History has a way of repeating itself, but sometimes you have to wait quite a while. Chicago interest rates are down, lower than they’ve been in half a century. June ended with the 30-year fixed home loan averaging at 4.25% and 15-year fixed rates dropped to 3.75%. Freddie Mac figures the national average, based on daily rate fluctuations, and your local lender can tell you the best rate for Chicago mortgages.
Concern over Europe’s debt crisis and the economy at large has resulted in investors turning to safer investments, such as Treasury Bonds. Mortgage rates decrease as Treasury yields go down. However these rates can’t last for very long. Provided you have a credit score over 700 and less than a 40% debt to income ration, you have a great chance at locking in a phenomenal interest rate. If you are in the market to purchase a Chicago home or would like to refinance, act quickly and call me today!