Mortgage rates fell in Chicago this week. Meanwhile, the Chicago-Sun Times reported that a new poll from Charles Schwab shows two-thirds of Chicago residents would stay in the Windy City even if money was not a factor.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago dipped to 4.25 percent from 4.28 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.3 percent.
'The View from Chicago' poll
The Charles Schwab poll sampled 1,000 city residents between ages of 21 and 75. While three-quarters of those polled rated the area as "one of the worst" for crime and tax rates, a strong number noted a desire to remain local.
The city scored high marks on diversity, innovation and opportunities for young professionals as well as dining, arts and culture. On the other end of the spectrum, the region received the lowest scores regarding a place to retire, get an education and raise a family.
But the survey showed Chicagoans remain in the area. Three-quarters of survey respondents have lived in the city since birth, with the average newcomer, one who didn’t grow up in the area, having lived here for 23 years.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, dropped to 4.11 percent from 4.2 percent. The benchmark 15-year fixed-rate mortgage inched down to 3.41 percent from 3.42 percent. The benchmark 5/1 adjustable-rate mortgage slumped to 3.02 percent from 3.13 percent.
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Weekly mortgage survey
|Results from Bankrate's Sept. 24 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in Chicago.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.25%||3.41%||3.02%||4.11%|
|Change from last week:||-0.03||-0.01||-0.11||-0.09|
|Change from last week:||-$2.90||-$0.81||-$9.76||-$21.72|