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Compare Madison, 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 Madison.
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Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Madison, IL Mortgage Rates
February 8, 2023
Current mortgage rates in Madison, 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
Today's Madison, IL Rates
National Average
Comparison
30 Year Fixed Rate
%
6.090%
15 Year Fixed Rate
%
5.140%
5/1 Adjustable Rate Mortgage
%
5.125%
How Affordable is Housing in Madison, Illinois?
Below we provide helpful information on the real estate market, home prices and housing affordability in Madison. Understand how much you need to earn to afford a home in Madison, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Madison 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 Madison is right for you.
The median home value for Madison, IL is $197,992
Based on current mortgage rates and a 10% down payment, you need to make $32,440 per year to buy the median priced home in Madison
With this income, you could qualify for a $178,192 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 Madison is $751
The median household income for Madison, IL is $74,347
Based on this income, you can afford a home valued at approximately $453,760
The home price you can afford to buy based on household income in Madison is 229% of the median home value which means housing prices are affordable.
Madison ranks 88 out of 102 counties in Illinois and 1,156 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
Loan Limits for Madison, Illinois
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
1 unit:$647,200
2 units:$828,700
3 units:$1,001,650
4 units:$1,244,850
FHA loan limits for Madison, IL
1 unit:$420,680
2 units:$538,650
3 units:$651,050
4 units:$809,150
VA loan limits for Madison, IL
1 unit:$647,200
Additional Mortgage Resources for Madison, IL Residents