Mortgage Rates in Rockford, Illinois — March 2026
Updated March 2026 | Based on Rockford market data and regional lending conditions
Rockford is a growing city in Illinois with a population of 148,655. The current 30-year fixed mortgage rate in Rockford is 6.69%, which is 0.04% above the national average. With a median home price of $135,000 and a 20% down payment of $27,000, homebuyers can expect a monthly principal and interest payment of approximately $696.
Current Mortgage Rates in Rockford, IL
Below are the current average mortgage rates available in the Rockford 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 | 6.69% | 6.65% | +0.04% |
| 15-Year Fixed | 5.93% | 5.89% | +0.04% |
| 5/1 ARM | 6.19% | 6.15% | +0.04% |
| FHA | 6.29% | 6.25% | +0.04% |
| VA | 6.09% | 6.05% | +0.04% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Rockford Housing Market Overview
The Rockford housing market offers relatively affordable housing compared to many major cities. The median household income in Rockford is $40,250, and the cost of living index is 83.5 (national average = 100). Based on the 28% affordability rule, the median income in Rockford is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Rockford
Based on the median home price of $135,000 with 20% down ($27,000), here is what you can expect to pay monthly in Rockford:
15-Year vs. 30-Year Mortgage in Rockford
Choosing a 15-year mortgage in Rockford at 5.93% instead of a 30-year at 6.69% would save you $87,300 in total interest over the life of the loan. However, your monthly payment would be $907 instead of $696 — an increase of $211 per month.
Calculate Your Rockford 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 Rockford
What are the current mortgage rates in Rockford, IL?
As of March 2026, the average 30-year fixed mortgage rate in Rockford, Illinois is 6.69%, while the 15-year fixed rate is 5.93%. FHA loans average 6.29% and VA loans 6.09%. These rates are 0.04% above the national average of 6.65%.
How much is a monthly mortgage payment in Rockford?
Based on the median home price of $135,000 with 20% down, the estimated monthly mortgage payment in Rockford is $696 for principal and interest. Including property taxes of $233/month, the total monthly housing cost is approximately $929.
What income do I need to buy a home in Rockford?
Using the 28% rule, you would need an annual income of approximately $39,814 to afford the median-priced home in Rockford at $135,000. The median household income in Rockford is $40,250. The median income is currently sufficient to meet this threshold.
Is Rockford a good place to buy a home in 2026?
Rockford offers a below-average cost of living with a cost of living index of 83.5 (national average = 100). The property tax rate in Illinois is 2.07%, which is above the national average. Rockford has a population of 148,655 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 Rockford, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.