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TheDay.com - CHFA rate at historic low | Southeastern Connecticut News, Sports, Weather and Video | The Day newspaper

CHFA rate at historic low

Published 02/01/2012 12:00 AM
Updated 01/31/2012 11:31 PM

The Connecticut Housing Finance Authority, which provides below-market rate mortgages to first-time homebuyers, says its interest rate has dropped to a record low of 3.250 percent for a 30-year fixed mortgage.

"The interest rate has been gradually decreasing this year, but this is the lowest rate in the 42-year history of CHFA," said John Craford, its executive vice president. According to a recent Freddie Mac survey, the nationwide 30-year fixed rate mortgage average was 3.88 percent, down from 4.74 percent at the same time last year. CHFA is a quasi-public agency of the state of Connecticut to help low- and moderate-income families purchase their first home.

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