President Obama is about to announce that the Government is going on a diet, of sorts. The new plan  will freeze non-security related Government spending (with some exceptions) and is supposed to mean a savings of $250 billion in savings over the next 10  years. There has been so much fear in the financial markets based on the increased Federal debt, so this is probably a good political move. But saving with one hand while spending with the other is likely to continue for some time. The mortgage rates market has benefitted over the last year as the Fed aggressively bought mortgage backed securities. They have now spent 92% of the amount allotted for purchase, and the program is near the end. In normal markets (remember those?) mortgage rates would shoot higher as we near the expected close date. That hasn’t happened yet, and part of the reason may be that some traders are expecting that someone is going to come in and pick up the slack so mortgage rates don’t spike higher. High (relative) mortgage rates could put a hit on the housing market, which so there will be a real push to keep rates in an affordable range. The Fed Open Market Committee (FOMC) meets tomorrow, and there is likely to be some volatility as we wait to see what they have to say on this, and how it will affect mortgage rates. Anticipation! For now, rates are great.

Here are the current Chicago 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

For Jumbo loans over $417,000

(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 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 Quote

VA Veterans Administration 0 Down Loans

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

Illinois Mortgage Rates                   First time home buyer loans

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