Illinois Mortgage Rates This Week
Since last week, mortgage interest rates for Illinois 30-year fixed rate mortgages have risen almost a quarter of a percent. Interest rates remained steady throughout the month of July, but August has seen a spike in interest rates. Even though we will probably never see rates as low as we did a few months ago, interest rates are still remarkably low and many home buyers have realized it’s still a great time to buy.
With Illinois interest rates on the rise a home buyer’s purchasing power is diminishing. For every percentage point mortgage interest rates increase, a buyer’s purchasing power goes down 10%. In recent months as interest rates have been slowly rising many buyers have made their decision to buy. If interest rates continue on the path they are on you may not be able to afford a house a few months from now which you may have been able to afford today.
As interest rates continue to fluctuate it is important to keep track of them as you are house hunting. If you have an idea of what you can afford it may be in your best interest to make your home purchase sooner rather than later. The mortgage bankers with United Home Loans are more than willing to discuss today’s mortgage interest rates with you and help determine what would be the best fit mortgage program for you.
Or, if you need a mortgage pre-approval, please feel free to try our free mortgage pre-approval calculator