Illinois Mortgage Rates;
The housing market in Illinois is pretty static at the moment with sellers being reluctant to lower their asking prices and buyers waiting to see if prices will fall further. This is a natural occurrence in a market which has seen such strong growth in the last couple of years. The predictions of a housing crash haven’t been fulfilled and there is still strong demand in the market. The underlying trends in the economy remain positive with unemployment and interest rates low.
Once these wary buyers decide that this is the right time to enter the market, we will see more movement. Home sales will start to increase once sellers are more realistic about their asking prices. The high inventory levels suggest a buyers market at the moment and sellers will have to reduce their expectations. There is great choice for buyers at the moment and sellers will have to reduce prices or offer incentives to make their sales.
We haven’t seen a sharp downturn in the market and this bodes well for 2007 as more and more buyers decide that the time is right to make their purchase.
Below are rates currently being offered.
For loans up top $417,000
30 Yr Fixed : rates from 5.75% to 6.375%
15 Yr Fixed : rates from 5.5% to 6.375%
1 Yr ARM : rates from 5% to 6.5%
3/1 ARM : rates from 5.125% to 6.375%
5/1 ARM : rates from 5.375% to 6.5%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 5.875% to 6.75%
15 Yr Fixed Jumbo : rates from 5.875% to 6.25%
1 Yr ARM Jumbo : rates from 5.5% to 6.5%
3/1 ARM Jumbo : rates from 5.625% to 6.875%
5/1 ARM Jumbo : rates from 5.625% to 6.625%
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Major Illinois
Cities;
Chicago
Moline
Rockford |
