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Elgin

Current Mortgage Rates in Elgin, Illinois

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

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

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Mortgage Rates in Elgin, IL as of October 20, 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 Elgin, IL Mortgage Rates Compare?

October 20, 2019

The current average rate for a 30 year fixed rate mortgage in Elgin 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
Elgin, 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 Elgin, Illinois?

The median home value for Elgin, IL (Kane County) is $249,060

The median household income for Elgin, IL (Kane County) is $77,151

Based on current mortgage rates and a 10% down payment, you need to make $46,208 per year to buy the median priced home in Elgin

The home price you can afford to buy based on household income in Elgin is 167% of the median home value which means housing prices are average

Elgin (Kane County) ranks 98 out of 102 counties in Illinois and 2,254 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Elgin, Illinois

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Elgin (Kane County) below.

Conforming loan limits for Elgin, IL

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

FHA loan limits for Elgin, IL

1 unit: $368,000
2 units: $471,100
3 units: $569,450
4 units: $707,700

VA loan limits for Elgin, IL

1 unit: $484,350

Additional Mortgage Resources for Elgin, 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