Mortgage rate predictions have become a game of chance. The world does not have a normal economy right now and we're seeing that play out inside of mortgage rates.
For the most part, a weak dollar is bad. For the past few weeks, it hasn't been as we've seen the best all-time mortgage rates. For the most part, 10% unemployment is high. Friday, it was well-received by the stock market and caused mortgage rates to jump.
Last week saw a large sell-off. Mortgage bonds had been overbought for some time and needed a correction. In total, last week saw anywhere from .25-.50% jump depending on the loan program. We are seeing a rally today that has taken back about a third of what was lost last week.
We're still sitting within .25-.375% of the best rates of all-time and .5% lower than where we were in mid-October. Rates are low, but expect talk of economic recovery to chip away at them.
Showing posts with label Chicago Mortgage Loan. Show all posts
Showing posts with label Chicago Mortgage Loan. Show all posts
Monday, December 7, 2009
Monday, November 30, 2009
Chicago Mortgage Rates - Even Lower
It's been a crazy couple of weeks. The dollar is plummeting. Normally, this will cause mortgage rates to jump and jump quickly.
We've had good economic news. The economy is growing, housing is exceeding expectations, and banks are beginning to sound optimistic again. That should have caused rates to jump and jump fast.
Right now, the U.S. economy is the best option among a lot of bad options for investors. Add to it a mini-AIG in Dubai last week, investment here looks great. This is helping keep Chicago mortgage rates low...for now.
When they reverse, it'll probably be a big one. Check out Chicago mortgage rates today. These are now at all-time lows.
We've had good economic news. The economy is growing, housing is exceeding expectations, and banks are beginning to sound optimistic again. That should have caused rates to jump and jump fast.
Right now, the U.S. economy is the best option among a lot of bad options for investors. Add to it a mini-AIG in Dubai last week, investment here looks great. This is helping keep Chicago mortgage rates low...for now.
When they reverse, it'll probably be a big one. Check out Chicago mortgage rates today. These are now at all-time lows.
Thursday, November 12, 2009
Chicago Mortgage Rates Down .125%
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.
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.
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