Chicago Illinois Current Mortgage Rates for Today – 12-22-2009
Rates are sharply higher over the last two days. This is somewhat of a good news/bad news situation. The good 
news is that we are just days away from Christmas, and there aren’t a lot of people locking in their loans now (if you are refinancing your mortgage you probably already locked in, and if you are buying a home you’ve likely put it on the back burner until after the holidays). The bad news is that if you are ready to lock in, your paying about a quarter point higher than what you would have just a few days ago. Part of this volatility is low volume trading on the bond markets, which exaggerates any movements. Mortgage rates are still in the low range, but we are now nearing the high point of that range. Early in the day 3rd quarter GDP was adjusted lower from a gain of 2.8% increase down to 2.2%, showing less growth in the economy. This would normally be looked at as a good sign for interest rates, but shortly after that release, new home sales for November were released showing an increase of 7.4%, much higher than expected. Perhaps the best news is that with Christmas on Friday, this is a short week and it will be over soon. Rates are still great, and with volatility high it is possible that we will turn around and jump back in the other direction. But for now it looks like Santa is bringing mortgage rate shoppers a lump of coal along with their presents.
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 | 5.25% | 5.347% 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