Mortgage Rates in Swansea, Illinois — March 2026
Updated March 2026 | Based on Swansea market data and regional lending conditions
Swansea is a growing city in Illinois with a population of 14,584. The current 30-year fixed mortgage rate in Swansea is 6.75%, which is 0.1% above the national average. With a median home price of $253,000 and a 20% down payment of $50,600, homebuyers can expect a monthly principal and interest payment of approximately $1,313.
Current Mortgage Rates in Swansea, IL
Below are the current average mortgage rates available in the Swansea 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 | 6.75% | 6.65% | +0.1% |
| 15-Year Fixed | 5.99% | 5.89% | +0.1% |
| 5/1 ARM | 6.25% | 6.15% | +0.1% |
| FHA | 6.5% | 6.25% | +0.25% |
| VA | 6.25% | 6.05% | +0.2% |
| Jumbo | 7% | 6.85% | +0.15% |
Swansea Housing Market Overview
The Swansea housing market offers relatively affordable housing compared to many major cities. The median household income in Swansea is $68,200, and the cost of living index is 87.7 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $75,171 to comfortably afford the median-priced home in Swansea, which exceeds the current median household income.
Monthly Payment Breakdown for Swansea
Based on the median home price of $253,000 with 20% down ($50,600), here is what you can expect to pay monthly in Swansea:
15-Year vs. 30-Year Mortgage in Swansea
Choosing a 15-year mortgage in Swansea at 5.99% instead of a 30-year at 6.75% would save you $165,420 in total interest over the life of the loan. However, your monthly payment would be $1,707 instead of $1,313 — an increase of $394 per month.
Calculate Your Swansea Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Swansea
What are the current mortgage rates in Swansea, IL?
As of March 2026, the average 30-year fixed mortgage rate in Swansea, Illinois is 6.75%, while the 15-year fixed rate is 5.99%. FHA loans average 6.5% and VA loans 6.25%. These rates are 0.1% above the national average of 6.65%.
How much is a monthly mortgage payment in Swansea?
Based on the median home price of $253,000 with 20% down, the estimated monthly mortgage payment in Swansea is $1,313 for principal and interest. Including property taxes of $441/month, the total monthly housing cost is approximately $1,754.
What income do I need to buy a home in Swansea?
Using the 28% rule, you would need an annual income of approximately $75,171 to afford the median-priced home in Swansea at $253,000. The median household income in Swansea is $68,200. This means most households would need to either earn above the median or consider homes below $253,000.
Is Swansea a good place to buy a home in 2026?
Swansea offers a below-average cost of living with a cost of living index of 87.7 (national average = 100). The property tax rate in Illinois is 2.09%, which is above the national average. Swansea has a population of 14,584 and offers a very affordable 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 Swansea, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.