Mortgage rates in Illinois
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
Illinois and New Jersey have the highest effective property-tax rates in the country.
Mortgage rates today by loan type
These are national averages. Lenders in Illinois price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
Calculate your Illinois mortgage payment
The calculator starts from Illinois's median list price, 20% down, the state's 2.17% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the loan amortization calculator. To see how Illinois's property tax and insurance compare with every other state, try the state-by-state PITI calculator.
Illinois vs. the U.S.
Illinois's median list price is 23% below the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $515 a month less. Home values rose faster than the national average over the latest year, which builds equity sooner and can let PMI come off earlier on a low-down-payment loan. Five-year price growth here was the 15th-fastest of 51 jurisdictions.
| Measure | Illinois | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $319,900 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $1,734 | $2,249 |
| Average home-purchase loanHMDA 2025 | $322,460 | $404,828 |
| Average closing costsincl. transfer taxes | $4,702 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.63% | 6.50% |
| Mortgage approval rateHMDA 2025 | 77.4% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +6.0% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +46.9% | +41.3% |
What Illinois borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every Illinois home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, Illinois borrowers paid 0.14 percentage points above the market benchmark at lock, the highest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateIL · U.S. | Over benchmarkIL · U.S. | Closing costsIL · U.S. | Paid pointsshare of loans | Median downequity on refis · IL |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)27,997 loans | 6.63%6.50% | +0.14+0.02 | $6,143$5,476 | 36.6%53.2% | 20.1% |
| Jumbo 30-yr fixed (20%+ down)994 loans | 6.55%6.63% | −0.08+0.00 | $7,728$10,251 | 23.7%38.4% | 20% |
| FHA 30-yr fixed12,031 loans | 6.60%6.25% | +0.78+0.42 | $10,342$11,291 | 45.1%59.3% | 3.5% |
| VA 30-yr fixed6,049 loans | 6.25%6.13% | −0.16−0.36 | $5,390$6,554 | 50.1%59.3% | 0% |
| Conventional rate-and-term refinance7,052 loans | 6.38%6.38% | −0.03−0.06 | $2,880$4,390 | 30.7%45.4% | 30% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in Illinois and what their borrowers paid.
Illinois's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in Illinois by 2025 purchase loans, out of 875 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in IL | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| Guaranteed Rate (Rate) | 5,9616.1% | 6.75% | +0.19 | $1,640 | 27%$1,194 | 20% |
| United Wholesale Mortgage | 4,7644.9% | 6.63% | +0.17 | $1,915 | 40%$1,115 | 20% |
| Chase | 4,7324.8% | 6.50% | −0.05 | $1,332 | 52%$1,313 | 23% |
| Rocket Mortgage | 3,1903.3% | 6.50% | +0.10 | $2,250 | 61%$2,444 | 22% |
| CrossCountry Mortgage | 3,0093.1% | 6.88% | +0.30 | $1,740 | 44%$1,648 | 20% |
| Fairway Independent Mortgage | 2,1272.2% | 6.88% | +0.37 | $1,890 | 40%$1,300 | 20% |
| Greenstate Credit Union | 1,9792% | 6.38% | −0.13 | $1,200 | 21%$315 | 21% |
| Barrington Bank & Trust Company, National Association | 1,8411.9% | 6.75% | +0.22 | $1,515 | 31%$934 | 22.7% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in Illinois. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: Illinois lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in Illinois
On a home at Illinois's median list price of $319,900 with 20% down, the mortgage totals $255,920, or about $1,734 a month in principal and interest at the 7.18% 30-year average.
What makes Illinois different is the cost around the loan. Its 2.17% effective property-tax rate adds roughly $578 a month, and homeowners insurance — at the state's median 0.47% of home value — about $127 more, bringing the all-in estimate to $2,439. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the affordability tool.
