Mortgage Rates in Chicago, Illinois: 2026 Guide
30-year fixed: 6.75%. Median home price: $335,000.
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Current Mortgage Rates in Chicago
| Loan Type | Rate | APR | Monthly Payment* |
|---|---|---|---|
| 30-Year Fixed | 6.75% | 6.830% | $1,738/mo |
| 15-Year Fixed | 6.23% | 6.300% | $2,295/mo |
| 5/1 ARM | 6.13% | 6.480% | $1,629/mo |
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6.75%
Avg 30yr Rate
$335,000
Median Home Price
2.7M
Population
2.27%
Property Tax
Cost of Living & Property Taxes
Illinois has some of the highest property taxes in the US at 2.27%. Annual taxes: $7,605. Combined with state income tax, this makes total housing costs higher than the pre-tax mortgage payment suggests.
Chicago Market Insights
Chicago offers relatively affordable housing for a major US city, especially compared to coastal metros. The city’s 77 community areas provide diverse housing options from downtown high-rises to historic brownstones. Illinois has some of the highest property tax rates in the nation, which is a key consideration for buyers. Neighborhoods like Lincoln Park, Wicker Park, and Lakeview are popular with families and young professionals.
Frequently Asked Questions
What is the average mortgage rate in Chicago?+
The average 30-year fixed rate in Chicago is 6.75%.
How much are property taxes in Chicago?+
Illinois has high property taxes at 2.27%. Annual taxes on a median home: $7,605.
Is Chicago affordable?+
With a median home price of $335,000, Chicago offers good value for a major global city.