Fact-checked by Tim Lucas
Current Illinois Mortgage Rates
Average market rates for December 03, 2025 in Illinois are 6.26% for 30-year fixed purchase and 6.35% for 30-year fixed refinance
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Purchase | 6.26% | 6.29% |
| 30-year Fixed Refinance | 6.35% | 6.37% |
Mortgage Rate Trends in Illinois
| Product | Rate | APR |
|---|---|---|
| 30-year Fixed Purchase | 6.26% | 6.29% |
| 30-year Fixed Refinance | 6.35% | 6.37% |
Illinois Purchase Rates
| Product | Rate | APR |
|---|---|---|
| 15-year Fixed Purchase | 5.39% | 5.43% |
| 15-year Fixed Jumbo Purchase | 6.13% | 6.16% |
| 30-year Fixed Purchase | 6.26% | 6.29% |
| 30-year Fixed Jumbo Purchase | 6.84% | 6.86% |
Illinois Purchase Rates for Government-Backed Loans
Rates based on market averages as of Dec 02, 2025.Product Rate APR 30-year Fixed Fha Purchase 5.59% 6.80% 30-year Fixed Usda Purchase 5.63% 5.77% 30-year Fixed Va Purchase 5.67% 5.81%
Illinois Refinance Rates
| Product | Rate | APR |
|---|---|---|
| 15-year Fixed Refinance | 5.37% | 5.41% |
| 15-year Fixed Jumbo Refinance | 6.11% | 6.14% |
| 30-year Fixed Refinance | 6.35% | 6.37% |
| 30-year Fixed Jumbo Refinance | 6.84% | 6.86% |
Illinois Refinance Rates for Government-Backed Loans
Rates based on market averages as of Dec 02, 2025.Product Rate APR 30-year Fixed Fha Refinance 5.57% 6.78% 30-year Fixed Usda Refinance 5.59% 5.73% 30-year Fixed Va Refinance 5.70% 5.84%
Illinois ARM Rates
| Product | Rate | APR |
|---|---|---|
| 5/6 Arm (purchase) | 6.06% | 6.09% |
| 5/6 Arm (refinance) | 6.04% | 6.07% |
| 5/6 Jumbo Arm (purchase) | 5.87% | 5.88% |
| 5/6 Jumbo Arm (refinance) | 5.91% | 5.92% |
How we source rates and rate trends
Illinois mortgage rates compared to the national average
According to federal data, the median mortgage and refinance rate in Illinois in 2023 was 6.99%. That compares with a national average that year of 6.97%.
So, Illinois residents enjoy about the same mortgage rates as most Americans.
If you want to buy your first home, move or refinance your mortgage, you can save more money by shopping around for your loan among multiple lenders. Doing that can save you $100 a month or more, according to a federal regulator.
Other ways to save on your next mortgage include boosting your credit score and paying down your existing debts. Doing that typically lowers the mortgage rate lenders can offer you.
A quick way to deliver a double-whammy is to pay down your credit card balances so that they’re below 10% of your credit limits. That should increase your score and reduce your debt-to-income ratio (DTI).
Of course, mortgage rates go up and down all the time. And those movements mean that there may be times when Illinois’ rates are less competitive than normal.
Real estate statistics in Illinois
Residents of the Prairie State enjoy low home prices compared to the rest of America. The median list price in Illinois was just $303,000 as of November 2024, says the St. Louis Federal Reserve and Realtor.com, compared to the U.S. average of $416,880.
- In October 2024, average home prices in Illinois were up 8.4% compared to the same month the year prior, says Redfin
- The number of homes sold was also up, by 3.3% on the previous year
- Chicago home prices were up 7.6% in October 2024 compared to one year earlier
- The median selling price in the city was $352,000, and the average home in Chicago sold after 58 days on the market
Most Common Mortgage Types in Illinois
- Conventional: 109,464 loans
- USDA: 1,505 loans
- FHA: 24,998 loans
- VA: 7,741 loans
What the Data Means
Of course, lower-than-average mortgage rates are good for all home loan borrowers, They make owning a home in Illinois more affordable than in most other states.
And low median home prices are great, especially for first-time homebuyers. Saving up 3-5% down for a home here is much easier than doing it in many areas of the country
Refinancing has been getting easier, too. Core Logic’s Home Equity Insights Report for the second quarter of 2024 says the average homeowner in Illinois had piled on $25,000 in new equity since the same time a year earlier.
