Chicago Illinois Current Mortgage Rates for Today – 12-18-2009
After all the volatility of the last few days, mortgage rates today are flat. There are no new economic reports coming out today so this should mean a quiet end to the week. Rates are still near their all time lows, and I’m guessing that one year from now, these rates will be looked at as a real bargain.
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 | 4.875% | 5.069% APR |
| 15 Year fixed Rate | 4.375% | 4.447% APR |
| 5-1 A.R.M. | 3.875% | 3.947% 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 | 4.75% with 1Pt Origination | 5.269% APR |
| FHA 30 year fixed | 5.00% with 0 Pts | 5.264% APR |
| FHA 5-1 ARM | 4.125% with 1Pt Origination | 4.389% APR |
| FHA 5-1 ARM | with 4.375% with 0 Pts | 4.412% 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 a Quote |
VA Veterans Administration 0 Down Loans
| VA 30 Year Fixed Rate | 4.75% with 1Pt Origination | 5.249% APR |
| VA 30 Year Fixed Rate | 5.0% with 0 Pts | 5.251% 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