Buying a new Chicago condo should never be taken as a light investment, but securing the right kind of financing can go a long way toward improving your quality of life in your beautiful new residence before you even before you make the move.
Chicago Condo Mortgage Rate Trends
The Chicago real estate market as a whole has taken off significantly over the past year, with rising median prices and sales showing a strong market that is being supported by rampant demand among interested buyers. Also helping buyers and sellers complete the deal for the past several years has been relatively to ultra-low long-term mortgage interest rates. However, that trend has fallen off since about May 2013 and looks to have disappeared completely.
Throughout the beginning of the housing market recovery, from 2011 to early 2013, long-term mortgage rate averages hovered below the 4 percent mark, at some points even dropping below 3.5 percent. However, as the recovery gained steam and the Fed relaxed on buying up assets, mortgage rates crept higher, surpassing 4 percent for good and are now creeping up to the 5 percent mark. Most economists predict long-term mortgage interest rates will pass the 5 percent mark by the time 2015 rolls around.This creates a very dynamic real estate market both in Chicago and abroad as eager buyers quicken their pace to close the deal and take advantage of mortgage interest rates before they rise any higher. Financing is a crucial aspect of many Chicago condo purchases, so don’t hesitate to contact me today to learn more about the ins and outs of the condo sale transaction.