30-year fixed mortgage rates at their lowest level in more than two years.

Mortgage and Lending with Canopy Mortgage 89769

Connecticut Mortgage Rates:  30-year fixed mortgage rates at their lowest level in more than two years.

Mortgage rates plummeted last week as week economic reports, chiefly jobs and unemployment reports came in at the weakest levels in several years.

The Freddie Mac Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) dropped 20 basis points from the previous week to an average of 5.87 percent. Fees and points also moved down from 0.5 to 0.4 point. This was the lowest level the 30-year FRM had achieved since September 2005. One year ago the 30-year FRM averaged 6.21 percent.

The 15-year FRM for the week ended January 10 carried an average contract interest rate of 5.43 percent compared to 5.68 percent one week earlier. Fees and points dropped from 0.6 point to 0.4 point. During the same week one year earlier the 15-year FRM averaged 5.96 percent.

For the first week of 2008, the Mortgage Bankers Association reported an increase in the refinance share of mortgage applications and the pace of overall applications, both at the highest levels in four weeks."

The current Weekly Mortgage Applications Survey (for the week ending January 11,) confirmed that the trend of higher mortgage applications is continuing. Volume was up 28.4 percent on a seasonally adjusted basis from the previous week and 64.8 percent when unadjusted. Applications were 39.0 percent higher than during the same week in 2007.

Refinancing accounted for a big part of the surge in applications. 62.7 percent of applications filed last week were for that purpose, up from 57.7 percent the previous week. As recently as November refinancing represented less than 50 percent of mortgage activity. Adjustable-rate mortgages, however, continue to decrease in popularity and now account for only 9.2 percent of activity.

Leo Namiot

Connecticut Mortgage Specialist

Benchmark Mortgage






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