Chicago Illinois Mortgage Rates Weekly Update
13th December 2009
Welcome to Illinois Mortgage Rates and News week in review for the week ending December 11th, 2009, my take on the week’s financial news and how it affected Chicago Illinois mortgage rates.
The week of Thanksgiving, just a couple of weeks back, mortgage rates had dropped to an all time low. Mortgage rates have risen since then and we are now near the highest rates in the last several months. What gives? Has the economy really recovered so quickly over the last few weeks? Has all the new debt the government has taken on finally reached the breaking point and it’s all down hill from here? Or is this just a matter of mortgage backed securities traders 
trading within a range, buying more when the cost is cheap and selling when the securities move toward the best part of the range? My vote is for the last one. There are some signs of improvement in the economy – retail sales for November were much higher than expected, and consumer confidence was higher, too. But that has been the trend for the last several months, some good news mixed with the bad, and the mood shifting on an almost day to day basis. As I’ve written before, the economy is like a Rorschach test, and you see in it what you want to see. If the rates start recovering this week there will be data to back up the improvement, but it is more a case of which data is highlighted based on the direction the market is heading.
The purchase market is still active now, but as we start the last half of December, it is likely to trail off quickly. But I expect a quick start to the Spring market after the Holidays are over. With the historically low interest rates, low home prices and the New Home Buyer Tax Credit extension I think thie Spring home buying market is going to get off to a fast and furious start. If you are looking for mortgage pre-approval anywhere in the country, give me a call and we can get the process started. If you are thinking of refinancing your mortgage, there may not be a better time to get 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. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. 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 | 4.875% | 5.069% APR |
| 15 Year fixed Rate | 4.375% | 4.447% APR |
| 5-1 A.R.M. | 3.875% | 3.947% APR |
For Jumbo loans over $417,000
| 30 Year Fixed Rate* | 5.875% | 6.093%* APR |
| 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
| FHA 30 year fixed | 4.75% with 1Pt Origination | 5.269% APR |
| FHA 30 year fixed | 5.00% with 0 Pts | 5.264% APR |
| FHA 5-1 ARM | 4.125% with 1Pt Origination | 4.389% APR |
| FHA 5-1 ARM | with 4.50% with 0 Pts | 4.412% 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
FHA 203K Rehab Loans
| Call for a Quote |
VA Veterans Administration 0 Down Loans
| VA 30 Year Fixed Rate | 4.75% with 1Pt Origination | 5.249% APR |
| VA 30 Year Fixed Rate | 5.0% with 0 Pts | 5.251% APR |
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.
Peter Thompson 630-479-6424
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