Mortgage rates in Chicago rose this week. Meanwhile, the market is booming in the Northside neighborhoods of the city.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago rose to 3.88 percent from 3.86 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.02 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.93 percent.
Real estate is booming on Chicago's Northside
The Northside of Chicago -- areas like Lincoln Park, Lakeview and Wicker Park -- hasn't seen a slowdown during the winter months, as it typically does, according to Kim Kerbis, a broker associate at Founders Club and a Realtor at @Properties in Chicago.
In fact, real estate activity has increased in those areas.
Perhaps buyers got the message that you can get a better deal in the cold winter months, notes Kerbis. "We have been showing property despite all the cold and snow," she says.
Kerbis offers some advice for buyers: Work with a buyer's agent, and "don't wait to make an offer on a property that you love, as it may not be available by the time you come back to it."
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, rose to 3.81 percent from 3.79 percent. The benchmark 15-year fixed-rate mortgage rose to 3.15 percent from 3.12 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.02 percent from 2.97 percent.
Weekly mortgage survey
|Results from Bankrate's March 4 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:||3.88%||3.15%||3.02%||3.81%|
|Change from last week:||+0.02||+0.03||+0.05||+0.02|
|Change from last week:||+$1.89||+$2.40||+$4.46||+$4.75|