Chicago Illinois Current Mortgage Rates for Today, 02/04/2010
With news that the initial unemployment numbers are worse than expected, stocks are down and mortgage bonds are having a big day. Mortgage bonds have convincingly broken through a level of resistance and the trend is toward lower rates. But so far, lenders haven’t followed 
through with better mortgage rates. Part of this could be that the market is waiting for the big news tomorrow – the monthly unemployment numbers for January. This is always the most anticipated economic report, and the one that has the most impact on mortgage rates. Lenders are waiting to see how this comes out before taking on more loans at a lower rate. The estimates are for the report to show an increase of 50,000 jobs, but if the report comes in better than expected, the bond market will quickly sell off. On the other hand, if the report is worse than expected, the bond market will continue to improve and lenders will come in with better rates. The trend is positive for today, but everything rides on what happens tomorrow morning.
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* | 6.00 | 6.179%* 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 | 4.50% with 1Pt | 4.936% APR |
| FHA 5-1 ARM | 4.75% with 0 Pts | 4.972% 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