If you are in the market to buy a home in Chicago, declining interest rates may prompt you to move quickly. Freddie Mac released the results of its Primary Mortgage Market Survey® this month, displaying that average fixed mortgage rates are at or near their all-time lows. Chicago home prices have also experienced recent decreases, allowing some home seekers prime opportunities.
30-year fixed mortgages matched the average all-time record low of 3.91 percent, while an all-time record low was shown as 3.21% for the 15-year fixed. The 5-year ARM went even lower, too, setting another record at 2.85 percent in December.
Rates have dramatically decreased since December of 2010, when the 30-year fixed-rate mortgage averaged 4.83 percent and the 15-year fixed-rate mortgage averaged 4.17 percent. Even adjustable-rate mortgages have decreased in the last year, resulting in rates as low as 2.85 percent in December as compared to last year’s 3.77 percent. Freddie Mac was quick to point out that borrowers closing costs were not included in the results of the rates surveyed.
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