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Champaign

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.

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Mortgage Rates in Champaign, IL as of October 23, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

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

October 23, 2019

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
Today's
Champaign, IL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Champaign, Illinois?

The median home value for Champaign, IL is $177,152

The median household income for Champaign, IL is $51,102

Based on current mortgage rates and a 10% down payment, you need to make $32,867 per year to buy the median priced home in Champaign

The home price you can afford to buy based on household income in Champaign is 155% of the median home value which means housing prices are average

Champaign ranks 100 out of 102 counties in Illinois and 2,462 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

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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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Champaign, IL

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Champaign, IL

1 unit: $484,350

Additional Mortgage Resources for Champaign, IL Residents

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Sources

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