Today's Mortgage Rates in Illinois

Current Average Mortgage Rates in Illinois - Updated: Tue, Nov 28, 2023

Current Average Mortgage Rates in Illinois - Updated: Tue, Nov 28, 2023

Rate type Average Rate 1W Change 1M Change 1Y Change
30-Year Fixed-Rate7.29%-0.15%-0.47%0.11%CalculatePersonalize
15-Year Fixed-Rate6.67%-0.09%-0.36%0.12%CalculatePersonalize
5/1 Adjustable Rate6.06%0.11%0.35%1.67%CalculatePersonalize
FHA 30-Year Fixed-Rate7.03%-0.01%-0.13%-0.20%CalculatePersonalize
Jumbo 30-Year Fixed-Rate7.47%-0.06%-0.10%-0.20%CalculatePersonalize
VA 30-Year Fixed-Rate6.82%-0.15%-0.17%-0.31%CalculatePersonalize

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 7.29%. Over the past week, we've seen a decrease of -0.15%, while the rates have decreased by -0.47% over the past month. Looking back a year, the rate has risen by 0.11%.
  • 15-Year Fixed-Rate: The average rate for 15-Year Fixed-Rate is now at 6.67%. Over the past week, we've seen a decrease of -0.09%, while the rates have decreased by -0.36% over the past month. Looking back a year, the rate has risen by 0.12%.
  • 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 7.03%. Over the past week, we've seen a decrease of -0.01%, while the rates have decreased by -0.13% over the past month. Looking back a year, the rate has decreased by -0.20%.
  • Jumbo 30-Year Fixed-Rate: The average rate for Jumbo 30-Year Fixed-Rate is now at 7.47%. Over the past week, we've seen a decrease of -0.06%, while the rates have decreased by -0.10% over the past month. Looking back a year, the rate has decreased by -0.20%.
  • VA 30-Year Fixed-Rate: The average rate for VA 30-Year Fixed-Rate is now at 6.82%. Over the past week, we've seen a decrease of -0.15%, while the rates have decreased by -0.17% over the past month. Looking back a year, the rate has decreased by -0.31%.

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.

    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.

    Access Personalized Rate Quotes from Illinois Mortgage Lenders
    Answer a few questions about your loan preferences to compare personalized mortgage rates from multiple lenders.

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    Explore commonly asked questions about Mortgage Rates in Illinois

    Mortgage rates refer to the interest rates charged by lenders for borrowing funds to purchase or refinance a home.

    Mortgage rates are influenced by economic conditions, inflation, the Federal Reserve's policies, and market demand.

    A Conventional mortgage rate is the interest rate offered for a standard home loan not backed by government agencies like FHA or VA.

    An FHA mortgage rate is the interest rate for a loan insured by the Federal Housing Administration, typically requiring lower down payments.

    A VA mortgage rate is the interest rate for loans guaranteed by the U.S. Department of Veterans Affairs, exclusively available to eligible veterans and service members.

    A Jumbo mortgage rate is for loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, often requiring higher credit scores.

    A 30-Year Fixed-Rate mortgage has a fixed interest rate and monthly payments over a 30-year term, providing stable payments throughout the loan.

    15-Year Fixed Mortgage Rates offer a shorter loan term with fixed interest rates for 15 years, enabling faster equity buildup and lower overall interest costs.

    5/1 Adjustable Mortgage Rates feature a fixed rate for the first five years, followed by annual adjustments based on market conditions for the remaining term.

    FHA 30-Year Fixed Mortgage Rates are offered by the Federal Housing Administration and provide stable payments over a 30-year period, typically with lower down payment requirements.

    Jumbo 30-Year Fixed Mortgage Rates apply to larger loan amounts that exceed conforming limits, providing predictable payments over a 30-year term.

    VA 30-Year Fixed Mortgage Rates are available to eligible veterans and service members, offering fixed interest rates and stable payments over a 30-year period.

    Adjustable Mortgage Rates, also known as ARM rates, have an initial fixed period followed by periodic adjustments based on market rates. Payments may change over time.

    FHA mortgage rates can be fixed or adjustable, providing borrowers with options based on their preference and financial situation.

    VA mortgage rates often offer competitive terms, lower or no down payment requirements, and may not require private mortgage insurance (PMI).

    Yes, Jumbo mortgage rates are typically higher due to the increased risk associated with larger loan amounts.

    Yes, credit scores play a significant role in determining Conventional mortgage rates; higher scores often lead to better rates.

    To secure the best mortgage rate, maintain a good credit score, shop around for lenders, consider locking the rate, and provide a larger down payment if possible.

    Yes, you can negotiate mortgage rates with lenders. Factors like your creditworthiness and financial situation may influence your ability to negotiate.

    No, mortgage rates can vary between lenders. It's essential to compare rates and terms from multiple lenders to find the most favorable offer.

    Yes, mortgage rates can change daily due to market fluctuations. It's crucial to stay updated and consider locking in a rate when favorable.

    To determine if refinancing is beneficial, compare your existing mortgage rate with current rates, consider closing costs, and evaluate the potential long-term savings.