See the latest Illinois mortgage rates for fixed rates; 30 year, 20, 15, 10 FHA, VA, Jumbo, plus variable rates: 10, 7, 5, 3 year. Also see how local rates compare nationally and main lending options available across the state.
Buying a home in Illinois could be easier with today’s mortgage rates.
Current Mortgage Rates in Illinois –
The table below shows today’s home purchase mortgage rates for Illinois, organized by credit score and lender type:
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.31% | 6.36% | 6.41% | |
| Illinois | 6.39% | 6.44% | 6.49% | |
| Credit Unions | 5.99% | 6.04% | 6.19% | 8.4/10 |
| Online lenders | 6.09% | 6.14% | 6.29% | 8.4/10 |
| Banks | 6.39% | 6.44% | 6.49% | 7.6/10 |
| 30 year fixed | 6.39% | 6.44% | 6.49% | |
| 30 year fixed FHA | 6.56% | 6.61% | 6.66% | |
| 30 year fixed VA | 6.11% | 6.16% | 6.21% | |
| 30 year fixed Jumbo | 6.62% | 7.00% | 7.19% | |
| 20 year fixed | 6.54% | 6.59% | 6.64% | |
| 15 year fixed | 5.82% | 5.87% | 5.92% | |
| 10 year fixed | 5.98% | 6.03% | 6.08% | |
| 3 year ARM | 7.30% | 7.35% | 7.40% | |
| 5 year ARM | 6.58% | 6.63% | 6.68% | |
| 7 year ARM | 6.70% | 6.75% | 6.80% | |
| 10 year ARM | 6.39% | 6.44% | 6.49% | |
| Satisfaction | 8.9/10 | 8.5/10 | 8.4/10 |
Source: MFP’s Community Home Purchase Rates Survey from Illinois members in the last 30 days.
How Illinois Compares to National Averages
- Illinois mortgage rates (6.39% for best credit scores) are slightly above national averages (national average: 6.31%).
- Credit unions are more competitive: In Illinois, credit unions offer 5.99%, banks 6.39%, online lenders 6.09%.
Mortgage Options in Illinois
- 30 year fixed: 6.39% - most popular long-term option for predictable payments
- 20 year fixed: 6.54% - balance between payment size and interest savings
- 15 year fixed: 5.82% - lower total interest cost for borrowers building equity faster
- 10 year fixed: 5.98% - shortest fixed-term option with competitive rates
- 10 year variable: 7.30% - Offers a longer initial period with a variable rate...
- 7 year variable: 6.58% - A mid-term variable option...
- 5 year variable: 6.70% - Shorter-term variable mortgage...
- 3 year variable: 6.39% - Quick-adjusting mortgage...
- FHA mortgage: government-backed with flexible credit requirements
- VA mortgage: exclusive to veterans and military members with competitive rates
Illinois Metro Mortgage Rates*
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Chicago | 6.54% | 5.75% |
| Rockford | 6.50% | 5.71% |
| Peoria | 6.51% | 5.72% |
| Springfield | 6.51% | 5.72% |
| Champaign | 6.50% | 5.71% |
* APR rates shown are for borrowers with excellent credit. Click city names to view recommended lenders and ratings.
Compare Lenders Rated by Illinois Homeowners
Illinois homeowners rated their mortgage lenders on:
- Ease of application
- Rates and terms offered
- Customer support and advice
- Overall recommendation %
See the Best Mortgage Lenders in Illinois
FAQs Illinois Mortgage Rates
Are home purchase rates higher in Illinois than the U.S. average?
Yes, Illinois rates typically run slightly above the national average due to regional economic factors and housing market conditions.
What credit score is best for buying a home in Illinois?
A credit score of 720 or higher will generally secure the most favorable mortgage rates from Illinois lenders.
Is it better to choose a fixed-rate or ARM in Illinois?
Fixed-rate mortgages provide payment stability for long-term homeowners, while ARMs may offer lower initial rates for those planning to move sooner.
More Illinois Home Information:
Best Mortgage Lenders in Illinois
Illinois Best Home Insurance from Community Recommendations & Insurance Costs
More Resources for Illinois Homeowners.