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Mortgage Rates in Chicago, Illinois

By Mitch Strohm · Bankrate.com
Thursday, September 25, 2014
Posted: 12 pm ET

Mortgage rates fell in Chicago this week. Meanwhile, the Chicago-Sun Times reported that a new poll from Charles Schwab shows two-thirds of Chicago residents would stay in the Windy City even if money was not a factor.

This week's rates

The benchmark 30-year fixed-rate mortgage in Chicago dipped to 4.25 percent from 4.28 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.3 percent.

'The View from Chicago' poll

The Charles Schwab poll sampled 1,000 city residents between ages of 21 and 75. While three-quarters of those polled rated the area as "one of the worst" for crime and tax rates, a strong number noted a desire to remain local.

The city scored high marks on diversity, innovation and opportunities for young professionals as well as dining, arts and culture. On the other end of the spectrum, the region received the lowest scores regarding a place to retire, get an education and raise a family.

But the survey showed Chicagoans remain in the area. Three-quarters of survey respondents have lived in the city since birth, with the average newcomer, one who didn’t grow up in the area, having lived here for 23 years.

More rates

The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, dropped to 4.11 percent from 4.2 percent. The benchmark 15-year fixed-rate mortgage inched down to 3.41 percent from 3.42 percent. The benchmark 5/1 adjustable-rate mortgage slumped to 3.02 percent from 3.13 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's Sept. 24 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: 4.25% 3.41% 3.02% 4.11%
Change from last week: -0.03 -0.01 -0.11 -0.09
Monthly payment: $811.70 $1,172.28 $697.43 $2,017.36
Change from last week: -$2.90 -$0.81 -$9.76 -$21.72
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Smart Ukash
February 17, 2014 at 3:08 am

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Jefferey Hoshaw
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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