Illinois Interest Rates are on the Rise – Don’t miss out on this great time to buy!
With recent announcements indicating the Federal Reserve may be tapering their purchasing of Mortgage Backed Securities at the end of the year – the bond market has been deteriorating daily. The bond market dictates the direction of mortgage interest rates. Typically, when the stock market is doing poorly, it is because investors are putting money into the bond market causing mortgage interest rates to trend lower. That is not the case this time around, as the stock market and bond market have both experienced record losses for the year within the past week and a half.
With the bond market deteriorating as quickly as it has, interest rates are trending upwards. In fact, just since the beginning of May, interest rates have already increased over 1.00%. This increase in rates detracts from the purchasing power of prospective buyers. Lower interest rates makes home financing more affordable, as rates increase, affordability decreases.
Now is the time to buy! Don’t miss out on this opportunity to buy the home of your dreams. The first step in the home buying process is obtaining a full mortgage pre-approval. United Home Loans offers two unique pre-approval calculators – no credit check or commitment required! You can determine if your pre-approved on a specific property or for a certain price range, try out the links below!I Have A Home Price In Mind
How Much Can I Get Approved For?
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 25, 2013 4.500%/4.552 APR
IL 15 Year Fixed mortgage as of June 25, 2013 3.500%/3.570 APR
IL 5/1 ARM Fixed mortgage as of June 25, 2013 3.490%/2.997 APR
IL 7/1 ARM Fixed mortgage as of June 25, 2013 3.875%3.272 APR
Please click this link
for APR assumptions and more IL mortgage rates