Mortgage Rates in Park Forest, Illinois — March 2026
Updated March 2026 | Based on Park Forest market data and regional lending conditions
Park Forest is a growing city in Illinois with a population of 21,232. The current 30-year fixed mortgage rate in Park Forest is 6.77%, which is 0.12% above the national average. With a median home price of $218,000 and a 20% down payment of $43,600, homebuyers can expect a monthly principal and interest payment of approximately $1,133.
Current Mortgage Rates in Park Forest, IL
Below are the current average mortgage rates available in the Park Forest 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 | 6.01% | 5.89% | +0.12% |
| 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% |
Park Forest Housing Market Overview
The Park Forest housing market offers relatively affordable housing compared to many major cities. The median household income in Park Forest is $57,500, and the cost of living index is 95.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $63,729 to comfortably afford the median-priced home in Park Forest, which exceeds the current median household income.
Monthly Payment Breakdown for Park Forest
Based on the median home price of $218,000 with 20% down ($43,600), here is what you can expect to pay monthly in Park Forest:
15-Year vs. 30-Year Mortgage in Park Forest
Choosing a 15-year mortgage in Park Forest at 6.01% instead of a 30-year at 6.77% would save you $142,740 in total interest over the life of the loan. However, your monthly payment would be $1,473 instead of $1,133 — an increase of $340 per month.
Calculate Your Park Forest 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 Park Forest
What are the current mortgage rates in Park Forest, IL?
As of March 2026, the average 30-year fixed mortgage rate in Park Forest, Illinois is 6.77%, while the 15-year fixed rate is 6.01%. 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 Park Forest?
Based on the median home price of $218,000 with 20% down, the estimated monthly mortgage payment in Park Forest is $1,133 for principal and interest. Including property taxes of $354/month, the total monthly housing cost is approximately $1,487.
What income do I need to buy a home in Park Forest?
Using the 28% rule, you would need an annual income of approximately $63,729 to afford the median-priced home in Park Forest at $218,000. The median household income in Park Forest is $57,500. This means most households would need to either earn above the median or consider homes below $218,000.
Is Park Forest a good place to buy a home in 2026?
Park Forest offers a below-average cost of living with a cost of living index of 95.2 (national average = 100). The property tax rate in Illinois is 1.95%, which is above the national average. Park Forest has a population of 21,232 and offers a balanced lifestyle.
Mortgage Rates in Other Illinois Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Park Forest, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.