Mortgage rates in Chicago inched up this week. Meanwhile, Billy Corgan is shelling out well over $150,000 in property taxes to live in a prime Chicago suburb.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago rose to 3.71% from 3.70%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.06 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.76%.
Billy Corgan's property taxes
The Chicago area has some notoriously high property taxes, and few know that better than Smashing Pumpkins front man, Billy Corgan.
The rock star owns a mansion in a North Shore suburb of Highland Park and paid nearly $169,000 in property taxes last year, according to Crain's Chicago Business.
That's one of the biggest property tax bills in Lake County.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 3.60% from 3.56%. The benchmark 15-year fixed-rate mortgage rose to 2.97% from 2.95%. The benchmark 5/1 adjustable-rate mortgage rose to 2.86% from 2.83%.
Weekly mortgage survey
|Results from Bankrate's May 18 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:||3.71%||2.97%||2.86%||3.60%|
|Change from last week:||+0.01||+0.02||+0.03||+0.04|
|Change from last week:||+$0.93||+$1.59||+$2.65||+$9.39|