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Mortgage rates in Chicago, Illinois

By Claes Bell · Bankrate.com
Thursday, September 22, 2016
Posted: 10 am ET

Multiple key mortgage rates were higher in the Chicago area this week.

Benchmark 30-year rate ticks up in Chicago

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Chicago area increased to 3.60%. While the local rate was up 2 basis points from last week, it was still less than the national average rate of 3.62%. A basis point is one-hundredth of 1 percentage point.

In this week's survey, the mortgages had an average of 0.09 discount and origination points.

"With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.

The rise in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $750.16, a difference of $1.86 from last week.

Other Chicago mortgage types mixed

The rate for 30-year jumbo mortgages also trended upward this week, increasing 2 points to 3.49%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency -- for the Chicago area, that limit is $417,000.

The average rate for 15-year fixed-rate mortgages ticked upward to 2.92%, climbing 4 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates upward, scaling up $3.17 to $1,133.12.

"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less advantageous than it would have been before the rate rise," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate went down  to 2.83% this week, a drop of 1 basis point. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular type of variable-rate mortgage.

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Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Chicago area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.60% 2.92% 2.83% 3.49%
Change from last week: +0.02% +0.04% -0.01% +0.02%
Monthly payment: $750.16 $1,133.12 $680.61 $1,870.19
Change from last week: +$1.86 +$3.17 -$0.88 +$4.66
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