Mortgage Rates in Effingham, Illinois — March 2026
Updated March 2026 | Based on Effingham market data and regional lending conditions
Effingham is a growing city in Illinois with a population of 12,604. The current 30-year fixed mortgage rate in Effingham is 6.8%, which is 0.15% above the national average. With a median home price of $212,000 and a 20% down payment of $42,400, homebuyers can expect a monthly principal and interest payment of approximately $1,106.
Current Mortgage Rates in Effingham, IL
Below are the current average mortgage rates available in the Effingham 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 | 6.8% | 6.65% | +0.15% |
| 15-Year Fixed | 6.03% | 5.89% | +0.14% |
| 5/1 ARM | 6.28% | 6.15% | +0.13% |
| FHA | 6.52% | 6.25% | +0.27% |
| VA | 6.27% | 6.05% | +0.22% |
| Jumbo | 7.05% | 6.85% | +0.2% |
Effingham Housing Market Overview
The Effingham housing market offers relatively affordable housing compared to many major cities. The median household income in Effingham is $67,200, and the cost of living index is 83.2 (national average = 100). Based on the 28% affordability rule, the median income in Effingham is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Effingham
Based on the median home price of $212,000 with 20% down ($42,400), here is what you can expect to pay monthly in Effingham:
15-Year vs. 30-Year Mortgage in Effingham
Choosing a 15-year mortgage in Effingham at 6.03% instead of a 30-year at 6.8% would save you $140,040 in total interest over the life of the loan. However, your monthly payment would be $1,434 instead of $1,106 — an increase of $328 per month.
Calculate Your Effingham Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Effingham
What are the current mortgage rates in Effingham, IL?
As of March 2026, the average 30-year fixed mortgage rate in Effingham, Illinois is 6.8%, while the 15-year fixed rate is 6.03%. FHA loans average 6.52% and VA loans 6.27%. These rates are 0.15% above the national average of 6.65%.
How much is a monthly mortgage payment in Effingham?
Based on the median home price of $212,000 with 20% down, the estimated monthly mortgage payment in Effingham is $1,106 for principal and interest. Including property taxes of $353/month, the total monthly housing cost is approximately $1,459.
What income do I need to buy a home in Effingham?
Using the 28% rule, you would need an annual income of approximately $62,529 to afford the median-priced home in Effingham at $212,000. The median household income in Effingham is $67,200. The median income is currently sufficient to meet this threshold.
Is Effingham a good place to buy a home in 2026?
Effingham offers a below-average cost of living with a cost of living index of 83.2 (national average = 100). The property tax rate in Illinois is 2%, which is above the national average. Effingham has a population of 12,604 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 Effingham, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.