Home Mortgage

Chicago exodus to suburbs in full swing: Broker

The exodus to the suburbs is in full swing in Chicago, according to a local broker who pointed out on Tuesday that homes in the suburbs have been getting multiple offers, cash offers and offers over the asking price.

Home prices see biggest jump since 2014

The Case Shiller 20-city index posted an 11.1% year-over-year gain, up from 10.2% in the previous month, the largest jump since March 2014, while the 10-city index an annual increase of 10.9%, compared to 9.9% in the previous month

Mortgage refinance incentives no more

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.36% from 3.28%, up 50 basis points since the beginning of the year. As a result, the incentives of refinancing have been shut off for many borrowers.