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 | 6.65% | 6.70% | 6.75% | |
| Illinois | 6.72% | 6.77% | 6.82% | |
| Credit Unions | 6.32% | 6.37% | 6.52% | 8.7/10 |
| Online lenders | 6.42% | 6.47% | 6.62% | 8.3/10 |
| Banks | 6.72% | 6.77% | 6.82% | 8.1/10 |
| 30 year fixed | 6.72% | 6.77% | 6.82% | |
| 30 year fixed FHA | 6.58% | 6.63% | 6.68% | |
| 30 year fixed VA | 6.30% | 6.35% | 6.40% | |
| 30 year fixed Jumbo | 6.95% | 7.33% | 7.52% | |
| 20 year fixed | 6.36% | 6.41% | 6.46% | |
| 15 year fixed | 6.04% | 6.09% | 6.14% | |
| 10 year fixed | 6.07% | 6.12% | 6.17% | |
| 3 year ARM | 7.30% | 7.35% | 7.40% | |
| 5 year ARM | 6.70% | 6.75% | 6.80% | |
| 7 year ARM | 6.44% | 6.49% | 6.54% | |
| 10 year ARM | 6.72% | 6.77% | 6.82% | |
| Satisfaction | 8.6/10 | 8.2/10 | 8.2/10 |
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 (6.72% for best credit scores) are slightly above national averages (national average: 6.65%).
- Credit unions are more competitive: In Illinois, credit unions offer 6.32%, banks 6.72%, online lenders 6.42%.
Mortgage Options in Illinois
- 30 year fixed: 6.72% - most popular long-term option for predictable payments
- 20 year fixed: 6.36% - balance between payment size and interest savings
- 15 year fixed: 6.04% - lower total interest cost for borrowers building equity faster
- 10 year fixed: 6.07% - shortest fixed-term option with competitive rates
- 10 year variable: 7.30% - Offers a longer initial period with a variable rate...
- 7 year variable: 6.70% - A mid-term variable option...
- 5 year variable: 6.44% - Shorter-term variable mortgage...
- 3 year variable: 6.72% - 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.
Illinois Best Mortgage Lenders
See which Illinois lenders are most recommended for a home mortgage by community members surveys accross the State and in its main metro areas.
Chicago, Aurora, Joliet, Naperville, Rockford, Springfield, Elgin, Peoria, Waukegan, Champaign, Online lenders, Brokers & Consultants
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 Info for Illinois Home Buyers:
Mortgage Rates & Tools
Home Purchase Calculator: Estimate your monthly payment.
Home Affordability Calculator: See what price range fits your budget.
FHA Mortgage Rates: Current rates for FHA buyers.
30 Year Fixed Home Mortgage: Today’s rate for the most common term.
15 Year Fixed Home Mortgage: Today’s rate for faster payoff.
Loan Programs & Assistance
FHA Loans: How FHA mortgages work and who qualifies.
Mortgage Documents Checklist: What you’ll need to apply, including special cases like self-employed and condo buyers.
Down Payment Assistance: Programs that help cover your down payment.
Lenders & Homeowner Resources
Best Mortgage Lenders in Illinois: Community rated lenders by city.
Illinois Home Insurance Cost: Average premiums and top rated local insurers.
Homeowner Resources & Grants: Grants and assistance programs nationwide.