Last week was a quiet week with no major economic reports released and no bombshells dropped. Without much news, the mortgage bond market was most influenced by the direction in the stock market (when there is optimism in stocks, bonds sell off, and visa versa). The stock market has been selling off over the last few weeks as concern mounts that the recovery is stalling out, and major problems are still brewing in Europe. Last week the stock market bounced higher after touching a level of resistance. The question this week is if the rally in stocks has any legs. We are now getting into earnings season, and over the next few weeks all the major companies will release their earnings for the 2nd quarter. Earnings over the last year have come in better than expected, largely as a result of cost cutting. If they are able to extend this streak and some big name companies come in better than expected, this could push stocks higher and as money flows into stocks, bonds suffer which could mean mortgage rates may move higher. Mortgage rates are off their best rates now, and volatility is the norm. But mortgages are still trading in the same range. The big picture is still uncertain, and mortgage bonds are likely to rally at the first hint of bad news (bad news is good news for low mortgage rates). We are still in a historically low range for mortgage rates. If you are thinking about doing a refinance, I would gather up my paperwork and get it into your mortgage loan officer now, and wait for the right time to pull the trigger.

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. Super Jumbles available.

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

Homepath Financing – Call for a personal quote

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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