Mortgage Rates in Buffalo Grove, Illinois — March 2026
Updated March 2026 | Based on Buffalo Grove market data and regional lending conditions
Buffalo Grove is a growing city in Illinois with a population of 41,496. The current 30-year fixed mortgage rate in Buffalo Grove is 6.65%, which is at the national average. With a median home price of $217,000 and a 20% down payment of $43,400, homebuyers can expect a monthly principal and interest payment of approximately $1,114.
Current Mortgage Rates in Buffalo Grove, IL
Below are the current average mortgage rates available in the Buffalo Grove area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.65% | 6.65% | 0% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.19% | 6.15% | +0.04% |
| FHA | 6.45% | 6.25% | +0.2% |
| VA | 6.2% | 6.05% | +0.15% |
| Jumbo | 6.9% | 6.85% | +0.05% |
Buffalo Grove Housing Market Overview
The Buffalo Grove housing market offers relatively affordable housing compared to many major cities. The median household income in Buffalo Grove is $65,800, and the cost of living index is 87.7 (national average = 100). Based on the 28% affordability rule, the median income in Buffalo Grove is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Buffalo Grove
Based on the median home price of $217,000 with 20% down ($43,400), here is what you can expect to pay monthly in Buffalo Grove:
15-Year vs. 30-Year Mortgage in Buffalo Grove
Choosing a 15-year mortgage in Buffalo Grove at 5.91% instead of a 30-year at 6.65% would save you $138,780 in total interest over the life of the loan. However, your monthly payment would be $1,457 instead of $1,114 — an increase of $343 per month.
Calculate Your Buffalo Grove Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Buffalo Grove
What are the current mortgage rates in Buffalo Grove, IL?
As of March 2026, the average 30-year fixed mortgage rate in Buffalo Grove, Illinois is 6.65%, while the 15-year fixed rate is 5.91%. FHA loans average 6.45% and VA loans 6.2%. These rates are at the national average of 6.65%.
How much is a monthly mortgage payment in Buffalo Grove?
Based on the median home price of $217,000 with 20% down, the estimated monthly mortgage payment in Buffalo Grove is $1,114 for principal and interest. Including property taxes of $373/month, the total monthly housing cost is approximately $1,487.
What income do I need to buy a home in Buffalo Grove?
Using the 28% rule, you would need an annual income of approximately $63,729 to afford the median-priced home in Buffalo Grove at $217,000. The median household income in Buffalo Grove is $65,800. The median income is currently sufficient to meet this threshold.
Is Buffalo Grove a good place to buy a home in 2026?
Buffalo Grove offers a below-average cost of living with a cost of living index of 87.7 (national average = 100). The property tax rate in Illinois is 2.06%, which is above the national average. Buffalo Grove has a population of 41,496 and offers a very affordable lifestyle.
Mortgage Rates in Other Illinois Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Buffalo Grove, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.