair was done already, the contractor had little to say, except to just hang up.

Okay, so not all contractors are honest, and not all contractors are scam-artists. Just do your due diligence, and check the contractor out thoroughly to make sure that he is licensed through the State of Connecticut and  has a good reputation. Get those references!! They are important!

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FAQ's about Asbestos in your Connecticut Home

What is Asbestos?
 
Asbestos is a mineral fiber that can be positively identified only with a special type of microscope. There are several types of asbestos fibers. In the past, asbestos was added to a variety of products to strengthen them and to provide heat insulation and fire resistance. InterNACHI inspectors can supplement their knowledge with the information offered in this guide.
 
How Can Asbestos Affect My Health?
 
From studies of people who were exposed to asbestos in factories and shipyards, we know that breathing high levels of asbestos fibers can lead to an increased risk of lung cancer in the forms of mesothelioma, which is a cancer of the lining of the chest and the abdominal cavity, and asbestosis, in which the lungs become scarred with fibrous tissue.

The risk of lung cancer and mesothelioma increase with the number of fibers inhaled. The risk of lung cancer from inhaling asbestos fibers is also greater if you smoke. People who get asbestosis have usually been exposed to high levels of asbestos for a long time. The symptoms of these diseases do not usually appear until about 20 to 30 years after the first exposure to asbestos.

Most people exposed to small amounts of asbestos, as we all are in our daily lives, do not develop these health problems. However, if disturbed, asbestos material may release asbestos fibers, which can be inhaled into the lungs. The fibers can remain there for a long time, increasing the risk of disease. Asbestos material that would crumble easily if handled, or that has been sawed, scraped, or sanded into a powder, is more likely to create a health hazard.
Where Can I Find Asbestos and When Can it Be a Problem?
 
Most products made today do not contain asbestos. Those few products made which still contain asbestos that could be inhaled are required to be labeled as such. However, until the 1970s, many types of building products and insulation materials used in homes contained asbestos. Common products that might have contained asbestos in the past, and conditions which may release fibers, include:

•  steam pipes, boilers and furnace ducts insulated with an asbestos blanket or asbestos paper tape. These materials may release asbestos fibers if damaged, repaired, or removed improperly;
• resilient floor tiles (vinyl asbestos, asphalt and rubber), the backing on vinyl sheet flooring, and adhesives used for installing floor tile. Sanding tiles can release fibers, and so may scraping or sanding the backing of sheet flooring during removal;
• cement sheet, millboard and paper used as insulation around furnaces and wood-burning stoves. Repairing or removing appliances may release asbestos fibers, and so may cutting, tearing, sanding, drilling, or sawing insulation;
• door gaskets in furnaces, wood stoves and coal stoves. Worn seals can release asbestos fibers during use;
• soundproofing or decorative material sprayed on walls and ceilings. Loose, crumbly or water-damaged material may release fibers, and so will sanding, drilling or scraping the material;
• patching and joint compounds for walls and ceilings, and textured paints. Sanding, scraping, or drilling these surfaces may release asbestos fibers;
• asbestos cement roofing, shingles and siding. These products are not likely to release asbestos fibers unless sawed, dilled or cut;
• artificial ashes and embers sold for use in gas-fired fireplaces, and other older household products, such as fireproof gloves, stove-top pads, ironing board covers and certain hairdryers; and
• automobile brake pads and linings, clutch facings and gaskets.

Where Asbestos Hazards May Be Found in the Home   

Some roofing and siding shingles are made of asbestos cement. Houses built between 1930 and 1950 may have asbestos as insulation. Asbestos may be present in textured paint and in patching compounds used on wall and ceiling joints. Their use was banned in 1977. Artificial ashes and embers sold for use in gas-fired fireplaces may contain asbestos. Older products, such as stove-top pads, may have some asbestos compounds. Walls and floors around wood-burning stoves may be protected with asbestos paper, millboard or cement sheets. Asbestos is found in some vinyl floor tiles and the backing on vinyl sheet flooring and adhesives. Hot water and steam pipes in older houses may be coated with an asbestos material or covered with an asbestos blanket or tape.Oil and coal furnaces and door gaskets may have asbestos insulation.

What Should Be Done About Asbestos in the Home?

