Mortgage rates in Chicago moved down this week. Meanwhile, home prices and rents are climbing in the city's most popular neighborhoods, driving out residents.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 3.78 percent from 3.85 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
Population loss in Chicago
Many of Chicago's most popular neighborhoods -- like Lincoln Park, Lakeview and Logan Square -- are suffering from population loss, notes Crain's Chicago Business.
Home prices, rents and average incomes in those areas have increased drastically over the last couple of decades, and people aren't interested in living in those neighborhoods anymore.
It doesn't look like those people are coming back either. For instance, Logan Square, which was considered a "hot" neighborhood in the 2000s, had 11 percent fewer people in 2010 than in 2000, notes Crain's.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 3.72 percent from 3.73 percent. The benchmark 15-year fixed-rate mortgage fell to 3.02 percent from 3.12 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.91 percent from 2.92 percent.
Weekly mortgage survey
|Results from Bankrate's March 25 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:||3.78%||3.02%||2.91%||3.72%|
|Change from last week:||-0.07||-0.1||-0.01||-0.01|
|Change from last week:||-$6.55||-$7.93||-$0.88||-$2.36|