Chicago Illinois Current Mortgage rates for Today, 02/05/2010
Yesterday bonds soared after the initial unemployment claims came in higher than expected. This normally means lower mortgage rates as a result, but yesterday rates didn’t budge because lenders didn’t want to lower rates ahead of the big jobs report. The report released this morning showed a loss of 20,000 jobs (worse than expected) but the unemployment rate dropped from 10% to 9.7% (much better than expected, but based on an entirely different measure). With the two reports contradicting each other, the initial move was for bonds to sell off, largely erasing the gains from yesterday. But by mid morning they switched completely and have improved for the day. This means lower rates. In fact, mortgage rates for the best qualified borrowers are now back in the 4s! No one knows if this will last or not, and all the experts still have a bias toward higher rates in the coming months. But for now we are seeing the best rates of 2010, and if you are in a position to take advantage of these low rates, don’t wait. These may not last.
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 | 4.875% | 5.049% 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% | 6.067%* 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 | 4.75% with 1 Pt | 5.137% APR |
| FHA 30 year fixed | 5.00% with 0 Pts | 5.278% APR |
| FHA 5-1 ARM | 4.375% with 1Pt | 4.826% APR |
| FHA 5-1 ARM | 4.625% with 0 Pts | 4.792% 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