Monday, August 10, 2015

Chicago Mortgage Interest Rates – Buckle Up and Get Ready For A Ride

Mortgage interest rates in the Chicago market continue their rollercoaster ride, dipping up and down from one day to the next.  In the final week of July, Chicago mortgage interest rates once again fell below 4% for the first time since early June of this year.  On July 31st, the average rate for a 30 year mortgage nationwide was 3.98%.  Home buyers in a position to pay discount points (which are a type of loan cost) were finding a rate as low as 3.875% attainable whereas other home buyers were in a position to afford higher priced homes.  Standard & Poor’s Case-Schiller Index reports that home prices are higher than they were this time last year.  People selling their homes are making more on the sale of their properties and home buyers have also been in a favorable position with mortgage rates dropping below 4%.  However, within a week, interest rates had hiked up slightly, increasing an eight of a percentage point for two days running before stabilizing the week of August 3rd.

When homebuyers or those looking to refinance are considering their mortgage options, they must be aware that interest rates can increase at any time.  However, they are also likely to decrease in the same way.  Unless borrowers immediately “lock” a rate that works for them when discussing loan programs and rates, the lender is unable to honor the initial rate discussed. 

You can call us at 708-531-8388 to speak to one of our loan officers who can help you find the best mortgage interest rate that will work for you.  Alternatively, you can visit our pre-approval website to get a pre-approval in under 60 seconds: www.preapprovaltoday.com.  Your social security number is not required and in a few easy steps, you can get a free, no obligation mortgage rate quote.

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