Compare mortgage rates and fees for leading lenders in Rockford, 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 Rockford.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Rockford. Plus, shopping lenders is free and there is no obligation.
December 11, 2019
The current average rate for a 30 year fixed rate mortgage in Rockford 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 Rockford, IL (Winnebago County) is $125,161
The median household income for Rockford, IL (Winnebago County) is $52,672
Based on current mortgage rates and a 10% down payment, you need to make $23,221 per year to buy the median priced home in Rockford
The home price you can afford to buy based on household income in Rockford is 227% of the median home value which means housing prices are affordable
Rockford (Winnebago County) ranks 79 out of 102 counties in Illinois and 1,062 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Rockford, IL is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Rockford (Winnebago County) below.
Conforming loan limits for Rockford, IL
FHA loan limits for Rockford, IL
VA loan limits for Rockford, 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