Mortgage Rates in Mattoon, Illinois — March 2026
Updated March 2026 | Based on Mattoon market data and regional lending conditions
Mattoon is a growing city in Illinois with a population of 17,053. The current 30-year fixed mortgage rate in Mattoon is 6.72%, which is 0.07% above the national average. With a median home price of $241,000 and a 20% down payment of $48,200, homebuyers can expect a monthly principal and interest payment of approximately $1,247.
Current Mortgage Rates in Mattoon, IL
Below are the current average mortgage rates available in the Mattoon 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 | 6.72% | 6.65% | +0.07% |
| 15-Year Fixed | 5.96% | 5.89% | +0.07% |
| 5/1 ARM | 6.23% | 6.15% | +0.08% |
| FHA | 6.48% | 6.25% | +0.23% |
| VA | 6.23% | 6.05% | +0.18% |
| Jumbo | 6.97% | 6.85% | +0.12% |
Mattoon Housing Market Overview
The Mattoon housing market offers relatively affordable housing compared to many major cities. The median household income in Mattoon is $61,700, and the cost of living index is 94.8 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $71,957 to comfortably afford the median-priced home in Mattoon, which exceeds the current median household income.
Monthly Payment Breakdown for Mattoon
Based on the median home price of $241,000 with 20% down ($48,200), here is what you can expect to pay monthly in Mattoon:
15-Year vs. 30-Year Mortgage in Mattoon
Choosing a 15-year mortgage in Mattoon at 5.96% instead of a 30-year at 6.72% would save you $156,780 in total interest over the life of the loan. However, your monthly payment would be $1,623 instead of $1,247 — an increase of $376 per month.
Calculate Your Mattoon Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Mattoon
What are the current mortgage rates in Mattoon, IL?
As of March 2026, the average 30-year fixed mortgage rate in Mattoon, Illinois is 6.72%, while the 15-year fixed rate is 5.96%. FHA loans average 6.48% and VA loans 6.23%. These rates are 0.07% above the national average of 6.65%.
How much is a monthly mortgage payment in Mattoon?
Based on the median home price of $241,000 with 20% down, the estimated monthly mortgage payment in Mattoon is $1,247 for principal and interest. Including property taxes of $432/month, the total monthly housing cost is approximately $1,679.
What income do I need to buy a home in Mattoon?
Using the 28% rule, you would need an annual income of approximately $71,957 to afford the median-priced home in Mattoon at $241,000. The median household income in Mattoon is $61,700. This means most households would need to either earn above the median or consider homes below $241,000.
Is Mattoon a good place to buy a home in 2026?
Mattoon offers a below-average cost of living with a cost of living index of 94.8 (national average = 100). The property tax rate in Illinois is 2.15%, which is above the national average. Mattoon has a population of 17,053 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 Mattoon, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.