Chicago Mortgage Rates Survey – Week of March 19, 2012

Written by: BetterFinancePath Staff

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.


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Chicago Mortgage Rates Survey – Week of March...

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