Learn About Chicago Home Interest Rates

Sergio and Banks was recently recognized by Chicago Agent and awarded with a plaque by American Registry for being named as one of Chicagoland’s Offices to Watch in 2011. As a boutique real estate firm serving our hometown of Chicago, we care about our neighborhoods and we care about helping you stay in the know about Chicago real estate.
The Mortgage and Bankers Association reported an increase in mortgage applications last week, most likely a result of continuing low interest rates. Even homeowner refinancing rates increased last week! Did you know that it was the fifth consecutive week that rates have averaged below 4%, causing Freddie Mac to remark on historic lows?
For your information, a non-FHA conforming 30 year fixed rate loan showed rates at about 4.11%, with a decrease to 30 year fixed rate loans with a jumbo-loan balance. bringing them down to 4.34%. If you are interested in a 15 year loan, the 5/1 adjustable rate mortgage decreased to 3.90%, as well.
According to the Primary Mortgage Market survey conducted on January 12, 2012, by Freddie Mac, the average rate for a 30 year mortgage is 3.89% with fees and points of .7 and the average rate for a 15 year mortgage is 3.16% with fees and points averaging .8. Click here to find current rate stats.