Chicago Mortgage Rates Survey – January 6-9, 2012

Written by: Scott Sery

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 offered rates in the low 4% range.  Harris National (www.harrisbank.com) had the lowest rate of 3.88% on 30-year fixed -rate conforming loans in the Chicago metro area for well-qualified borrowers.  The highest rate offered came from Citibank (www.citibank.com) only slightly higher at 4.25%.

When getting approved for a loan, lenders look at two different types of debt.  They will look at a person’s front-end debt ratio first.  When calculating out the monthly payments needed for a loan, lenders do not like the principal, interest, taxes and insurance (PITI) to be more than 28% of a person’s income.  So for someone who makes $1,000 per month, they may have trouble getting a loan where the total payment is over $280 per month.  Lenders will also look at the debt-to-income ratio.  Debt-to-income includes all payments on debt such as car loans, credit cards, etc.  This should not be higher than 36%.  Many lenders are flexible with their numbers.  Someone with an outstanding credit score may be able to get a loan for higher than 28% because they have proven they are able to make their payments on time.

Top Chicago Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Harris National

01/09/12

3.88%

3.38%

3.00%

US Bank National

01/09/12

3.95%

3.38%

2.63%

Fifth Third

01/09/12

3.99%

3.25%

2.75%

JP Morgan Chase

01/09/12

4.00%

3.25%

2.63%

PNC Bank National

01/06/12

4.00%

3.25%

NA

Bank of America

01/06/12

4.13%

3.50%

3.00%

MB Financial

01/09/12

4.13%

3.50%

3.88%

RBS Citizens National

01/09/12

4.13%

3.38%

2.75%

Citibank

01/09/12

4.25%

3.50%

NA

First Midwest Bank

01/09/12

NA

5.50%

3.38%

 

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 – January 6-9,...

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