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Chicago

Current Mortgage Rates in Chicago, Illinois

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.

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Mortgage Rates in Chicago, IL as of July 3, 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 Chicago, IL Mortgage Rates Compare?

July 3, 2020

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%

Mortgage Program
Today's
Chicago, IL 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 Chicago, Illinois?

Below we provide helpful information on the real estate market, home prices and housing affordability in Chicago. Understand how much you need to earn to afford a home in Chicago, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Chicago fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Chicago is right for you.

The median home value for Chicago, IL (Cook County) is $270,373

Based on current mortgage rates and a 10% down payment, you need to make $48,660 per year to buy the median priced home in Chicago

With this income, you could qualify for a $243,336 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 Chicago is $1,127

The median household income for Chicago, IL (Cook County) is $62,673

Based on this income, you can afford a home valued at approximately $348,234

The home price you can afford to buy based on household income in Chicago is 129% of the median home value which means housing prices are average. Chicago (Cook County) ranks 102 out of 102 counties in Illinois and 2,787 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

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Loan Limits for Chicago, Illinois

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

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Chicago, IL

1 unit: $368,000
2 units: $471,100
3 units: $569,450
4 units: $707,700

VA loan limits for Chicago, IL

1 unit: $510,400

Additional Mortgage Resources for Chicago, IL Residents

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