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.
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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