Lower home prices and significantly lower mortgage rates combine to help today’s home buyers not only have a smaller loan amount, but a significantly lower monthly payment. These total savings can be as much as 20-25% saved on the cost of a Chicago loft.

We have Andrew Luett from Luett Mortgage Group here to help us with Chicago mortgage rates and Mike Hulett of Lofthunt.com to help with prices on a Chicago loft.

According to Andrew, mortgage rates are down almost a full 1.5% in the past few years. He is showing a composite national average in 2006/2007 of about 6.4% as compares to mortgage rates near 5% today. Mike is showing that similar Bucktown lofts that peaked near $417,000 have dropped to as low as $370,000 if sold today.

When rates were up at 6.4%, an 80% loan against the $417,000 purchase price would have run almost $2,100 per month. Today’s lower price bases that 80% loan against the $370,000 purchase price and has that lower 5% rate on top of that. That brings this total cost down to $1600 per month for the mortgage payment. That’s a whopping 25% savings for today’s first time home buyer as compared to the person who bought at that peak.

The total savings for today’s first time home buyer is incredible. We know that mortgage rates will go up in 2010 when the Fed is no longer supporting mortgage bonds. Further, we’re already seeing recovery in the housing market and a supply shortage that will push mortgage rates higher. All told, if you’re looking at buying a first home, I don’t know when you’ll get a better opportunity. Believe it or not, there are still great options and great first time home buyer programs for Chicago mortgage loans.

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