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Volatility has returned to the mortgage market and the rate trend is slightly higher today, though not enough to make a difference in most cases. Part of this may be based on economic reports, but a greater part is because mortgage bond traders are nervous, and want to lower their risk as they position themselves for the January unemployment report (this report usually has the biggest impact on mortgage rates) which comes out Friday morning. Today the ISM, a measure of strength in the service (non-manufacturing industry) came in higher, but lower than expectation. The meetings of the last Fed Open Markets Committee meeting were released today and the economy is improving and inflation remains low. The outlook for jobs is still soft and  and there is concern about what happens to the housing market once the Fed stops buying mortgage bonds and the home buyers tax credit expires. If you are ready to lock in a rate, you may want to do it before the jobs report is released on Friday. If it comes in better than expected, rates could be on the rise again. Over all, mortgage rates are still near their all time lows.

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

Downers Grove Mortgage Company