Mortgage rates in Chicago were mixed week. Meanwhile, more sellers are putting their Chicago homes on the market, a boon for prospective buyers.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago remained at 4.09 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.22 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.13 percent.
Home inventory is up in Chicago
Prospective buyers in Chicagoland have more options this autumn. There were more than 16,000 homes on the market in the area in September, according to Midwest Real Estate Data. That's up from September 2013, when there were less than 14,000 properties available.
The increase of homes on the market is injecting a little optimism into the city, notes the Chicago Tribune. And that's good for everyone. Buyers are gaining inventory to choose from, while sellers get to deal with serious buyers, not just window shoppers, notes the Tribune.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 4 percent from 4.04 percent. The benchmark 15-year fixed-rate mortgage fell to 3.29 percent from 3.31 percent. The benchmark 5/1 adjustable-rate mortgage remained at 2.95 percent.
Weekly mortgage survey
|Results from Bankrate's Nov. 12 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:||4.09%||3.29%||2.95%||4.00%|
|Change from last week:||N/C||-0.02||N/C||-0.04|
|Change from last week:||N/C||-$1.61||N/C||-$9.60|