Current Mortgage Rates in Champaign, Illinois

Compare mortgage rates and fees for leading lenders in Champaign, 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 Champaign.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Champaign. Plus, shopping lenders is free and there is no obligation.

Mortgage Rates in Champaign, IL as of October 1, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.


How Do Today's Champaign, IL Mortgage Rates Compare?

October 1, 2020

The current average rate for a 30 year fixed rate mortgage in Champaign 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%

Mortgage Program
Champaign, IL Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Champaign, Illinois?

Below we provide helpful information on the real estate market, home prices and housing affordability in Champaign. Understand how much you need to earn to afford a home in Champaign, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Champaign fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Champaign is right for you.

The median home value for Champaign, IL is $182,290

Based on current mortgage rates and a 10% down payment, you need to make $32,807 per year to buy the median priced home in Champaign

With this income, you could qualify for a $164,061 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Champaign is $760

The median household income for Champaign, IL is $52,295

Based on this income, you can afford a home valued at approximately $290,572

The home price you can afford to buy based on household income in Champaign is 159% of the median home value which means housing prices are average. Champaign ranks 100 out of 102 counties in Illinois and 2,371 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Champaign, IL is average


Loan Limits for Champaign, Illinois

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Champaign below.

Conforming loan limits for Champaign, IL

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Champaign, IL

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Champaign, IL

1 unit: $510,400

Additional Mortgage Resources for Champaign, IL Residents

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