Chicago Mortgage Rates Survey – Week of January 20, 2012

Written by: Scott Sery

Chicago Mortgage Rates Survey – Week of January 20, 2012

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.


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Chicago Mortgage Rates Survey – Week of January...

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