Mortgage rates in Chicago fell this week. And cash is still king in the Windy City real estate market.
The benchmark 30-year fixed-rate mortgage in Chicago fell to 4.36 percent from 4.39 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.25 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.43 percent.
The Chicago real estate market has been steadily improving during the last year and a half, but buyers still might have to bring all-cash to the table, notes Chicago Agent Magazine.
Indeed, almost 40 percent of home sales were all-cash in the Chicagoland area in January, according to numbers provided to Chicago Agent Magazine by Corelogic.
Chicago beat out Atlanta and Houston for all-cash sales during January. But it didn't come close to Detroit, where all-cash sales made up 72.6 percent of the market.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 4.22 percent from 4.26 percent. The benchmark 15-year fixed-rate mortgage fell to 3.42 percent from 3.45 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.97 percent from 2.98 percent.
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Weekly mortgage survey
|Results from Bankrate's April 16 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:||4.36%||3.42%||2.97%||4.22%|
|Change from last week:||-0.03||-0.03||-0.01||-0.04|
|Change from last week:||-$2.91||-$2.42||-$0.89||-$9.74|