Today's Mortgage Rates in Illinois
Current Average Mortgage Rates in Illinois - Updated: Sun, Oct 1, 2023
|Rate type||Average Rate||1W Change||1M Change||1Y Change|
|5/1 Adjustable Rate||6.06%||0.11%||0.35%||1.67%||Calculate||Personalize|
|FHA 30-Year Fixed-Rate||7.22%||0.06%||0.10%||0.25%||Calculate||Personalize|
|Jumbo 30-Year Fixed-Rate||7.59%||-0.11%||-0.05%||0.02%||Calculate||Personalize|
|VA 30-Year Fixed-Rate||7.04%||-0.37%||0.10%||0.26%||Calculate||Personalize|
According to data from Freddie Mac's Primary Mortgage Market Survey and Optimal Blue Mortgage Market Indices, As of the latest data, mortgage rates continue to exhibit both upward and downward trends across various loan programs. Here's a snapshot of the recent changes:
- 30-Year Fixed-Rate: The average rate for 30-Year Fixed-Rate is now at 7.31%. Over the past week, we've seen a slight increase of 0.12%, while the rates have risen by 0.19% over the past month. Looking back a year, the rate has risen by 0.50%.
- 15-Year Fixed-Rate: The average rate for 15-Year Fixed-Rate is now at 6.72%. Over the past week, we've seen a slight increase of 0.18%, while the rates have risen by 0.20% over the past month. Looking back a year, the rate has risen by 0.48%.
- 5/1 Adjustable Rate: The average rate for 5/1 Adjustable Rate is now at 6.06%. Over the past week, we've seen a slight increase of 0.11%, while the rates have risen by 0.35% over the past month. Looking back a year, the rate has risen by 1.67%.
- FHA 30-Year Fixed-Rate: The average rate for FHA 30-Year Fixed-Rate is now at 7.22%. Over the past week, we've seen a slight increase of 0.06%, while the rates have risen by 0.10% over the past month. Looking back a year, the rate has risen by 0.25%.
- Jumbo 30-Year Fixed-Rate: The average rate for Jumbo 30-Year Fixed-Rate is now at 7.59%. Over the past week, we've seen a decrease of -0.11%, while the rates have decreased by -0.05% over the past month. Looking back a year, the rate has risen by 0.02%.
- VA 30-Year Fixed-Rate: The average rate for VA 30-Year Fixed-Rate is now at 7.04%. Over the past week, we've seen a decrease of -0.37%, while the rates have risen by 0.10% over the past month. Looking back a year, the rate has risen by 0.26%.
Buying a Home in Illinois: Explore Your Loan Options
Discover a wide array of options, including FHA Loans, VA Loans, Jumbo Loans, 30-year Fixed Loans, and 15-year Fixed Loans, customized to perfectly suit your home-buying journey in Illinois.
- 15-Year Fixed-Rate Mortgage: The 15-Year Fixed-Rate Mortgage offers borrowers the opportunity to pay off their mortgage in a shorter time frame, leading to significant interest savings over the life of the loan. This option is suitable for individuals who prioritize quicker equity buildup and want to own their homes outright sooner.
- 30-Year Fixed-Rate Mortgage: The 30-Year Fixed Rate Mortgage is a popular and stable home loan option that offers borrowers consistent monthly payments over a span of three decades. This product provides financial predictability, making it an ideal choice for homebuyers looking to secure their dream homes while spreading out their payments.
- Adjustable-Rate Mortgage : The Adjustable-Rate Mortgage (ARM) offers an initial fixed interest rate for a specific period, followed by rate adjustments based on prevailing market conditions. This option provides lower initial payments and can be beneficial for those planning to move or refinance before the rate adjustments.
- Jumbo Loan: A Jumbo Loan is designed for higher-priced properties that exceed conventional loan limits. This option allows borrowers to secure financing for luxury homes and properties in high-cost areas.
- FHA Loan: The FHA Loan is a government-backed mortgage program aimed at helping borrowers with lower credit scores and limited down payment capabilities. This option offers more flexible qualification criteria and down payment requirements.
- VA Loan: The VA Loan is a mortgage program exclusively available to eligible veterans, active-duty service members, and select military spouses. This option offers favorable terms, including no down payment requirements and competitive interest rates.
When considering your home purchase in Illinois, take into account factors such as your financial situation, long-term plans, and the specific property you're interested in. Consult with local mortgage brokers or lenders who understand the Illinois real estate market to receive personalized advice.
Calculate Monthly Payment with Current Illinois Mortgage Rates
Illinois Mortgage Calculator is easy, free, and a must-have tool for prospective Illinois homebuyers and those considering refinancing. With this Mortgage Calculator, you can
- Get Fast Payment Estimates: Discover your approximate monthly mortgage payment based on current Illinois mortgage rates.
- Experiment with Scenarios: Play with different loan amounts, interest rates, and terms to determine the ideal mortgage for your budget.
- Budget Smartly: Pinpoint the perfect home price in Illinois that aligns with your financial goals.
- Stay Informed: Stay updated on the latest Illinois mortgage rates for confident decision-making.
How to Find the Best Mortgage Rates in Illinois
When it comes to securing the best mortgage rates in Illinois, a little research and diligence can save you a significant amount of money over the life of your loan. Mortgage rates can vary depending on a variety of factors, so here are some steps to help you find the most favorable rates in Illinois:
- Check Your Credit Score: Start by checking your credit score. Lenders use this score to determine your creditworthiness, and a higher score often leads to better mortgage rates. If your score needs improvement, take steps to boost it before applying for a mortgage.
- Research Lenders: Look for reputable lenders in Illinois. You can explore local banks, credit unions, and online lenders. Each may offer different rates and loan options, so it's essential to compare multiple lenders.
- Compare Rates Online: Use online mortgage rate comparison tools to get an idea of the current rates in Illinois. These tools provide a snapshot of the rates offered by various lenders, allowing you to see which ones are competitive.
- Get Personalized Quotes: Request personalized mortgage rate quotes. Be prepared to provide information about your financial situation, such as your credit score, income, and the type of mortgage you're seeking.
- Negotiate and Shop Around: Don't be afraid to negotiate with lenders and ask if they can match or beat the rates you've received from other lenders. Shopping around is key to finding the best deal.
- Consider Macro and Local Factors: Be aware that local factors in Illinois, such as housing market conditions and economic trends, can impact mortgage rates. Stay informed about the state's real estate landscape.
- Understand All Costs: Beyond the interest rate, consider all associated costs, including closing costs and fees. A lower rate with high fees may not be the best deal overall. Use Illinois Closing Cost Calculator to estimate closing cost.
Finding the best mortgage rates in Illinois requires research, patience, and a good understanding of your financial situation. By following these steps and taking the time to compare options, you can secure a mortgage rate that aligns with your goals and saves you money over time.