Mortgage rates in Chicago mostly rose this week. And Chicago home prices were up in July, but sales of homes declined.
This week's rates
The benchmark 30-year fixed-rate mortgage in Chicago fell to 4.16 percent from 4.18 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.35 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.23 percent.
Home prices jump
Prospective buyers in Chicago will have to shell out a little more for a home. The median price of a home in the city moved up by 8 percent in July 2014 from a year prior, according to a recent report from the Illinois Association of Realtors, or IAR. It's now at $270,000.
But sales of homes declined by 8.2 percent year-over-year in Chicago. And inventory is low.
IAR notes that now is a good time for Chicago sellers to think about preparing their homes for fall sales.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 4.14 percent from 4.12 percent. The benchmark 15-year fixed-rate mortgage rose to 3.31 percent from 3.29 percent. The benchmark 5/1 adjustable-rate mortgage rose to 2.98 percent from 2.92 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Aug. 27 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:||4.16%||3.31%||2.98%||4.14%|
|Change from last week:||-0.02||+0.02||+0.06||+0.02|
|Change from last week:||-$1.92||+$1.61||+$5.34||+$4.85|