What is the average mortgage rate in Illinois in 2026?
Around 7.46% as of October 19, 2026, in line with national average.
Best Mortgage Rates Illinois 2026
Illinois offers affordable housing relative to neighboring states, with an average home value of $281,547 in 2026. The state has a flat 4.95% income tax rate and a modest real estate transfer tax of 0.10%.
30-year fixed
7.46%
National avg
15-year fixed
6.82%
National avg
5/1 ARM
6.82%
National avg
| Product | Rate (APR) |
|---|---|
| 30-year fixed (national avg) | 7.46% |
| 15-year fixed (national avg) | 6.82% |
| 5/1 ARM (national avg) | 6.82% |
Rates verified Oct 21, 2026
Rates shown are national benchmark averages from the site data file, not live quotes from lenders. Confirm pricing with banks and brokers in Illinois. Not financial advice.
Illinois at a glance
- Average home price: $281,547
- State income tax: Yes (4.95% flat rate)
- Land transfer tax: Yes ($0.50 per $500, approximately 0.10%)
- Typical monthly payment: $1,569/mo on $281,547 with 20% down, 30-year term, at 7.46% — excludes taxes, insurance, and HOA.
Frequently Asked Questions
Does Illinois have a real estate transfer tax?
Yes — $0.50 per $500 of sale price, approximately 0.10%; Chicago also imposes additional city transfer taxes.
What is the average home price in Illinois in 2026?
$281,547 — below the national median, with Chicago significantly higher.
How much do I need to earn to afford a home in Illinois?
To afford $281,547 with 20% down at 7.46%, you need approximately $65,000–$70,000 annual income.
Illinois mortgage calculator · Educational reference only. Not financial or lending advice.