First Time Home Buyers
Mortgage rates are ever so slightly better today. The Existing Home Sales figure blew away expectations today. With about six shopping weeks left under the $8,000 tax credit, this next run of pending homes sales could be staggering too.
The housing market has momentum again as three forces collide:
- Tax Credit , this is the $8,000 gorilla in the room
- Home Values Rising, .9% doesn’t sound like a lot from the Fed’s report, but that’s $2,700 on a $300,000 for not pulling the trigger earlier
- Mortgage rates at 5% are a function of the Treasury’s purchases. When they stop, so do the 5% rates.
Today’s Chicago Mortgage Rates (approximately 10:00am)
| 30 Year Fixed | ||
| Rate | Points | APR |
| 4.875% | 0.94% | 5.017% |
| 5.000% | 0.56% | 5.111% |
| 5.125% | 0.02% | 5.189% |
| 20 Year Fixed | ||
| Rate | Points | APR |
| 4.750% | 1.20% | 4.913% |
| 4.875% | 0.10% | 4.945% |
| 5.000% | 0.00% | 5.035% |
| 15 Year Fixed | ||
| Rate | Points | APR |
| 4.250% | 1.14% | 4.401% |
| 4.375% | 0.65% | 4.487% |
| 4.500% | 0.34% | 4.587% |
| 7/1 ARM | ||
| Rate | Points | APR |
| 4.250% | 1.12% | 4.400% |
| 4.375% | 0.76% | 4.497% |
| 4.500% | 0.37% | 4.589% |
| 5/1 ARM | ||
| Rate | Points | APR |
| 3.500% | 1.40% | 3.663% |
| 3.625% | 1.10% | 3.766% |
| 3.750% | 0.80% | 3.868% |
| FHA 30 Year Fixed | ||
| Rate | Points | APR |
| 4.750% | 1.95% | 5.713% |
| 4.875% | 1.42% | 5.792% |
| 5.000% | 0.60% | 5.845% |
| Assumptions | ||
If you enjoyed this article, please consider sharing it!
