Mortgage rates are hitting record lows again. Yesterday after China announced that it was considering decoupling the Yuan from the dollar, it looked like the streak of low rates was about to turn. But this was only a head fake higher before rates resumed their march lower. The market decided that China’s move was more symbolic than anything, and that this might not be the major event it first appeared to be. Today existing home sales fell by 2.2%, worse than expected, and the stock market sold off again. The result is that mortgage rates are the lowest they have been in ages. This means that for those who qualify, refinancing is a hot bet. If you are buying a new home,this is an opportunity to lock in your loan at a rate that will make your parents jealous. The big question now is how long these low rates will last. If past history is a guide, it might not be very long. At the beginning of last year rates dropped, but the lowest rates weren’t around for long. If you can take advantage of a low, low mortgage rate through a refinance or new home purchase, it might not pay to wait.

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, best FHA rates assume a 660 Fico score, but loans are available with credit scores as low as 620. 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 will 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

*A better option may be to break your Jumbo loan into 2 parts a conventional loan 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, especially for the lower end of the Jumbo range.

** 5-5 ARM is fixed for first 5 years, with 2/6 caps it can’t go more than 2% above the start rate for the next 5 years. 2% cap for next 5 years – so a blended rate over 10 years is no more than 1% over the start rate.

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 a personal Quote for your situation

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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