Chicago Mortgage Rates Survey – Week of July 23, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of Chicago mortgage rates offered by the largest area banks & credit unions, eight 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) offered rates at 3.38%. City Bank (www.citibank.com), Fifth Third Bank (www.53.com), First Midwest Bank (www.firstmidwest.com) and RBS Citizens National (www.citizensbank.com) offered rates at 3.75%.%. The U S Bank National (www.usbank.com) offered rates at 3.88%.

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 07/23/2012 3.38% 3.49% 2.75% 2.89% 2.38% 3.06%
Bank of America 07/20/2012 3.50% 3.65% 2.88% 3.16% 2.38% 3.20%
PNC Bank National 07/20/2012 3.63% 3.60% 2.88% 2.81% NA NA
City Bank 07/20/2012 3.75% 3.85% 3.13% 3.29% NA NA
Fifth Third Bank 07/20/2012 3.75% 3.72% 2.99% 3.01% 2.38% 2.44%
First Midwest Bank 07/20/2012 3.75% 3.84% 3.00% 3.17% 2.88% 2.96%
U S Bank National 07/20/2012 3.88% 3.94% 3.13% 3.23% 2.75% 3.54%
RBS Citizens National 07/20/2012 3.75% 3.79% 3.13% 3.19% 2.63% 3.15%

 

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.


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Chicago Mortgage Rates Survey – Week of July...

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