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Mortgage Rates in Geneva Drop For The First Time In 4 Weeks

August 31, 2012 By Leave a Comment

After 4 weeks of rising costs, mortgage rates in Geneva, IL have finally dropped. A home buyer with a strong credit profile can now get a mortgage for as low as 3.47% with no points.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the national average 30-year fixed rate mortgage rate dropped to 3.59% this week.

One year ago, the 30-year fixed rate mortgage rate averaged 4.22%. Today, it averages 3.59%. The difference gives a $36 monthly savings per $100,000 borrowed.  On a $250,000 mortgage, that’s $1,080 in savings per year.

If watched mortgage rates rise through August and felt as if you missed the market bottom, consider this week your second chance. It’s the biggest one-week drop in rates in more than 3 months.

If you’re thinking of buying a home you need to get pre-approved so you know how much home you can comfortably afford.  This gives you significant buying power with a seller who recognizes you will be approved for a loan. To get pre-approved or to discuss your financial situation, please call a loan officer with a solid track record of client service. Two of my favorites are:

Dan Cowart Baird&Warner Financial Service (630)677-5353 See Website 

Brian Dempsey Bank of America (630)338-4104 See Website

Leslie Ebersole, Real Estate Broker
962 S Randall Rd St. Charles, IL, 60174 USA 
 • 630-945-7935

Related posts:

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  2. Forecast Update: Mortgage Rates, Mortgage Applications, Jobless Claims, International Rules for Banks
  3. Forecast Update: NAHB Housing Market Index, Housing Starts, Mortgage Rates, and More
Filed Under: Geneva, Mortgage Tagged With: , ,
About Leslie Ebersole

I am a Realtor with Baird&Warner Real Estate in St. Charles, IL. I am deeply committed to helping sellers and buyers navigate and succeed in this challenging real estate market. I list and sell homes in the western suburbs of Chicago, including St. Charles, Geneva, Batavia, Elburn, South Elgin and Wayne.

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