Forgotten Your Password?

Need to Register?

Chicago Mortgage Rates

Updated: August 13, 2020

Compare today's rates for Mortgage Refinance in IL

Loan Program
Loan Amount
Loan Type:
Credit Score


30 Year Fixed
2.875% Rate $830/mo
  • Updated August 13, 2020
  • No SSN Required! Lowest Rate & Fee Combo 24 Hour Approvals!


30 Year Fixed
3.000% Rate $844/mo
  • Updated August 13, 2020
  • Internet direct lender since 1998. View rates & fees, apply/lock online 24/7


30 Year Fixed
2.625% Rate $803/mo
  • Updated August 13, 2020
  • Skip the salesman. Keep the commission!
  • Get online rates, payments and a Good Faith Estimate
  • $1,000 Best Rate Guarantee

Mortgage rates for Chicago, Illinois go up to 3.38%

Thursday, August 13, 2020

Mortgage rates for Chicago, Illinois on Lender411 for 30-year fixed-rate mortgages are at 3.38%. That increased from 3.00% to 3.38%. The 15-year fixed rates are now at 2.44%. The 5/1 ARM mortgage for Chicago, Illinois is now at 4.50%.

Chicago mortgage refinance ratesChicago's main economic driverds are industry, commerce, finance and transportation. Chicago has a beautiful lakefront. Most of this lakefront is dedicated to recreational use. The world's first skyscraper was built in Chicago in 1885. Chicago is famous for its jazz and blues clubs, hot dogs and several sports teams.

Chicago FHA Loans

The Federal Housing Administration (FHA) insures loans that have long been favorites of first time buyers and those with smaller cash reserves thanks to its low down payment requirement and relaxed credit standards. If you qualify, you'll be subject to the following requirements:

  • Down payment, loan-to-value (LTV): 3.5%, 96.5%.
  • Credit score minimum: Typically 580 or greater. 
  • Debt-to-income (DTI): Typically 45-50% or less. 
  • Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

Chicago First time Homebuyer Loan Programs

If you live in Chicago and are a first time home buyer, there are a number of resources that are available to you. These programs are meant to help you be able to afford the down payment and/or closing costs, including the Home Purchase Assistance Program through the City of Chicago. To learn more about this program and your eligibility, visit Lender411's page on Chicago first mortgage.

Statewide Grant and Assistance Programs

The Illinois Housing and Development Authority has several mortgage assistance options for first time home buyers to affordably finance a mortgage, including funding any necessary repairs. Low to moderate income borrowers can receive a cash grant of up to $5,000.

For financing homes in need of repairs, home buyers may receive up to $20,000 rehab funds in the form of a forgivable second loan. Participants will need to contribute at least $1,000 in out-of-pocket funds up front. Borrowers will be required to attend a first time home buyer counseling course.


Popular loan programs

user suit Lenders in: Chicago, Illinois.

Subscribe to our news feed.