Mortgage rates in Chicago mostly fell this week. Meanwhile, sales of million dollar homes are on the decline in the area.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 3.73% from 3.79%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.77%.
Luxury homes sales
There aren't as many luxury homes selling in Chicago.
According to a new report from RE/Max Luxury, sales of homes that cost $1 million or more fell by 9% last quarter.
Those homes are also taking longer to sell: 184 days average, compared to 143 days at the same time a year prior.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 3.64% from 3.50%. The benchmark 15-year fixed-rate mortgage fell to 3.01% from 3.02%. The benchmark 5/1 adjustable-rate mortgage fell to 2.80% from 2.91%.
Weekly mortgage survey
|Results from Bankrate's May 4 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:||3.73%||3.01%||2.80%||3.64%|
|Change from last week:||-0.06||-0.01||-0.11||+0.14|
|Change from last week:||-$5.60||-$0.79||-$9.61||+$33.04|