Mortgage Rates in Waukegan, Illinois — March 2026
Updated March 2026 | Based on Waukegan market data and regional lending conditions
Waukegan is a growing city in Illinois with a population of 88,826. The current 30-year fixed mortgage rate in Waukegan is 6.62%, which is 0.03% below the national average. With a median home price of $257,000 and a 20% down payment of $51,400, homebuyers can expect a monthly principal and interest payment of approximately $1,316.
Current Mortgage Rates in Waukegan, IL
Below are the current average mortgage rates available in the Waukegan 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 | 6.62% | 6.65% | -0.03% |
| 15-Year Fixed | 5.88% | 5.89% | -0.01% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.43% | 6.25% | +0.18% |
| VA | 6.18% | 6.05% | +0.13% |
| Jumbo | 6.87% | 6.85% | +0.02% |
Waukegan Housing Market Overview
The Waukegan housing market offers relatively affordable housing compared to many major cities. The median household income in Waukegan is $68,200, and the cost of living index is 90.3 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $76,414 to comfortably afford the median-priced home in Waukegan, which exceeds the current median household income.
Monthly Payment Breakdown for Waukegan
Based on the median home price of $257,000 with 20% down ($51,400), here is what you can expect to pay monthly in Waukegan:
15-Year vs. 30-Year Mortgage in Waukegan
Choosing a 15-year mortgage in Waukegan at 5.88% instead of a 30-year at 6.62% would save you $163,800 in total interest over the life of the loan. However, your monthly payment would be $1,722 instead of $1,316 — an increase of $406 per month.
Calculate Your Waukegan 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 Waukegan
What are the current mortgage rates in Waukegan, IL?
As of March 2026, the average 30-year fixed mortgage rate in Waukegan, Illinois is 6.62%, while the 15-year fixed rate is 5.88%. FHA loans average 6.43% and VA loans 6.18%. These rates are 0.03% below the national average of 6.65%.
How much is a monthly mortgage payment in Waukegan?
Based on the median home price of $257,000 with 20% down, the estimated monthly mortgage payment in Waukegan is $1,316 for principal and interest. Including property taxes of $467/month, the total monthly housing cost is approximately $1,783.
What income do I need to buy a home in Waukegan?
Using the 28% rule, you would need an annual income of approximately $76,414 to afford the median-priced home in Waukegan at $257,000. The median household income in Waukegan is $68,200. This means most households would need to either earn above the median or consider homes below $257,000.
Is Waukegan a good place to buy a home in 2026?
Waukegan offers a below-average cost of living with a cost of living index of 90.3 (national average = 100). The property tax rate in Illinois is 2.18%, which is above the national average. Waukegan has a population of 88,826 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 Waukegan, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.