Mortgage Rates in North Chicago, Illinois — March 2026
Updated March 2026 | Based on North Chicago market data and regional lending conditions
North Chicago is a growing city in Illinois with a population of 29,887. The current 30-year fixed mortgage rate in North Chicago is 6.65%, which is at 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 $1,238.
Current Mortgage Rates in North Chicago, IL
Below are the current average mortgage rates available in the North Chicago 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 | 6.65% | 6.65% | 0% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.19% | 6.15% | +0.04% |
| FHA | 6.45% | 6.25% | +0.2% |
| VA | 6.2% | 6.05% | +0.15% |
| Jumbo | 6.9% | 6.85% | +0.05% |
North Chicago Housing Market Overview
The North Chicago housing market offers relatively affordable housing compared to many major cities. The median household income in North Chicago is $60,300, and the cost of living index is 93.3 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $70,629 to comfortably afford the median-priced home in North Chicago, which exceeds the current median household income.
Monthly Payment Breakdown for North Chicago
Based on the median home price of $241,000 with 20% down ($48,200), here is what you can expect to pay monthly in North Chicago:
15-Year vs. 30-Year Mortgage in North Chicago
Choosing a 15-year mortgage in North Chicago at 5.91% instead of a 30-year at 6.65% would save you $154,440 in total interest over the life of the loan. However, your monthly payment would be $1,618 instead of $1,238 — an increase of $380 per month.
Calculate Your North Chicago 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 North Chicago
What are the current mortgage rates in North Chicago, IL?
As of March 2026, the average 30-year fixed mortgage rate in North Chicago, Illinois is 6.65%, while the 15-year fixed rate is 5.91%. FHA loans average 6.45% and VA loans 6.2%. These rates are at the national average of 6.65%.
How much is a monthly mortgage payment in North Chicago?
Based on the median home price of $241,000 with 20% down, the estimated monthly mortgage payment in North Chicago is $1,238 for principal and interest. Including property taxes of $410/month, the total monthly housing cost is approximately $1,648.
What income do I need to buy a home in North Chicago?
Using the 28% rule, you would need an annual income of approximately $70,629 to afford the median-priced home in North Chicago at $241,000. The median household income in North Chicago is $60,300. This means most households would need to either earn above the median or consider homes below $241,000.
Is North Chicago a good place to buy a home in 2026?
North Chicago offers a below-average cost of living with a cost of living index of 93.3 (national average = 100). The property tax rate in Illinois is 2.04%, which is above the national average. North Chicago has a population of 29,887 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 North Chicago, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.