This week's pricing
Pricing is national and set by the file, not by the state line. What varies by state is everything around it — taxes, assistance, loan limits — which is the rest of this page.
These are survey averages, not offers. Source: Freddie Mac Primary Mortgage Market Survey, retrieved from FRED (Federal Reserve Bank of St. Louis), series MORTGAGE30US. Survey week ending July 30, 2026; retrieved by us on August 1, 2026. Not a quote, not a commitment to lend, and not a rate available to any particular borrower.
No APR is stated with these figures because none exists to state. The Primary Mortgage Market Survey reports note rates only; an annual percentage rate depends on the finance charges of a specific transaction, which a national survey does not collect. These are third-party market observations, not rates offered by BankPricer, and no credit is offered on their terms.
Both series, with their 52-week context
| Product | Survey average | Prior week | 52-week low | 52-week high |
|---|---|---|---|---|
| 30-year fixed | 6.66% | 6.58% | 5.98% | 6.66% |
| 15-year fixed | 6.04% | 5.96% | 5.35% | 6.04% |
Survey averages for the week ending July 30, 2026 (Freddie Mac Primary Mortgage Market Survey via FRED, retrieved August 1, 2026). These are weekly national averages from a survey of lenders, not quotes and not offers of credit. The published survey basis is a conventional, conforming, owner-occupied purchase loan with an 80% loan-to-value ratio and a borrower with strong credit; it is an average across lenders and regions, so no individual borrower was offered it. Your own rate depends on your credit profile, loan amount, loan-to-value ratio, occupancy, property type, lock period and program, and your annual percentage rate will be higher than any note rate once costs are included. Rates change without notice. This is not a commitment to lend.
Any payment figure elsewhere on this site reflects principal and interest only and does not include property taxes, homeowners insurance, mortgage insurance, or HOA dues — your actual monthly obligation will be greater.
We archive every retrieval, so the figures shown on any given day can be shown to be the figures that were published on that day.
What actually shapes the Illinois market
The second-highest effective property tax rate in the country
The effective property tax rate in Illinois averages 2.07%, against a national average near 1.10%. On a $270,000 home that is roughly $5,589 a year, or about $466 a month, on top of principal and interest. Lenders include the full tax payment in the debt-to-income calculation, so an Illinois buyer frequently qualifies for a lower purchase price than an identical borrower in Indiana or Michigan. Your rate matters; your total housing payment decides what you can buy.
An active FHA and down-payment-assistance market
The Illinois Housing Development Authority runs several assistance programs, including SmartBuy (up to $7,500 in down payment and closing cost assistance), Access Forgivable (up to 4% of the purchase price as a forgivable second mortgage), and 1stHomeIllinois (up to $7,500 for first-time buyers in targeted counties). Cook County and the City of Chicago layer local programs on top. Stacked with FHA at 3.5% down, some borrowers bring well under 1% out of pocket — with conditions attached to each program that have to match your plans.
Chicagoland concentration
Over 65% of Illinois mortgage volume originates in the six-county Chicagoland metro. Statewide averages are therefore weighted toward metro pricing. Downstate markets such as Springfield, Champaign, and Rockford see different dynamics because of appraisal values and a different lender mix.
Property taxes cost Illinois borrowers more than almost any other state. That does not make the rate irrelevant — it makes the total payment the thing to solve for.
Loan programs in Illinois
- Conventional (Fannie/Freddie): 3% to 20% down. PMI comes off at 80% equity. The default structure for most Illinois buyers.
- FHA: 3.5% down at 580+ credit. Upfront and annual mortgage insurance premiums required. Widely used in Cook County where IHDA assistance can be layered on.
- VA: Zero down, no monthly mortgage insurance, for eligible veterans and service members. Illinois hosts Scott Air Force Base and Naval Station Great Lakes.
- DSCR (investor): Qualifies on property rental income rather than personal income. Used in Chicago's two-to-four-unit market and suburban rental corridors. See DSCR loans in Chicago.
- Jumbo: For loan amounts above the conforming limit for the county. Common in North Shore markets such as Winnetka, Glencoe, and Hinsdale.
- HELOC: A second lien against equity, which leaves a low first-mortgage rate in place instead of refinancing it away.
Illinois markets we publish
Two-to-four-unit stock changes both the down payment math and how rental income counts.
Higher price points; conforming and jumbo both in play.
Business corridor; steady suburban rental occupancy.
Growing rental base with commuter access.
Northwest suburban anchor.
Transit-adjacent, mixed owner and rental stock.
Will County; lower entry pricing.
Northwest corridor; lower entry pricing.
How to compare offers in Illinois
- Compare on the Loan Estimate, not on the rate. Page 2 carries the fees; page 3 carries the five-year cost and the APR. A lower rate with higher fees frequently loses.
- Compare on the same day. Pricing moves intraday, so a quote from Tuesday and a quote from Friday are not a comparison of lenders.
- Compare on the same lock period. A 30-day lock prices better than a 60-day lock; matching that up is a common way people compare two different things.
- Count the property tax line. In Illinois it moves your debt-to-income ratio, which moves what you qualify for — not just what you pay.
- Check assistance eligibility before you apply. Several programs must be in place at application and cannot be added afterwards.
Questions we get about Illinois
- Why are Illinois property taxes so high, and how does that hit my mortgage?
- Illinois has the second-highest effective property tax rate in the country at roughly 2.07%. On a $270,000 home that adds approximately $466 a month on top of principal, interest, and insurance. Lenders count the full amount in your debt-to-income ratio, which is why Illinois borrowers frequently qualify for a lower purchase price than borrowers with identical income in lower-tax states.
- What down payment assistance is available in Illinois?
- IHDA SmartBuy provides up to $7,500 in down payment and closing cost assistance for first-time buyers. IHDA Access Forgivable offers up to 4% of the purchase price as a forgivable second mortgage. Cook County and the City of Chicago run additional local programs. These can be layered with an FHA first mortgage. Each carries its own income limits and its own repayment or forgiveness schedule — check those against how long you plan to stay before you commit.
- Broker or bank in Illinois?
- A bank quotes its own product at its own pricing. A broker quotes from a panel of wholesale lenders, which also brings access to products most depositories do not offer at all, including DSCR investor loans and non-QM structures. Whether that produces a better outcome for you specifically depends on your file — which is the thing to have checked rather than assumed.
Already have a Loan Estimate for a Illinois property?
Send it over. You get where the rate, the points, and the fees sit against the current wholesale panel — including the case where the offer you have is already good and the answer is to take it.
Other states
Figures on this page
Every figure below was migrated from the production Illinois page. None was generated. Each still needs a citation and a retrieved-on date before this page is published:
- Effective property tax rate (2.07%) and the $270,000 median: migrated from the production state page without a citation. Verify against the county assessor and a current MLS median before publication.
- IHDA program amounts change by program year. Verify against ihda.org before publication.
- Conforming loan limit omitted: production states $766,550, the preview city data states $806,500. Resolve against the FHFA notice before either is published.