Current Mortgage Rates in Peoria, Illinois

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

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

Mortgage Rates in Peoria, IL as of September 19, 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 Peoria, IL Mortgage Rates Compare?

September 19, 2020

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

How Affordable is Housing in Peoria, Illinois?

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

The median home value for Peoria, IL is $135,648

Based on current mortgage rates and a 10% down payment, you need to make $24,413 per year to buy the median priced home in Peoria

With this income, you could qualify for a $122,084 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 Peoria is $565

The median household income for Peoria, IL is $55,962

Based on this income, you can afford a home valued at approximately $310,947

The home price you can afford to buy based on household income in Peoria is 229% of the median home value which means housing prices are affordable. Peoria ranks 79 out of 102 counties in Illinois and 1,014 out of 3,142 counties in the United States for housing affordability.

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


Loan Limits for Peoria, Illinois

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

Conforming loan limits for Peoria, IL

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

FHA loan limits for Peoria, IL

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Peoria, IL

1 unit: $510,400

Additional Mortgage Resources for Peoria, IL Residents

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