Compare mortgage rates and fees for leading lenders in Madison, 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 Madison.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Madison. Plus, shopping lenders is free and there is no obligation.
December 10, 2019
The current average rate for a 30 year fixed rate mortgage in Madison 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%
The median home value for Madison, IL is $140,154
The median household income for Madison, IL is $58,264
Based on current mortgage rates and a 10% down payment, you need to make $26,003 per year to buy the median priced home in Madison
The home price you can afford to buy based on household income in Madison is 224% of the median home value which means housing prices are affordable
Madison ranks 81 out of 102 counties in Illinois and 1,109 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Madison, IL is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Madison below.
Conforming loan limits for Madison, IL
FHA loan limits for Madison, IL
VA loan limits for Madison, IL
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