Mortgage Loan Rates Drop - Yes - In The Chicago IL Area Too!

Mortgage Loan Rates Drop - Yes - In The Chicago IL Area Too! (Just being humorous here..)

Mortgage rates dropped to the lowest level yet - offering those who refinance or purchase a home - lower payments.

The average rate on the 15-year fixed loan dropped to 3.95 percent, down from 4 percent last week and the lowest on record.

Freddie Mac said today that the average rate for 30-year fixed loans this week was 4.49 percent, down from 4.54 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.

Investors seeking the safety of U.S. Treasury bonds has lowered the yield on Treasurys. Mortgage rates tend to track those yields.

The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.  People actually paid off their homes in less than 30 years - imagine that!   Frugality reigned - instead of a culture of consume, consume, consume and spend all you have..

Applications to refinance loans increased 1.3 percent and those to purchase homes increased 1.5 percent, according to the Mortgage Bankers Association.

Rates on five-year adjustable-rate mortgages averaged 3.63 percent, down from 3.76 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.55 percent from 3.64 percent -- assuming an average of about .7 points paid.

Meanwhile - the Labor Department said initial claims for unemployment benefits jumped to 479,000 last week from a 460,000 a week earlier. Economists polled by Thomson Reuters had forecast new claims would fall modestly to 455,000.

Follow me on Twitter, Facebook or Linked in.

if you are serious about buying a home in the Chicago area within the next 90 days - feel free to contact me. As an Exclusive Buyer Broker (always on the buyer's side - never on the seller's side) I work with a select number of clients - so that I can provide the highest possible level of service. (My clients receive a lot of personalized research and attention - which by it's very nature, takes time - but has high payoff.)

Feel free to visit the Buyer Broker Chicagoland web site for more information.

Download our high-tech GPS-enabled Chicago area home search application onto your cell phone (works with any type of phone - as long as you have web browsing capability) by texting BBC to 87778.

Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail to schedule a complimentary initial consultation – so that I can determine if you are qualified to be a client. Thanks and have a great day!