Rates Blog

Finance Blogs » Rates » Mortgage rates in Chicago, Illinois

Mortgage rates in Chicago, Illinois

By Mitch Strohm · Bankrate.com
Thursday, March 26, 2015
Posted: 10 am ET

Mortgage rates in Chicago moved down this week. Meanwhile, home prices and rents are climbing in the city's most popular neighborhoods, driving out residents.

This week's rates

The benchmark 30-year fixed-rate mortgage in Chicago fell to 3.78 percent from 3.85 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.

Population loss in Chicago

Many of Chicago's most popular neighborhoods -- like Lincoln Park, Lakeview and Logan Square -- are suffering from population loss, notes Crain's Chicago Business.

Home prices, rents and average incomes in those areas have increased drastically over the last couple of decades, and people aren't interested in living in those neighborhoods anymore.

It doesn't look like those people are coming back either. For instance, Logan Square, which was considered a "hot" neighborhood in the 2000s, had 11 percent fewer people in 2010 than in 2000, notes Crain's.

More rates

The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 3.72 percent from 3.73 percent. The benchmark 15-year fixed-rate mortgage fell to 3.02 percent from 3.12 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.91 percent from 2.92 percent.

Weekly mortgage survey

Results from Bankrate's March 25 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: 3.78% 3.02% 2.91% 3.72%
Change from last week: -0.07 -0.1 -0.01 -0.01
Monthly payment: $766.95 $1,141.05 $687.66 $1,924.1
Change from last week: -$6.55 -$7.93 -$0.88 -$2.36
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
Smart Ukash
February 17, 2014 at 3:08 am

Nice sharing friends

Jefferey Hoshaw
September 24, 2013 at 10:09 am

Thank you for some other informative site. The place else may I get that kind of info written in such an ideal manner? I've a challenge that I am just now running on, and I've been at the glance out for such info.|

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.

Add a comment

(Comments may take 5-10 minutes to appear)