February 2010

Chicago Illinois Current Mortgage Rates for Today, 02/25/2010

The mortgage market is still in rally mode, and rates are near their lowest points of the year. Mortgage rates are determined by mortgage bonds which trade in a market similar to stocks or other commodities. Mortgage rates trend to move in the opposite direction of stocks. When optimism is in the air and the economic future looks bright, investors buy stocks and mortgage rates usually trend higher.  When fear is the dominant emotion mortgage bonds are more likely to benefit, because investors feel safer with a fixed return. Fear is in the air again, today. Over the last few weeks Greece was in the news as it looked like they were close to default. That crisis was band aided over, but now when people talk about Greek ruins, they are talking about the economy. Their credit rating was down graded yesterday, which means more trouble. Jobless claims came in…

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First Time Home Buyer Webinar Recording – Home Buyer Tax Credit Deadline Approaching

If you are thinking of buying a home soon, the clock is ticking. We are now just over 60 days away from the deadline for having your contract together for the $8,000 first time home buyer (or $6,500 move up buyer) tax credit. You don’t have to close your purchase by the end of April, you have until the end of June to get your mortgage and close. But, if you are planning on taking advantage of this credit, time is running out quicker than you might think. Buying a home is complicated. That’s not surprising; after all, this is likely to be the biggest purchase of your life. If one home were the same as another, it would be easy enough to go out and buy a home in a weekend. Finding the right home takes more time and gets a little more complicated. And making sure you are…

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Chicago Illinois Current Mortgage rates for Today, 02/23/2010

What a difference a few days can make. Last week the mortgage bond market was selling off and rates were headed higher with the fear that low mortgage rates were gone for good. But throw in a poor consumer confidence report and a good bond auction and we are right back where we were before. Mortgage rates are still in the same range we have traded in over the last several months, but the swings are getting bigger. For most people all this activity only changes the actual rate by a small amount, but the trend is what is worth watching. So for now, get them while they last, rates are trending lower now, but this may not last long. 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…

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Chicago Illinois Current Mortgage rates for Today, 02/18/2010

We’ve had a few bad days on the mortgage bond market, and mortgage rates are inching higher. As always, the concern is inflation. The Producer Price Index (PPI) came in at an increase of 1.4% for last month, higher than the expected .9% increase, and in the Fed  meeting minutes released yesterday some of the Fed governors marked their concern for an upturn in inflation. Inflation decreases the purchasing power of the dollar, and as mortgages are paid back over a long period of time, investors want a higher present return (higher yield) if they think they will get paid back with cheaper money. Right now, mortgage bonds have slipped through a key level of support (traders have been buying when it got near this point) and if we don’t see a bounce, this could be a sign that higher rates are coming. All the experts (well, most of them…

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Chicago First Time Home Buyer Webinar, Thursday night – Have You Registered Yet?

If you are in the market to buy your first home this year, it’s time to put on your running shoes. While I expect that we will be in a buyer’s market for the rest of the year, for qualified buyers the best time to buy a home may be in the next 2 months. Not only is the tax credit ($8,000 after closing to qualified buyers) expiring for contracts put together by April 30th, but mortgage rates are projected to go up soon, too. So, if you are thinking of buying now (or later), but aren’t sure where to start, this webinar is meant for you. Here are the details: Thursday 02/18/2010 from 6:00 PM to 7:00 PM Central standard time. You do need to register in advance. https://www1.gotomeeting.com/register/303507864 Some of what I will cover includes: Why this is the best time to buy a home in years, and…

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Chicago Illinois Current Mortgage Rates for Today, 02/16/2010

Mortgage rates are stable today, with mortgage bonds improving slightly. There is a lot of information coming out over the remainder of the week, but today is a light day. The Empire State manufacturing index came in stronger than expected,  and a measure of home builder confidence came in at the highest reading in months, though that isn’t saying much. These items are showing that there is some good news on the economic front, but good news for the economy is usually considered bad news for mortgage rates. That’s not the case today. The rate trend today is improving. We will see how everything shakes out as more information comes out later this week. 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…

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Happy Valentines Day – First Time Home Buyers – Renting is Dating, buying a Home is Marriage

(This is a repost of something I wrote a while back. But it is Valentines Day, it’s appropriate, and I like it. So here it is again) It’s all about commitment. If you are a first time home buyer – that is, if you are thinking about becoming a first time home buyer but you are renting now – this is a big step. You probably have some serious commitment issues. Renting is a casual fling. You probably like the place you live in now. Maybe it has a pool and a rec-center that you’ve been meaning to use, but never find the time. Maybe it’s in a great location, close to work and in an area with a good night life. For one reason or another, the place has its charms. It was just what you needed when you first moved in. But now… now, it seems constraining. Maybe…

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Chicago Current Mortgage Rates for Today, 02/12/2010

It was another one step forward, two steps back for mortgage bonds this week, and after a few bad days rates ended on a good note. Rates for most loans are unchanged for the week. The big focus in the markets this week has still been the news overseas, Greece is getting a bailout (maybe), which may stabilize the crisis there, while China is tightening its lending to slow down growth (wow!).  There were several government debt auctions, and the new borrowing puts pressure on mortgage rates. Retail sales rose more than expected, but consumer confidence came in worse. So all in all it was a mixed bag, and rates stayed within their trading range. The big picture remains the same, though. Though we are hanging in with rates close to the best rates of last year, the odds are that mortgage rates will be higher in the next few…

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Chicago Illinois Current Mortgage Rates for Today, 01/11/2010

Mortgage rates have bumped a little higher over the last few days as it looks like the European Union will step in to bail out Greece. Mortgage rates were flirting with all time lows as money took off on a flight to quality as the possibility that problems in Greece could push the global economy another step lower. Details are still to come, but the crisis has passed, for now. Today the mortgage bond market is dealing with sub par auction results (new issues for renewed government spending), but the market is flat in spite of what would normally be considered bad news. Rates are holding steady, and we are still in the same range we have been in over the last month. 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…

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Chicago First time home buyers – Free Webinar: How to Buy Your First Home with a Low Down Payment – in Today’s Market

  There may be snow on the ground, it may be freezing outside and cabin fever is surely at epidemic  proportions. But make no mistake, weather to the contrary, this is spring. At least it is spring in the real estate market. The Super Bowl is over and this marks the official beginning of the spring market here in the Chicago area. Traditionally, a good portion of the homes sold in any year are sold in the months between February and May. We haven’t had much of a spring market over the last 2 years, but all signs are pointing to this being a barn burner of a market, especially for first time home buyers. Not only are mortgage rates near their all time lows, but it is a buyer’s market and the government has extended the $8,000 first time home buyers tax credit. This could be the best time…

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