This week has been a good example of how volatile rates can be without really changing. There was a lot of movement in the markets, and a good deal of information was released which rocked the markets, first in one direction, and then in the other. But in the end it all amounted to nothing. Rates ended in the same range as they started (but it is a very good range to be in). The wild swings happened all week, but look at the activity just on Friday. First thing in the morning, February retail sales were up by 0.3% when the market expected a decline of 0.2%. This is a big swing, and though these numbers are subject to revision and can swing wildly from month to month, the markets took this as a sign that the economy was back in recovery mode, so mortgage bonds (which determine mortgage rates) took a dive. An hour later the University of Michigan Consumer Sentiment index numbers came in worse than expected (if consumers aren’t feeling good about the economy, they are less likely to spend their money), so the market swung back in the other direction. A little later Fed Governor Janet Yellen was named as the FED Vice Chairman, rates got worse again (because she is less hawkish on inflation than some of the other governors). But by the end of the day, these concerns were gone and mortgage bonds and mortgage rates ended the day absolutely flat.

So over the course of the week, and even over the course of a single day, the trading range range is tested and volatility is high. But this isn’t because the traders who push rates higher and lower by their buying and selling are subject to huge mood swings and change their mind on a minute to minute basis. This has more to do with the traders looking at each new piece of information released as a new opportunity, and as long as the rates stay in the same range, they profit from each trade, up or down. At some point something will happen which will change the consensus and either fear or greed will take over and we will move into a new trading range. For now, the range rules and even with the daily swings rates are remarkably stable.

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

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