Thursday, January 31, 2013

FOMC Statement Leads To Slight Improvement In Rates

Homeowners in Illinois, Michigan, Minnesota and Wisconsin should feel a slight sense of relief after the statement released by the Federal Open Market Committee (FOMC) on Wednesday.

While some areas of the economy are improving, the Committee concedes that there has been a pause in economic growth in recent months. Employment has continued to expand, but unemployment rates remain high. The housing market has shown further improvement, but inflation is still below the Committee’s longer-run objective.

In light of these findings, the FOMC will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. This decision should support the mortgage market by decreasing longer-term interest rates.

Additionally, the Committee also voted to keep the Fed Funds Rate near zero percent, in an effort to continue to stimulate economic growth.

Overall, this is good news for borrowers in Illinois, Michigan, Minnesota and Wisconsin. Lower interest rates and borrowing costs will benefit prospective and current homeowners. While the purchasing of mortgage-backed and Treasury securities are expected to continue for the duration of 2013, this decision is contingent upon economic growth and the unemployment rate.

Take advantage of these historic low interest rates by getting a quote today. United Home Loans is licensed in Illinois, Michigan, Minnesota and Wisconsin and can offer competitive rates on fixed and adjustable rate mortgages.

Current Mortgage Rate Information as of January 31, 2013 Below:

Illinois Mortgage Rates

Illinois 30 Year Fixed as of January 31, 2013 3.375%/3.495 APR

Illinois Jumbo 30 Year Fixed as of January 31, 2013 4.000%/4.099 APR

Please click this link for APR assumptions and more IL mortgage rates

Michigan Mortgage Rates

Michigan 30 Year Fixed as of January 31, 2013 3.375%/3.495 APR

Michigan Jumbo 30 Year Fixed as of January 31, 2013 4.000%/4.099 APR

Please click this link for APR assumptions and more MI mortgage rates

Minnesota Mortgage Rates

Minnesota 30 Year Fixed as of January 31, 2013 3.375%/3.495 APR

Minnesota Jumbo 30 Year Fixed as of January 31, 2013 4.000%/4.099 APR

Please click this link for APR assumptions and more MN mortgage rates

Wisconsin Mortgage Rates

Wisconsin 30 Year Fixed as of January 31, 2013 3.375%/3.495 APR

Wisconsin Jumbo 30 Year Fixed as of January 31, 2013 4.000%/4.099 APR

Please click this link for APR assumptions and more WI mortgage rates

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