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Mortgage rates in Chicago, Illinois

By Claes Bell · Bankrate.com
Wednesday, July 20, 2016
Posted: 5 pm ET

Mortgage rates trended upward in the Chicago area this week.

Benchmark 30-year rate higher

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Chicago area climbed to 3.57%, according to Bankrate's national survey of large lenders. While the local rate was up 1 basis point from last week, it was below the national average rate of 3.60%. A basis point is one-hundredth of 1 percentage point.

The mortgages in this week's survey averaged .13 discount and origination points.

"With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have gone up," says Holden Lewis, Bankrate's senior mortgage analyst.

The increase in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $747.39, an increase of $0.92 from last week.

Other mortgage types mixed

The rate for 30-year jumbo mortgages also ticked upward this week, ramping up 6 points to 3.51%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency that can range from $417,000 to $625,000, depending on the location.

The average rate for 15-year fixed-rate mortgages increased 3 basis points as well, growing to 2.86%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, decreasing $2.65 to $683.25.

"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 slid 8 basis points this week, slipping to 2.72%. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

RATE SEARCH: Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's July 20 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: 3.57% 2.86% 2.72% 3.51%
Change from last week: +0.01 +0.03 -0.08 +0.06
Monthly payment: $747.39 $1,128.38 $670.98 $1,874.84
Change from last week: +$0.93 +$2.37 -$6.96 +$14
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Bob Baker
October 05, 2012 at 3:40 pm

Hello,

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Forrest Albaugh
September 17, 2010 at 10:05 am

TIRED, TIRED, TIRED OF ALL THE BAILOUTS. The system will not ever correct itself if temporary fixes are thrown at small portions of the big problem. If you can't afford your house, you don't belong in it. Home ownership is not a right of the constitution. Should it come that I can't afford my house: a. I'm self employed, so there is no unemployment insurance for me. b. I will not ask my fellow contrymen to bail me out for decisions I have made. Its is called "personal responsibility". Everyone needs to get some.

Bob Lepore
September 16, 2010 at 9:07 am

The FHA Short Refi program offers NO incentive for the current mortgage lenders to agree to settle for less than the existing principal amount. Further, what bank or mortgage lender is going to agree to a finance 100% or more Combined Loan to Value, regardless of FHA insurance. The dismal performance of the HAMP and HARP programs just emphasizes the point that the administration does not understand the private market. Banks and Mortgage Lenders have until October 4th to decide if they will participate in Short Refi. So far no lenders have jumped on the band wagon.

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