Mortgage Rates in Champaign, Illinois — March 2026
Updated March 2026 | Based on Champaign market data and regional lending conditions
Champaign is a growing city in Illinois with a population of 88,302. The current 30-year fixed mortgage rate in Champaign is 6.69%, which is 0.04% above the national average. With a median home price of $175,000 and a 20% down payment of $35,000, homebuyers can expect a monthly principal and interest payment of approximately $902.
Current Mortgage Rates in Champaign, IL
Below are the current average mortgage rates available in the Champaign 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 | 6.69% | 6.65% | +0.04% |
| 15-Year Fixed | 5.93% | 5.89% | +0.04% |
| 5/1 ARM | 6.19% | 6.15% | +0.04% |
| FHA | 6.29% | 6.25% | +0.04% |
| VA | 6.09% | 6.05% | +0.04% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Champaign Housing Market Overview
The Champaign housing market offers relatively affordable housing compared to many major cities. The median household income in Champaign is $42,250, and the cost of living index is 87.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $51,600 to comfortably afford the median-priced home in Champaign, which exceeds the current median household income.
Monthly Payment Breakdown for Champaign
Based on the median home price of $175,000 with 20% down ($35,000), here is what you can expect to pay monthly in Champaign:
15-Year vs. 30-Year Mortgage in Champaign
Choosing a 15-year mortgage in Champaign at 5.93% instead of a 30-year at 6.69% would save you $113,040 in total interest over the life of the loan. However, your monthly payment would be $1,176 instead of $902 — an increase of $274 per month.
Calculate Your Champaign 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 Champaign
What are the current mortgage rates in Champaign, IL?
As of March 2026, the average 30-year fixed mortgage rate in Champaign, Illinois is 6.69%, while the 15-year fixed rate is 5.93%. FHA loans average 6.29% and VA loans 6.09%. These rates are 0.04% above the national average of 6.65%.
How much is a monthly mortgage payment in Champaign?
Based on the median home price of $175,000 with 20% down, the estimated monthly mortgage payment in Champaign is $902 for principal and interest. Including property taxes of $302/month, the total monthly housing cost is approximately $1,204.
What income do I need to buy a home in Champaign?
Using the 28% rule, you would need an annual income of approximately $51,600 to afford the median-priced home in Champaign at $175,000. The median household income in Champaign is $42,250. This means most households would need to either earn above the median or consider homes below $175,000.
Is Champaign a good place to buy a home in 2026?
Champaign offers a below-average cost of living with a cost of living index of 87.5 (national average = 100). The property tax rate in Illinois is 2.07%, which is above the national average. Champaign has a population of 88,302 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 Champaign, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.