Welcome to Illinois Mortgage Rates and News week in review for the week ending September 25th, 2009, my take on the week’s financial news and how it affected Chicago Illinois mortgage rates.

Mortgage rates improved this week as more evidence stacks up that the economy might not have turned the corner yet after all. There was some good news mixed in. The University of Michigan consumer confidence index ticked higher, new weekly claims for unemployment insurance were down again (though still at a high level) and the Fed announced at the end of their meeting that economic activity has picked up. But the troubling news out numbered the good signs by a wide margin. Durable goods orders, a measure of industrial strength, were supposed to go up as a result of the Cash for Clunkers generated orders, but instead it dropped 2.4%. A lot of the good news over the last several months has been about the improvement in the housing market. The numbers for August weren’t nearly as optimistic. Existing home sales fell by 2.7% from the previous month, but were still ahead of sales at this time last year. Home prices are down sharply, though. And the Fed, even though their statement emphasized the upturn, their actions speak louder. They will continue to buy mortgage backed securities through the Spring, and left the door open to extending the program if needed. They know the recovery is still fragile and low interest rates are the key to any housing improvement.

As I’ve said before, bad news is good news for mortgage rates, and rates are now near their lowest point in the last 4 months. We will see if rates continue to fall (a lot of this will be determined by the stock market and what happens with the unemployment report next week), but rates are at a point where if you missed out on refinancing earlier this year, it makes sense again. Most of the purchase market is still first time home buyers trying to find a home and close before November 30^th to take advantage of 90 days to take advantage of the $8,000 first time home buyer tax credit. There is still time, but it is getting closer and closer to crunch time. If you are looking to buy a new home, the first step is a Chicago mortgage pre-approval, give me a call and we can get the process started.

Here are the current Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. The conventional and FHA rates 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              5.00%        5.179% APR

15 Year fixed Rate             4.375%        4.489% APR

5-1 A.R.M.                         4.00%        4.173% APR

For Jumbo loans over $417,000

***************** SPECIAL JUMBO PRICING ****************

30 Year Fixed Rate*          5.875%        6.093%*

This 30 year fixed Jumbo is special pricing based on a purchase up to 75% LTV or a refinance to 70%, 680 or better Fico scores. Other restrictions may apply.

**************************************************************

7-1 A.R.M.                        4.875%         5.095% APR

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

With 1 point origination fee – 45 day lock

30 year fixed rate              5.00%       5.522% APR

With no origination fee – 45 day lock

30 year fixed rate              5.25%      5.529% APR

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

Call for quotes on FHA 203K Rehab Loans

VA Veterans Administration 0 Down Loans

With 1 point origination fee – 45 day lock

30 Year Fixed Rate            5.00%       5.247%

Call for information on no-cost VA Streamlined Refinances

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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