Chicago Illinois Current Mortgage rates for Today, 02/23/2010
23rd February 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 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 | 5.00% | 5.167% APR |
| 15 Year fixed Rate | 4.375% | 4.549% APR |
| 5-1 A.R.M. | 4.125% | 4.289% APR |
For Jumbo loans over $417,000
| 30 Year Fixed Rate* | 6.00 | 6.179%* 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 | 4.875% with 1 Pt | 5.227% APR |
| FHA 30 year fixed | 5.00% with 0 Pts | 5.278% APR |
| FHA 5-1 ARM | 4.50% with 1Pt | 4.936% APR |
| FHA 5-1 ARM | 4.75% with 0 Pts | 4.972% 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 Quote
VA Veterans Administration 0 Down Loans
| VA 30 Year Fixed Rate | 5.00% with 1Pt Origination | 5.499% APR |
| VA 30 Year Fixed Rate | 5.25% with 0 Pts | 5.471% 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
Illinois Mortgage Rates First time home buyer loans
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