Mortgage rates in Chicago moved down this week. Meanwhile, the booming hotel real estate market in Chicago might soon see a slow down.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 3.75% from 3.84%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.78%.
Chicago's hotel market headed for a slowdown
The commercial hotel real estate market in Chicago has been booming. In fact, it saw record occupancy in 2015, according to a report from Crain's Chicago Business. And investors are bringing plenty of new hotels to the city -- the London House, Viceroy Hotel and Marriott Marquis McCormick Place, to name a few.
But Curbed notes that the trend could end soon. Concerns about oversupply and predictions of a downturn in hotel bookings are breeding investor uncertainty in the Chicago hotel market.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 3.54% from 3.62%. The benchmark 15-year fixed-rate mortgage fell to 3.06% from 3.12%. The benchmark 5/1 adjustable-rate mortgage fell to 2.88% from 2.94%.
Weekly mortgage survey
|Results from Bankrate's Feb. 10 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:||3.75%||3.06%||2.88%||3.54%|
|Change from last week:||-0.09||-0.06||-0.06||-0.08|
|Change from last week:||-$8.40||-$4.77||-$5.28||-$18.62|