Mortgage rates in Chicago didn't move much this week. Meanwhile, the luxury real estate market in Chi-town is doing very well.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 4.15 percent from 4.2 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.36 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.
Luxury homes sell like hotcakes
Luxury homes in Chicago, those in the $750,000 or higher category, are selling faster than they have in 10 years, according to a report from Coldwell Banker Residential Broker. Properties only stayed on the market for an average of 39 days in June, down 37 percent from June 2013.
In addition, more of these homes are selling near their asking price, another indicator that the Chicago luxury market is a strong one, notes the report.
Of course, that also means prospective buyers in the market could have some major competition.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 4.2 percent from 4.19 percent. The benchmark 15-year fixed-rate mortgage remained at 3.31 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.02 percent from 2.97 percent.
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Weekly mortgage survey
|Results from Bankrate's July 23 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:||4.15%||3.31%||3.02%||4.20%|
|Change from last week:||-0.05||N/C||+0.05||+0.01|
|Change from last week:||-$4.79||N/C||+$4.46||+$2.43|