Chicago mortgage rates follow the national market: the Freddie Mac average for a 30-year fixed-rate mortgage was 7.11% and for a 15-year fixed was 6.45% in the survey released November 12, 2026, a national figure that also applies to Chicago because Freddie Mac does not publish a city or state average.
Last reviewed November 13, 2026 · Chicago First Time Home Buyer editorial team
We update this page each Thursday after Freddie Mac releases its weekly Primary Mortgage Market Survey (PMMS). The rate a lender quotes you can be higher or lower than the average, depending on your credit score, down payment, loan type and the points you pay.
Chicago mortgage rates at a glance
| Measure | Rate (annual, %) | Geography | Source and reference date |
|---|---|---|---|
| 30-year fixed, average | 7.11% | U.S. (lower 48 states and D.C.), including Chicago | Freddie Mac PMMS, released Nov. 12, 2026 [1] |
| 30-year fixed, one week earlier | 7.18% | U.S., including Chicago | Freddie Mac PMMS, released Nov. 5, 2026 [1][2] |
| 30-year fixed, one year earlier | 6.24% | U.S., including Chicago | Freddie Mac PMMS, same week of 2025 [1] |
| 15-year fixed, average | 6.45% | U.S., including Chicago | Freddie Mac PMMS, released Nov. 12, 2026 [1] |
| 15-year fixed, one week earlier | 6.57% | U.S., including Chicago | Freddie Mac PMMS, released Nov. 5, 2026 [1][2] |
| 15-year fixed, one year earlier | 5.49% | U.S., including Chicago | Freddie Mac PMMS, same week of 2025 [1] |
| Monthly principal and interest, $320,000 loan, 30-year fixed at 7.11% | $2,152.66 per month | Example (any home price $400,000 with 20% down) | Our calculation from the Nov. 12, 2026 PMMS rate; formula below |
What are mortgage rates in Chicago this week?
In Freddie Mac’s survey released Thursday, November 12, 2026, the 30-year fixed rate averaged 7.11%, down from 7.18% the week before, and the 15-year fixed averaged 6.45%, down from 6.57% [1]. A year earlier the two averages were 6.24% and 5.49% [1]. Freddie Mac said the 30-year rate fell for a fourth week in a row, to its lowest level in seven weeks [1].
Recent weeks, from Freddie Mac’s weekly releases [1][2]:
| PMMS release date (2026) | 30-year fixed, U.S. average | 15-year fixed, U.S. average |
|---|---|---|
| Nov. 12 | 7.11% | 6.45% |
| Nov. 5 | 7.18% | 6.57% |
| Oct. 29 | 7.24% | 6.60% |
| Oct. 22 | 7.32% | 6.68% |
| Oct. 15 | 7.40% | 6.71% |
Is there a Chicago-only mortgage rate?
No public agency publishes an official weekly mortgage rate for Chicago alone. Freddie Mac’s PMMS is the most widely quoted weekly rate, and it is a national average. Since November 2022 it has been calculated from loan applications that lenders submit to Freddie Mac’s automated underwriting system, Loan Product Advisor, not from a phone survey of lenders [3].
The average covers a specific kind of loan, so read it as a benchmark, not a quote [3]:
- conventional, conforming, fully amortizing home purchase loans (not FHA, VA or refinances);
- 30-year or 15-year fixed rate;
- single-family, owner-occupied, one-unit homes;
- a loan-to-value ratio between 75% and 80% (about 20% to 25% down);
- a credit score of 740 or higher;
- loans within the national conforming loan limit, in the lower 48 states and D.C.;
- applications from Thursday through the following Wednesday, published each Thursday at noon Eastern time.
The average does not include discount points or origination fees [3]. The CFPB notes that many lenders offer slightly different rates by state, and depending on the loan amount and type, by county [4].
What does today’s rate mean for a monthly payment in Chicago?
Monthly principal and interest on a fixed-rate loan is calculated with the standard amortization formula:
Payment = L × i ÷ (1 − (1 + i)−n), where L is the loan amount, i is the annual rate divided by 12 (as a decimal) and n is the number of monthly payments (360 for 30 years, 180 for 15 years).
Worked example: a $400,000 Chicago home with 20% down is a $320,000 loan. At the November 12, 2026 average of 7.11%, i = 0.0711 ÷ 12 = 0.005925 and n = 360, so the payment is $320,000 × 0.005925 ÷ (1 − 1.005925−360) = $2,152.66 a month in principal and interest. Property taxes, homeowners or condo insurance, condo assessments and any mortgage insurance are extra.
| 30-year fixed rate | Monthly principal and interest on a $320,000 loan | Rate reference |
|---|---|---|
| 6.24% | $1,968.21 | PMMS average one year earlier (Nov. 13, 2025) [1] |
| 6.75% | $2,075.51 | Illustrative |
| 7.00% | $2,128.97 | Illustrative |
| 7.11% | $2,152.66 | PMMS average, Nov. 12, 2026 [1] |
| 7.50% | $2,237.49 | Illustrative |
| 7.75% | $2,292.52 | Illustrative |
Comparing the two PMMS rows: on the same $320,000, 30-year loan, the November 12, 2026 average costs $184.45 a month more in principal and interest than the average one year earlier ($2,152.66 vs. $1,968.21). On that loan, each 0.25-point change in the rate moves the payment by roughly $53 to $55 a month. A 15-year loan at the November 12 average of 6.45% would cost $2,778.76 a month on the same $320,000.
