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Chicago Mortgage Rates

Updated: June 20, 2024

Compare today's rates for Mortgage Refinance in IL

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Mortgage rates for Chicago, Illinois go down to 3.00%

Thursday, June 20, 2024

Mortgage rates for Chicago, Illinois on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Chicago, Illinois is now at 4.56%.

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.


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user suit Lenders in: Chicago, Illinois.

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