Compare mortgage rates and closing costs for leading lenders in Illinois. Review free, personalized mortgage rates for Illinois based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Illinois. Plus, shopping lenders is free and there is no obligation.
August 19, 2019
The current average rate for a 30 year fixed rate mortgage in Illinois is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Illinois is $218,628
The median household income for Illinois is $64,962
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Illinois is $40,562
The home price you can afford to by based on household income in Illinois is 160% of the median home value which means housing prices are affordable. Illinois ranks 19 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Illinois is affordable
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index