Today's 30-year mortgage rate in Illinois is 6.79%, lower than the national average of 6.9%. Illinois homebuyers can use programs like IHDAccess Forgivable and IHDAccess Repayable to lower their mortgage expenses.
Mortgage
Today's Mortgage Rates in Illinois
Updated: July 17, 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 on July 2, 2024.
Current Mortgage Rates in Illinois
In July 2024, the average APR for a 30-year fixed mortgage in Illinois is 6.79%, a slight uptick of 25 basis points from the previous month's 6.54%. For a $250,000 loan with a 20% down payment, the rate hike could add $11,920 across the life of your loan, excluding property taxes and HOA fees.
Rates change due to frequent shifts in economic conditions and Federal Reserve policies. The line chart below shows the rate movements in Illinois over the recent months.
Even small movements in the mortgage rate can significantly impact your finances. Knowing this rate in Illinois helps you budget effectively, as you'll know 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 6.79% for home purchases and 7.05% for refinancing. These rate differences impact both monthly payments and total loan costs.
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 different rates affect your monthly payments and total interest for various mortgage loan types in Illinois.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.72% | APR5.89% |
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 6.72%.
The APR (annual percentage rate) includes the interest rate, mortgage points and other fees. Illinois' average APR for a 30-year fixed mortgage is 6.79%, 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 7.23%. With a credit score below 680, the APR rises to 8.08%.
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 | APR6.47% |
| 15-year Fixed | APR6.24% |
| 20-year Fixed | APR6.91% |
| 30-year Fixed | APR7.16% |
| 5-year ARM | APR7.81% |
| 7-year ARM | APR7.65% |
Mortgage Types in Illinois
In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Illinois at 6.4%. Knowing your loan options can help you choose one that meets your financial goals. Check out the different mortgage loan types in Illinois:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Illinois |
|---|---|---|---|
Conventional Loans | Conventional loans are not backed by the federal government. | Your credit score and down payment size can influence conventional loan rates. | 6.79% |
FHA Loans | FHA loans are government-backed loans for low-to-moderate-income borrowers. | FHA loans often have lower interest rates due to government backing. | 7.02% |
VA Loans | VA loans are Department of Veterans Affairs-backed loans for veterans. | VA loans offer competitive rates that can be lower due to government support. | 6.40% |
USDA Loans | USDA loans, backed by the United States Department of Agriculture, support rural development. | USDA loans offer lower rates for qualified rural and suburban homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans carry higher rates due to the larger loan amount. | 6.95% |
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 July 2024, Illinois' average APR for a 30-year fixed-rate loan is 6.79%, while a 7-year ARM is 7.6%.
Mortgage Lenders in Illinois
First Midwest Bank, Bank of America and Better are solid mortgage options in Illinois. They are Better Business Bureau-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?
As of July 2024, Illinois' current average APRs are 7.6% for a 7-year ARM and 6.95% for a 30-year fixed-rate jumbo loan.
How do mortgage rates in Illinois compare to national rates?
Illinois' current average APR for a 5-year ARM is 7.79%, slightly higher than the national average of 7.69%. For a 15-year fixed-rate mortgage, Illinois averages 6.25%, just below the national average of 6.27%.
How does my credit score impact the mortgage rates I get in Illinois?
Your credit score significantly influences the mortgage rates you qualify for. Higher credit scores generally secure lower mortgage rates, while lower credit scores result in higher rates.
Are there any special mortgage programs in Illinois to help homebuyers?
Illinois homebuyers get support from mortgage programs, such as IHDAccess Forgivable, IHDAccess Deferred and IHDAccess Repayable.
How can I get the best possible mortgage rate in Illinois?
To save on interest over your loan term, maintain a strong credit score, compare rates from multiple lenders and consider making a larger down payment.
What are today's mortgage refinance rates in Illinois?
In July 2024, Illinois's current average refinance rates are 6.69% for a 15-year fixed loan and 7.05% for a 30-year fixed one.
How do I calculate my mortgage payments?
Use a mortgage calculator for Illinois, which considers the home price, down payment, loan term and interest rate.
Mortgage
About Zachary Romeo
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
sources
- Illinois Housing Development Authority. "Getting an IHDA Loan." Accessed July 16, 2024.