Tuesday, November 25, 2008

Chicago Mortgage Rates Falling: Historical Rate Graph

Rates on a 30 year fixed are under 5.625% this week.




My guest blogger, Brian Cumpton of RWF Mortgage, Wells Fargo, (shown here at the Lincoln Park 2520 sales center) and I always try and make clients aware of favorable interest rates. Brian sent me this pitch today... and I've been contacting clients all week as things looked like they would trend this way.


Here's the commercial from Brian... but it has great information.



It's a great time to lock in with prices down on homes. Start by getting pre- approved with a proven lender in today's market. Make your first step to homeownership by getting pre-approval with RWF Mortgage, a Wells Fargo company. Take advantage of the buyer's market and lock your mortgage below 5.75% with 0 Points.
The media has painted the picture that you need 20-30% down in order to purchase. That is incorrect. You can purchase with as little as 10% down, or even there is a 3.5% down payment program called FHA. You could even get a gift for the 3.5% down payment with the FHA program. Low interest rates are here and now is the time to lock in with a new home purchase! Take advantage of the low interest rates today!








The chart here from Freddie Mac shows rates in a historical perspective... we're trending at the bottom.


I've seen very nice condos in good locations in Ravenswood Manor and North Park priced at $250,000 and less in the last two weeks... perfect for the lower mortgage rates we are seeing combined with the FHA loan program that requires only 3.5% down.

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