Hillsboro Office 217-532-2525 | Litchfield Office 217-324-4663

Hillsboro IL Homes for SaleHillsboro IL Homes for Sale

  • Home
  • Search
    • Advanced Search
    • Hot Property Alerts
    • Map Search
    • Upcoming Auctions
    • Address Search
    • Trending Searches
    • My Account
  • Featured
    • Our Featured Properties
    • Our Featured Auctions
    • Open Houses
    • Virtual Tours
    • Current Solds
    • Schools
  • Areas
    • Hillsboro
    • Litchfield
    • Coffeen
    • Witt
    • Nokomis
    • Taylor Springs
    • Irving
    • Panama
    • Donnellson
    • Raymond
    • See All
  • Buy
    • Mortgage Calculator
    • Home Buyer Checklist
    • Local Links
    • Resources
  • Sell
    • What’s Your Home Worth?
    • Selling your Home at Auction
    • Seller Tips and Tools
    • Marketing Your Home
  • Rent
    • View all Rentals
    • Landlord List
  • Auctions
    • Upcoming Auctions
    • Selling your Home at Auction
    • Find out More!
  • Appraisals
  • Contact
    • Contact
    • Agents
    • Client Reviews
    • Blog

Have Mortgage Rates Bottomed Out?

Mortgage Rates Bottomed Out?

Mortgage rates have troughed. Or, so it seems.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage is 4.00 percent nationwide — roughly the same rate as it’s been for 5 weeks. 

During that times, rates have ranged between 3.97 and 4.02 percent with an accompanying 0.7 discount points, plus “typical” closing costs. Closing costs vary by state and 1 discount point is equal to 1 percent of your loan size.

In other words, to get the weekly, published Freddie Mac rate, borrowers in Illinois should expect to pay a complete set of fees to their respective lenders. The larger the loan, the higher the costs. “Low-fee” and “no-fee” loans are available, too — typically in exchange for a slightly rate.

A breakdown of the Freddie Mac survey shows that interest rates and discount points vary by region. Typically, states in the West Region offer the lowest rates but with the highest costs. East Region states work in reverse; rates are often highest but the accompanying points are fewest.

The most recent mortgage rate breakdown by region shows :

  • Northeast Region : 4.00% with 0.7 discount points 
  • West Region : 3.96% with 0.8 discount points
  • Southeast Region : 4.06% with 0.9 discount points
  • North Central Region : 3.97% with 0.7 discount points
  • Southwest Region : 4.04% with 0.7 discount points

What’s most notable, though, is that in all 4 regions, rates are well below their 2011 highs. Since mid-April, mortgage rates have been in descent, dropping for 5 consecutive months before reaching to their current, “rock-bottom” levels in early-November.

Since then, however, rates have idled and the forces that combined to make rates low throughout Hillsboro are subsiding. The U.S. economy is showing signs of a rebirth; the Eurozone is edging closer to solvency; and the housing market is recovering.

So, if you’ve been wondering whether now is a good time to refinance, or whether higher rates will harm home affordability, the answer is yes. Get in touch with your loan officer to review your home loan options because, looking ahead to 2012, mortgage rates look poised to rise.

Posted in: Blog Tagged: Discount Points, Freddie Mac, PMMS

Search Smarter

Did you know the hottest homes for sale in Hillsboro often sell within days of being listed? Don’t miss out! Set up your own custom property alert so you can be notified of the newest homes as they hit the market! Simply click the button below and choose the qualities that you want most in a home and save your search to start getting alerts today!

New Property Alerts

As local Hillsboro Real Estate Agents we also have access to homes before they hit the market and can show you more homes and information that are only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact us at your convenience. There is no obligation and or pressure… we hope to hear from you!

Post navigation

« Fed Minutes Suggest New Economic Stimulus Next Week
Simple Real Estate Definitions : Tax And Insurance Escrow »

Contact Us Now



(217) 532-2525 Hillsboro Office
(217) 324-4663 Litchfield Office

info@mcrealty.net
Hillsboro Office

551 S. Main St.
Hillsboro, IL 62049

Litchfield Office

410 N Monroe St.,
Suite 100
Litchfield, IL 62056

Hillsboro Company License #478.025162
Litchfield Company License #477.012410

Follow Us Now!


Quick Search Tools

  • Easy Search
  • Advanced Search
  • Address Search
  • Upcoming Auctions
  • Home Valuation
  • Map Search
  • My Account
  • Listing ID Search
  • Contact

Chat with us Now!

Click here to visit our Facebook page to chat with us now!

© 2023 · MCR Realty Professionals, Inc. · 217-532-2525 Hillsboro Office · 217-324-4663 Litchfield Office · MCR Agent Office · Agent IDX Login · Sitemap · IDX Sitemap · IDX Sitemap · Privacy Policy · Terms of Service · Hillsboro IL Homes for Sale
Disclaimer - All Rights Reserved by MCR Realty Professionals, Inc.

AREAS WE COVER:

62049, 62089, 62056, 62017, 62075, 62094
Hillsboro, Litchfield, Coffeen, Nokomis, Witt

Log in · Real Estate Websites by Real Estate Websites by YourSiteNeedsMe.com