Compare mortgage rates and fees for leading lenders in Bloomington, IL. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Bloomington.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Bloomington. Plus, shopping lenders is free and there is no obligation.
August 22, 2019
The current average rate for a 30 year fixed rate mortgage in Bloomington is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Bloomington, IL (McLean County) is $164,190
The median household income for Bloomington, IL (McLean County) is $66,547
Based on current mortgage rates and a 10% down payment, you need to make $30,462 per year to buy the median priced home in Bloomington
The home price you can afford to by based on household income in Bloomington is 218% of the median home value which means housing prices are affordable
Bloomington (McLean County) ranks 84 out of 102 counties in Illinois and 1,223 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Bloomington, IL is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bloomington (McLean County) below.
Conforming loan limits for Bloomington, IL
FHA loan limits for Bloomington, IL
VA loan limits for Bloomington, IL
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index