Welcome to Illinois Mortgage Rates and News week in review for the week ending January 2^nd 2009, my take on the week’s financial news and how it affected Illinois mortgage rates.

Happy New Year! We celebrate New Years because a new year is a new beginning, an end to the old and the start of something new. It usually turns out that the calendar changes, but everything else stays pretty much the same. Leaving a year as tumultuous and ugly as 2008, we have to hope that the new year will bring a real change, but there is a whole lot of carry over from the previous year we have to deal with, first. All agree that we are in a deep recession, and fear is in the air. But there are signs of optimism, too. Later this month a new president and a new administration take power. So much of our economy is based on trust and confidence, and having a new leader inspires confidence. His first order of business is to pass a huge economic stimulus plan, and though the affects won’t be felt immediately, all that money flowing through the system is bound to have an impact over time. Interest rates are near all time lows, and that is good news for anyone looking to buy a home or refinance their mortgage. The stock market feels the optimism, they started the new year with a huge rally, even as more evidence showed the economy is still putting on the brakes. This rally may not last through next week, but it’s a new year and a new start.

Here is what Illinois Home mortgage rates look like today for an A+ (740 Fico or above), 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      5.375%    5.486% APR

15 Year fixed Rate     4.875%    5.046% APR

5-1 A.R.M.                 5.125%    5.322% APR

For Jumbo loans over $417,000

30 year fixed rate  * 6.75%      6.827% APR *

Special pricing requires 20% down payment or equity –

7-1 A.R.M.                 5.375%       5.598% APR

FHA LOANS - 3% down payment

With 1 point origination fee – 60 day lock

30 year fixed rate      5.00%      5.784% APR

With no origination fee – 60 day lock

30 year fixed rate      5.50%      5.739% APR

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

These are just a few of the mortgage 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.

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