Mortgage rates in Chicago barely moved this week. Meanwhile, residential and commercial real estate are benefiting from the area's booming growth in the tech sector.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago rose to 3.75 percent from 3.73 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.79 percent.
Chicago's tech sector is a boon for real estate
Chicago's tech sector is growing faster than Silicon Valley's, according to a new report from commercial real estate firm CBRE. In fact, from 2010 to 2013, the tech sector in Chicago grew by 25.8 percent.
That boom in the tech industry has brought a lot of residential and commercial development to two main areas: Goose Island and Fulton Market, notes Curbed.
Residential growth from the tech boom is also being seen in the Loop, which is nearby those tech hubs, notes Curbed.
The benchmark 30-year jumbo mortgages for loans of $417,000 and up remained at 3.67 percent. The benchmark 15-year fixed-rate mortgage remained at 3 percent. The benchmark 5/1 adjustable-rate mortgage rose to 2.88 percent from 2.84 percent.
Weekly mortgage survey
|Results from Bankrate's April 22 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:||3.75%||3%||2.88%||3.67%|
|Change from last week:||+0.02||N/C||+0.04||N/C|
|Change from last week:||+$1.87||N/C||+$3.53||N/C|