Category Archives: chicago mortgage rates

Chicago Mortgage Rates Survey – Week of April 23, 2012

Posted on April 25, 2012 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, three Chicago institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers. JP Morgan Chase ( www.jpmorganchase.com ) and the Bank of America ( www.bankofamerica.com ) offered rates at 3.88%. Five other institutions offered rates above 4.00%. The City Bank ( www.citibank.com ) offered rates at 4.25%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Chicago Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr-APR 15 Yr-Rate 15 Yr-APR 5/1 ARM-IR 5/1 ARM-APR JP Morgan Chase 04/23/2012 3.88% 3.96% 3.00% 3.16% 2.38% 3.05% Bank of America 04/20/2012 3.88% 4.02% 3.13% 3.39% 2.75% 3.23% PNC Bank National 04/20/2012 4.00% 3.96% 3.13% 3.15% NA NA City Bank 04/23/2012 4.25% 4.43% 3.50% 3.80% NA NA Fifth Third Bank 04/23/2012 3.99% 4.04% 3.13% 3.24% 2.50% 2.60% First Midwest Bank 04/23/2012 4.00% 4.10% 3.38% 3.54% 3.38% 3.47% U S Bank National 04/20/2012 4.00% 4.06% 3.38% 3.48% 2.75% 3.46% RBS Citizens National 04/20/2012 4.13% 4.16% 3.38% 3.44% 2.75% 3.11%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Mortgage Rates Survey – Week of March 26, 2012

Posted on March 29, 2012 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, seven Chicago institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers.  U S Bank National ( www.usbank.com ) and RBS Citizens National ( www.citizensbank.com ) offered one of the highest rates in the city with 4.38% while the City Bank ( www.citibank.com ) offered one of the highest rates in the country with 4.50%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Chicago Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR JP Morgan Chase 03/26/2012 4.00% 4.12% 3.38% 3.47% 2.63% 3.16% PNC Bank National 03/26/2012 4.13% 4.13% 3.38% 3.39% NA NA City Bank 03/26/2012 4.50% 4.66% 3.88% 4.15% NA NA Fifth Third Bank 03/26/2012 4.12% 4.19% 3.13% 3.27% 2.75% 2.85% First Midwest Bank 03/22/2012 4.25% 4.35% 3.50% 3.67% 3.38% 3.47% U S Bank National 03/23/2012 4.38% 4.44% 3.50% 3.61% 2.88% 3.50% RBS Citizens National 03/23/2012 4.38% 4.41% 3.50% 3.57% 2.88% 3.16%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Mortgage Rates Survey – Week of March 19, 2012

Posted on March 22, 2012 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, seven Chicago institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers.  JP Morgan Chase ( www.jpmorganchase.com ), Bank of America ( www.bankofamerica.com ) and First Midwest Bank ( www.firstmidwest.com ) offered the lowest rates in the city with 4.00%. The City Bank ( www.citibank.com ) and U S Bank National ( www.usbank.com ) offered the highest rates in the United States with 4.50%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Chicago Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR JP Morgan Chase 03/19/2012 4.00% 4.10% 3.25% 3.38% 2.75% 3.18% Bank of America 03/16/2012 4.00% 4.19% 3.38% 3.65% 3.00% 3.32% City Bank 03/19/2012 4.50% 4.64% 3.88% 4.11% NA NA Fifth Third Bank 03/19/2012 4.12% 4.20% 3.25% 3.35% 2.75% 2.85% First Midwest Bank 03/15/2012 4.00% 4.10% 3.38% 3.54% 3.38% 3.47% U S Bank National 03/16/2012 4.50% 4.56% 3.63% 3.73% 3.13% 3.59% RBS Citizens National 03/15/2012 4.38% 4.41% 3.50% 3.57% 2.88% 3.16%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Mortgage Rates Survey – Week of March 12, 2012

