Chicago stood out among the largest US metros, with an overpayment rate that matched or exceeded the ~87% national level for mortgage borrowers.
Across the 10 biggest metros, low-80% to high-80% of borrowers overpaid, placing Chicago within a pattern where excess mortgage costs were common overall.
The research said many buyers missed lower available rates because of weak price transparency, limited mortgage shopping, and reliance on familiar lender recommendations.
For Chicago buyers, getting at least three quotes within a 14- to 30-day window could create leverage while protecting credit from multiple rate-shopping hits.
Chicago buyers were also urged to compare APR, ask whether low rates required points, and negotiate lender fees alongside third-party closing services.

In Late-Q2, Chicago again posted the strongest yearly home-price growth among major US metros, with appreciation running near 7% on the widely watched index.
Chicago also delivered the second-strongest monthly gain among tracked metros in Late-Q2, rising ~1% and reinforcing its leadership in current home-price momentum.
Chicago’s gains aligned with signs the housing market was finding its footing, though progress remained slow and monthly growth still lagged typical pre-pandemic Late-Q2 patterns.
Cooling inflation helped take pressure off Chicago households and slowed the real-term erosion that had offset nominal home-price gains in Late-Q2 for residents.
The broader message from Late-Q2 was constructive: Chicago stayed a leader as the housing market moved in the right direction despite uneven recovery.

Chicago buyers navigated a tighter current market, with active listings ↓~6% yearly. Fewer available homes kept competition elevated and gave sellers stronger leverage.
New inventory thinned even faster, with fresh listings ↓~8% yearly. For buyers, that meant fewer new choices and quicker action on desirable homes.
Tight supply supported pricing power: Chicago's median list price climbed ↑~5% yearly to $395K, reinforcing seller confidence in the current market citywide.
Only ~15% of Chicago listings took a price cut, suggesting many sellers felt little pressure to negotiate and could stay firm on pricing.
Homes moved in 36 days, signaling a fast Chicago market. Buyers benefited most by arriving prepared, with financing lined up and expectations realistic.