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Illinois

Current Illinois Mortgage Rates

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.

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Mortgage Rates for Illinois as of July 8, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Illinois Mortgage Rates Compare?

July 8, 2020

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%

Mortgage Program
Today's
Illinois Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Illinois?

Below we offer valuable insights on the housing market and real estate prices in Illinois. Understand how much you need to make to buy a house in Illinois, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Illinois is affordable for you. We provide this helpful information to help you decide if living in Illinois is right for you.

The median home value for Illinois is $226,947

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Illinois is $40,845

With this income, you could qualify for a $204,252 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Illinois is $946

The median household income for Illinois is $66,479

Based on this income, you can afford a home valued at approximately $369,382

The home price you can afford to buy based on household income in Illinois is 163% 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

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Additional Mortgage Resources for Illinois Residents

Mortgage Rates for Illinois Cities

Bloomington Mortgage Rates

Champaign Mortgage Rates

Chicago Mortgage Rates

Decatur Mortgage Rates

DeKalb Mortgage Rates

Elgin Mortgage Rates

Joilet Mortgage Rates

Kankakee Mortgage Rates

LaSalle Mortgage Rates

Madison Mortgage Rates

McHenry Mortgage Rates

Moline Mortgage Rates

Naperville Mortgage Rates

Oswego Mortgage Rates

Pekin Mortgage Rates

Peoria Mortgage Rates

Rockford Mortgage Rates

Springfield Mortgage Rates

St. Clair Mortgage Rates

Waukegan Mortgage Rates