Current mortgage rates · week of July 9, 2026
| Week | 30-yr / 15-yr fixed |
| July 9, 2026 | 6.49% / 5.82% |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
Illinois Mortgage Overview
What would it be like to live within minutes of one of the greatest cities in the country? Ask the 12 million+ people who live in Illinois and just hours away from Chicago. Illinois is a state with a lot of seasonal changes and plenty of areas of hustle and bustle or quiet country life depending on what you like.
The average home price in Illinois is $315,000 and about 66 percent of the homes are owner-occupied. If you've had your eye on becoming a homeowner in Illinois, here are the mortgage options available to you:
Illinois conventional loans
Conventional loans are great for good credit borrowers. You don't need perfect credit, but at least a 660 credit score is required. Conventional lenders need just a 3 percent down payment and an average debt ratio. You'll pay Private Mortgage Insurance if you put less than 20 percent down, but it's temporary. Lenders cancel it when you owe less than 80 percent of the home's value.
Illinois FHA loans
FHA loans are for borrowers with less-than-perfect credit or a recent public record. FHA loans have flexible underwriting guidelines including just a 580 credit score and 3.5 percent down payment. You may even use gift funds for your down payment with an FHA loan.
Illinois VA loans
VA loans are for veterans who served our country. After serving 181 days, you may be eligible for a no down payment VA loan. The loan program has the most flexible underwriting guidelines making it easy for veterans to become homeowners without stress.
Illinois USDA loans
USDA loans are for borrowers who don't qualify for any other loan program and who make less than 115 percent of the average income for their area. USDA loans are for rural areas of Illinois, but they aren't as isolated as you may think. It's a great option for first-time homebuyers with at least a 640 credit score.
First-Time Homebuyer Programs in Illinois
Opening Doors
The Opening Doors program helps renters become homeowners with a low-cost 30-year fixed mortgage. It also provides a 0 percent 2nd mortgage for up to $6,000 in closing cost and down payment assistance.
SmartBuy
Student loans don't need to stop you from buying a home in Illinois. SmartBuy provides $5,000 in closing cost assistance and up to $40,000 in student loan payoff assistance.
IDHA Access Forgivable
Receive up to 4 percent of the purchase price ($6,000 max) for down payment and closing cost assistance, forgiven over 10 years. You'll also get a 30-year fixed mortgage for the first mortgage with a below market rate.
IDHA Access Deferred
Receive up to 5 percent of the purchase price ($7,500 max) for down payment and closing cost assistance. The interest-free loan doesn't require repayment unless you sell the home or refinance the mortgage. It comes with a 30-year fixed mortgage of either conventional, FHA, VA, or USDA.
IDHA Access Repayable
Receive up to 10 percent of the purchase price for down payment and closing cost assistance. The loan is repayable over 10 years along with the standard 30-year mortgage for the purchase.
Illinois mortgage FAQ
- What home loan options are available in Illinois?
- Illinois buyers can use conventional loans with a 660 credit score and 3 percent down, with PMI canceled once you owe less than 80 percent of the home value. FHA loans need just a 580 score and 3.5 percent down and allow gift funds. Veterans qualify for zero down VA loans after 181 days of service, and USDA loans serve rural buyers with a 640 score earning under 115 percent of area income.
- What does Illinois offer first-time homebuyers?
- Illinois programs include Opening Doors, a low cost 30-year fixed mortgage with an interest-free second mortgage for closing costs and down payment, SmartBuy, which pairs closing cost help with student loan payoff assistance, and three IDHA Access options offering 4 to 10 percent of the purchase price as forgivable, deferred, or repayable down payment and closing cost assistance.
- What credit score is needed for a mortgage in Illinois?
- FHA loans are the most lenient, requiring only a 580 credit score with 3.5 percent down. Conventional lenders look for at least a 660 score plus an average debt ratio, while USDA loans for rural areas of Illinois want a 640 or better. VA loans have the most flexible underwriting guidelines of all for eligible veterans.