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.
December 12, 2019
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%
The median home value for Waukegan, IL (Lake County) is $276,255
The median household income for Waukegan, IL (Lake County) is $85,139
Based on current mortgage rates and a 10% down payment, you need to make $51,254 per year to buy the median priced home in Waukegan
The home price you can afford to buy based on household income in Waukegan is 166% of the median home value which means housing prices are average
Waukegan (Lake County) ranks 99 out of 102 counties in Illinois and 2,269 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
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
FHA loan limits for Waukegan, IL
VA loan limits for Waukegan, 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