Posted on March 14, 2012 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, two Chicago institution offered rates below 4.00% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers. JP Morgan Chase ( www.jpmorganchase.com ) offered the lowest rates in the city with 3.88% and the Fifth Third Bank ( www.53.com ) offered rates at 3.99%. Six other institutions offered rates above 4.00% with the City Bank ( www.citibank.com ) offering one of the highest rates in the country with 4.38%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Chicago Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR JP Morgan Chase 03/11/2012 3.88% 3.97% 3.00% 3.18% 2.38% 3.07% Bank of America 03/09/2012 4.13% 4.26% 3.38% 3.70% 2.88% 3.28% PNC Bank National 03/09/2012 4.00% 3.98% 3.13% 3.15% NA NA City Bank 03/12/2012 4.38% 4.58% 3.75% 4.02% NA NA Fifth Third Bank 03/09/2012 3.99% 4.04% 3.00% 3.11% 2.50% 2.61% First Midwest Bank 03/08/2012 4.13% 4.22% 3.50% 3.67% 3.38% 3.47% U S Bank National 03/09/2012 4.25% 4.31% 3.50% 3.61% 2.88% 3.50% RBS Citizens National 03/09/2012 4.13% 4.16% 3.38% 3.44% 2.75% 3.11%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Mortgage Rates Survey – Week of February 20, 2012

Posted on February 25, 2012 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, four Chicago institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers. JP Morgan Chase ( www.jpmorganchase.com ) and Fifth Third Bank ( www.53.com ) offered the lowest rates in the city with 3.88%. Five other banks offered rates higher than 4.00% with U S Bank National ( www.usbank.com ) offered the highest rates in the country with 4.50%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Chicago Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR JP Morgan Chase 02/17/2012 3.88% 3.96% 3.00% 3.11% 2.38% 3.07% Bank of America 02/17/2012 4.25% 4.41% 3.50% 3.79% 3.00% 3.40% PNC Bank National 02/17/2012 4.25% 4.25% 3.50% 3.53% NA NA City Bank 02/17/2012 4.38% 4.58% 3.75% 3.98% NA NA Fifth Third Bank 02/17/2012 3.88% 3.98% 3.13% 3.20% 2.88% 3.00% First Midwest Bank 02/17/2012 4.13% 4.22% 3.50% 3.67% 3.38% 3.47% U S Bank National 02/17/2012 4.50% 4.56% 3.75% 3.86% 2.88% 3.58% RBS Citizens National 4.13% 4.16% 3.38% 3.44% 2.75% 3.20%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Area Mortgage Rate Survey February 10, 2012

Posted on February 12, 2012 by admin

According to a recent Primerates.com survey of Chicago area mortgage rates offered by the largest area banks & credit unions, many of the Chicago area banks lowered their rates.  JP Morgan Chase ( www.jpmorganchase.com ) had the lowest rate of 3.75% on 30-year fixed -rate conforming loans in the Chicago metro area for well-qualified borrowers. PNC Bank National ( www.pnc.com ) had rates of over half a percentage point higher at 4.38%. People with an existing mortgage that are looking to refinance have a great opportunity ahead of them.  With rates at some of the lowest levels in history they can knock at least a percentage point off their loan.  For people a few years into their first mortgage this means they have to start the 30 year period over again.  This should not be a problem.  Since they are accustomed to paying a higher rate each month, they can now keep paying that higher rate, but have more of their monthly payments go toward principal.  For instance, a $200,000 loan at 6% would have monthly payments of principal and interest of $1,199.  Refinancing to 4% would lower those payments to $954, a savings of $245 per month.  But if that $245 was reapplied to principal it would lower the length of the loan from 30 years, to just a few months over 20 years.  Through the length of the loan a total of $51,296 would be saved in interest payments, all without changing the amount out of pocket each month. Top Chicago Area Banks and Credit Unions 30-year Fixed 15-year Fixed 5/1 ARM JP Morgan Chase 3.75% 2.88% 2.25% Fifth Third Bank 3.88% 3.13% 2.50% RBS Citizens National 4.00% 3.25% 2.63% Bank of America 4.13% 3.50% 2.88% Citibank 4.13% 3.38% NA First Midwest Bank 4.13% 3.50% 3.38% US Bank National 4.25% 3.50% 2.88% PNC Bank National 4.38% 3.63% NA Listed rates for Chicago area mortgage rates come from banks, thrifts and credit union and were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Mortgage Rates Survey – Week of January 20, 2012

