Current Mortgage Rates in McHenry, Illinois

Compare mortgage rates and fees for leading lenders in McHenry, 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 McHenry.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in McHenry. Plus, shopping lenders is free and there is no obligation.

Mortgage Rates in McHenry, IL as of September 27, 2020
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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.


How Do Today's McHenry, IL Mortgage Rates Compare?

September 27, 2020

The current average rate for a 30 year fixed rate mortgage in McHenry 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
McHenry, IL Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in McHenry, Illinois?

Below we provide helpful information on the real estate market, home prices and housing affordability in McHenry. Understand how much you need to earn to afford a home in McHenry, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in McHenry 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 McHenry is right for you.

The median home value for McHenry, IL is $240,354

Based on current mortgage rates and a 10% down payment, you need to make $43,258 per year to buy the median priced home in McHenry

With this income, you could qualify for a $216,319 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 McHenry is $1,002

The median household income for McHenry, IL is $86,723

Based on this income, you can afford a home valued at approximately $481,865

The home price you can afford to buy based on household income in McHenry is 200% of the median home value which means housing prices are affordable. McHenry ranks 93 out of 102 counties in Illinois and 1,565 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in McHenry, IL is affordable


Loan Limits for McHenry, Illinois

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for McHenry below.

Conforming loan limits for McHenry, IL

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for McHenry, IL

1 unit: $368,000
2 units: $471,100
3 units: $569,450
4 units: $707,700

VA loan limits for McHenry, IL

1 unit: $510,400

Additional Mortgage Resources for McHenry, IL Residents

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