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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 December 12, 2019
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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.

How Do Today's Chicago, IL Mortgage Rates Compare?

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%

Mortgage Program
Today's
Chicago, IL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Chicago, Illinois?

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

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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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

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: $484,350

Additional Mortgage Resources for Chicago, IL Residents

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Waukegan Mortgage Rates

Sources

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