Will Mortgage Rates in Illinois Drop Again?
Mortgage rates received some good news this past Friday, January 10th, although it was bad news for the U.S. economy and for those Americans who are out of work. The employment report for December was bleak. The number of new jobs created was only 74,000 and the market was expecting 197,000 new jobs created.
Mortgage bonds reacted favorably to this news as this news may mean that the Fed will not taper their monthly bond purchases as quickly. This will help keep interest rates low, and could possibly lead to 30 year fixed interest rates move closer to the 4.0% marl that it crossed mid year after the Fed chief, Ben Bernanke, first discussed tapering the monthly bond purchases, otherwise known as Quantitative Easing.
If you have an ARM and would like to refinance to a fixed rate mortgage, now may be one of your last chances to do so. Call United Home Loans with any questions you may have regarding Illinois mortgage loans or interest rates at (708) 531-8388.