Mortgage rates in Chicago fell this week. Meanwhile, many Chicago area households are none too happy with excessive jet noise from O'Hare International Airport.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 4.05 percent from 4.09 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.28 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.12 percent.
Jet noise from O'Hare
There's a new factor to be aware of when shopping for a home in the Chicago area: jet noise. Chicago's O'Hare International Airport had the most noise complaints out of the top 10 busiest U.S. airports in 2014, according to a report from the Better Government Association.
In fact, there were 268,211 jet noise complaints from O'Hare in 2014. John F. Kennedy International in New York, the closest contender, had 23,657 complaints.
O'Hare complaints have increased since the airport's switch to east-west parallel runways. And it could get worse. Another east-west runaway is due to open in October, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 3.95 percent from 3.99 percent. The benchmark 15-year fixed-rate mortgage fell to 3.27 percent from 3.29 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.03 percent.
Weekly mortgage survey
|Results from Bankrate's July 22 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:||4.05%||3.27%||3.03%||3.95%|
|Change from last week:||-0.04||-0.02||N/C||-0.04|
|Change from last week:||-$3.81||-$1.60||N/C||-$9.57|