When looking for the best mortgage rates in Illinois, it's important to compare offerings from multiple lenders to find the most competitive rates and terms. Here are some of the current trends and tips to help you secure the best mortgage rates in Illinois.
Current Mortgage Rates
- 30-Year Fixed-Rate Mortgage: The average rate for a 30-year fixed-rate mortgage in Illinois is around 7.31%.
- 15-Year Fixed-Rate Mortgage: For those opting for a shorter term, the average rate for a 15-year fixed-rate mortgage is approximately 6.70%.
- Adjustable-Rate Mortgages (ARMs): Rates for adjustable-rate mortgages can vary, with a 5/6 ARM averaging around 7.978%.
Key Lenders
- Rocket Mortgage: Known for its streamlined online application process and competitive rates. It’s one of the top lenders in the state and provides a range of mortgage options.
- AmeriSave: Offers attractive rates, particularly for borrowers with high credit scores. It provides a variety of loan types, including conventional and government-insured loans.
- Veterans United: A great option for eligible veterans, offering low interest rates and flexible qualification requirements.
Tips for Securing the Best Rates
- Boost Your Credit Score: Higher credit scores generally secure better interest rates. Aim to improve your credit score by paying down debts and making timely payments.
- Lower Your Debt-to-Income Ratio: Reducing your debt relative to your income can help you qualify for lower rates. Consider paying off high-interest debts or increasing your income.
- Shop Around: Compare rates from multiple lenders. Online comparison tools can help you quickly see different offers.
- Consider Mortgage Points: Paying for mortgage points can reduce your interest rate. This involves an upfront payment in exchange for a lower rate over the life of the loan.
- Choose the Right Loan Type: Depending on your situation, FHA or VA loans might offer more favorable terms compared to conventional loans.
Illinois-Specific Programs
- IHDAccess Repayable: The Illinois Housing Development Authority offers programs like IHDAccess Repayable, which provides up to $10,000 in down payment assistance. This can be particularly beneficial for first-time homebuyers.
By taking these steps and staying informed about current market trends, you can increase your chances of securing the best mortgage rate available in Illinois. Always read the fine print and understand all fees and conditions associated with the mortgage offers you consider.