Payment at the $319,900 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $2,439P&I $1,734 | — | $68,682 | $105,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,823P&I $1,950 | $168 | $36,692 | $121,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,941P&I $2,059 | $177 | $20,697 | $126,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,988P&I $2,102 | $181 | $14,299 | $128,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $2,913P&I $2,067 | $141 | $15,899 | $125,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $2,816P&I $2,111 | — | $4,702 | $121,000 |
Monthly = principal and interest + property tax (2.17% effective) + homeowners insurance (about $127/mo — Illinois's median premium, 0.47% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + Illinois's average closing costs ($4,702). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in Illinois's biggest counties
Home prices, and so the loan you need, vary more inside Illinois than rates do. The table covers the largest county markets. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| Cook County8,021 homes for sale · Sep 2026 | $350,000+3.1% | $408,15145,513 loans | $832,750$1,040,937 | Conforming$280,000 loan | $2,668at 7.18% | |
| Dupage County1,456 homes for sale · Sep 2026 | $475,000+3% | $441,1808,655 loans | $832,750$1,040,937 | Conforming$380,000 loan | $3,621at 7.18% | |
| Will County1,315 homes for sale · Sep 2026 | $409,900+2.7% | $339,0458,206 loans | $832,750$1,040,937 | Conforming$327,920 loan | $3,125at 7.18% | |
| Lake County1,201 homes for sale · Sep 2026 | $461,000+2.5% | $398,3477,216 loans | $832,750$1,040,937 | Conforming$368,800 loan | $3,515at 7.18% | |
| Kane County747 homes for sale · Sep 2026 | $448,448+2.1% | $334,7435,997 loans | $832,750$1,040,937 | Conforming$358,758 loan | $3,419at 7.18% | |
| St. Clair County746 homes for sale · Sep 2026 | $219,950-9.9% | $233,6763,134 loans | $832,750$1,040,937 | Conforming$175,960 loan | $1,677at 7.18% | |
| Mchenry County596 homes for sale · Sep 2026 | $422,500+1.8% | $319,1164,140 loans | $832,750$1,040,937 | Conforming$338,000 loan | $3,221at 7.18% | |
| Madison County511 homes for sale · Sep 2026 | $249,950+19.9% | $221,4633,511 loans | $832,750$1,040,937 | Conforming$199,960 loan | $1,906at 7.18% | |
| Champaign County435 homes for sale · Sep 2026 | $312,000+5.4% | $280,7042,016 loans | $832,750$1,040,937 | Conforming$249,600 loan | $2,379at 7.18% | |
| Winnebago County368 homes for sale · Sep 2026 | $251,225+0.9% | $191,2083,283 loans | $832,750$1,040,937 | Conforming$200,980 loan | $1,915at 7.18% | |
| Peoria County357 homes for sale · Sep 2026 | $152,500-10.3% | $205,3332,191 loans | $832,750$1,040,937 | Conforming$122,000 loan | $1,163at 7.18% | |
| Rock Island County323 homes for sale · Sep 2026 | $168,850+4.4% | $164,7571,731 loans | $832,750$1,040,937 | Conforming$135,080 loan | $1,287at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), Illinois's 2.17% effective property tax and its median insurance premium (0.47% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in Illinois
Rates are national, but the rules around the loan are not. These Illinois specifics can change your payment, your closing or your protections as a borrower.
Homestead exemption: $10,000 in Cook, less elsewhere
For tax years 2023 and later, Illinois' General Homestead Exemption cuts an owner-occupied home's taxable value by up to $10,000 in Cook County, $8,000 in counties next to Cook and $6,000 elsewhere. The home generally must be your principal residence on January 1, so a later move-in may wait a year.
Source: ilga.govIllinois property taxes are billed a year behind
Illinois property tax bills are generally sent by May 1 of the year after the assessment year, so taxes are paid in arrears. At closing, the current year's bill usually does not exist yet, so the seller's share is typically estimated; ask your attorney or title company how it will be calculated.
Source: tax.illinois.govIllinois foreclosure is judicial, with a 90-day cure
Illinois mortgage foreclosures are court cases, and a borrower can reinstate the loan by catching up on missed payments and paying the costs the mortgage requires within 90 days after being served with the summons. The foreclosure is then dismissed and the mortgage continues as if no default had occurred.
Source: ilga.govSeller disclosure report is due before you sign
Most sellers of one-to-four-unit homes, condos and co-ops must give the buyer a written disclosure report before the contract is signed. If a report that discloses a material defect arrives after signing, the buyer has 5 business days after receiving it to terminate and get the earnest money back.
Source: ilga.govChecked against official sources on October 18, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How Illinois buyers finance their homes
Illinois leans conventional: 84.3% of 2025 originations were conventional loans (U.S. 78.0%), while FHA made up 10.2% and VA 5.0% — below the national 13.2% and 8.2%. Government-backed loans are still widely available; they are simply a smaller slice of what borrowers here choose.
| Loan type | Share in IL | U.S. share | Approval in IL | Avg loan in IL |
|---|---|---|---|---|
| Conventional | 84.3% | 78.0% | 78.0% | $305,082 |
| FHA | 10.2% | 13.2% | 71.6% | $262,150 |
| VA | 5.0% | 8.2% | 81.0% | $322,739 |
| USDA | 0.4% | 0.6% | 83.2% | $133,150 |
The average Illinois home loan in 2025 was $300,864 — 15% below the U.S. average of $352,861, the 23rd-smallest of 51 jurisdictions. Home purchases accounted for 65.1% of those loans (U.S. 64.2%); cash-out refinances for 15.7% (U.S. 17.1%).
