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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 August 22, 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 Kankakee, IL Mortgage Rates Compare?

August 22, 2019

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%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Kankakee, Illinois?

The median home value for Kankakee, IL is $162,584

The median household income for Kankakee, IL is $58,271

Based on current mortgage rates and a 10% down payment, you need to make $30,164 per year to buy the median priced home in Kankakee

The home price you can afford to by 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 1,721 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Kankakee, IL

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

VA loan limits for Kankakee, IL

1 unit: $484,350

Additional Mortgage Resources for Kankakee, 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