Today's 30-year mortgage rate in Illinois is 6.76%, a rate closely related to the national average of 7.15%. Illinois homebuyers can use programs like IHDAccess Forgivable and IHDAccess Deferred to lower their mortgage expenses.
Mortgage
Today's Mortgage Rates in Illinois (November 2024)
Updated: November 12, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Illinois. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in November 2024.
Current Mortgage Rates in Illinois
In November 2024, the average APR for a 30-year fixed mortgage in Illinois is 6.8%, up from the previous month’s 6.0%. For a $250,000 loan with a 20% down payment, the rate increase could cost you an additional $37,334 over the life of the loan, excluding property taxes and HOA fees.
Even small movements in the mortgage rate can significantly impact your finances. Knowing this rate in Illinois helps you budget effectively, as you'll learn how much to allocate monthly for housing expenses.
Who Needs to Know Current Mortgage Rates in Illinois?
Today's mortgage rates in Illinois are crucial for two types of borrowers in the housing market:
First-time homebuyers
First-time homebuyers in Illinois can use current mortgage rates to know potential lender offers and assess if they're competitive.
Homeowners with mortgages
Homeowners can compare their existing mortgage rates with current ones to see if a mortgage refinance could be beneficial.
Purchase rates often differ from refinance rates. Illinois' current rate for a 30-year fixed mortgage is 6.76% for home purchases and 6.96% for refinancing. This rate difference impacts monthly payments and total loan costs.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Illinois by Loan Type
A 30-year fixed-rate mortgage often has a higher interest rate than a 15-year one. The longer repayment term presents more uncertainty and risk for lenders, including potential default and fluctuating interest rates. With a shorter term, you can save on interest over the life of your loan.
A mortgage calculator can help you understand how rates affect your monthly payments and total interest for various mortgage types in Illinois.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.81% | 6.00% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate is the yearly cost of borrowing money for a mortgage. Illinois' current interest rate for a 30-year fixed mortgage is 6.68%.
The APR (annual percentage rate) includes the interest rate, mortgage points and other fees. Illinois' average APR for a 30-year fixed mortgage is 6.76%, providing a complete view of your yearly borrowing cost.
Current Mortgage Rates in Illinois by Credit Score
If your credit score is 740 or above and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage in Illinois is 7.15%. With a credit score below 680, the APR remains unchanged at 7.15%.
Your credit score and down payment affect your mortgage rate. To see what rates you might qualify for, check out the table below:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | 6.08% |
| 15-year Fixed | 6.06% |
| 20-year Fixed | 6.88% |
| 30-year Fixed | 6.95% |
| 5-year ARM | 7.59% |
| 7-year ARM | 7.50% |
Mortgage Types in Illinois
In November 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Illinois at 6.40%. Knowing your options can help you decide on a mortgage. Use the table below to compare the different mortgage types available to you:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Illinois |
|---|---|---|---|
Conventional Loans | A conventional loan in Illinois is not insured or guaranteed by the government. | Credit score and down payment size can affect rates on conventional loans. | 6.76% |
FHA Loans | An FHA loan in Illinois is backed by the Federal Housing Administration. | FHA loans feature lower minimum credit scores and down payments, influencing rates. | 7.81% |
VA Loans | VA loans in Illinois are guaranteed by the Department of Veterans Affairs. | VA loans offer competitive rates due to government backing reducing lender risk. | 6.40% |
USDA Loans | USDA loans in Illinois are backed by the United States Department of Agriculture. | USDA loans offer lower rates for eligible rural and suburban homebuyers. | currently unavailable |
Jumbo Loans | A jumbo loan in Illinois exceeds the conforming loan limits set by the FHFA. | Jumbo loans may have higher rates due to the larger loan amounts involved. | 6.92% |
MORTGAGE RATE STRUCTURES IN ILLINOIS
Mortgages in Illinois are available at fixed and adjustable rates.
- Fixed mortgages lock your interest rate, ensuring consistent monthly mortgage payments. This stability makes it easier to budget over time.
- Adjustable-rate mortgages (ARM) begin with lower initial rates that may adjust over time, potentially reducing your monthly payments when interest rates dip.
As of November 2024, Illinois' average APR for a 30-year fixed-rate loan is 6.76%, while a seven-year ARM is 7.4%.
Mortgage Lenders in Illinois
First Midwest Bank, Bank of America and Better are solid mortgage options in Illinois. They are Better Business Bureau (BBB)-accredited and provide homeowner assistance programs. More options exist, and rates vary per lender, so comparing options can secure you the best deal.
- First Midwest Bank
- 8Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 7 pm ET Saturday, 8 am to 1 pm ETCustomer Service Hours
First Midwest Bank offers various mortgage options online and in-person, including conventional and FHA loans. For police officers and teachers, it provides Community Experts and Heroes loans with a minimum credit score of 720, featuring zero down payment for Community Experts and 1% down for Community Heroes.
