Compare Current Kankakee, Illinois Mortgage Rates

Compare Kankakee, IL mortgage rates and fees from top lenders. 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 lowest 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.

Kankakee, IL Mortgage Rates as of February 8, 2023
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Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Kankakee, IL Mortgage Rates

February 8, 2023

Current mortgage rates in Kankakee, IL are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Kankakee, IL Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

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 $177,675

Based on current mortgage rates and a 10% down payment, you need to make $29,111 per year to buy the median priced home in Kankakee

With this income, you could qualify for a $159,907 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 $674

The median household income for Kankakee, IL is $65,850

Based on this income, you can afford a home valued at approximately $401,902

The home price you can afford to buy based on household income in Kankakee is 226% of the median home value which means housing prices are affordable. Kankakee ranks 90 out of 102 counties in Illinois and 1,216 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 affordable


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: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Kankakee, IL

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Kankakee, IL

1 unit: $647,200

Additional Mortgage Resources for Kankakee, IL Residents

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