Mortgage Rates in Des Plaines, Illinois — March 2026
Updated March 2026 | Based on Des Plaines market data and regional lending conditions
Des Plaines is a growing city in Illinois with a population of 59,773. The current 30-year fixed mortgage rate in Des Plaines is 6.66%, which is 0.01% above the national average. With a median home price of $246,000 and a 20% down payment of $49,200, homebuyers can expect a monthly principal and interest payment of approximately $1,265.
Current Mortgage Rates in Des Plaines, IL
Below are the current average mortgage rates available in the Des Plaines 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 | 6.66% | 6.65% | +0.01% |
| 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 | 6.91% | 6.85% | +0.06% |
Des Plaines Housing Market Overview
The Des Plaines housing market offers relatively affordable housing compared to many major cities. The median household income in Des Plaines is $62,000, and the cost of living index is 92.9 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $71,614 to comfortably afford the median-priced home in Des Plaines, which exceeds the current median household income.
Monthly Payment Breakdown for Des Plaines
Based on the median home price of $246,000 with 20% down ($49,200), here is what you can expect to pay monthly in Des Plaines:
15-Year vs. 30-Year Mortgage in Des Plaines
Choosing a 15-year mortgage in Des Plaines at 5.91% instead of a 30-year at 6.66% would save you $158,220 in total interest over the life of the loan. However, your monthly payment would be $1,651 instead of $1,265 — an increase of $386 per month.
Calculate Your Des Plaines 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 Des Plaines
What are the current mortgage rates in Des Plaines, IL?
As of March 2026, the average 30-year fixed mortgage rate in Des Plaines, Illinois is 6.66%, while the 15-year fixed rate is 5.91%. FHA loans average 6.45% and VA loans 6.2%. These rates are 0.01% above the national average of 6.65%.
How much is a monthly mortgage payment in Des Plaines?
Based on the median home price of $246,000 with 20% down, the estimated monthly mortgage payment in Des Plaines is $1,265 for principal and interest. Including property taxes of $406/month, the total monthly housing cost is approximately $1,671.
What income do I need to buy a home in Des Plaines?
Using the 28% rule, you would need an annual income of approximately $71,614 to afford the median-priced home in Des Plaines at $246,000. The median household income in Des Plaines is $62,000. This means most households would need to either earn above the median or consider homes below $246,000.
Is Des Plaines a good place to buy a home in 2026?
Des Plaines offers a below-average cost of living with a cost of living index of 92.9 (national average = 100). The property tax rate in Illinois is 1.98%, which is above the national average. Des Plaines has a population of 59,773 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 Des Plaines, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.