Several closely watched mortgage rates remained steady in the Chicago area this week.
Benchmark 30-year rate flat in Chicago
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Chicago area held at 3.61%, according to Bankrate's national survey of large lenders.
The mortgages in the survey for the current week had an average of 0.08 discount and origination points.
"With the most popular mortgage rate frozen in place, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also constant, holding at $751.09.
Other Chicago mortgage types mixed
On the other hand, the average rate for 30-year jumbo mortgages rose this week, up 6 basis points to 3.53%. 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 held tight, remaining at 2.94%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying consistent at $1,134.70.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put is neither good news nor bad news for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate rose to 2.83% this week, a rise of 5 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 10/26/2016. 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:||3.61%||2.94%||2.83%||3.53%|
|Change from last week:||N/C||N/C||+0.05||+0.06|
|Change from last week:||N/C||N/C||+$4.40||+$14.02|