Welcome to Illinois Mortgage Rates and News week in review for the week ending August 29th, my take on the week’s financial news and how it affected Illinois mortgage rates.

Because this is a holiday weekend, (and I’ve had some computer issues as well) this is a shortened version of the update. I’ll have the breakdown and analysis in the next few days. A lot of information came out including some data showing that the economy was stronger and inflation was higher than expected. Normally this news would have killed mortgage bonds and sent mortgage rates soaring. It didn’t this week because this was all seen as old info that doesn’t reflect what is happening now. Rates improved every day except for Friday when mortgage bonds tanked (the Friday before a long weekend effect). For the week mortgage rates are slightly better than last week.(here is a detailed look at Chicago mortgage refinance ).

Here is what Illinois Home mortgage rates look like today for an A+, full doc purchase on a 30 day rate lock, with 0 points, and no origination fee. The conventional loans are based on the highest conforming loan amounts, which give the best pricing. (Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or Contact me illinois mortgage company and I’ll take the time to find the rate and program that is best for you.) :

Conventional loans up to $417,000

30 year fixed rate 6.25% 6.347% APR

15 year fixed rate 5.75% 5.958% APR

5-1 A.R.M. 5.694% 5.763% APR

7-1 A.R.M. 5.875% 5.989% APR

For Jumbo loans over $417,000

30 year fixed rate* 6.875% 6.634% APR

7-1 A.R.M. * 6.00% 6.173% APR

*there is a 1 year pre-payment penalty on this option.

FHA LOANS - 3% down payment

With 1 point origination fee – 60 day lock

30 year fixed rate 6.125% 6.813% APR

With no origination fee – 60 day lock

30 year fixed rate 6.3750% 6.872% APR

FHA APR reflects 3% down payment and the effect of mortgage insurance on the loan.

These are just a few of the programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help. Happy Labor Day, and have a great weekend.

Illinois Home Mortgage Rates and News

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