Chicago Illinois Current Mortgage Rates for Today – 01/05/2009
After a Holiday season where mortgage bonds lost value and mortgage rates inched back 
to their highest rates in the last few months, the New Year is starting out on a positive note. There hasn’t been a lot of economic data released, and what has been released is still a mixed bag. Factory Orders came in higher than expected with an increase of 1.1% compared to an expected 0.4%. But on the other side pending home sale numbers declined by 16% month over month, reflecting the end of the first time home buyer tax credit (it’s now been extended). More than anything this improvement in rates could be a return of the longer term trend, and the fact that markets tend to extremes in the slower volume, holiday periods. We’ll see if the trend holds, but for now, rates are about an 1/8 of a point better.
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
| 30 year fixed rate | 5.125% | 5.287% APR |
| 15 Year fixed Rate | 4.50% | 4.668% APR |
| 5-1 A.R.M. | 4.125% | 4.289% APR |
For Jumbo loans over $417,000
| 30 Year Fixed Rate* | 5.875% | 6.093%* APR |
| 7-1 A.R.M. | 4.875% | 5.095% APR |
(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 30 year fixed | 5.00% with 1 Pt | 5.439% APR |
| FHA 30 year fixed | 5.25% with 0 Pts | 5.448% APR |
| FHA 5-1 ARM | 4.50% with 1Pt | 4.949% APR |
| FHA 5-1 ARM | 4.75% with 0 Pts | 4.934% 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 Quote
VA Veterans Administration 0 Down Loans
| VA 30 Year Fixed Rate | 5.00% with 1Pt Origination | 5.499% APR |
| VA 30 Year Fixed Rate | 5.25% with 0 Pts | 5.471% APR |
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
Downers Grove Mortgage Company