However, that report also revealed that 2.3% of homes in Chicago suffer from negative equity, aka are “underwater.” In other words, their values are lower than their mortgage balances. Some refinances are possible, though, even when you have negative equity.
Mortgage rate trends
It’s easy to think that the mortgage rates we are used to are the ones we should expect. But there’s no such thing as a “normal” mortgage rate.
Imagine wanting to buy a home in the Reagan era, when mortgage rates peaked at over 18% near the end of 1981! Luckily, that was a rare occurrence, driven by high inflation.
Recent rises have been driven by inflation, too, though prices were rising at nothing like as fast a rate as in the early ‘80s.
At the end of 2020, mortgage rates dipped to 2.67%, their lowest since records began. Since then, supply-chain bottlenecks caused by COVID-19 — and later Russia’s invasion of Ukraine — drove consumer prices higher.
But, four years later, those prices were back to rising at a low rate that suits the economy. Unfortunately, future inflation rates were uncertain at the end of 2024.
Many borrowers got fixed-rate mortgages in the early 2020s with rates that were between 3% and 4.9%. By late 2024, they were facing mortgage rates around the 7% mark, which made moving home an expensive prospect because their next loan’s monthly payment would jump sharply.
No wonder many chose to stay put, keeping their low monthly payments and hoping that 3% or 4% mortgages would be back soon. Unfortunately, at the time of writing, such rates were looking increasingly unlikely.
Of course, if mortgage rates are predictable in any respect it’s that they’re wholly unpredictable. But look at that graph. The ultra-low rates of the early 2020s look as freakish as the high rates of the early 1980s. Neither is likely to recur anytime soon.
Closing costs in Illinois
The final expenses that need to be paid on a real estate transaction are the closing costs.
Closing costs in Illinois are generally between 2% and 5% of the purchase price. The seller and the buyer will contribute to closing costs, but each will differ in the amount depending on the contract terms.
Common seller closing costs
- Homeowners association (HOA) fees
- Real estate agent commission fees
- Transfer taxes
- Property taxes
Common buyer closing costs
- Inspection fees
- Loan processing fees
- Private mortgage insurance
- Homeowners insurance
- Prepayment of property taxes
Some closing costs are unavoidable. But you can influence others.
If you’re purchasing a home in a “buyers’ market” (when buyers have the power in the transaction), you might be able to persuade the seller to cover some or all your closing costs.
That’s wholly a matter of negotiation. They don’t have to. But it may suit you better to pay a slightly higher price in return for lower closing costs.
Top Purchase Lenders in Illinois by Volume
- Guaranteed Rate, Inc.: 11,822 loans
- JPMorgan Chase Bank: 5,277 loans
- Crosscountry Mortgage, LLC: 4,340 loans
- Rocket Mortgage, LLC: 4,272 loans
- Fairway Independent Mortgage Corporation: 3,964 loans
- Loandepot.com, LLC: 3,847 loans
- Caliber Home Loans, Inc.: 3,039 loans
- Neighborhood Loans, Inc.: 2,643 loans
- The Huntington National Bank: 2,606 loans
- Mortgage Research Center, LLC: 2,464 loans
Top Refinance Lenders in Illinois by Volume
- JPMorgan Chase Bank: 2,035 loans
- Fifth Third Bank: 1,479 loans
- U.S. Bank: 1,473 loans
- PNC Bank: 1,456 loans
- Rocket Mortgage, LLC: 1,418 loans
- Nationstar Mortgage LLC: 888 loans
- Guaranteed Rate, Inc.: 871 loans
- Wells Fargo Bank: 818 loans
- The Huntington National Bank: 635 loans
- Bank Of America: 586 loans
Top Cash-Out Refinance Lenders in Illinois by Volume
- Rocket Mortgage, LLC: 4,660 loans
- JPMorgan Chase Bank: 1,611 loans
- Nationstar Mortgage LLC: 1,429 loans
- Loandepot.com, LLC: 1,203 loans
- Bmo Harris Bank: 1,011 loans
- Wells Fargo Bank: 978 loans
- Guaranteed Rate, Inc.: 935 loans
- The Huntington National Bank: 777 loans
- Freedom Mortgage Corporation: 630 loans
- Amerisave Mortgage Corporation: 489 loans
