Illinois Mortgage Rates: Buying a home today is cheaper than 30 years ago
If it has not sunk in yet, now is a great time to buy a home. With the cost of living increasing each year, interest rates play a key factor in dictating the affordability of a home. Interest rates are still at record lows, and with slight improvements happening in the economy, it is uncertain how long they will remain this low.
According to MBS Highway, buying a home today is cheaper than it was 30 years ago. Here is why – while the median home price has increased from $93,000 to $184,300, it is still more affordable to buy a home today than it was in 1980. The average taxes and insurance for a home have increased, but the average interest rate on a 30-year fixed mortgage was 13.5% back in 1980. Today, the average interest rate on a 30-year fixed mortgage is 3.5%. That 10% difference makes the total payment for a home at an 80% loan to value about $50 cheaper than it was 30 year ago, notes Barry Habib, CEO MBS Highway.
With mortgage interest rates in Illinois still holding steady, today is a great time to buy or refinance. United Home Loans has an experienced and professional team of licensed mortgage bankers that can assist you in determining your financing goals.
Located in the western suburbs, we are known for our exceptional service. At United Home Loans we stay with your loan from start to finish. As a mortgage bank we originate, process, underwrite, and fund your loan in house. We pride ourselves on our reputation and appreciate all of our Illinois mortgage borrowers.Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of April 23, 2013 3.375%/3.414 APR
IL 15 Year Fixed mortgage as of April 23, 2013 2.625%/2.694 APR
IL 7/1 ARM mortgage as of April 23, 2013 2.625%/2.714 APR
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