Dr. Renee Dupree built this page so you can see this week's mortgage rates, what lenders are actually posting, what you might afford on your income and credit, and how buying compares with renting, all in plain words.
We stay neutral. MMM is not a lender and takes no pay from any lender. There are no affiliate links on this page. Lenders are listed only because they publish their rates on their own websites.
Freddie Mac's Primary Mortgage Market Survey (PMMS) is the most-quoted benchmark for U.S. mortgage rates. It is an average, not an offer. It reflects borrowers with good to excellent credit putting 20% down on a home purchase.
As of Thursday, Oct 29, 2026 (U.S. weekly averages). Source: Freddie Mac PMMS. Freddie Mac publishes a new reading every Thursday at 12 p.m. ET (11 a.m. Central); the next one is due Thursday, Nov 5, 2026.
These are sample rates that each lender publishes on its own website, read by MMM on Monday, Nov 2, 2026. Every lender uses different assumptions (credit score, down payment, loan size, location and points), so they are not an apples-to-apples ranking. Compare the APR, which includes points and some fees, and always get an official Loan Estimate.
Why some lender rates are lower than the 7.24% average: several of these quotes include paid discount points (prepaid interest at closing) or assume very high credit scores and 25% down. Lower rate plus points is not automatically cheaper. Rates change daily. MMM lists these for education only, receives nothing from any of these lenders and does not recommend one over another.
Enter your numbers. Everything stays in your browser; nothing is saved or sent. This is an education tool, not a loan offer or pre-approval.
Same home price and loan as above. Only the interest rate changes, using each score range's average rate. Taxes, insurance, PMI and HOA are held the same so you can see the credit effect alone.
| Credit score | Avg. 30-yr rate | Principal & interest | vs. your range | Total interest (30 yrs) |
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Rates by score: myFICO Loan Savings Calculator (30-year fixed, national, 80% loan-to-value, data from Curinos LLC), rates as of 11/02/2026. See the source. myFICO lists no rate below a 620 score; under 620, most conventional loans are hard to get, so enter a quote you were given or talk with a HUD-approved counselor about FHA.
Uses the home price, loan and monthly costs from the calculator above. This is an illustration, not a promise: home values can go down as well as up, and nobody can promise appreciation.
| 5 years | 10 years | 7 years |
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How to read this: "Equity" is your down payment, plus the loan principal you have paid off, plus any change in home value at the rate you set. "Total rent paid" is money that does not come back to you, but "total owner payments" includes interest, taxes, insurance, PMI and HOA, which do not come back either. Selling a home also costs money (often several percent of the price for agent fees, transfer taxes and closing costs), and owners pay for repairs, so equity is not the same as cash in your pocket. PMI is dropped once the loan reaches 78% of the original price.
About the home value setting: we start at 0% so the result shows what you build just by paying down the loan. Home prices have risen in many years and fallen in others (for example, 2007 to 2011). If you try a positive number, treat it as a "what if", not a forecast.
Free and low-cost programs for Illinois, Chicago and Cook County buyers. Program rules, income limits and funding change, so confirm on the official page before you count on any of them.
30-year fixed IHDA mortgage plus down payment and closing cost help, through IHDA-approved lenders. Minimum credit score 640, income and price limits, homebuyer education required. Statewide.
The monthly payment is only part of the story. Check these before you make an offer.
In Cook County, the tax bill on two similar homes can be very different, and the seller's bill may include exemptions you will not get. Look up the actual bill, the assessed value and any exemptions for the exact address.
Regular homeowners insurance does not cover flood damage. If a home is in a FEMA high-risk flood zone and you have a federally backed mortgage, flood insurance is required, and it can add a lot to the monthly cost. Homes outside mapped zones can still flood.
An appraisal is for the lender; an inspection is for you. Hire your own licensed home inspector before you are locked in, and keep an inspection contingency in your offer. Roof, furnace, water heater, foundation, electrical, plumbing and sewer lines can be expensive surprises.
Apply with at least three lenders (a bank, a credit union and a mortgage company is a good mix) within a few weeks and compare the official Loan Estimates line by line: rate, APR, points, lender fees and cash to close. Rates vary widely for the same borrower.
For education only. Rates change daily and depend on your credit, down payment and lender. MMM is not a lender and receives no payment from any lender.
Calculator results are estimates, not a loan offer, pre-approval or financial advice. Lender rates were read from each lender's public website on the date shown and may already be different. There are no affiliate or paid links on this page. Talk with a HUD-approved housing counselor and compare official Loan Estimates before you decide.
