Mortgage Rates in Elk Grove Village, Illinois — March 2026
Updated March 2026 | Based on Elk Grove Village market data and regional lending conditions
Elk Grove Village is a growing city in Illinois with a population of 32,750. The current 30-year fixed mortgage rate in Elk Grove Village is 6.88%, which is 0.23% above the national average. With a median home price of $237,000 and a 20% down payment of $47,400, homebuyers can expect a monthly principal and interest payment of approximately $1,246.
Current Mortgage Rates in Elk Grove Village, IL
Below are the current average mortgage rates available in the Elk Grove Village 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 | 6.88% | 6.65% | +0.23% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.33% | 6.15% | +0.18% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.13% | 6.85% | +0.28% |
Elk Grove Village Housing Market Overview
The Elk Grove Village housing market offers relatively affordable housing compared to many major cities. The median household income in Elk Grove Village is $55,400, and the cost of living index is 91.8 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $70,071 to comfortably afford the median-priced home in Elk Grove Village, which exceeds the current median household income.
Monthly Payment Breakdown for Elk Grove Village
Based on the median home price of $237,000 with 20% down ($47,400), here is what you can expect to pay monthly in Elk Grove Village:
15-Year vs. 30-Year Mortgage in Elk Grove Village
Choosing a 15-year mortgage in Elk Grove Village at 6.09% instead of a 30-year at 6.88% would save you $158,940 in total interest over the life of the loan. However, your monthly payment would be $1,609 instead of $1,246 — an increase of $363 per month.
Calculate Your Elk Grove Village Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Elk Grove Village
What are the current mortgage rates in Elk Grove Village, IL?
As of March 2026, the average 30-year fixed mortgage rate in Elk Grove Village, Illinois is 6.88%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.23% above the national average of 6.65%.
How much is a monthly mortgage payment in Elk Grove Village?
Based on the median home price of $237,000 with 20% down, the estimated monthly mortgage payment in Elk Grove Village is $1,246 for principal and interest. Including property taxes of $389/month, the total monthly housing cost is approximately $1,635.
What income do I need to buy a home in Elk Grove Village?
Using the 28% rule, you would need an annual income of approximately $70,071 to afford the median-priced home in Elk Grove Village at $237,000. The median household income in Elk Grove Village is $55,400. This means most households would need to either earn above the median or consider homes below $237,000.
Is Elk Grove Village a good place to buy a home in 2026?
Elk Grove Village offers a below-average cost of living with a cost of living index of 91.8 (national average = 100). The property tax rate in Illinois is 1.97%, which is above the national average. Elk Grove Village has a population of 32,750 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 Elk Grove Village, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.