Mortgage rates have improved over the last week even though the stock market also rallied during that same time period.
The average Chicago mortgage loan rates quoted are just below 5%, usually right around 4.875% today. We've been seeing this same pattern nearly all year: Loan rates fight their way down to 4.75% slowly, then quickly jump to 5.375%-5.625%. Rates are getting back to their lows from about a month ago so we might be poised for one of those quick jumps higher again.