If you think asbestos may be in your home, don't panic.  Usually, the best thing to do is to leave asbestos material that is in good condition alone. Generally, material in good condition will not release asbestos fibers. There is no danger unless the asbestos is disturbed and fibers are released and then inhaled into the lungs. Check material regularly if you suspect it may contain asbestos. Don't touch it, but look for signs of wear or damage, such as tears, abrasions or water damage. Damaged material may release asbestos fibers. This is particularly true if you often disturb it by hitting, rubbing or handling it, or if it is exposed to extreme vibration or air flow. Sometimes, the best way to deal with slightly damaged material is to limit access to the area and not touch or disturb it. Discard damaged or worn asbestos gloves, stove-top pads and ironing board covers. Check with local health, environmental or other appropriate agencies to find out proper handling and disposal procedures. If asbestos material is more than slightly damaged, or if you are going to make changes in your home that might disturb it, repair or removal by a professional is needed. Before you have your house remodeled, find out whether asbestos materials are present.
 

How to Identify Materials that Contain Asbestos

 You can't tell whether a material contains asbestos simply by looking at it, unless it is labeled. If in doubt, treat the material as if it contains asbestos, or have it sampled and analyzed by a qualified professional. A professional should take samples for analysis, since a professional knows what to look for, and because there may be an increased health risk if fibers are released. In fact, if done incorrectly, sampling can be more hazardous than leaving the material alone. Taking samples yourself is not recommended. If you nevertheless choose to take the samples yourself, take care not to release asbestos fibers into the air or onto yourself. Material that is in good condition and will not be disturbed (by remodeling, for example) should be left alone. Only material that is damaged or will be disturbed should be sampled. Anyone who samples asbestos-containing materials should have as much information as possible on the handling of asbestos before sampling and, at a minimum, should observe the following procedures:

    Make sure no one else is in the room when sampling is done.
    Wear disposable gloves or wash hands after sampling.
    Shut down any heating or cooling systems to minimize the spread of any released fibers.
    Do not disturb the material any more than is needed to take a small sample.
    Place a plastic sheet on the floor below the area to be sampled.
    Wet the material using a fine mist of water containing a few drops of detergent before taking the sample. The water/detergent mist will reduce the release of asbestos fibers.
    Carefully cut a piece from the entire depth of the material using a small knife, corer or other sharp object. Place the small piece into a clean container (a 35-mm film canister, small glass or plastic vial, or high-quality resealable plastic bag).
    Tightly seal the container after the sample is in it.
    Carefully dispose of the plastic sheet. Use a damp paper towel to clean up any material on the outside of the container or around the area sampled. Dispose of asbestos materials according to state and local procedures.
    Label the container with an identification number and clearly state when and where the sample was taken.
    Patch the sampled area with the smallest possible piece of duct tape to prevent fiber release.
    Send the sample to an asbestos analysis laboratory accredited by the National Voluntary Laboratory Accreditation Program (NVLAP) at the National Institute of Standards and Technology (NIST). Your state or local health department may also be able to help.  

How to Manage an Asbestos Problem

If the asbestos material is in good shape and will not be disturbed, do nothing! If it is a problem, there are two types of corrections: repair and removal. Repair usually involves either sealing or covering asbestos material. Sealing (encapsulation) involves treating the material with a sealant that either binds the asbestos fibers together or coats the material so that fibers are not released. Pipe, furnace and boiler insulation can sometimes be repaired this way. This should be done only by a professional trained to handle asbestos safely. Covering (enclosure) involves placing something over or around the material that contains asbestos to prevent the release of fibers. Exposed insulated piping may be covered with a protective wrap or jacket. With any type of repair, the asbestos remains in place. Repair is usually cheaper than removal, but it may make removal of asbestos later (if found to be necessary) more difficult and costly. Repairs can either be major or minor. Major repairs must be done only by a professional trained in methods for safely handling asbestos. Minor repairs should also be done by professionals, since there is always a risk of exposure to fibers when asbestos is disturbed.
 
Repairs
 
Doing minor repairs yourself is not recommended, since improper handling of asbestos materials can create a hazard where none existed. If you nevertheless choose to do minor repairs, you should have as much information as possible on the handling of asbestos before doing anything. Contact your state or local health department or regional EPA office for information about asbestos training programs in your area. Your local school district may also have information about asbestos professionals and training programs for school buildings. Even if you have completed a training program, do not try anything more than minor repairs. Before undertaking minor repairs, carefully examine the area around the damage to make sure it is stable. As a general rule, any damaged area which is bigger than the size of your hand is not considered a minor repair.
 

Before undertaking minor repairs, be sure to follow all the precautions described previously for sampling asbestos material. Always wet the asbestos material using a fine mist of water containing a few drops of detergent. Commercial products designed to fill holes and seal damaged areas are available. Small areas of material, such as pipe insulation, can be covered by wrapping a special fabric, such as re-wettable glass cloth, around it. These products are available from stores (listed in the telephone directory under "Safety Equipment and Clothing") which specialize in asbestos materials and safety items.
Removal is usually the most expensive method and, unless required by state or local regulations, should be the last option considered in most situations. This is because removal poses the greatest risk of fiber release. However, removal may be required when remodeling or making major changes to your home that will disturb asbestos material. Also, removal may be called for if asbestos material is damaged extensively and cannot be otherwise repaired. Removal is complex and must be done only by a contractor with special training. Improper removal may actually increase the health risks to you and your family.
 
