Illinois Mortgage Rates Today — Compare IL Lenders
The average 30-year fixed mortgage rate in Illinois is currently 6.55% APR. Illinois has some of the highest property taxes in the US — particularly in Cook County. Factor property taxes carefully into your total monthly payment. Compare today’s rates from top Illinois lenders across all major loan types below.
Illinois Mortgage Rate Comparison Table
Rates below assume a 740+ credit score, 20% down payment, and a $350,000 loan on a single-family primary residence in Illinois.
| Loan Type | Interest Rate | APR | Best For |
|---|---|---|---|
| 30-Year Fixed | 6.55% | 6.55% | Most Popular |
| 15-Year Fixed | 5.90% | 5.90% | Pay off faster, save interest |
| 5/1 ARM | 6.68% | 6.68% | Short-term owners |
| FHA 30-Year | 6.20% | 6.20% | Low down payment |
| VA 30-Year | 6.05% | 6.05% | Veterans & military |
| 30-Year Refinance | 6.67% | 6.67% | Existing homeowners |
Rates sourced from lender survey data and updated regularly. Actual rates vary by lender and borrower profile. See disclaimer.
Understanding Mortgage Rates in Illinois
Illinois mortgage rates are competitive, with Chicago’s large lending market driving strong competition among lenders. The state’s biggest cost consideration for homebuyers is property taxes, which are among the highest in the US. In Cook County, effective property tax rates often exceed 2% of home value annually.
Chicago dominates the state’s mortgage market, though suburban Cook County, DuPage, and Lake County also have active lending environments. Downstate Illinois markets like Springfield, Peoria, and Rockford offer dramatically more affordable housing with lower property taxes.
What Affects Your Illinois Mortgage Rate?
Several key factors influence the rate a Illinois lender will offer you: your credit score (740+ gets the best rates), your down payment (20%+ eliminates PMI), your loan type (VA and FHA often beat conventional), and broader market conditions driven by the Federal Reserve and Treasury yields. Always compare at least 3–5 lenders — the spread between best and worst rate can be 0.5–1.0%.