Chicago Mortgage Rates Survey – Week of June 18, 2012

Written by: BetterFinancePath Staff

According to a recent survey of Chicago mortgage rates offered by the largest area banks & credit unions, six 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 ( and the Bank of America ( offered rates at 3.50%. The U S Bank National ( offered rates at 3.95%.Two other institutions, namely the City Bank ( and the RBS Citizens National ( offered rates at 4.00%.

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 06/16/2012 3.50% 3.58% 2.88% 3.00% 2.25% 3.02%
Bank of America 06/15/2012 3.50% 3.67% 2.88% 3.17% 2.63% 3.26%
PNC Bank National 06/15/2012 3.63% 3.64% 2.88% 2.88% NA NA
City Bank 06/16/2012 4.00% 4.20% 3.50% 3.80% NA NA
Fifth Third Bank 06/16/2012 3.75% 3.80% 3.00% 3.07% 2.50% 2.59%
First Midwest Bank 06/14/2012 3.88% 3.97% 3.13% 3.29% 3.00% 3.09%
U S Bank National 06/15/2012 3.95% 4.01% 3.25% 3.36% 2.75% 3.54%
RBS Citizens National 06/15/2012 4.00% 4.04% 3.25% 3.31% 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.


Chicago Mortgage Rates Survey – Week of June...

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