Chicago Mortgage Trends – Own Vs Rent
Despite the fact that mortgage rates have been dipping up and down in recent weeks, one fact remains clear: more and more Chicago area residents are choosing homeownership over renting. Even though interest rates have been surprising mortgage experts with their recent fluctuation, rates are still low enough for renters to realize that with rent increasing as the economy improves, it makes more financial sense to purchase a home. This is why home sales climbed to an 8 year best by mid-2015.
Every month, Fannie Mae carries out a National Housing Survey by polling 1,000 U.S. households. The survey gathers information related to consumer opinions on the economy and the housing market. In the most recent survey, on average, consumers expect both rent and home values to increase in the coming year. For renters considering buying a home, low interest rates can help to make homes affordable in the long-term, because as a rule, renters see their rent increase each year. As qualifying for a mortgage is more easily attainable with lower rates, softer eligibility requirements and low down payment loan options, the path to home ownership is easier and faster than it has been since 2008.
Make the leap from renting to home ownership and contact United Home Loans today by calling 708-531-8388. One of our expert loan officers will be able to help you learn more about current Midwest mortgage rates and choose the best loan program that works with your finances.