Asbestos Professionals: Who Are They and What Can They Do?
 
Asbestos professionals are trained in handling asbestos material. The type of professional will depend on the type of product and what needs to be done to correct the problem. You may hire a general asbestos contractor or, in some cases, a professional trained to handle specific products containing asbestos.
 
Asbestos professionals can conduct home inspections, take samples of suspected material, assess its condition, and advise on the corrections that are needed, as well as who is qualified to make these corrections. Once again, material in good condition need not be sampled unless it is likely to be disturbed. Professional correction or abatement contractors repair and remove asbestos materials.
 
Some firms offer combinations of testing, assessment and correction. A professional hired to assess the need for corrective action should not be connected with an asbestos-correction firm. It is better to use two different firms so that there is no conflict of interest. Services vary from one area to another around the country.
 
The federal government offers training courses for asbestos professionals around the country. Some state and local governments also offer or require training or certification courses. Ask asbestos professionals to document their completion of federal or state-approved training. Each person performing work in your home should provide proof of training and licensing in asbestos work, such as completion of EPA-approved training. State and local health departments or EPA regional offices may have listings of licensed professionals in your area.
 

If you have a problem that requires the services of asbestos professionals, check their credentials carefully. Hire professionals who are trained, experienced, reputable and accredited -- especially if accreditation is required by state or local laws. Before hiring a professional, ask for references from previous clients. Find out if they were satisfied. Ask whether the professional has handled similar situations. Get cost estimates from several professionals, as the charges for these services can vary.

Though private homes are usually not covered by the asbestos regulations that apply to schools and public buildings, professionals should still use procedures described in federal or state-approved training. Homeowners should be alert to the chance of misleading claims by asbestos consultants and contractors. There have been reports of firms incorrectly claiming that asbestos materials in homes must be replaced. In other cases, firms have encouraged unnecessary removal or performed it improperly. Unnecessary removal is a waste of money. Improper removal may actually increase the health risks to you and your family. To guard against this, know what services are available and what procedures and precautions are needed to do the job properly.

In addition to general asbestos contractors, you may select a roofing, flooring or plumbing contractor trained to handle asbestos when it is necessary to remove and replace roofing, flooring, siding or asbestos-cement pipe that is part of a water system. Normally, roofing and flooring contractors are exempt from state and local licensing requirements because they do not perform any other asbestos-correction work.
Asbestos-containing automobile brake pads and linings, clutch facings and gaskets should be repaired and replaced only by a professional using special protective equipment. Many of these products are now available without asbestos.
 
If you hire an InterNACHI inspector who is trained in asbestos inspection:

    Make sure that the inspection will include a complete visual examination, and the careful collection and lab analysis of samples. If asbestos is present, the inspector should provide a written evaluation describing its location and extent of damage, and give recommendations for correction or prevention.
    Make sure an inspecting firm makes frequent site visits if it is hired to assure that a contractor follows proper procedures and requirements. The inspector may recommend and perform checks after the correction to assure that the area has been properly cleaned.

If you hire a corrective-action contractor:

    Check with your local air pollution control board, the local agency responsible for worker safety, and the Better Business Bureau. Ask if the firm has had any safety violations. Find out if there are legal actions filed against it.
    Insist that the contractor use the proper equipment to do the job. The workers must wear approved respirators, gloves and other protective clothing.
    Before work begins, get a written contract specifying the work plan, cleanup, and the applicable federal, state and local regulations which the contractor must follow (such as notification requirements and asbestos disposal procedures). Contact your state and local health departments, EPA regional office, and the Occupational Safety and Health Administration's regional office to find out what the regulations are. Be sure the contractor follows local asbestos removal and disposal laws. At the end of the job, get written assurance from the contractor that all procedures have been followed.
    Assure that the contractor avoids spreading or tracking asbestos dust into other areas of your home. They should seal off the work area from the rest of the house using plastic sheeting and duct tape, and also turn off the heating and air conditioning system. For some repairs, such as pipe insulation removal, plastic bags may be adequate. They must be sealed with tape and properly disposed of when the job is complete.
    Make sure the work site is clearly marked as a hazardous area. Do not allow household members or pets into the area until work is completed.
    Insist that the contractor apply a wetting agent to the asbestos material with a hand sprayer that creates a fine mist before removal. Wet fibers do not float in the air as easily as dry fibers and will be easier to clean up.
    Make sure the contractor does not break removed material into smaller pieces. This could release asbestos fibers into the air. Pipe insulation was usually installed in pre-formed blocks and should be removed in complete pieces.
    Upon completion, assure that the contractor cleans the area well with wet mops, wet rags, sponges and/or HEPA (high-efficiency particulate air) vacuum cleaners. A regular vacuum cleaner must never be used. Wetting helps reduce the chance of spreading asbestos fibers in the air. All asbestos materials and disposable equipment and clothing used in the job must be placed in sealed, leakproof, and labeled plastic bags. The work site should be visually free of dust and debris. Air monitoring (to make sure there is no increase of asbestos fibers in the air) may be necessary to assure that the contractor's job is done properly. This should be done by someone not connected with the contractor.  

