Chicago Area Mortgage Rates

Written by: Scott Sery

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.


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Chicago Area Mortgage Rates

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