Park Ridge TodayPark Ridge Illinois Real Estate and More

This was reported today by the AP:

Rates for 30-year home loans surged last week, rising to the highest level in eight months due to the improving economy and the end of a government push to keep rates low. The average rate on a 30-year fixed rate mortgage was 5.21 percent this week, up from 5.08 percent a week earlier, Freddie Mac said Thursday. That’s the highest since mid-August, when the average rate was 5.29 percent.

Most REALTORS have been banging the drum for a while about how interest rates will go up eventually and this is a start. Nonetheless, rates in the 5’s are still very low. If you have any interest at all in purchasing real estate, now is still the time. 

Here’s an option out there for refinancing homes that have lost market value.  This brief eligibility questionnaire from the US government might be able to help.

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.  Click Here for the Home Affordable Refinance Program. 

Please let me know if I can be of any assistance.