Mortgage Rates in Danville, Illinois — March 2026
Updated March 2026 | Based on Danville market data and regional lending conditions
Danville is a growing city in Illinois with a population of 30,477. The current 30-year fixed mortgage rate in Danville is 6.78%, which is 0.13% above the national average. With a median home price of $65,000 and a 20% down payment of $13,000, homebuyers can expect a monthly principal and interest payment of approximately $338.
Current Mortgage Rates in Danville, IL
Below are the current average mortgage rates available in the Danville 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 | 6.78% | 6.65% | +0.13% |
| 15-Year Fixed | 6.02% | 5.89% | +0.13% |
| 5/1 ARM | 6.28% | 6.15% | +0.13% |
| FHA | 6.38% | 6.25% | +0.13% |
| VA | 6.18% | 6.05% | +0.13% |
| Jumbo | 6.98% | 6.85% | +0.13% |
Danville Housing Market Overview
The Danville housing market offers relatively affordable housing compared to many major cities. The median household income in Danville is $30,000, and the cost of living index is 74 (national average = 100). Based on the 28% affordability rule, the median income in Danville is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Danville
Based on the median home price of $65,000 with 20% down ($13,000), here is what you can expect to pay monthly in Danville:
15-Year vs. 30-Year Mortgage in Danville
Choosing a 15-year mortgage in Danville at 6.02% instead of a 30-year at 6.78% would save you $42,660 in total interest over the life of the loan. However, your monthly payment would be $439 instead of $338 — an increase of $101 per month.
Calculate Your Danville 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 Danville
What are the current mortgage rates in Danville, IL?
As of March 2026, the average 30-year fixed mortgage rate in Danville, Illinois is 6.78%, while the 15-year fixed rate is 6.02%. FHA loans average 6.38% and VA loans 6.18%. These rates are 0.13% above the national average of 6.65%.
How much is a monthly mortgage payment in Danville?
Based on the median home price of $65,000 with 20% down, the estimated monthly mortgage payment in Danville is $338 for principal and interest. Including property taxes of $94/month, the total monthly housing cost is approximately $432.
What income do I need to buy a home in Danville?
Using the 28% rule, you would need an annual income of approximately $18,514 to afford the median-priced home in Danville at $65,000. The median household income in Danville is $30,000. The median income is currently sufficient to meet this threshold.
Is Danville a good place to buy a home in 2026?
Danville offers a below-average cost of living with a cost of living index of 74 (national average = 100). The property tax rate in Illinois is 1.74%, which is above the national average. Danville has a population of 30,477 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 Danville, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.