Mortgage rates in Chicago were mixed this week. Meanwhile, developers broke ground on a long-awaited real estate project in the River West neighborhood of the city.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 3.77 percent from 3.78 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.81 percent.
New residential units in River West
There will soon be some new residential rental units available to those who want to live in Chicago's River West neighborhood. Earlier this week, developers broke ground on a 14-story development at 500 N. Milwaukee Ave. That's after a year of speculation about the project, according to The Architects Newspaper.
The building will include 227 residential units, with studios, one- and two-bedroom apartments and even some three-bedroom units.
The developers expect it to be finished sometime early next year, notes Architects Newspaper.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, fell to 3.71 percent from 3.77 percent. The benchmark 15-year fixed-rate mortgage rose to 3.1 percent from 3.07 percent. The benchmark 5/1 adjustable-rate mortgage rose to 2.91 percent from 2.88 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 21 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:||3.77%||3.1%||2.91%||3.71%|
|Change from last week:||-0.01||+0.03||+0.03||-0.06|
|Change from last week:||-$0.94||+$2.39||+$2.66||-$14.13|