Customer service is available by phone or in person from 8 a.m. to 7 p.m. ET on weekdays and 8 a.m. to 1 p.m. ET on Saturdays. First Midwest Bank also supports homeowners with programs like Home Manager and Down Payment Assistance.
Pros
- Online prequalification
- Construction loan options
- A+ BBB-accredited lender
Cons
- Credit score requirements unclear
- Mortgage FAQs focus only on online management
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America offers various mortgage options online and in person. Choose from fixed-rate and adjustable-rate mortgages with competitive terms. The Affordable Loan Solution requires a 3% down payment, and VA loans may offer zero down payment for qualified buyers.
Customer support is available through virtual assistance, phone and in-person visits on weekdays from 8 a.m. to 10 p.m. ET and Saturdays from 8 a.m. to 6:30 p.m. ET. Programs like America’s Home Grant® and Down Payment Grant help make homeownership more affordable for eligible borrowers.
Pros
- Unique mortgage options, including Affordable Loan Solution
- Client Assistance Program for payment postponements
- Various online mortgage and affordability calculators
Cons
- Profile required for prequalification
- Minimum credit score undisclosed
- Better
- 4Number of Mortgage Options
- YesOnline Application
- B+BBB Rating
- Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours
Better offers online mortgage services, including fixed-rate and adjustable-rate mortgages. Jumbo loans are available for larger amounts, requiring a minimum credit score of 700. Standard loans require a 620 credit score, while FHA loans accept scores of 580 or above. Down payment requirements vary, with conventional loans needing 3% to 5%, or 3.5% for FHA loans with a credit score of 580 or higher. Lower credit scores require at least a 10% down payment.
Customer service via phone and email is available from Monday to Friday, 8 a.m. to 9 p.m. ET, and weekend hours from 9 a.m. to 9 p.m. ET. Better also offers a Real Estate discount program to assist homeowners.
Pros
- Loan officers don't receive commissions
- Letter of Commitment within 24 hours
- Supports customers even on Sundays
Cons
- No VA or USDA mortgage options
- Online presence only
- BBB rating: B+
Mortgage Programs in Illinois
Buying a home involves hidden costs that impact your budget. The Illinois Housing Development Authority (IHDA) offers three mortgage programs to help make homeownership more accessible and affordable.
Program | Description | |
|---|---|---|
IHDAccess Forgivable | Offers $6,000 to assist with down payment and closing costs, forgiven over 10 years, providing financial support for securing a 30-year mortgage. Eligible for both first-time and repeat homebuyers across various mortgage types. | |
IHDAccess Deferred | Provides up to $7,500 for down payment and closing costs through a no-interest loan. Repayment is required only upon selling, refinancing or fully paying off the mortgage. This program supports various mortgage options and is available to all homebuyers. | |
IHDAccess Repayable | Provides up to $10,000 for home-buying expenses, repayable over a decade, alongside a 30-year mortgage. It is open to first-time and repeat buyers and adapts to different mortgage types. Illinois rates may influence this option's accessibility. |
FAQ: Mortgage Rates in Illinois
Understanding today's mortgage rates in Illinois can help you make informed decisions when purchasing or refinancing a home. We’ve addressed commonly asked questions about these rates.
What are the current mortgage rates in Illinois?
Current average APRs for various loan types in Illinois can vary. For example, as of November 2024, a 30-year fixed conforming loan has an average APR of 6.76%, while a seven-year ARM jumbo loan averages 7.33%. Other factors, such as the borrower's credit history and market conditions, also play a role.
How do mortgage rates in Illinois compare to national rates?
In Illinois, the current average APR for a 30-year fixed-rate mortgage is 6.76%, whereas the national average is 7.15%. For the same period, a five-year adjustable-rate mortgage averages 7.53% in Illinois, slightly lower than the national average of 7.97%.
How does my credit score impact the mortgage rates I get in Illinois?
Your credit score significantly impacts the mortgage rates you can obtain in Illinois. Higher credit scores typically lead to low mortgage rates, while lower credit scores may result in higher interest rates and additional costs.
Are there any special mortgage programs in Illinois to help homebuyers?
Yes, there are special mortgage programs in Illinois, such as the IHDAccess Forgivable, IHDAccess Deferred and IHDAccess Repayable, which assist homebuyers with varying financial support terms.
How can I get the best possible mortgage rate in Illinois?
To get the best mortgage rate in Illinois, consider making a larger down payment, improving your credit score and comparing offers from multiple lenders to find the best rates and terms.
What are today's mortgage refinance rates in Illinois?
Today's refinance rates in Illinois are, on average, 6.13% for a 15-year fixed loan and 6.96% for a 30-year.
How do I calculate my mortgage payments?
To calculate your mortgage payments accurately, you can use a mortgage calculator for Illinois, which takes into account the loan amount, interest rate, loan term and other factors.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Illinois Housing Development Authority. "Getting an IHDA Loan." Accessed November 12, 2024.