Mortgage Rates in Granite City, Illinois — April 2026
Updated April 2026 | Based on Granite City market data and regional lending conditions
Granite City is a smaller Illinois community of 28,293 where home prices remain well below the national median, making homeownership more attainable. The current 30-year fixed rate here is 6.55% (0.46% above the national average). At a median home price of $85,000, the estimated $553/month payment (with 20% down) is affordable on the local median income of $32,000.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In Granite City, IL, the current 30-year rate is 6.55%. Shorter terms (15-year fixed at 5.79% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options include FHA loans (6.15%) and VA loans (5.95%), often available at lower rates with reduced down payment requirements.
Current Mortgage Rates in Granite City, IL
Below are the current average mortgage rates available in the Granite City area as of April 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 | 6.55% | 6.09% | +0.46% |
| 15-Year Fixed | 5.79% | 5.58% | +0.21% |
| 5/1 ARM | 6.05% | 5.95% | +0.1% |
| FHA | 6.15% | 5.85% | +0.3% |
| VA | 5.95% | 5.65% | +0.3% |
| Jumbo | 6.75% | 6.25% | +0.5% |
Granite City Housing Market Overview
Granite City is one of the more affordable housing markets, with a median home price of just $85,000 — significantly below the national median. Combined with a property tax rate of 1.71%, the total monthly housing cost of $553 is within reach for many local households earning the median $32,000.
Monthly Payment Breakdown for Granite City
Based on the median home price of $85,000 with 20% down ($17,000), here is what you can expect to pay monthly in Granite City:
15-Year vs. 30-Year Mortgage in Granite City
Choosing a 15-year mortgage in Granite City at 5.79% instead of a 30-year at 6.55% would save you $53,640 in total interest over the life of the loan. However, your monthly payment would be $566 instead of $432 — an increase of $134 per month.
Calculate Your Granite City 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 Granite City
What are the current mortgage rates in Granite City, IL?
As of April 2026, the average 30-year fixed mortgage rate in Granite City, Illinois is 6.55%, while the 15-year fixed rate is 5.79%. FHA loans average 6.15% and VA loans 5.95%. These rates are 0.46% above the national average of 6.09%.
How much is a monthly mortgage payment in Granite City?
Based on the median home price of $85,000 with 20% down, the estimated monthly mortgage payment in Granite City is $432 for principal and interest. Including property taxes of $121/month, the total monthly housing cost is approximately $553.
What income do I need to buy a home in Granite City?
Using the 28% rule, you would need an annual income of approximately $23,700 to afford the median-priced home in Granite City at $85,000. The median household income in Granite City is $32,000. The median income is currently sufficient to meet this threshold.
Is Granite City a good place to buy a home in 2026?
Granite City offers a below-average cost of living with a cost of living index of 76 (national average = 100). The property tax rate in Illinois is 1.71%, which is above the national average. Granite City has a population of 28,293 and offers a very affordable lifestyle.
Mortgage Rates in Other Illinois Cities
Related Tools & Guides
📊 Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national average adjusted for Illinois regional spread.
- Median home price: $85,000 sourced from Redfin / Zillow real estate listings (2026 data).
- Property tax rate: 1.71% effective rate per Tax Foundation 2026 state property tax data.
- Median household income: $32,000 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: April 2026. Rates are approximate averages based on regional lending data for the Granite City, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.