First Time Home Buyers
Chicago Mortgage Loan Rates Improving
Mortgage rates are improving as the stock market sells off. With the clock ticking on the $8,000 Tax Credit, there are more homes pending sale than we’ve seen in two years and mortgage rates are nearing 2009 lows again.
We’ve posted a lot of news lately about rising home prices, the inevitable rise in rates and a whole host of other reasons that homes are, historically, almost “too” affordable right now.
If the housing bubble was housing being too expensive and the marginal buyers representing bad credit risks with absurdly risky products, what impact will today’s borrowers have on the market?
They’re buying with down payments, full documentation, credit scores averaging 80 points higher than a few years ago and they’re locked into rates in the 5% range for 30 years. It’s time to make a casserole for that new neighbor–they’re helping to rebuild property values in your neighborhood.
Current Chicago Mortgage Rates
| No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. | ||
| 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.875% | 1.03% | 5.025% |
| 5.000% | 0.52% | 5.107% |
| 5.125% | 0.00% | 5.186% |
| 20 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 0.82% | 4.881% |
| 4.875% | 0.12% | 4.947% |
| 5.000% | 0.00% | 5.036% |
| 15 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.250% | 1.03% | 4.392% |
| 4.375% | 0.51% | 4.475% |
| 4.500% | 0.16% | 4.571% |
| 7/1 ARM | ||
| Rate | Discount Points | APR |
| 4.125% | 1.36% | 4.294% |
| 4.250% | 0.94% | 4.385% |
| 4.375% | 0.52% | 4.476% |
| 5/1 ARM | ||
| Rate | Discount Points | APR |
| 3.500% | 1.34% | 3.659% |
| 3.625% | 1.04% | 3.761% |
| 3.750% | 0.73% | 3.862% |
| FHA 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.88% | 5.708% |
| 4.875% | 1.39% | 5.789% |
| 5.000% | 0.46% | 5.834% |
| Assumptions | ||
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