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Compare Chicago, IL mortgage rates and fees from top lenders. 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 lowest 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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Chicago, IL Mortgage Rates as of September 30, 2023
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Chicago, IL Mortgage Rates
September 30, 2023
Current mortgage rates in Chicago, IL are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Chicago, IL Rates
National Average
Comparison
30 Year Fixed Rate
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7.190%
15 Year Fixed Rate
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6.540%
5/1 Adjustable Rate Mortgage
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6.750%
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 $316,914
Based on current mortgage rates and a 10% down payment, you need to make $66,113 per year to buy the median priced home in Chicago
With this income, you could qualify for a $285,223 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 $1,531
The median household income for Chicago, IL (Cook County) is $73,145
Based on this income, you can afford a home valued at approximately $350,618
The home price you can afford to buy based on household income in Chicago is 111% of the median home value which means housing prices are average.
Chicago (Cook County) ranks 102 out of 102 counties in Illinois and 2,673 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
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:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Chicago, IL
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Chicago, IL
1 unit:$726,200
Additional Mortgage Resources for Chicago, IL Residents