Mortgage Rates in McHenry, Illinois — March 2026
Updated March 2026 | Based on McHenry market data and regional lending conditions
McHenry is a growing city in Illinois with a population of 26,992. The current 30-year fixed mortgage rate in McHenry is 6.87%, which is 0.22% above the national average. With a median home price of $239,000 and a 20% down payment of $47,800, homebuyers can expect a monthly principal and interest payment of approximately $1,255.
Current Mortgage Rates in McHenry, IL
Below are the current average mortgage rates available in the McHenry 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 | 6.87% | 6.65% | +0.22% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.32% | 6.15% | +0.17% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.12% | 6.85% | +0.27% |
McHenry Housing Market Overview
The McHenry housing market offers relatively affordable housing compared to many major cities. The median household income in McHenry is $58,500, and the cost of living index is 87.6 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $71,786 to comfortably afford the median-priced home in McHenry, which exceeds the current median household income.
Monthly Payment Breakdown for McHenry
Based on the median home price of $239,000 with 20% down ($47,800), here is what you can expect to pay monthly in McHenry:
15-Year vs. 30-Year Mortgage in McHenry
Choosing a 15-year mortgage in McHenry at 6.09% instead of a 30-year at 6.87% would save you $159,660 in total interest over the life of the loan. However, your monthly payment would be $1,623 instead of $1,255 — an increase of $368 per month.
Calculate Your McHenry Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in McHenry
What are the current mortgage rates in McHenry, IL?
As of March 2026, the average 30-year fixed mortgage rate in McHenry, Illinois is 6.87%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.22% above the national average of 6.65%.
How much is a monthly mortgage payment in McHenry?
Based on the median home price of $239,000 with 20% down, the estimated monthly mortgage payment in McHenry is $1,255 for principal and interest. Including property taxes of $420/month, the total monthly housing cost is approximately $1,675.
What income do I need to buy a home in McHenry?
Using the 28% rule, you would need an annual income of approximately $71,786 to afford the median-priced home in McHenry at $239,000. The median household income in McHenry is $58,500. This means most households would need to either earn above the median or consider homes below $239,000.
Is McHenry a good place to buy a home in 2026?
McHenry offers a below-average cost of living with a cost of living index of 87.6 (national average = 100). The property tax rate in Illinois is 2.11%, which is above the national average. McHenry has a population of 26,992 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 McHenry, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.