Illinois Mortgage Rates and News

Illinois Mortgage Rates – Rants, Raves and Consumer Education from a long time Chicago, IL Home Mortgage Banker.

Peter Thompson - Illinois Mortgage Broker
Illinois Mortgage Broker
Peter Thompson

Prospect Mortgage
NMLS # 283204
Direct: 331-333-7093
Cell: (630) 479-6424
Fax: 877-773-1476
1717 Naper Blvd., Suite 300
Naperville, IL 60563
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Chicago Illinois Mortgage Rates Week in Review for the Week Ending 10/19/2012

22nd October 2012

 Since the Fed initiated their latest round of quantitative easing, the mortgage market has been holding steady at record low interest rates, but last week the calm waters turned choppy. Mortgage rates rose sharply for the first four days, before a stock market sell-off on Friday Chicago Illinois current mortgage rates, Chicago FHA mortgage rates for today sparked a bond market rally which contained the damage. Mortgage rates are still near record lows, but the very lowest rates are gone, at least for now. The Fed Open Market Committee is meeting again this week, and their comments will be watched closely for any clue of direction. Barring any big surprises, expect the mortgage backed securities markets (which determines mortgage rates) to be tied closely to what happens in the stock market.

The direction of the markets has been linked closely to what is happening globally, especially in Europe in China. Right now the focus might be coming back home for a while. The economy has slowly been improving, and last week their were more signs that the housing market is starting to stand on its own. The inventory of homes for sale is sharply down and housing starts are at their highest point since the boom went bust. Up until now, housing has been a big brake on the economy. If this trend continues, though, housing could become a net generator of new jobs and economic improvement. But there is a lot of uncertainty which is holding things back. The election is just a few weeks away now, and as close as it is, means obvious uncertainty. Beyond that, we have the fiscal cliff where the expiration of the Bush tax cuts combined with the mandatory budget cuts agreed to by congress if they can’t agree to a budget plan, is looming, and if congress can’t come up with a solution, this could be a big hit to the economy. Nothing will happen until after the election, and what happens then will be determined by who is wins the presidency and the makeup of congress. We can expect volatility until this is clearer.

These 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 640 Fico score, but loans are available with credit scores as low as 580. 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, including credit scores, property type, amount of down payment and a number of other factors. 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

30 year fixed rate 3.50% 3.673%  APR
15 Year fixed Rate 2.875% 2.964%  APR
5-1 A.R.M. 2.50% 2.639%  APR
7-1 ARM 2.75% 2.832%  APR

 

For Jumbo loans over $417,000

30 Year Fixed Rate* 4.125% 4.237%  APR

*(Another option is to break your Jumbo loan into 2 parts a 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.)

3–1 ARM Jumbo 3.00%  w/ 0 points 3.178%
5-1 ARM Jumbo 3.375% w/ 0 points 3.476%
7-1 ARM Jumbo 3.50%  w/ 0 points 3.637%
5-5 A.R.M. ** 2.75%  w/ 0 points 2.865%** APR
     

** 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 Jumbos available.

FHA LOANS 3.5% down payment FHA Maximum varies by County

FHA 30 year fixed 3.375% with 0Pt  4.036% APR
FHA 30 year fixed 3.25% with 1 Pts 4.059% APR
FHA 5-1 ARM 2.75% with 0Pt 3.236% APR
FHA 5-1 ARM 2.50% with 1 Pts 3.079% 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 Current Quote – FHA 203k Rehab and Renovation loans are now available as 30 year fixed or 5-1 ARMs.

VA Veterans Administration 0 Down Loans

VA 30 Year Fixed Rate  3.50% with 0Pt  Origination 3.876% APR
VA 30 Year Fixed Rate 3.375% with 1.00 Pts 4.064% APR

 

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.

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Peter Thompson 630-479-6424

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