Illinois Mortgage Rates and News

I just finished off my last minute shopping at the mall. My family get together’s were earlier, so this was just getting some odds and ends for the kids. I hate shopping, and I do tend to procrastinate so it’s not unusual for me to be out on Christmas Eve. What was unusual was the state of the mall. I usually need to park in the back reaches, a long hike from the stores. This year I parked close and had my choice of open spaces. The stores seemed less crowded inside, too. There was no wait at the registers and I was in and out of the stores in record time.

The part of Illinois I live in, Dupage County, is fairly well to do, so I can’t imagine that this is a direct reflection on the economy. People here may be concerned but it is not going to keep them from spending money at the holidays. More people may have done their shopping earlier this year, but the other times I was out it seemed the same.

Could the Internet be the difference? I know that I do more and more of my shopping on line. This way I can avoid the crowds, traffic and general hassle. The weather has been more winter like here in Illinois than it has in recent years, so that may be another factor for keeping people inside.

I am interested in seeing how the retail numbers do come out. The predictions were that this would be a slower Christmas shopping season, but the November numbers were higher than expected. Consumer confidence is down and credit is tapped out for many, so we will see if the December numbers follow this trend. How the sales turn out will help determine the trend in mortgage interest rates into the new year. If sales are slower than expected, that will be one more sign that the economy is slowing. This makes it more likely that mortgage rates will fall. If the retail numbers are better than expected, it means the economy is still strong, and rates will likely rise.

We will be hearing more soon, and when we do, I will post my take on what is going on and how it affects Illinois mortgage rates and your mortgage experience. I wish you all a Merry Christmas and a happy and joyous holiday season.

Illinois Mortgage Rates and News

Peter Thompson is illinois Mortgage Broker



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Tags: Christmas, consumer confidence, Illinois mortgage, retail numbers, shopping

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