Compare mortgage rates and fees for leading lenders in Pekin, 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 Pekin.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Pekin. Plus, shopping lenders is free and there is no obligation.
October 22, 2019
The current average rate for a 30 year fixed rate mortgage in Pekin 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 Pekin, IL (Tazewell County) is $142,927
The median household income for Pekin, IL (Tazewell County) is $62,735
Based on current mortgage rates and a 10% down payment, you need to make $26,517 per year to buy the median priced home in Pekin
The home price you can afford to buy based on household income in Pekin is 237% of the median home value which means housing prices are affordable
Pekin (Tazewell County) ranks 75 out of 102 counties in Illinois and 904 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Pekin, IL is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Pekin (Tazewell County) below.
Conforming loan limits for Pekin, IL
FHA loan limits for Pekin, IL
VA loan limits for Pekin, 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