Real Estate Toronto Canada

It was another one step forward, two steps back for mortgage bonds this week, and after a few bad days rates ended on a good note. Rates for most loans are unchanged for the week. The big focus in the markets this week has still been the news overseas, Greece is getting a bailout (maybe), which may stabilize the crisis there, while China is tightening its lending to slow down growth (wow!).  There were several government debt auctions, and the new borrowing puts pressure on mortgage rates. Retail sales rose more than expected, but consumer confidence came in worse. So all in all it was a mixed bag, and rates stayed within their trading range. The big picture remains the same, though. Though we are hanging in with rates close to the best rates of last year, the odds are that mortgage rates will be higher in the next few months. The Fed has completed 95% of its mortgage bond purchase program, and it will be finished completely by the end of March. Some experts say this won’t make a big difference because with loan volume so much lower than last year, there are still enough buyers in the market to keep up with supply. But this is a minority opinion. The conventional wisdom says that when the Fed exits, rates will go up. The other possibility is that the Fed will continue to buy in some back door fashion, which will keep rates in the same range. This will all play out over the next few months, but if you are in a position to take advantage of the rates now, this seems to be a good bet.

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