Chicago Illinois Current Mortgage Rates for Today 01/15/2010
There was some good and some bad news released today, but all the news was good for 
mortgage interest rates. The good news was that the Consumer Price Index (CPI) a measure of inflation, came in lower than expected. This is good news because mortgage bonds, which mortgage interest rates are based on, lose value when inflation is high. Low inflation means the value stays high, keeping rates low. The bad news was that the Consumer Sentiment Index was a little worse than expected. If consumers feel good about their personal prospects they are more likely to spend money, stimulating the economy. When they are unsure or feeling bad about their future prospects, they pull back, saving more and spending less. This is bad news for the economy, but good news for mortgage rates. Stocks are having a bad day, too and this means that money rushes out of stocks and flows into mortgage bonds, driving prices lower. We will see if this holds, but for now, rates are great and the trend is 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 | 5.00% | 5.167% APR |
| 15 Year fixed Rate | 4.375% | 4.549% APR |
| 5-1 A.R.M. | 4.125% | 4.289% APR |
For Jumbo loans over $417,000
| 30 Year Fixed Rate* | 5.875% | 6.066%* 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 | 4.875% with 1 Pt | 5.227% APR |
| FHA 30 year fixed | 5.00% with 0 Pts | 5.278% APR |
| FHA 5-1 ARM | 4.375% with 1Pt | 4.866% APR |
| FHA 5-1 ARM | 4.625% with 0 Pts | 4.872% 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