The markets are now coming around to the view that inflation is not on the near horizon, and that our recovery is going to be a long, slow grind. As a result, the stock market is faltering and as money rushes into the safer haven of bonds, mortgage rates are at their best levels ever. Consumer confidence readings are down, inflation is nearly non-existent, and the Fed meeting minutes from last month show that the they expect slower growth going forward. The reality is that we are going to have to deal with high unemployment and a tough housing market for quite some time. This is all bad news for the economy in general, but it is a big enticement for those who can take advantage of the lowest mortgage rates since they’ve been keeping track of mortgage rates (there were lower rates years ago, but they weren’t for 30 year fixed rate loans). The question now is whether these low rates are  just a blip before they head higher, or if rates will hold at these levels or drop even lower. Last year a lot of people lost out on the lowest rates at the time (the 4.75% range) because they were waiting for rates to drop to 4.5%. The good thing is that there is a solution to this problem. We can often do refinances with no closing costs, so if rates do go lower, you aren’t out any money. Also, if rates drop by a lot while we are processing the loan, we will do our best to renegotiate for a better interest rate. One thing we know about the market is that it is always volatile, and rarely does what is expected. If you own a home and have a rate of 5.00% or higher, it makes sense to at least consider refinancing.

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

*(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.)

** 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 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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

Mortgage bonds sold off on Friday, but mortgage rates are still sitting at the best levels of the year.  Earlier in the week the Fed signaled that long term growth would be sluggish, and the unemployment report on Friday gave more evidence to that view. The report came in negative with about 125,000 jobs lost, but most of those were temporary government paid census workers. The silver lining to the report was that the private sector added almost 100,000 new jobs, and the unemployment rate fell from 9.7% down to 9.5%. Upon closer review the silver lining looks more grayish. The reason for the drop in the unemployment rate is that more people have grown discouraged and stopped looking for jobs, so they are now no longer counted. The gain in private sector jobs is good news, but no nearly where we should be in this stage of a recovery if there is any hope that the economy will start to reignite. Because of new workers coming into the job market (think of all the college graduates that just finished school) the market needs to add 125-150,000 new jobs each month just to stay even. Also, the gains from the two previous months were revised downward. All this is bad news for the economy, and though this is usually a reason why mortgage bonds would rally and mortgage rates would continue their downward trend, but right before a holiday with low volume and a long weekend ahead, traders got defensive and sold off to lock in some gains. We will see what happens when they get back to work on Tuesday for a real test.

Listening to politicians and pundits talk, it sounds like our biggest problem is how we are going to pay off all the debt we have taken on in recent years. But the markets are singing a different tune. Based on the slide in the stock market and the run-up in bonds, the markets are saying that they are more concerned with deflation. The Fed has set the best rate it offers to banks at 0-.25% so it can’t lower rates to stimulate the economy. But if it is too concerned that we are sliding lower again, it has other tools at its disposal, the biggest being the printing machine it has in the basement. If it decides we are at the danger point again (instead of the molasses slow growth mode we are in now) it could go into a quantitative easing program where they print out money in mass. If that happens, the bond market will turn and rate could quickly pop higher.  If you want to refinance your Chicago area mortgage or get a free mortgage pre qualification, let me know. This could be a great time to pull the trigger.

I hope you have a happy and safe 4th of July!

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. N0-cost refinances are available, usually for just a slightly higher rate. 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.

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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

While day to day volatility remains high, mortgage rates remain near their all time lows. The economic data is still mixed, but it looks like the recovery is losing steam, and the fear is that the economy may dip back into a new recession, or continue a long slow slog of bumping along the bottom, without a real upturn into growth.  Existing home sales fell 2.2% in May. The inventory of unsold homes on the market is sitting at an 8.3-month supply at the current sales pace, slightly better than the 8.4-month supply in April. New home sales fell 32.7% – the slowest sales pace since they began keeping records back in 1963. New home sales have fallen 78% from their peak in July 2005. Durable goods orders fell 1.1% in May after increasing a revised 3% in April. Initial claims for unemployment benefits fell by 19,000 to 457,000 for the week, showing that employment is still a major concern. One of the big market movers last week was the Fed meeting report. The Fed changed their wording slightly to a more bearish stance, which means the odds of a rate increase coming now shift even further into the future. The net result of this activity is that rates are as low as they have ever been. Not everyone can qualify, but if you do, this could be the right time to pull the trigger on a mortgage refinance or home purchase. Locking in these low rates now means big savings over time.

