Compare mortgage rates and fees for leading lenders in Chicago, IL. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Chicago.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Chicago. Plus, shopping lenders is free and there is no obligation.
December 12, 2019
The current average rate for a 30 year fixed rate mortgage in Chicago 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 Chicago, IL (Cook County) is $260,475
The median household income for Chicago, IL (Cook County) is $61,243
Based on current mortgage rates and a 10% down payment, you need to make $48,326 per year to buy the median priced home in Chicago
The home price you can afford to buy based on household income in Chicago is 127% of the median home value which means housing prices are average
Chicago (Cook County) ranks 102 out of 102 counties in Illinois and 2,816 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Chicago, IL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Chicago (Cook County) below.
Conforming loan limits for Chicago, IL
FHA loan limits for Chicago, IL
VA loan limits for Chicago, IL
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/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index