Welcome to Illinois Mortgage Rates and News week in review for the week ending October 16th, 2009, my take on the week’s financial news and how it affected Chicago Illinois mortgage rates.

Euphoria reigned on Wall Street this week as the Dow topped 10,000 for the first time in the last year. The gain didn’t last long, and the market finished the week just below the mark. This level isn’t technically significant either, it is more psychological. But it is one more sign that investors, if not consumers, are bullish and think that the recession is over and normalcy has returned. When stocks are running higher, money flows out of the bond market, including mortgage bonds. This caused the yield to rise which means that mortgage rates bumped up this week.

This is earnings time again on Wall Street, and the focus was on the big banks and brokerages. The results were mixed, but the banks with the biggest exposure to consumer finance took the biggest hits. Goldman Sacks, which makes its money from trading and institutional work showed big profits. Bank of America lost $1 billion for the quarter as a result of bad consumer loans. The University of Michigan Consumer Confidence Index fell over 4 points for a reading of 69.4, lower than expected. Retail sales fell by 1.5% for September, but this was better than expected. The CPI, a measure of inflation, ticked slightly higher, but there is no sign of inflation. Foreclosure filings hit a new record last month. There is a big disconnect between what is happening in the financial markets and the view of the average person.

Here are links to 2 blog posts you might have missed this week:

Is FHA really in trouble?

Will the First Time Home Buyer Tax Credit be Extended?

Rates are slightly higher, but still in the low range. This is still a great opportunity to refinance your loan, and purchase rates are still great. We are running out of time for the first time home buyers tax credit deadline, but there is still time to close for those who act soon. 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              5.125%         5.247% APR

15 Year fixed Rate             4.50%        4.568% APR

5-1 A.R.M.                         3.875%        4.067% 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%       5.478% APR

With no origination fee – 45 day lock

30 year fixed rate              5.25%      5.473% 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            5.25%       5.437%

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.

 

Illinois Mortgage Rates                   First time home buyer loans

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