Mortgage Rates in Downers Grove, Illinois — March 2026
Updated March 2026 | Based on Downers Grove market data and regional lending conditions
Downers Grove is a growing city in Illinois with a population of 49,670. The current 30-year fixed mortgage rate in Downers Grove is 6.77%, which is 0.12% above the national average. With a median home price of $258,000 and a 20% down payment of $51,600, homebuyers can expect a monthly principal and interest payment of approximately $1,341.
Current Mortgage Rates in Downers Grove, IL
Below are the current average mortgage rates available in the Downers 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 | 6.77% | 6.65% | +0.12% |
| 15-Year Fixed | 6% | 5.89% | +0.11% |
| 5/1 ARM | 6.26% | 6.15% | +0.11% |
| FHA | 6.51% | 6.25% | +0.26% |
| VA | 6.26% | 6.05% | +0.21% |
| Jumbo | 7.02% | 6.85% | +0.17% |
Downers Grove Housing Market Overview
The Downers Grove housing market offers relatively affordable housing compared to many major cities. The median household income in Downers Grove is $56,600, and the cost of living index is 84.3 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $77,743 to comfortably afford the median-priced home in Downers Grove, which exceeds the current median household income.
Monthly Payment Breakdown for Downers Grove
Based on the median home price of $258,000 with 20% down ($51,600), here is what you can expect to pay monthly in Downers Grove:
15-Year vs. 30-Year Mortgage in Downers Grove
Choosing a 15-year mortgage in Downers Grove at 6% instead of a 30-year at 6.77% would save you $169,200 in total interest over the life of the loan. However, your monthly payment would be $1,742 instead of $1,341 — an increase of $401 per month.
Calculate Your Downers Grove Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Downers Grove
What are the current mortgage rates in Downers Grove, IL?
As of March 2026, the average 30-year fixed mortgage rate in Downers Grove, Illinois is 6.77%, while the 15-year fixed rate is 6%. FHA loans average 6.51% and VA loans 6.26%. These rates are 0.12% above the national average of 6.65%.
How much is a monthly mortgage payment in Downers Grove?
Based on the median home price of $258,000 with 20% down, the estimated monthly mortgage payment in Downers Grove is $1,341 for principal and interest. Including property taxes of $473/month, the total monthly housing cost is approximately $1,814.
What income do I need to buy a home in Downers Grove?
Using the 28% rule, you would need an annual income of approximately $77,743 to afford the median-priced home in Downers Grove at $258,000. The median household income in Downers Grove is $56,600. This means most households would need to either earn above the median or consider homes below $258,000.
Is Downers Grove a good place to buy a home in 2026?
Downers Grove offers a below-average cost of living with a cost of living index of 84.3 (national average = 100). The property tax rate in Illinois is 2.2%, which is above the national average. Downers Grove has a population of 49,670 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 Downers Grove, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.