Tuesday, March 12, 2013

Building is Back: Home Construction Starting off Strong in 2013

CNN Money reports that 925,000 building permits were filed in January 2013. This is a 2% increase from the amount of permits filed in December 2012 and a 35% increase from the amount of permits filed in January 2012. January 2013 marks the most permits filed since June 2008.

So, what does this mean for borrowers in Illinois, Wisconsin, Michigan and Minnesota? Borrowers in these states can take this news with a stride of confidence. While there a number of factors impacting the success of the housing market, an increase in building shows signs of recovery.

With unemployment decreasing and a surge in new homes, the economic forecast is looking a little brighter going into mid-March. However, more confidence in the market means stocks will increase, which in turn impacts interest rates.

As predicted, the current fiscal situation is pushing rates back up. There is still time to take advantage of these historic low rates, but that window is closing. If you haven’t yet, consider refinancing before it’s too late.


Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of March 12, 2013 3.375%/3.539 APR -1- Point

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

Michigan Mortgage Rates
MI 30 Year Fixed mortgage as of March 12, 2013 3.375%/3.539 APR -1- Point

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

Minnesota Mortgage Rates
MN 30 Year Fixed mortgage as of March 12, 2013 3.375%/3.539 APR -1- Point

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

Wisconsin Mortgage Rates
WI 30 Year Fixed mortgage as of March 12, 2013 3.375%/3.539 APR -1- Point

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


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