»
»
Springfield

Current Mortgage Rates in Springfield, Illinois

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

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

%
Mortgage Rates in Springfield, IL as of August 18, 2019
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact

%
Get Personalized Mortgage Quotes for Springfield, IL

Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

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

August 18, 2019

The current average rate for a 30 year fixed rate mortgage in Springfield 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
Today's
Springfield, IL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Springfield, Illinois?

The median home value for Springfield, IL (Sangamon County) is $143,603

The median household income for Springfield, IL (Sangamon County) is $60,481

Based on current mortgage rates and a 10% down payment, you need to make $26,643 per year to buy the median priced home in Springfield

The home price you can afford to by based on household income in Springfield is 227% of the median home value which means housing prices are affordable

Springfield (Sangamon County) ranks 77 out of 102 counties in Illinois and 1,055 out of 3,142 counties in the United States for housing affordability.

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

orange-simple-house
ruler

Loan Limits for Springfield, Illinois

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Springfield (Sangamon County) below.

Conforming loan limits for Springfield, IL

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Springfield, IL

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Springfield, IL

1 unit: $484,350

Additional Mortgage Resources for Springfield, IL Residents

Mortgage Rates for Illinois Cities

Bloomington Mortgage Rates

Champaign Mortgage Rates

Chicago Mortgage Rates

Decatur Mortgage Rates

DeKalb Mortgage Rates

Elgin Mortgage Rates

Joilet Mortgage Rates

Kankakee Mortgage Rates

LaSalle Mortgage Rates

Madison Mortgage Rates

McHenry Mortgage Rates

Moline Mortgage Rates

Naperville Mortgage Rates

Oswego Mortgage Rates

Pekin Mortgage Rates

Peoria Mortgage Rates

Rockford Mortgage Rates

Springfield Mortgage Rates

St. Clair Mortgage Rates

Waukegan Mortgage Rates

Sources

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