Current Mortgage Rates in Waukegan, Illinois

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

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

Mortgage Rates in Waukegan, IL as of August 5, 2020
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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 Waukegan, IL Mortgage Rates Compare?

August 5, 2020

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

How Affordable is Housing in Waukegan, Illinois?

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

The median home value for Waukegan, IL (Lake County) is $287,305

Based on current mortgage rates and a 10% down payment, you need to make $51,708 per year to buy the median priced home in Waukegan

With this income, you could qualify for a $258,575 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 Waukegan is $1,197

The median household income for Waukegan, IL (Lake County) is $87,127

Based on this income, you can afford a home valued at approximately $484,109

The home price you can afford to buy based on household income in Waukegan is 168% of the median home value which means housing prices are average. Waukegan (Lake County) ranks 99 out of 102 counties in Illinois and 2,205 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Waukegan, IL is average


Loan Limits for Waukegan, Illinois

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

Conforming loan limits for Waukegan, IL

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

FHA loan limits for Waukegan, IL

1 unit: $368,000
2 units: $471,100
3 units: $569,450
4 units: $707,700

VA loan limits for Waukegan, IL

1 unit: $510,400

Additional Mortgage Resources for Waukegan, IL Residents

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