The big question this week is whether Congress will extend the close date for the home buyers tax credit. All contracts had to be written and in place by April 30th, but the legislation gave up until the end of June to close the transactions. This month has been crazy getting so many people in before the deadline, but their are still a lot of home buyers who bought in time, but through no fault of their own may not be able to close on time. Most of these are buyers who bought short sales or foreclosed homes. Short sales take more time to close, as you not only need to get the buyer to agree but also the lender (or lenders). This means more time, and their are buyers who bought months ago who are still trying to sort out all the details to get the deals closed. Foreclosures should be more cut and dried, but even when the bank which owns the home has agreed to all the terms, it can still be a maddening experience trying to get them to perform in a timely basis. This means there are a lot of buyers who fully expected to close on time, who are now anxiously waiting. A measure to allow more time to close was added to a jobs bill, was passed by the Senate, but died in the House of Representatives. There is still hope that a new bill will come through this week, but we are down to the wire on this. The other possibility is that something is passed in July and made retroactive. If this doesn’t happen, many of these transactions will still close, but the buyers will be out the $8,000 credit they were counting on. If you are one of the buyers affected by this, get on the phone and call your representative now. They do listen and respond to pressure.

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 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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

It’s Fed time again, and as expected, the Fed will keep short term rates at the same 0 –.25% range. The Fed minutes are always much anticipated and analysts try to read between the lines to see if there are any hidden meanings which would telegraph the Fed’s likelihood or timing of their raising rates sometime in the future. You don’t have to be a psychic or Fed expert to read their true meaning now, rates are low and they will stay low for a long time. This version was a little bleaker than previous, versions. High unemployment, lower housing wealth and tight credit are keeping a cap on growth, the statement said, and alluding to the European financial crisis, financial conditions have worsened.

All the Fed watchers are looking for signs of inflation, and the view here is that inflation is in the far distance, and not a threat of any kind, for now. This isn’t great news for the economy, but if you are thinking about purchasing a new home or refinancing your current mortgage, this means that rates for mortgages are likely to remain low. Mortgage rates aren’t directly controlled by the Fed. The Fed sets short term rates for the biggest banks. Mortgage rates are determined by activity in the mortgage backed securities markets, where the bonds trade up and down based largely on the fear of inflation. This news means that with the threat of inflation lessened mortgage bond holders are more likely to accept lower yields. Rates are at record lows now, and there is no guarantee that they will stay this low, but they will stay in a low range, until unemployment starts to drop and the economy improves.

Here is the full statement:

Information received since the Federal Open Market Committee met in April suggests that the economic recovery is proceeding and that the labor market is improving gradually. Household spending is increasing but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly; however, investment in nonresidential structures continues to be weak and employers remain reluctant to add to payrolls. Housing starts remain at a depressed level. Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad. Bank lending has continued to contract in recent months. Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be moderate for a time.

Prices of energy and other commodities have declined somewhat in recent months, and underlying inflation has trended lower. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.

Peter Thompson                              630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

Volatility in the markets is high again, but mortgage rates ended the week in the lowest range of the last year, at record low rates. Mortgage bonds were strong most of the week, but when the stock market staged a rally on Thursday, volatility hit hard and as bonds dropped, mortgage rates got hit hard. But the trend was back on track by Friday as low retail sales numbers came in much lower than expected, casting doubt on the strength of the recovery. Some of the other reports released were a little more mixed, but mortgage rates aren’t really moving based on economic reports now. The big mover in the interest rate market is the stock market. Stocks are at a crucial point now, and the question is whether the rally is pausing before making the next leg higher, or if the problems in Europe are an indicator of more trouble to come. Either way, for a quick read on what is happening with mortgage rates, look to the stock market. If stocks are improving rates are moving higher. I stocks are selling off, mortgage rates are likely moving lower. This has always been one factor in mortgage bond pricing, but now it is the biggest influence, by far.

At any rate, if you are in a position to take advantage of these rates, don’t delay. Last year when rates dropped to this level, a lot of potential borrowers waited on the sidelines convinced that rates would drop to 4.50%. It never happened. Even if mortgage bonds improve, the wholesale lenders who buy the mortgages in the mortgage aftermarket are hesitant to pass along the gains (which would mean a huge runoff in their servicing portfolio as home owners refinanced into lower rates) and they are more likely to sit back and make higher profits rather than passing the gains on. At some point rates will rise, the question is a matter of time. If you want to refinance your Chicago area mortgage or get a free mortgage pre qualification, let me know. This could be a great 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

*(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.)

