Friday, February 7, 2014

Chicago Mortgage Rates Should Improve Today

Mortgage rates should improve today bolstered by weak economic data regarding job creation. Only 113,000 jobs were created in February, but the market was expecting 181,000 new jobs. In addition, January job numbers were only revised up to 75,000. This is well below the job creation pace we experienced throughout most of 2013.

What does this mean for mortgage interest rates? Since interest rates drop when mortgage bonds do well, interest rate should fall or at least remain the same. Rates are very close to a 12 week low. IN addition, jumbo mortgage ARMs continue to excel as banks cater to the jumbo borrower.

If you are interested in a mortgage rate quote for a Chicago area mortgage, please click this link for a quote or call United Home Loans today at (708) 531-8388.

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