While the bursting real estate bubble hit Nutmeg State residents hard, recent trends suggest that the housing market may be turning around.
According to recent articles in the Hartford Courant and New Haven Register, the number of single family homes sold in November 2009 was up 75% over the previous November. In December 2009 home sales improved 35% over the previous December. While median home prices fell 10% in 2009, the median sale price of a single-family home in December increased 3.6% over the previous December. This is the first year to year increase since November 2007 and is a promising sign for the housing market in Connecticut. Some credit the turnaround to historically low current mortgage rates in Connecticut, the first-time home buyer tax credit, and the slowly recovering economy.
There are indications that the Federal Reserve intends to increase interest rates in the coming year, and mortgage rates in CT are sure to follow. For those who have been pondering purchasing a new home or refinancing their current mortgage, there is no time like the present.
Total Mortgage Services offers some of the best mortgage rates in Connecticut. Compare our Connecticut rates to those of Bank of America. All figures are for a owner-occupied, single-family home:
30 Year Fixed Conventional Loan of $300,000 (80% LTV):
| Lender | Rate | APR | Points | Monthly Payment | Savings Over 30 Years |
|---|---|---|---|---|---|
| Bank of America | 4.875% | 5.024% | 1.125 | $1587.62 | |
| Total Mortgage | 4.625% | 4.773% | 1.125 | $1542.42 | $16,272 |
5/1 Conforming ARM of $300,000 (80% LTV):
| Lender | Rate | APR | Points | Monthly Payment | Savings Over 30 Years |
|---|---|---|---|---|---|
| Bank of America | 3.75% | 3.475% | 1 | $1389.35 | |
| Total Mortgage | 3.25% | 3.275% | 1 | $1305.62 | $15,023 |
Jumbo 30 Year Mortgage of $800,000 (80% LTV):
| Lender | Rate | APR | Points | Monthly Payment | Savings Over 30 Years |
|---|---|---|---|---|---|
| Bank of America | 5.625% | 5.716% | .875 | $4605.25 | |
| Total Mortgage | 5.5% | 5.6% | .875 | $4542.31 | $22,658.40 |
Note: Current mortgage rates change each business day, often several times throughout the day. Bank of America rates quoted from mortgage rates page of www.bankofamerica.com at 4:00 p.m. (EST) on Tuesday, February 16, 2010.
*All rates are calculated for borrowers with a credit score of 740+.
*All rates shown are based on a 30-day lock for a purchase or rate/term refinance.
Since its inception in 1997, Total Mortgage Services dedicated itself to offering the best service and competitive mortgage rates in Connecticut. Due to our in-house underwriting, our advanced processing technology, and the sheer volume of the business we do, we have access to the widest array of programs and the best possible rates. In Connecticut, we’re a broker and a lender, which means we have great flexibility in crafting a mortgage solution that’s right for you. Call us today at 877-868-2503.
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Eric
February 16, 2010 @ 11:23 pm
There are also stated income loans available in Connecticut for self employed borrowers. Great rates too.
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