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What are the rates in the CT area for an FHA streamline refinance?

Profile picture for chatkitty
I'm getting marketing material claiming 3.75% APR specifically for an FHA Streamlined Refi in reference to the FHA federal rate reduction program.  "No appraisal needed, no income verification, no credit qualifying, etc."
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August 06 2009 - US
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Answers (4)

Profile picture for cthomson77
The response from Joe is pretty accurate regarding the APR calculation which is separate from your actual interest rate.  4 to 4.25 on the 5/1 ARMs is the going range and 5% is good for your 30 year fixed streamlines.  Also, by law you should not be charge origination points on a streamline refinance unless you are being asked to order an appraisal which only benefits the lender's ability to charge you more. 
Hope this helps.
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August 06 2009
Profile picture for Joe Cafiero
What they are offering you is an adjustable rate where as it stands right now because of where the index is the APR falls below the actual rate.  My guess is a 5/1 ARM at 4.25% or so.


Fixes rates are at 5.25% with no points
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August 06 2009
Profile picture for RobertO38
FHA streamline rates are at 5.5% depending on the lender. no bank in the USA has 3.75% for any program as of today Aug 6 820 PM
thank you
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August 06 2009
Profile picture for 203K Specialist
Never happen...5.375 is about right
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August 06 2009
 

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