The Connecticut Housing Financing Authority rates returned to a more normal setting this week. Historically, CHFA makes an effort to keep their rates below the Conventional, VA & FHA rates available in the 30 year fixed rate market. For the past few weeks the CHFA rate was 4.875% with a 1 point (1%) Origination Fee. Rates for all other mortgage programs were the same or lower. The only real advantage of the CHFA program was that you could also take out a Down payment and Closing Cost Assistance loan in conjunction with the CHFA loan. This allowed for 100% financing for first time buyers. This week the CHFA rate increased to 5.125% with 1 Point Origination Fee. Meanwhile the Conventional, VA & FHA rates are now hovering around 5.5% with 1 point. CHFA has returned to its usual position of offering below market rates. Along with the $8000 tax credit available to first time homebuyers, CHFA is once again worth looking at if you are in the market for mortgage financing. CHFA changes their rate at Noon every Thursday. You can provide your e-mail address to CHFA and they will send you their weekly update.  Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.
Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL. | 
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