Chicago Mortgage News

Mortgage rates jumped to 3.12% this week, up from 3.04%  according to Bankrate’s weekly survey of the largest lenders in the country.

Compared to this time last year, when rates were just under 4%, current rates are still hovering around historic lows, making it a great time to buy even despite the pandemic.

Over the past 52 weeks, which of course covers the entire COVID-19 crisis, 30-year fixed rate loans have averaged 3.49%, or about 0.37 percentage points higher than current rates that already factor in this week’s increase.

As noted by many mortgage pros, recent news of a COVID-19 vaccine becoming closer to being ready is giving everyone optimism towards the economic state starting to shift to a recovery and ultimately back to normalcy.

For now, most

Despite shutdowns due to the coronavirus and job losses, mortgage applications to purchase a home are on the rise. That could mean buyers are headed back to the housing market faster than expected.

According to recently released data from the Mortgage Bankers Association, mortgage applications to purchase a home rose six-percent last week over the previous week. While purchase volume was down 35-percent annually six weeks ago, recent figures reflect purchase volume is now down just 1.5-percent over a year ago.

Reports suggest buyers are being lured to the single-family home market, in part, by extremely low mortgage rates. It’s also said that the pandemic is causing some people to rethink their desire to live in an urban setting, and instead pursue a

If you’re in the market for a new home this year, there’s good news to report. The new year began with a drop in mortgage rates. Rates recently fell to their lowest level since October.

The average 30-year, fixed mortgage rate now sits at 3.69-percent. The rate drop came as buyer sentiment remained strong at the close of last year.

Fannie Mae’s Home Purchase Sentiment Index comes out monthly. It hit an all-time high in 2019 and stayed close to that to finish the year.

While many people believe it’s a good time to buy, housing demand also remains high. According to CoreLogic, national home prices increase about 3.7-percent annually in late 2019.

Some economists say a drop in mortgage rates is helping support a gain in sales activity and a gain in home prices.

Getting preapproved for a home loan can make or break your home or condo buying experience. To sellers, it’s a signal that you’re a serious buyer, and getting preapproved also helps give you a one-up over other buyers who might be interested in the same property you’re considering.

If you’re smart, you’ll start your home or condo buying experience with getting pre-approved. But before you apply, here’s a quick look at several tips to keep in mind that will also go a long way in securing the new home or condo you truly want…

Work on raising your credit score

Even if you already have a strong credit score, it doesn’t hurt to maximize it any way you can. The better your score, the better your rate.

Improve your DTI

By default, improving your