Monday, June 17, 2013

If you build it they will come: New Construction in Illinois is Surging Back

The National Association of Home Builders (NAHB) released their monthly Housing Market Index report this morning. The numbers reported for May came in at 44, so predictions for June were around that mark at 45.

Contrary to expectations, this month’s report came in at 52, well above predicted numbers. It’s important to note that June numbers are the highest the NAHB Housing Market Index has been in 7 years, as referenced by the chart below.

Source: MBS Highway

This report confirms the current outlook of the housing market; it is strong and continuing to improve. The Housing Starts report will be released tomorrow. Based on today’s report, many experts are expecting the Housing Starts to mirror the NAHB Housing Market Index.

Anyone looking to possibly build a home should first start with a full mortgage pre-approval. There are many unexpected costs that can arise as a result of building a new home. By obtaining a full mortgage pre-approval, you will know how much you can spend to allow cushion for those unpredictable expenditures.

United Home Loans provides mortgage loans in Wisconsin, Minnesota, Michigan, Indiana and Illinois.

Check out our rates below and call us with any mortgage related questions at (708) 531-8388.

Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of June 17, 2013 3.950%/3.960 APR

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

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