Mortgage rates in Illinois
Average 30-year fixed 6.49% · Updated July 9, 2026 · Freddie Mac (FRED)
Illinois has the second-highest effective property-tax rate in the country. Below is what buying at Illinois's median price looks like at today's national average rate, plus the local property tax and assistance that actually change your payment.
What a mortgage costs in Illinois
The interest rate on a Illinois mortgage is the same 6.49% national average a lender would quote anywhere — rates are set by the bond market, not by your state. On Illinois's median $329,900 home with 20% down, the mortgage totals $263,920, or about $1,666 a month in principal and interest.
What makes Illinois different is the cost around the loan. Its 2.05% effective property-tax rate adds roughly $564 a month, and homeowners insurance about $124 more — bringing the all-in estimate to $2,354. Those local costs, not the interest rate, are what set Illinois apart. Your own price and down payment will move the number — work backward from your income with the affordability tool.
Getting approved in Illinois
Federal HMDA lending records show Illinois lenders originated 232,591 home loans in 2025 and denied 67,804 applications — an approval rate near 77.4% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our HMDA approval analysis, and how Illinois ranks for complaint records (15,862 on record).
Shopping for a loan? See the most active mortgage lenders in Illinois, ranked by federal HMDA volume.
Down-payment help in Illinois
You rarely need 20% down. IHDA — Illinois's housing finance agency — runs the state's main assistance program: IHDA Access programs provide up to $10,000 in down-payment assistance. Eligibility usually turns on income limits and a homebuyer-education course. Check current terms at IHDA, see how a smaller down payment changes your number with the down payment planner, or compare every state’s buyer programs.
Illinois mortgage FAQ
What is the current mortgage rate in Illinois?
As of July 9, 2026, the U.S. average 30-year fixed rate is 6.49%. The note rate itself is set nationally, not by state — a lender prices your Illinois loan the same way it would anywhere, based on your credit, down payment and loan type.
What changes locally is everything around the rate: Illinois's ~2.05% effective property tax, insurance costs, and which assistance programs apply.
What is the monthly payment on a typical Illinois home?
On Illinois's median home price of about $329,900 with 20% down at today's 6.49% average 30-year rate, expect roughly $2,354/month — that's $1,666 principal and interest plus about $564 property tax and $124 insurance. Adjust the numbers for your exact price and down payment in our calculators.
How hard is it to get approved for a mortgage in Illinois?
In 2025, Illinois lenders originated 232,591 home loans and denied 67,804 applications — an approval rate of about 77.4% among decisioned applications, versus 76.6% nationally, according to federal HMDA data. See how every state ranks in our mortgage approval report.
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.