Illinois mortgage rates continue to climb - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Monday, June 3, 2013

Illinois mortgage rates continue to climb

Mortgage rates in Illinois, and throughout the rest of the nation, have continued to climb over the last several weeks. The panic in the interest rate markets was caused in part by several factors, but the most crucial news item was when Ben Bernanke, chairman of the Federal Reserve, said these words: “If we see continued improvement and have confidence that it is going to be sustained, then we could, in the next few meetings, take a step down in our pace of purchases”.

As many people know, mortgage interest rates have been kept artificially low by the Fed through their third round of Quantitative Easing (QE3). The Fed has been buying as much as $85 billion in mortgage backed securities every month. When the Fed stops buying or even buys less mortgage backed securities, Illinois mortgage interest rates will go up. As we have seen, rates can even go up in anticipation of this happening.

Freddie Mac listed the average 30 year fixed at 3.81% as of May 30, 2013. But, that rate comes with .8% in fees and points. So, the average zero point 30 year fixed is closer to 4%.

This increase in mortgage rates has sent potential Chicago area home buyers to open houses throughout the city and suburbs of Chicago. Also, home prices have been increasing but are still substantially lower than the peak set back in 2006. Chicago home prices have increased 12.2% from April 2012 to April 2013, according to Zillow. The combined impact of rising Illinois mortgage interest rates and rising home prices is pushing home buyers into the market.

But before you look for a new home, make sure you obtain a mortgage pre-approval. The mortgage industry has gone through many changes and it is vitally important to make sure you will be approved before you make an offer.

United Home Loans provides Illinois mortgage loans in addition to mortgages in Indiana, Michigan, Minnesota and Wisconsin. 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 3, 2013 3.950%/3.960 APR
IL 15 Year Fixed mortgage as of June 3, 2013 3.000%/3.069 APR

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


Indiana Mortgage Rates
IN 30 Year Fixed mortgage as of June 3, 2013 3.950%/3.960 APR
IN 15 Year Fixed mortgage as of June 3, 2013 3.000%/3.069 APR

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


Michigan Mortgage Rates
MI 30 Year Fixed mortgage as of June 3, 2013 3.950%/3.960 APR
MI 15 Year Fixed mortgage as of June 3, 2013 3.000%/3.069 APR

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

Minnesota Mortgage Rates
MN 30 Year Fixed mortgage as of June 3, 2013 3.950%/3.960 APR
MN 15 Year Fixed mortgage as of June 3, 2013 3.000%/3.069 APR

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

Wisconsin Mortgage Rates
WI 30 Year Fixed mortgage as of June 3, 2013 3.950%/3.960 APR
WI 15 Year Fixed mortgage as of June 3, 2013 3.000%/3.069 APR

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


Receive Your
Custom Rate Quote

Confirm the information below or call us at 708-531-8388.
0%
Choose One...
Choose One...