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Interest rates jumped higher for the first time in this rate rally of the past 45 days. The total damage from yesterday was significant. Still, mortgage rates are at exceptional levels when you say that they “rose to 4.75%”
Mortgage rates are more likely to rise than fall at this point and they are certainly [...]
Continue Reading →There are a lot of reasons that mortgage rates are this low and there is an overwhelming pile of evidence that this will not last forever. We have blistering numbers in every facet of housing. Home Supply is down, Pending Home Sales are up, etc.
Again, the purpose of the $1.25 TRILLION program from the [...]
Continue Reading →This really has been an incredible run over the past month. Rates have dipped almost half a percent and have retraced their lows from October. Perhaps even more important, many homeowners locked out of the original refinance wave due to declining home values have options now in the form of the making home affordable options [...]
Continue Reading →Interest rates hit a four-week low last week and had their third consecutive week in a downward trend. We’ve seen plenty of these this year. Rates jog lower, sprint higher.
Current Chicago Loan Rates No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. 30 Year Fixed Rate Discount Points APR [...]
Continue Reading →Mortgage rates are having a great week. Some of the news isn’t so hot, but mortgage rates are having a good week.
The next time you think our economy is struggling, pick a European country and rethink how you feel. Spain continues to contract and the “hot growth” countries are showing less than a 1% [...]
Continue Reading →Markets re-opened today after Veteran’s Day yesterday.
There is a record $16 Billion auction of 30 Year Bonds today at Noon Central. All is quiet before the storm. Mortgage rates are roughly flat on the day and it hasn’t been too volatile.
Rates are so low right now that good news should barely move them [...]
Continue Reading →Chicago Mortgage Rates Improving
Unemployment tipped into double-digits today and this weak number sent mortgage rates tumbling lower. It is still an incredibly volatile day.
Mortgage bonds were up 50 basis points early. Roughly, that’s typically a .25% drop in rates. We’ve lost about half of those gains so we’re still probably going to see [...]
Continue Reading →Update from the Fed statement
The Fed’s statement yesterday briefly caused rates to jump yesterday as there were a lot of optimistic comments. Rates rallied back and have fought off a stronger Initial Jobless Claims figure today.
The biggest mortgage-related part of the Fed statement is that they will fulfill the entire $1.25 trillion purchase [...]
Continue Reading →Chicago Mortgage Rates
Mortgage rates are flat this morning, up about .125% since this time yesterday. All eyes are on the Federal Reserve’s press release at 1:15 Central today. There are only eight press releases like this per year and these days are typical eight of the most volatile days of the year.
Current Chicago [...]
Continue Reading →Chicago Mortgage Rates Choppy
Mortgage rates and stocks are trading back and forth today. All eyes are turning towards the Fed’s Policy Statement due mid-day tomorrow. These are always market movers.
Expectations are for the Fed Funds Rate to remain unchanged. As always, the forward-looking statements in the text will immediately influence mortgage rates. With [...]
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