Economic and market conditions affect mortgage rates in Illinois, but so do your lender and your personal qualifications.
Personalize My RateChecking rates won’t affect your credit score
If you’re looking for a mortgage in Illinois, you might be wondering what interest rate you can get. There are economic and market conditions beyond your control, but there are other personal factors that can determine what interest rate you’ll get.
Knowing what you can control and how rates work can help you get the best mortgage interest rate in Illinois.
WEEKLY TRENDS AND INSIGHTS
On the week of September 8, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
If you’re buying a house in Illinois, there are economic and market forces that will influence your interest rate. The factors that can affect mortgage rates include:
Get your personalized mortgage quote today
Find Rates NowChecking rates won't affect your credit score
Illinois has first-time homebuyer programs that can provide you with down payment assistance. There are a handful of state programs as well as city-specific down payment assistance programs:
This is an interest-free loan from the Illinois Housing Development Authority (IHDA) up to $10,000 for the down payment and closing costs assistance. It’s available for both repeat and first-time homebuyers and is repayable monthly over a 10-year period. You must have a credit score of 640 or higher and meet income and purchase limits.
This is a type of loan where you can qualify for up to 5% of the purchase price (up to $7,500) for down payment and closing cost assistance. The loan doesn’t need to be repaid until you refinance, sell your home, or pay off your mortgage. It’s available to repeat and first-time homebuyers, but you need a 640 credit score to qualify.
The Access Forgivable loan offers 4% of the purchase price up to $6,000 to help cover closing costs or the down payment. The loan is forgiven over 10 years. Borrowers need a 640 minimum credit score to qualify. Income and purchase limits apply.
Borrowers may qualify for up to $30,000 in down payment assistance if they are buying in Chicago. Households can make up to 120% of the area median income to qualify for this loan.
COMPARE
Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
Product | Interest rate | APR | ||||
---|---|---|---|---|---|---|
General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Sep 08, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Sep 08, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
If you want to get the best mortgage rate in Illinois, the best thing you can do is improve your qualifications. To help improve your borrower profile, you can:
The major types of loans for borrowers in Illinois are listed below. It’s helpful to consult with a lender to determine which loan types could work best for your situation:
Conventional
FHA
USDA
VA
Jumbo
CALCULATORS
FINANCIAL EDUCATION
Best mortgage lenders
The best mortgage lenders have a wide range of low-cost home loan options and can help you get approved quickly. Find the lender that fits your needs.
5 MIN READ
Learn moreTips for first-time home buyers
From not saving enough for a down payment to skipping pre-approval, don’t fall victim to these first-time homebuyer mistakes. Here’s how you can avoid them.
5 MIN READ
Learn moreGetting pre-approved for a mortgage
Getting pre-approved for a mortgage is a great first step in the home-buying process. Here’s what you need to know about qualifying for a pre-approval and the benefits of getting one.
5 MIN READ
Learn moreHow to buy a house - a step by step guide
There are more steps in the home-buying process than you might think. Review our checklist of steps to buying a house so you don’t forget anything along the way.
5 MIN READ
Learn more