Mortgage Rates in Chicago, IL: Today's Averages & 2026 Outlook
Chicago 30-year fixed rates are running around 6.86% — roughly 1 bps above the national average of 6.85%. Here's how Chicago rates stack up, what drives the metro spread, and the payment math on a typical Chicago home.
Today's Chicago rates by loan type
Estimates for Chicago based on the current national 30-year average of 6.85% plus the metro's typical spread (+1 bps). Live national rate sourced daily from Freddie Mac PMMS. Your actual quote will depend on your credit, down payment, and lender.
What drives Chicago mortgage rates
The national 30-year average sets the floor for every Chicago lender. But the $Chicago-Naperville-Elgin metro typically prices about 1 basis points above that national benchmark because of local dynamics.
Local market read. Attorney-review market with slower closings; suburban demand outpaces city core.
Who's lending. Regional banks and credit unions hold meaningful share alongside national non-banks.
Median deal size. A typical Chicago loan is around $300,000 on a $335,000 home. That sits well inside conforming loan limits, so most Chicago buyers get standard agency pricing.
What a typical Chicago payment looks like
| Line item | Estimate |
|---|---|
| Median home price (Chicago-Naperville-Elgin) | $335,000 |
| Median loan amount | $300,000 |
| 30-yr rate (Chicago avg) | 6.86% |
| Monthly principal & interest | $1,968 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$2,558 |
Directional math for Chicago in 2026. Add property taxes, homeowners insurance, PMI (if less than 20% down), and any HOA dues for full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
More on buying in Illinois
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Chicago mortgage rates: FAQ
What is today's mortgage rate in Chicago, IL?▾
The average 30-year fixed mortgage rate in Chicago is around 6.86% — 15-year fixed near 6.11%, FHA around 6.61%, VA around 6.51%. That's roughly 1 bps above the current US 30-year average of 6.85%. Your actual rate depends on credit score, down payment, loan type, and lender competition — always compare Loan Estimates from at least three lenders.
How do Chicago mortgage rates compare to the national average?▾
Chicago rates typically sit slightly above (about 1 bps higher than) the US 30-year average. The metro spread reflects local lender competition, loan mix, and property-tax/insurance dynamics specific to the Chicago-Naperville-Elgin area.
What's the median home price in Chicago?▾
The median home price in the Chicago-Naperville-Elgin metro is about $335,000, with a typical loan amount of $300,000 at conventional LTVs. At today's 6.86% rate, principal and interest on that loan runs about $1,968/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues.
Who are the top lenders in Chicago?▾
Regional banks and credit unions hold meaningful share alongside national non-banks. You'll get the best rate by comparing at least three Loan Estimates — a mix of a national non-bank lender, a local credit union, and (for higher loan amounts) a portfolio bank tends to reveal the best pricing for your specific profile.
Should I lock my rate now or wait in Chicago?▾
Attorney-review market with slower closings; suburban demand outpaces city core. On rate timing itself, no one can call the exact peak or trough — but if the payment on your target Chicago home works today at 6.86%, locking and refinancing later if rates fall is a well-worn playbook. Our Right-Time-to-Buy tool models the wait-vs-buy math for you.