The spring 2026 housing market is not what many Illinois buyers expected. As of late February 2026, 30-year fixed rates hover around 6.1%, according to Bankrate. Although it is lower than last year, affordability remains the main challenge. At the same time, in 2025, inventory was tight, and supply entering spring still fell well short of a balanced market.

Mortgage market activity often cools in late November as Americans shift their focus to holiday planning, travel, and year-end obligations. Yet this year tells a different story. November mortgage applications saw a slight but notable increase heading into Thanksgiving 2025, according to the Mortgage Bankers Association’s most recent Weekly Mortgage Applications Survey. Total mortgage volume was essentially flat overall, up just 0.2% from the previous week, but the internal movement within the data reveals deeper storylines beneath the headline figures.