If you’re in the market for a new home or condominium around the North Shore Real Estate, there are currently some great deals in many communities around the area. However, qualifying for financing can be one of the biggest hurdles for potential buyers.

Those buyers that do qualify for a loan are starting to see rates come down for almost every type of loan available to homeowners. Rates for a 30-year fixed loan dropped to an average of 5.96 percent, down from 6.35 percent a week ago. 15-year loan rates have also come down to an average of 5.59 percent. A week ago the average rate for this type of loan was 6.04 percent.

This is great news for qualified buyers currently on the market for a condominium or home in the Chicago region. However, for a growing number of Americans, owning a home is becoming a near impossibility as tough mortgage requirements decrease the number of people who can qualify for a new loan. Congress continues to work with banks and lenders to free up credit markets. The past few weeks have been a rocky ride for banks, leading to a virtual freeze in lending. However, the Treasury has pumped billions into the banking industry. Buyers should keep an eye on developments in the next few weeks.

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This entry was posted on Friday, October 24th, 2008 at 9:48 am and is filed under Evanston Real Estate(t) , Wilmette Real Estate(t) , Winnetka Real Estate(t) , Northbrook Real Estate(t) , Northfield Real Estate(t) . You can leave a response.