Caution!

Do not dust, sweep or vacuum debris that may contain asbestos. These actions will disturb tiny asbestos fibers and may release them into the air. Remove dust by wet-mopping or with a special HEPA vacuum cleaner used by trained asbestos contractors.

Article submitted by Nick Gromicko

Nick Gromicko, FOUNDER. http://www.nachi.org
International Association of Certified Home Inspectors (InterNACHI) is the world's most elite, non-profit inspection association.
President, ComInspect, www.cominspect.com
Director, Master Inspector Certification Board, www.certifiedmasterinspector.org
Author, 15 books and Co-Host of  http://www.NACHI.TV

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Financing Update and Today's Mortgage Rates in Connecticut- July 15, 2011

If you are considering purchasing a home before September 30, 2011 - and you have not made an offer or locked in your loan - the window of  time is getting more and more narrow and the time to act is now.

As part of the 2008 Stimulus package, Freddie and Fannie - the government-run agencies who purchase almost all mortgage debt,  have enacted and used a temporary expanded conforming loan limit for one year duration, subject to renewal.  The program allowed a lower cost of borrowing for designated high cost areas.  In  Fairfield County, CT the expanded amount is 709,000.  The conforming loan limit has been 417,000 and less,  and the jumbo conforming loan limit (or expanded conforming limit) has been a maximum of 729,500 for high cost areas.  The number used for the loan limit is determined by a government agency and is based on a formula using the actual prices of homes sold in geographic areas. The difference in rates between the two loan limits is often less than .250% in the rate - if a 417,000 30 year fixed is 4.50% - a 729,500 30 year fixed would be 4.750%.   Before the stimulus package,  any loan over 417,000 was considered a jumbo loan and often the rate price increase was more than 1% above the conforming loan limits for fixed rate.  

 Every year there is buzz and speculation about the loan limit amount being extended for another year.   The temporary loan limits for the jumbo conforming (or expanded conforming) expire October 1, 2011 - which means if your loan over 417,000 and more than the new lower expanded loan limits and is not closed and funded by Friday - September 30, 2011, your  loan will have a price increase.  For the first time since 2009, banks and lenders are gearing up to change their rate sheets to price and reflect non expanded limits -  and are informing their loan officers to expect the loan limit to return to 417,000 for conforming and in Fairfield County CT - the new perennate limit for expanded limits is reduced from 709,000 to a maximum of 635,000.

It now takes some lenders as long as 45 - 60 days to close a purchase loan. Most real estate contracts ask for at least 60 to 90 days for occupancy. Knowing the time frame from accepted offer to the close of a loan -  it is 76 days from July 15 to September 30,2011.  

The breaking news is - on Friday July 15, 2011 Representative Campbell (R) and Ackerman (D) have introduced a bill to extend the higher 2008 government loan limits for two more years.

It is imperative that consumers are aware of the risk, and more importantly for all lenders to be aware of the new expiration date and closely watch this new legislation. 

Here are today's rates:

30 year fixed - 4.375% + .375 cost points for rate
20 year fixed - 4.1250% + .250 points for rate
15 year fixed - 3.625% 0 points for rate
10 year fixed - 3.250%  with .250% credit for rate
5/1 ARM - 2.750% - 0 points for rate
7/1 ARM - 3.125% - 0 -points for rate

FHA/VA
30 year fixed - 4.375% with 0 points for rate
5/1 ARM - 3.00 with 0 points for rate
7/1 ARM - 3.375 with 0 point for rate

Jumbo - over 729,000
30 year fixed - 4.99% with 0  points  for rate
15 year fixed - 4.50% + .250 cost points for rate
5/1 ARM - 3.50% - 0 points for rate
7/1 ARM - 4.00% - 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

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