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Madison

Compare Current Madison, Illinois Mortgage Rates

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.

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.

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Madison, IL Mortgage Rates as of January 24, 2022
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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 Madison, IL Mortgage Rates Compare?

January 24, 2022

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
%
3.560%
15 Year Fixed Rate
%
2.790%
5/1 Adjustable Rate Mortgage
%
2.600%

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

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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

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