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
Illinois loan limits for 2026
All 102 of Illinois's counties use the 2026 baseline conforming limit of $832,750 for a one-unit home. Any loan above that is a jumbo loan here, which usually means a larger down payment and cash reserves. See the full national grid in our conforming-limit breakdown.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in Illinois
Average closing costs in Illinois are about $4,702 including transfer taxes (No. 17 of 51, highest first). On a home at the median list price of $319,900:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $63,980 | $9,597 |
| Average closing costs | $4,702 | $4,702 |
| Cash to close (estimate) | $68,682 | $14,299 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in Illinois
Illinois charges a state transfer tax of $0.50 per $500 of value (0.1%), and counties may add $0.25 per $500. Home-rule cities can add more: Chicago's is $5.25 per $500 (1.05%), of which the buyer pays $3.75 and the seller $1.50 by default. Source: chicago.gov
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 (16,331 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. These are the main programs from IHDA, Illinois's housing finance agency; they are offered through participating lenders, usually alongside the agency's own first mortgage.
IHDA Access Home
Assistance equal to 6% of the purchase price, up to $15,000, for the down payment and closing costs of first-time buyers; IHDA opened reservations in March 2026.
Source: ihda.orgAccess Forgivable, Deferred and Repayable
IHDA's longer-running options: 4% up to $6,000 forgiven monthly over 10 years, 5% up to $7,500 as a 0% loan repaid when you sell or refinance, or 10% up to $10,000 repaid monthly over 10 years at 0%.
Source: ihda.orgChecked against official sources on October 9, 2026. Assistance amounts, income limits and funding change during the year — confirm current terms with IHDA or a participating lender.
Illinois's MCC program: closed
IHDA reports no active MCC program; it still reissues existing certificates when owners refinance, for $150. Where mortgage credit certificates are still available.
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.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (Illinois vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in Illinois reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our review team. Full sources and formulas: our data methods.
Illinois mortgage FAQ
What is a good mortgage rate in Illinois right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, Illinois's conventional buyers paid a median 6.63%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in Illinois than in other states?
Slightly. In 2025 HMDA records, Illinois's median conventional 30-year rate was 6.63%, against 6.50% nationally. Against the benchmark for each loan's lock week, which counts points and fees, Illinois loans priced 0.14 percentage points above it (the highest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in Illinois?
The national jumbo 30-year average is 7.25% (Optimal Blue). In 2025, Illinois's jumbo buyers paid a median 6.55%. A loan is jumbo above the $832,750 conforming limit, which applies in every Illinois county.
Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $255,920 loan (20% down on Illinois's median list price), a 30-year at 7.18% costs $1,734 a month and a 15-year at 6.57% costs $2,239.
The 15-year saves about $221,073 in interest but needs $506 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $255,920 loan (20% down on Illinois's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $1,734 to $1,910, or $176 a month.
Over 30 years that is about $63,494 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, Illinois's conventional rate-and-term refinances closed at a median 6.38% and purchases at 6.63%, partly because refinances bunch up when rates dip. Refinances priced 0.03 percentage points below the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a $400,000 mortgage at 7.18% interest?
About $2,710 a month in principal and interest over 30 years. In Illinois, a $500,000 home with that loan adds roughly $904 a month in property tax at the 2.17% effective rate, plus homeowners insurance. Over 30 years the loan costs about $575,506 in interest.
How much income do I need to buy a home in Illinois?
About $105,000 a year for a home at the $319,900 median list price with 20% down, if the full $2,439 monthly payment, including tax and insurance, stays within 28% of gross income.
Smaller down payments add mortgage insurance and raise that figure; existing debts lower what lenders approve.
What down payment assistance is available in Illinois?
IHDA, the state housing finance agency, runs IHDA Access Home and Access Forgivable, Deferred and Repayable, offered through participating lenders. Help usually comes as a grant or a deferred or forgivable second loan paired with the agency's first mortgage.
Amounts, income limits and funding change during the year, so confirm current terms with IHDA or a participating lender before you apply.
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
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.