Mortgage rates in Chicago dropped this week. And a new report says that Chicago has officially moved out of the recovery and into growth mode.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 3.95% from 4%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.2 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03%.
Chicago poised to grow
The delinquency rate for loans secured by commercial property in the Chicago area is falling. In fact, it fell to 1.8% in the 2nd quarter, down from 4% a year earlier, according to data from Trepp, a research firm based in New York.
The delinquency rate peaked at 7.7% in 2011 and hit a low of 1.4% in 2006.
According to Crain's Chicago Business, that fall in delinquency rate means that the Chicago area could be seeing a lot more growth in its future.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 3.74% from 3.81%. The benchmark 15-year fixed-rate mortgage fell to 3.19% from 3.26%. The benchmark 5/1 adjustable-rate mortgage fell to 2.94% from 2.98%.
Weekly mortgage survey
|Results from Bankrate's Aug. 26 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:||3.95%||3.19%||2.94%||3.74%|
|Change from last week:||-0.05||-0.07||-0.04||-0.07|
|Change from last week:||-$4.73||-$5.59||-$3.54||-$16.52|