Mortgage rates in Chicago were mixed this week. Meanwhile, a new report said that home prices in most Chicago submarkets have drastically increased over the past 15 years.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 3.91 percent from 3.92 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.24 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03 percent.
Chicago's home prices drastically increase
Only four out of 33 submarkets in Chicago saw a negative home price increase from 2000 to the fourth quarter of 2014, according to the latest Cook County House Price Index from the Institute for Housing Studies at DePaul University.
Indeed, most Chicago submarkets saw at least double-digit, if not triple-digit, price level increases during that time period. For instance, West Town, including the Near West Side, saw a price level increase of 119.2 percent from 2000 to the fourth quarter of 2014.
On the other end of the spectrum, Calumet City, including Harvey, saw a decrease of 22 percent, according to the report.
But prices in all Chicago submarkets are still below where they were at the peak of the housing boom.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 3.82 percent. The benchmark 15-year fixed-rate mortgage fell to 3.15 percent from 3.16 percent. The benchmark 5/1 adjustable-rate mortgage remained at 2.89 percent.
Weekly mortgage survey
|Results from Bankrate's May 20 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:||3.91%||3.15%||2.89%||3.82%|
|Change from last week:||-0.01||-0.01||N/C||N/C|
|Change from last week:||-$0.95||-$0.80||N/C||N/C|