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.
December 10, 2019
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%
The median home value for Peoria, IL is $132,340
The median household income for Peoria, IL is $54,685
Based on current mortgage rates and a 10% down payment, you need to make $24,553 per year to buy the median priced home in Peoria
The home price you can afford to buy based on household income in Peoria is 223% of the median home value which means housing prices are affordable
Peoria ranks 82 out of 102 counties in Illinois and 1,132 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
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
FHA loan limits for Peoria, IL
VA loan limits for Peoria, 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