Mortgage rates in Chicago fell this week. Meanwhile, more families are flocking to the West Loop neighborhood of the city.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 4.05 percent from 4.14 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.34 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01 percent.
Families flock to the West Loop
The real estate market is starting to blossom in Chicago's West Loop, an area long known for factories and warehouses. According to The Wall Street Journal, more tech firms, restaurants and retailers are moving to the area. And that's bringing luxury condo developments along with families looking for an urban lifestyle.
In fact, the neighborhood is becoming so popular among families that it's getting tough to find three- and four-bedroom condo units, notes the Journal. And Realtors are advising buyers to make offers as soon as a property is listed.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 3.95 percent from 4.02 percent. The benchmark 15-year fixed-rate mortgage fell to 3.25 percent from 3.33 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.92 percent from at 3.03 percent.
Weekly mortgage survey
|Results from Bankrate's Oct. 15 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:||4.05%||3.25%||2.92%||3.95%|
|Change from last week:||-0.09||-0.08||-0.11||-0.07|
|Change from last week:||-$8.56||-$6.40||-$9.69||-$16.74|