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Joilet

Current Mortgage Rates in Joilet, Illinois

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

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

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Mortgage Rates in Joilet, IL as of August 19, 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 Joilet, IL Mortgage Rates Compare?

August 19, 2019

The current average rate for a 30 year fixed rate mortgage in Joilet 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
Joilet, IL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Joilet, Illinois?

The median home value for Joilet, IL (Will County) is $242,276

The median household income for Joilet, IL (Will County) is $83,252

Based on current mortgage rates and a 10% down payment, you need to make $44,950 per year to buy the median priced home in Joilet

The home price you can afford to by based on household income in Joilet is 185% of the median home value which means housing prices are average

Joilet (Will County) ranks 96 out of 102 counties in Illinois and 1,876 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Joilet, Illinois

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

Conforming loan limits for Joilet, IL

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

FHA loan limits for Joilet, IL

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

VA loan limits for Joilet, IL

1 unit: $484,350

Additional Mortgage Resources for Joilet, 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