For full monthly costs by price and down payment, including FHA mortgage insurance, see monthly mortgage payment on a Chicago home. To see what price this week’s rate supports on your income, see how much house you can afford in Chicago.
Why might your Chicago mortgage rate differ from the average?
The CFPB lists seven factors that shape the rate a lender offers you [4]:
- Credit score. Higher scores generally get lower rates. The PMMS average assumes 740 or higher. See credit score to buy a house in Chicago.
- Home location. Rates can vary by state and, for some loans, by county.
- Home price and loan amount. Very small or very large loans can carry higher rates. See 2026 loan limits in Chicago and Cook County.
- Down payment. A larger down payment usually means a lower rate. The PMMS average assumes about 20% to 25% down; many first-time buyers put down less.
- Loan term. Shorter terms, such as 15 years, usually have lower rates but higher monthly payments.
- Fixed or adjustable rate. An adjustable rate may start lower and can rise later.
- Loan type. Conventional, FHA, VA and USDA loans can have significantly different rates. The PMMS covers conventional loans only. See first-time home buyer loans in Chicago.
Your credit score and credit report determine both whether you can get a mortgage and the rate you will pay (CFPB, reviewed December 31, 2024) [5].
How do you compare and lock a mortgage rate?
- Get offers from several lenders for the same loan. Ask each for the same loan type, program and term so you can compare like with like. The CFPB says that getting preapprovals within a short time should have no major impact on your credit score [6].
- Compare Loan Estimates line by line. Look at the interest rate, monthly principal and interest, mortgage insurance and cash to close; then the lender-controlled costs (origination charges in Section A, services in Section B, lender credits in Section J); and the “In 5 years” line on page 3 [7]. Rates change daily, so estimates issued on different days can differ for that reason alone [7].
- Watch points. Points are upfront fees that lower the rate. Make sure a lender does not lower the rate by raising points or lower one fee by raising another [6].
- Lock the rate. A rate lock means your rate won’t change between the offer and closing, as long as you close within the lock period and your application doesn’t change. Locks are typically available for 30, 45 or 60 days, and extending one can be costly [8]. A lock can still change if your loan amount, credit score, verified income, loan type, down payment or appraisal changes [8].
Down payment assistance can lower the amount you borrow. See down payment assistance programs in Chicago and the Chicago down payment assistance calculator.
Common questions
What is the average 30-year mortgage rate in Chicago right now?
7.11%, the Freddie Mac national average for a 30-year fixed-rate mortgage in the survey released November 12, 2026. Freddie Mac does not publish a separate Chicago average.
What is the 15-year mortgage rate in Chicago?
The Freddie Mac national average for a 15-year fixed-rate mortgage was 6.45% in the survey released November 12, 2026, down from 6.57% a week earlier.
Are mortgage rates higher than a year ago?
Yes. The 30-year average was 7.11% on November 12, 2026, compared with 6.24% in the same week of 2025 (Freddie Mac PMMS, national averages).
Do FHA and VA loans have the same rate as the average?
Not necessarily. The Freddie Mac average covers only conventional, conforming purchase loans, and the CFPB says conventional, FHA, VA and USDA loans can have significantly different rates. Ask lenders for FHA or VA quotes directly.
How long does a mortgage rate lock last?
Rate locks are typically available for 30, 45 or 60 days, and sometimes longer, according to the CFPB. Ask your lender what it costs to extend a lock if closing is delayed.
Monthly rate news: Chicago mortgage rates in October 2026. Next steps: see what it costs to buy a home in Chicago and how to buy a home in Chicago.
Sources
- Freddie Mac, Primary Mortgage Market Survey: Mortgage Rates (release of November 12, 2026; read November 13, 2026)
- Freddie Mac, Mortgage Market Survey Archive, 2026 weekly data (read November 4, 2026)
- Freddie Mac, Freddie Mac’s Newly Enhanced Mortgage Rate Survey Explained (November 3, 2022)
- CFPB, Seven factors that determine your mortgage interest rate (September 29, 2017, archived)
- CFPB, Does my credit score affect my ability to get a mortgage loan or the mortgage rate I pay? (reviewed December 31, 2024)
- CFPB, Shopping for a mortgage (September 2020)
- CFPB, Review Loan Estimates (read November 4, 2026)
- CFPB, What’s a lock-in or a rate lock on a mortgage? (reviewed May 2, 2023)
Cite this page: Chicago First Time Home Buyer, “Chicago Mortgage Rates This Week: Freddie Mac Averages and What They Mean for Your Payment,” reviewed November 13, 2026, chicagofirsttimehomebuyer.com/costs/mortgage-rates/.