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Mortgage Rates
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February 5, 2025
MORTGAGE LOANS – FIXED RATE 1ST MORTGAGES
| Program*** | Interest Rate | Points | ANNUAL PERCENTAGE RATE* | Payment Example** |
|---|---|---|---|---|
| 30 Year Fixed | 6.750% | 0 | 6.860% | 360 principal and interest payments at $6.49 |
| 30 Year Fixed | 6.625% | 1 | 6.815% | 360 principal and interest payments at $6.40 |
| 30 Year Fixed | 6.375% | 2 | 6.655% | 360 principal and interest payments at $6.24 |
| 20 Year Fixed | 6.375% | 0 | 6.515% | 240 principal and interest payments at $7.38 |
| 20 Year Fixed | 6.250% | 1 | 6.500% | 240 principal and interest payments at $7.31 |
| 20 Year Fixed | 6.125% | 2 | 6.485% | 240 principal and interest payments at $7.24 |
| 15 Year Fixed | 5.875% | 0 | 6.085% | 180 principal and interest payments at $8.37 |
| 15 Year Fixed | 5.750% | 1 | 6.110% | 180 principal and interest payments at $8.30 |
| 15 Year Fixed | 5.500% | 2 | 6.010% | 180 principal and interest payments at $8.17 |
| 10 Year Fixed | 5.625% | 0 | 5.905% | 120 principal and interest payments at $10.91 |
| 10 Year Fixed | 5.500% | 1 | 5.920% | 120 principal and interest payments at $10.85 |
| 10 Year Fixed | 5.250% | 2 | 5.810% | 120 principal and interest payments at $10.73 |
*SAMPLE ANNUAL PERCENTAGE RATE (APR) AND LOAN PAYMENT IS BASED ON $100,000 LOAN BALANCE WITH A 20% DOWN PAYMENT
**SAMPLE PAYMENTS DO NOT INCLUDE REAL ESTATE TAXES OR HOMEOWNERS INSURANCE (HAZARD, AND FLOOD, IF NECESSARY), WHICH WILL RESULT IN AN INCREASED MONTHLY PAYMENT. THE SAMPLE PAYMENT IS PER EACH $1,000 OF PRINCIPAL BALANCE.
***DEPENDING ON LOAN SPECIFICATIONS, YOUR RATE MAY HAVE POINTS DUE TO REQUIRED ADJUSTMENTS. ACTUAL RATE AND APR MAY VARY DEPENDING ON CREDIT SCORE, LOAN AMOUNT, COMBINED LOAN TO VALUE (LTV) AND TERM. THE RATES SHOWN ARE AVAILABLE TO BORROWERS WITH VERY GOOD CREDIT.
FIRST TIME HOME BUYER PROGRAMS
| Program*** | Interest Rate | Points | ANNUAL PERCENTAGE RATE* | Payment Example** |
|---|---|---|---|---|
| 30 Year Fixed - First Time Buyer (Milford, Stratford, West Haven and Orange only) | 6.500% | 0 | 6.610% | 360 principal and interest payments at $6.32 |
| 20 Year Fixed - First Time Buyer (Milford, Stratford, West Haven and Orange only) | 6.125% | 0 | 6.265% | 240 principal and interest payments at $7.24 |
| Connecticut Housing Finance Authority (CHFA) - First Time Buyer Program (Statewide) | N/A | N/A | N/A | 3N/A |
*SAMPLE ANNUAL PERCENTAGE RATE (APR) AND LOAN PAYMENT IS BASED ON $100,000 LOAN BALANCE WITH A 20% DOWN PAYMENT
**SAMPLE PAYMENTS DO NOT INCLUDE REAL ESTATE TAXES OR HOMEOWNERS INSURANCE (HAZARD, AND FLOOD, IF NECESSARY), WHICH WILL RESULT IN AN INCREASED MONTHLY PAYMENT. THE SAMPLE PAYMENT IS PER EACH $1,000 OF PRINCIPAL BALANCE.
***DEPENDING ON LOAN SPECIFICATIONS, YOUR RATE MAY HAVE POINTS DUE TO REQUIRED ADJUSTMENTS. ACTUAL RATE AND APR MAY VARY DEPENDING ON CREDIT SCORE, LOAN AMOUNT, COMBINED LOAN TO VALUE (LTV) AND TERM. THE RATES SHOWN ARE AVAILABLE TO BORROWERS WITH VERY GOOD CREDIT.
Adjustable Rates – 30 Year Amortization
| Program | Interest Rate | Points | Initial Term | Fully Indexed Rate | Remaining Term | ANNUAL PERCENTAGE RATE* | Payment Example** |
|---|---|---|---|---|---|---|---|
| 7/1 Year Adjustable | 5.750% | 0 | 7 YRS | 7.000% | 23 YRS | 6.819% | 84 monthly payments of $5.84 and 276 monthly payments at $6.65 |
| 5/1 Year Adjustable | 5.500% | 0 | 5 YRS | 7.000% | 25 YRS | 6.855% | 60 monthly payments at $568 and 300 monthly payments at $6.65 |
*SAMPLE ANNUAL PERCENTAGE RATE (APR) AND LOAN PAYMENT IS BASED ON $100,000 LOAN BALANCE WITH A 20% DOWN PAYMENT
**SAMPLE PAYMENTS DO NOT INCLUDE REAL ESTATE TAXES OR HOMEOWNERS INSURANCE (HAZARD, AND FLOOD, IF NECESSARY), WHICH WILL RESULT IN AN INCREASED MONTHLY PAYMENT. THE RATE IS ADJUSTABLE AND THE PAYMENT MAY INCREASE OR DECREASE ANNUALLY THEREAFTER. THE SAMPLE PAYMENT IS PER EACH $1,000 OF PRINCIPAL BALANCE.
1-Year Treasury Index as of week ending: January 27, 2025: 4.13%. Current Index plus Margin of 2.750% equals 6.880% and rounded to nearest 1/8th of one percent equals 6.875%.
Maximum loan amount for all of the above programs is $3,5000,000.00, except for the First Time Buyer Programs, which is $1,000.000.
Contact one of our Originators or call us at 203-783-5700 for additional information regarding these rates or information on other term or product offerings, including construction-to-permanent mortgage financing. Or, contact Paul Mulligan, SVP Retail Lending at PMulligan@MilfordBank.com.
FREE 30 DAY RATE LOCK FOR REFINANCES | FREE 60 DAY RATE LOCK FOR PURCHASES | LOW DOWN PAYMENT OPTIONS | 24 HOUR MORTGAGE RATE LINE 1-800-343-4862.
This update is intended for informational purposes. It does not take the place of the formal Truth-In-Lending Disclosure that sets forth the specific terms applicable to individual transactions. All rates and terms shown are subject to change without notice.
