Chicago Illinois Current Mortgage Rates for Today 01/08/2009
Unemployment Still a problem – 85,000 jobs lost, 10% unemployment rate
A lot of financial pundits have been calling lately for an end to the recession and a gain in 
jobs. It looks like they may have gotten too far ahead of the curve. The unemployment report was released today showing a loss of another 85,000 jobs. This is much improved from where it was for most of last year, but the expectation was for a loss of only 35,000 and many analysts were calling for gains on the upside, with some calling for the creation of over 100,000 new jobs. This splashes some cold water on the fast recovery theory and shows that this is still likely to be along slow grind back. There is some good news for mortgage rates in all this bad news. The slow job market means inflation isn’t likely to be a factor anytime soon, and this gives the Fed more cover for keeping rates low for a longer period of time. It also means that we may hear more about the Fed continuing to buy mortgage backed securities past their end of first quarter deadline, keeping mortgage rates in the low range. But that’s speculation for the future. The impact today is that mortgage bonds are volatile but improved slightly. Mortgage rates for today are about the same as yesterday, but the trend may be improving.
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* | 6.125% | 6.247%* 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
Chicago Mortgage Company