Mortgage rates in Chicago mostly rose this week. And the summer real estate market in the Windy City is off to a strong start.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago rose to 4.11% from 4.08%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.11 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.19%.
The Chicago summer real estate market
The spring real estate market in Chicago may be considered the strongest one, but the summer market isn't far behind, says Kim Kerbis, real estate agent for @properties in Chicago.
That's largely because single-family homebuyers with children are looking to get into a home in their preferred school district before August, when school starts, she says.
Of course, that rush to get into a home makes for a busy market.
"Buyers need to be realistic about their expectations," says Kerbis. "Prices have increased since the downturn of 2008-2011. Yesterday's bargains are no longer available in the most desirable neighborhoods."
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.01%. The benchmark 15-year fixed-rate mortgage fell to 3.25% from 3.26%. The benchmark 5/1 adjustable-rate mortgage rose to 3% from 2.92%.
Weekly mortgage survey
|Results from Bankrate's July 1 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:||4.11%||3.25%||3%||4.01%|
|Change from last week:||+0.03||-0.01||+0.08||N/C|
|Change from last week:||+$2.88||-$0.80||+$7.14||N/C|