** (5-5 ARM is fixed for first 5 years, with 2/6 caps it can’t go more than 2% above the statr rate for the next 5 years. )

2% cap for next 5 years

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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

The BLS jobs report this morning shows an increase of 431,000 jobs, but 411,000 of those jobs are temporary, government paid census workers, so the real increase is only 20,000 jobs for the month. The unemployment rate, which is figured through a different system, ticked down to 9.7%. In the mortgage world, the monthly unemployment report is always the report which is most anticipated and has the most influence on mortgage rates. Employment is the base of the economy, and when employment is strong more people feel good about their prospects, and are willing to spend money. When employment is weak people tend to pull back, and even if they have a job, they save more than they spend. Over the last months the employment has changed from bleak, to somewhat optimistic. The pace of job loss has slowed considerably and we have gained jobs each of the last several months. The expectations for this job report were all over the board, and with so many census workers in the mix, the popular wisdom was that a surprise to the upside was likely. Some analysts were predicting as many as 700,000 new jobs, so this is a very weak reading on the economy. For more bad news, the prior 2 months employment numbers were revised lower, too, and in a because new people are constantly added to the job market it takes 150,000 new jobs a month just to break even.

This report is always looked at as a way of taking the temperature on the economy. We have been in a severe recession, but many analysts were anticipating that due to stimulus spending, we were going to shoot back to recovery quickly (the V shaped recovery). The stock market has been in that camp. The fear from those who thought that this would be a fast, robust recovery was that with so much money flowing into the system inflation was sure to follow. This report is one more indicator that inflation is the least of our problems. The popular thinking now is that this recovery is likely to be slow and arduous, and that there is more pain to come. This news is bad for stocks, but bonds (including mortgage backed securities) will benefit. Low inflation (or deflation) means that bond investors know their long term interest won’t be eaten away by inflation (paying back their guaranteed return with cheaper dollars). As i write this, mortgage bonds are up a HUGE 43 tics for the morning. This means that mortgage rates will be lower today, and it also means that the trend may be for lower rates. There is no doubt that this report is bad news for the economy, but if you are looking to buy a home or refinance your mortgage, this is good news and you are likely to get a lower mortgage rate.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

After a bad unemployment report, and more trouble out of Europe, mortgage rates are improving. The unemployment numbers while positive on the face, were ugly once you looked at the details. The overall gain was almost all a result of temporary census hiring, and the jobs gained was much lower than expected. Ad  to this more rumblings from Europe, Hungary this time, and the result is a bad day for stocks and a big day for bonds. Confidence in the strength of the recovery is now fading, and the odds of inflation being a threat any time soon, is now close to 0. So mortgage rates are near the best rates we’ve seen over the last year.

Mortgage rates are great, but money is still tight. There are a lot of home owners who would greatly benefit from a refinance, but aren’t able to take advantage of it due to a loss of equity in their homes, or because their situation doesn’t match up to the tighter underwriting criteria that is now standard (you have to prove your income now). At the same time, there are programs which can help those who have lost value in their homes, and there are an awful lot of home owners who could qualify for a loan, and save hundreds of dollars each month, who haven’t taken advantage of a refinance yet. It is worth checking to see if refinancing would work for you and your situation. For those buying a home the situation is better, the price of homes is down so you can afford much more than you could in years past, but you still have to make that first move and make the commitment to buy now. With low prices and low interest rates this could be a great time to buy, but the key is whether the timing is right for you and your personal situation.

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

*(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.)

** (5-5 ARM is fixed for first 5 years, with 2/6 caps it can’t go more than 2% above the statr rate for the next 5 years. )

2% cap for next 5 years

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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

As we end the week, mortgage bonds end slightly off for the day (hitting technical resistance levels), but much improved on the week. Heading into the weekend we are seeing the best mortgage rates of the last month. So the $64,000 question is, will this last? Will mortgage rates continue to improve, or is this just a nice positive bump in the midst of an upward move? All the smart money is saying that mortgage rates will rise this year, probably soon. The big mover is the fact that the FED will be ending their mortgage backed securities purchase program ($1.25 Trillion worth) at the end of the first quarter. But some people are saying they will find a way to back door the buying (maybe through Government entities Fannie Mae and Freddie Mac) and continue to keep rates low. If this is going to happen, we should be getting some kind of sign soon. In the mean time the rate movement is really a function of the weakness in the stock market. Today was the 3rd down day in a row. Stocks have surged in the last year and a pullback in prices isn’t unreasonable. But the trend is still holding so far, so we could see stocks regain their Mojo on Monday, and if that happens mortgage rates are likely to move higher, again. If you are in a position to lock, this could be a good time to do so.

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

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company