Posted on January 27, 2012 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, most of the Chicago area banks continued to offer rates in the low 4% range.  Fifth Third Bank ( www.53.com ) had the lowest rate of 3.99% on 30-year fixed -rate conforming loans in the Chicago metro area for well-qualified borrowers.  Citibank ( www.citibank.com ) and Bank of America ( www.bankofamerica.com ) both had rates of about a quarter percent more at 4.25%. For those who are approaching the end of the “fixed” period of an Adjustable Rate Mortgage (ARM), refinancing may be a good idea even if it does not result in a lower interest rate.  The Fed has kept interest rates extremely low for quite some time, and banks would be hard pressed to offer mortgages at lower rates than they currently do.  If a person’s rate were to start adjusting in the next year, now may be the time to lock in a slightly higher rate than what an ARM offers, but considerably less than what the rate could adjust to as the Fed starts to push rates higher.  Refinancing into another ARM is always an option, but in a few more years, when the rate is about to adjust again, the other options may not be as reasonable as they are now. Top Chicago Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Fifth Third Bank 01/21/12 3.99% 3.25% NA JP Morgan 01/21/12 4.00% 3.25% 2.38% US Bank National 01/20/12 4.00% 3.38% 2.75% PNC Bank National 01/21/12 4.13% 3.25% NA First Midwest Bank 01/18/12 4.13% 3.50% 3.38% RBS Citizens National 01/20/12 4.13% 3.38% 2.75% Bank of America 01/21/12 4.25% 3.50% 3.13% Citibank 01/21/12 4.25% 3.50% NA   Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Mortgage Rates Survey – January 6-9, 2012

Posted on January 14, 2012 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, most of the Chicago area banks offered rates in the low 4% range.  Harris National ( www.harrisbank.com ) had the lowest rate of 3.88% on 30-year fixed -rate conforming loans in the Chicago metro area for well-qualified borrowers.  The highest rate offered came from Citibank ( www.citibank.com ) only slightly higher at 4.25%. When getting approved for a loan, lenders look at two different types of debt.  They will look at a person’s front-end debt ratio first.  When calculating out the monthly payments needed for a loan, lenders do not like the principal, interest, taxes and insurance (PITI) to be more than 28% of a person’s income.  So for someone who makes $1,000 per month, they may have trouble getting a loan where the total payment is over $280 per month.  Lenders will also look at the debt-to-income ratio.  Debt-to-income includes all payments on debt such as car loans, credit cards, etc.  This should not be higher than 36%.  Many lenders are flexible with their numbers.  Someone with an outstanding credit score may be able to get a loan for higher than 28% because they have proven they are able to make their payments on time. Top Chicago Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Harris National 01/09/12 3.88% 3.38% 3.00% US Bank National 01/09/12 3.95% 3.38% 2.63% Fifth Third 01/09/12 3.99% 3.25% 2.75% JP Morgan Chase 01/09/12 4.00% 3.25% 2.63% PNC Bank National 01/06/12 4.00% 3.25% NA Bank of America 01/06/12 4.13% 3.50% 3.00% MB Financial 01/09/12 4.13% 3.50% 3.88% RBS Citizens National 01/09/12 4.13% 3.38% 2.75% Citibank 01/09/12 4.25% 3.50% NA First Midwest Bank 01/09/12 NA 5.50% 3.38%   Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Chicago Area Mortgage Rates

Posted on December 23, 2011 by admin

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, most of the Chicago area banks offered rates in the low 4% range.  Two institutions came in under 4% on 30-year fixed -rate conforming loans in the Chicago metro area for well-qualified borrowers.  Harris National ( www.harrisbank.com ) and Fifth Third Bank ( www.53.com ) both offered mortgages at 3.88%.  First Midwest Bank ( www.firstmidwest.com ) was over two and a half percentage points higher at 6.50%. Before signing for a mortgage, make sure to take taxes and insurance into consideration.  You can find the latest tax information on the city or county website, and most insurance agencies will give you a quote as long as you know the specifics of the house.  Remember: while newer houses often cost more to purchase, older houses cost more to insure and maintain.  Take advantage of the escrow offered by the mortgage lender, this will break up those insurance and tax payments to smaller, easier to handle portions.  This service is included in most mortgages at no extra charge. Top Chicago Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Harris National 12/18/11 3.88% 3.25% 2.75% Fifth Third Bank 12/18/11 3.88% 3.25% 2.75% JP Morgan Chase 12/18/11 4.00% 3.25% 2.50% Bank of America 12/16/11 4.00% 3.25% 2.88% PNC Bank National 12/16/11 4.00% 3.25% NA US Bank National 12/16/11 4.00% 3.25% 2.63% City Bank 12/18/11 4.13% 3.50% NA RBS Citizens National 12/15/11 4.13% 3.38% 2.75% MB Financial 12/16/11 4.25% 3.50% 3.88% First Midwest Bank 12/16/11 6.50% 5.50% 5.00%   Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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