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Chicago Mortgage Rates Today

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Current Mortgage Rates in Chicago

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Chicago housing market at a glance

September 2026 data

In Chicago, homes are selling in about 33 days (1 slower than a year ago), sales are down 2.6% from last year, and about 10% of listings have had a price cut.

Median sale price
$365,000
$271 per sq. ft.
Homes sold
7,223
▼ 2.6% vs. 7,418 last year
Days on market
33
vs. 32 days last year
Homes for sale
9,481
896 new listings
Listings with a price cut
10%
969 of 9,481 listings

Source: Movoto Chicago, IL market trends, September 2026. Last updated October 5, 2026.

What it costs to buy a home in Chicago

Monthly payments on Chicago's median home price of $365,000 (September 2026), at today's rates.

20% down · Conventional
$2,909/mo
Down payment
$73,000
Loan amount
$292,000
Rate
7.125%
Principal & interest
$1,967
Est. property tax
$608
Est. homeowners insurance
$333
5% down · Conventional
$3,278/mo
Down payment
$18,250
Loan amount
$346,750
Rate
7.125%
Principal & interest
$2,336
Est. property tax
$608
Est. homeowners insurance
$333
3.5% down · FHA
$3,296/mo
Down payment
$12,775
Loan amount
$358,389
Rate
6.875%
Principal & interest
$2,354
Est. property tax
$608
Est. homeowners insurance
$333

Payments include principal, interest, estimated Chicago property taxes, and estimated homeowners insurance. They do not include mortgage insurance (PMI or FHA monthly MIP), which applies with less than 20% down, or HOA dues. The FHA loan amount includes the 1.75% upfront mortgage insurance premium. These are examples based on the median price, not the sample loan used in the rate table above.

How much income do you need to buy a home in Chicago?

A common lender guideline is to keep your total housing payment (principal, interest, estimated Chicago property taxes, and estimated homeowners insurance) at or below 28% of your gross monthly income. Gross income is what you earn before taxes and other deductions come out of your paycheck. Based on that guideline, here's the yearly household income needed for Chicago's $365,000 median home:

20% down · Conventional$2,909/mo payment $124,656/yrabout $10,388/mo before taxes
5% down · Conventional$3,278/mo payment $140,465/yrabout $11,705/mo before taxes
3.5% down · FHA$3,296/mo payment $141,246/yrabout $11,771/mo before taxes

Why this matters: Keeping housing costs near 28% of your income leaves room for other bills, savings and the upkeep that comes with owning a home. It's a planning guideline, not a hard limit.

What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.

Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.

How rates change your payment

Principal and interest on a $292,000 loan (the Chicago median price with 20% down). Every 0.25% is worth about $49/mo.

Rate6.13%6.38%6.63%6.88%7.13%
today		7.38%
Monthly P&I$1,774$1,822$1,870$1,918$1,967$2,017

Ways to make a Chicago home more affordable

  • Ask for seller concessions. Homes take 33 days to sell, 1 more than last year. Sellers may cover closing costs or pay for a rate buydown.
  • Consider buying down your rate. On this example loan, a rate 0.5% lower saves about $98 a month.
  • Compare loan types. FHA rates are at 6.875% vs. 7.125% for conventional, with as little as 3.5% down. Compare by APR, including mortgage insurance.

Chicago mortgage and home buying FAQs

What are mortgage rates in Chicago today?

As of October 9, 2026, Lower’s 30-year fixed conventional rate in Chicago is 7.125% (7.420% APR), and the 30-year FHA rate is 6.875% (7.692% APR). Your rate depends on your credit, down payment, loan type and any points you pay. See the rate table above for points and full details.

What is the monthly payment on a median-priced home in Chicago?

On Chicago’s $365,000 median home price (September 2026), a 30-year conventional loan with 20% down at 7.125% comes to about $2,909 a month, including principal, interest, estimated Chicago property taxes, and estimated homeowners insurance. With an FHA loan and 3.5% down, it’s about $3,296 a month before monthly mortgage insurance.

How much income do I need to buy a house in Chicago?

To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $124,656 a year to buy Chicago’s $365,000 median home with 20% down, or about $141,246 with an FHA loan and 3.5% down. Lenders also consider your other debts, so the income you need may be higher or lower.

How much do I need for a down payment in Chicago?

On the $365,000 median home, 20% down is $73,000, 5% down is $18,250, and the FHA minimum of 3.5% is $12,775. Putting less than 20% down usually means paying mortgage insurance. You’ll also need money for closing costs.

Is it a buyer’s or seller’s market in Chicago right now?

In September 2026, Chicago homes sold in about 33 days, 1 days slower than a year earlier. 7223 homes sold, down from 7418 the year before, and about 10% of the 9481 homes for sale have had a price cut.

How much does a quarter-point rate change affect payments in Chicago?

On a $292,000 loan (the median Chicago home with 20% down), each 0.25% change in rate moves the principal and interest payment by about $49 a month, or about $588 a year.

How much are property taxes in Chicago?

Lower estimates Chicago property taxes at about 2.00% of a home’s value per year. On the $365,000 median home, that’s roughly $7,300 a year, or $608 a month. Your actual bill depends on your assessed value and any exemptions.

Market data: Movoto, September 2026. Homeowners insurance estimates are based on average annual premiums in Chicago from The Zebra; your quote will vary. Rates as of October 9, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

Find Out Why Chicago Loves Lower

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Karylle and her team were so easy to work with. I had feared the process going into it, and they made it so simple, seamless and pleasant.

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had to delay the closing due to the appraiser, not being responsible with his time or his levels of photography. However, Gavin did come to the closing and he did take off money to help with the situation. I would still send others to Gavin. d…o not believe this was Gavin's fault however it was the companies sub choice. I also understand he has been taken off of the list for the future, and it will not happen again. did have to take an additional day off of work to move the closing. communication was excellent.

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September 1, 2026

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