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Mortgage rates in Chicago, Illinois

By Mitch Strohm · Bankrate.com
Thursday, May 19, 2016
Posted: 8 am ET

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.

More rates

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
Monthly payment: $760.40 $1,137.08 $683.25 $1,895.87
Change from last week: +$0.93 +$1.59 +$2.65 +$9.39
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May 24, 2016 at 1:57 am

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September 24, 2013 at 10:09 am

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Bob Baker
October 05, 2012 at 3:40 pm


I own my house outright, in Janesville, Wisconsin. I'd like to mortgage it for 30 years (cash out). Can I get a mortgage in Chicago, Illinois or elsewhere if I can get a better rate there than in Janesville, Wisconsin?


Forrest Albaugh
September 17, 2010 at 10:05 am

TIRED, TIRED, TIRED OF ALL THE BAILOUTS. The system will not ever correct itself if temporary fixes are thrown at small portions of the big problem. If you can't afford your house, you don't belong in it. Home ownership is not a right of the constitution. Should it come that I can't afford my house: a. I'm self employed, so there is no unemployment insurance for me. b. I will not ask my fellow contrymen to bail me out for decisions I have made. Its is called "personal responsibility". Everyone needs to get some.

Bob Lepore
September 16, 2010 at 9:07 am

The FHA Short Refi program offers NO incentive for the current mortgage lenders to agree to settle for less than the existing principal amount. Further, what bank or mortgage lender is going to agree to a finance 100% or more Combined Loan to Value, regardless of FHA insurance. The dismal performance of the HAMP and HARP programs just emphasizes the point that the administration does not understand the private market. Banks and Mortgage Lenders have until October 4th to decide if they will participate in Short Refi. So far no lenders have jumped on the band wagon.

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