Real Estate Toronto Canada

Mortgage rates are flat today as the mortgage bond traders wait for the release of the unemployment report tomorrow morning. This jobs report is always one of the most anticipated reports for rate watchers, as it gives a quick snap shot of strength in the economy. Remember, bad news for the economy is good news for mortgage rates, so as the job picture improves, rates will continue to move up. This all comes down to fear of inflation. When job losses are high, like they were at this time last year, the Fed goes into an accommodative, easy money policy which keeps rates low (short term rates are still pegged at 0-.25%). As the economy strengthens and more jobs are created, the fear of an overheating economy takes hold, and the Fed will usually raise rates. In the past there have been too many times where the Fed reacted too slow, and the inflation was the result. Bond holders hate inflation as it lessens the value of their investments, so any hint (no matter how faint) of inflation will kill bond prices causing mortgage rates to rise. The economy is still losing jobs, but at a much slower pace than at any time over the last 2 years. The report tomorrow is expected to show a loss of about 35,000 jobs for the month of December. If the results are better than that, we will surely have a sell off, and rates will go higher. If you are ready to lock in your mortgage rate, it makes sense to do it today, rather than rolling the dice and seeing what happens tomorrow.

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