Chicago Mortgage Rates Survey – Week of May 07, 2012

Written by: BetterFinancePath Staff

According to a recent survey of Chicago mortgage rates offered by the largest area banks & credit unions, five Chicago institutions offered rates above 4.00% on 30-year fixed-rate conforming loans in the Chicago area for well-qualified borrowers. The Bank of America (, JP Morgan Chase ( and Fifth Third Bank ( offered rates at 3.75%. Two other institutions, namely First Midwest Bank ( and the RBS Citizens National ( offered rates at 4.00%. The City Bank ( offered rates at 4.13%.

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 05/07/2012 3.75% 3.84% 3.00% 3.11% 2.38% 3.06%
Bank of America 05/05/2012 3.75% 3.93% 3.00% 3.23% 2.75% 3.22%
PNC Bank National 05/05/2012 3.88% 3.86% 3.00% 3.01% NA NA
City Bank 05/08/2012 4.13% 4.30% 3.38% 3.68% NA NA
Fifth Third Bank 05/08/2012 3.75% 3.88% 3.00% 3.12% 2.50% 2.58%
First Midwest Bank 05/05/2012 4.00% 4.10% 3.25% 3.42% 3.13% 3.22%
U S Bank National 05/07/2012 3.95% 4.01% 3.25% 3.36% 2.63% 3.41%
RBS Citizens National 05/07/2012 4.00% 4.04% 3.25% 3.31% 2.63% 3.07%


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 May 07,...

Share Tweet Pin It