Mortgage Rates in Niles, Illinois — March 2026
Updated March 2026 | Based on Niles market data and regional lending conditions
Niles is a growing city in Illinois with a population of 29,803. The current 30-year fixed mortgage rate in Niles is 6.87%, which is 0.22% above the national average. With a median home price of $223,000 and a 20% down payment of $44,600, homebuyers can expect a monthly principal and interest payment of approximately $1,171.
Current Mortgage Rates in Niles, IL
Below are the current average mortgage rates available in the Niles 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 | 6.87% | 6.65% | +0.22% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.32% | 6.15% | +0.17% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.12% | 6.85% | +0.27% |
Niles Housing Market Overview
The Niles housing market offers relatively affordable housing compared to many major cities. The median household income in Niles is $58,100, and the cost of living index is 94.9 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $66,600 to comfortably afford the median-priced home in Niles, which exceeds the current median household income.
Monthly Payment Breakdown for Niles
Based on the median home price of $223,000 with 20% down ($44,600), here is what you can expect to pay monthly in Niles:
15-Year vs. 30-Year Mortgage in Niles
Choosing a 15-year mortgage in Niles at 6.09% instead of a 30-year at 6.87% would save you $149,040 in total interest over the life of the loan. However, your monthly payment would be $1,514 instead of $1,171 — an increase of $343 per month.
Calculate Your Niles 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 Niles
What are the current mortgage rates in Niles, IL?
As of March 2026, the average 30-year fixed mortgage rate in Niles, Illinois is 6.87%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.22% above the national average of 6.65%.
How much is a monthly mortgage payment in Niles?
Based on the median home price of $223,000 with 20% down, the estimated monthly mortgage payment in Niles is $1,171 for principal and interest. Including property taxes of $383/month, the total monthly housing cost is approximately $1,554.
What income do I need to buy a home in Niles?
Using the 28% rule, you would need an annual income of approximately $66,600 to afford the median-priced home in Niles at $223,000. The median household income in Niles is $58,100. This means most households would need to either earn above the median or consider homes below $223,000.
Is Niles a good place to buy a home in 2026?
Niles offers a below-average cost of living with a cost of living index of 94.9 (national average = 100). The property tax rate in Illinois is 2.06%, which is above the national average. Niles has a population of 29,803 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 Niles, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.