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Mortgage rates in Chicago, Illinois

By Mitch Strohm · Bankrate.com
Thursday, March 5, 2015
Posted: 7 am ET

Mortgage rates in Chicago rose this week. Meanwhile, the market is booming in the Northside neighborhoods of the city.

This week's rates

The benchmark 30-year fixed-rate mortgage in Chicago rose to 3.88 percent from 3.86 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.02 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.93 percent.

Real estate is booming on Chicago's Northside

The Northside of Chicago -- areas like Lincoln Park, Lakeview and Wicker Park -- hasn't seen a slowdown during the winter months, as it typically does, according to Kim Kerbis, a broker associate at Founders Club and a Realtor at @Properties in Chicago.

In fact, real estate activity has increased in those areas.

Perhaps buyers got the message that you can get a better deal in the cold winter months, notes Kerbis. "We have been showing property despite all the cold and snow," she says.

Kerbis offers some advice for buyers: Work with a buyer's agent, and "don't wait to make an offer on a property that you love, as it may not be available by the time you come back to it."

More rates

The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, rose to 3.81 percent from 3.79 percent. The benchmark 15-year fixed-rate mortgage rose to 3.15 percent from 3.12 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.02 percent from 2.97 percent.

Weekly mortgage survey

Results from Bankrate's March 4 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: 3.88% 3.15% 3.02% 3.81%
Change from last week: +0.02 +0.03 +0.05 +0.02
Monthly payment: $776.36 $1,151.40 $697.43 $1,945.42
Change from last week: +$1.89 +$2.40 +$4.46 +$4.75
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Smart Ukash
February 17, 2014 at 3:08 am

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Jefferey Hoshaw
September 24, 2013 at 10:09 am

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Bob Baker
October 05, 2012 at 3:40 pm


I own my house outright, in Janesville, Wisconsin. I'd like to mortgage it for 30 years (cash out). Can I get a mortgage in Chicago, Illinois or elsewhere if I can get a better rate there than in Janesville, Wisconsin?


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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