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Kankakee

Current Mortgage Rates in Kankakee, Illinois

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

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

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Mortgage Rates in Kankakee, IL as of September 25, 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.
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How Do Today's Kankakee, IL Mortgage Rates Compare?

September 25, 2020

The current average rate for a 30 year fixed rate mortgage in Kankakee 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
Kankakee, IL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Kankakee, Illinois?

Below we provide helpful information on the real estate market, home prices and housing affordability in Kankakee. Understand how much you need to earn to afford a home in Kankakee, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Kankakee 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 Kankakee is right for you.

The median home value for Kankakee, IL is $171,526

Based on current mortgage rates and a 10% down payment, you need to make $30,870 per year to buy the median priced home in Kankakee

With this income, you could qualify for a $154,373 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 Kankakee is $715

The median household income for Kankakee, IL is $59,632

Based on this income, you can afford a home valued at approximately $331,334

The home price you can afford to buy based on household income in Kankakee is 193% of the median home value which means housing prices are average. Kankakee ranks 94 out of 102 counties in Illinois and 1,711 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Kankakee, Illinois

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

Conforming loan limits for Kankakee, IL

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

FHA loan limits for Kankakee, IL

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

VA loan limits for Kankakee, IL

1 unit: $510,400

Additional Mortgage Resources for Kankakee, IL Residents

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