National Rate Snapshot (Freddie Mac PMMS)
Updated weekly. Personalized rates from 300+ lenders below.
Live Illinois Rates
Compare today's Illinois mortgage rates and navigate Chicagoland's complex property tax landscape effectively
Compare Loan Types in Illinois
Quick comparison of minimum requirements by loan type
How to Get the Best Rate in Illinois
Mortgage rates are not one-size-fits-all. The rate you receive depends on your credit profile, the loan type you choose, your down payment, and current market conditions. Here is what you can control to secure the lowest rate possible.
NMHL loan officers work with 300+ lenders to find competitive rates for every borrower profile — whether you have excellent credit or are rebuilding.
Real Homeowner Experiences
See what our clients say on Google
See What You Qualify For
Complete your mortgage application in minutes — no login required
Compare Rates in Other States
Click any state to see local mortgage rates and options
Our Presence
Click on endorsed states to see our direct resources!
Understanding Illinois Mortgage Rates
Illinois mortgage rates are influenced by national economic trends, but local market conditions, such as those in Chicagoland, can sometimes result in more competitive offers. The state's diverse economy, which includes finance, technology, and healthcare, supports robust lending activity. When shopping for a mortgage in Illinois, it's essential to compare rates from multiple lenders to find the best deal.
Our live rate widget above provides real-time mortgage rates from top lenders, allowing you to compare rates and terms easily. Whether you're a first-time homebuyer or an experienced homeowner, understanding the current mortgage rate landscape is crucial to making an informed decision.
Check our live rate widget for the latest Illinois mortgage rates
Illinois Property Taxes and Mortgage Payments
Illinois is known for having some of the highest property taxes in the country, with an average effective rate of about 2.07%. This can significantly impact your monthly mortgage payments, as property taxes are typically included in your escrow payments. When calculating your mortgage affordability, it's essential to factor in these additional costs to avoid surprises down the line.
For example, on a $300,000 home, you could pay around $6,200 per year in property taxes, which translates to approximately $517 per month in escrow payments. This can affect your debt-to-income ratio and overall buying power.
Consider the impact of property taxes on your mortgage payments when budgeting for your home purchase
Mortgage Options for Illinois Homebuyers
Illinois homebuyers have access to a range of mortgage options, including conventional, FHA, VA, USDA, and jumbo loans. Each loan type has its benefits and requirements, so it's essential to explore your options carefully.
For instance, VA loans offer 0% down payment options and competitive rates for eligible veterans, while USDA loans provide similar benefits for buyers in rural areas. Conventional loans, on the other hand, may offer more flexible terms for buyers with stronger credit profiles.
Explore our loan type comparison chart to find the best mortgage option for your Illinois home purchase
Tips for Navigating Illinois's Mortgage Market
Navigating Illinois's mortgage market requires a combination of knowledge, preparation, and the right guidance. By understanding the current mortgage rate landscape, factoring in property taxes, and exploring your loan options, you can make an informed decision and achieve affordable homeownership.
Additionally, consider working with a knowledgeable mortgage lender who is familiar with the Illinois market and can provide personalized guidance throughout the homebuying process.
Contact a trusted mortgage lender today to discuss your Illinois homebuying options
Illinois Mortgage Rates FAQs
Illinois mortgage rates generally follow national trends, but local market conditions, such as those in Chicagoland, can sometimes result in more competitive offers. Check our live rate widget for the latest rates.
Illinois has some of the highest property taxes in the country, with an average effective rate of about 2.07%. This can significantly increase your monthly escrow payments and overall housing costs.
The IHDA SmartBuy program offers competitive 30-year fixed rates, up to $10,000 in down payment assistance, and student loan repayment assistance for qualifying buyers. This program is designed to help Illinois homebuyers achieve affordable homeownership.
Yes, USDA loans are available in downstate Illinois and other rural areas. These loans offer 0% down payment options and competitive rates, making them an attractive choice for eligible buyers.
Both Chicago and its suburbs have their advantages and disadvantages. Chicago offers a diverse range of neighborhoods, but comes with higher transfer taxes and condo HOA fees. Suburban areas may have simpler loan structures and lower property taxes, but prices can vary widely depending on the location and school district.
Illinois Mortgage Resources
Lock In Your Illinois Rate Today
Get a personalized rate quote from NMHL. Our licensed Illinois loan officers are ready to help you find the best deal.