Mortgage Rates in Savoy, Illinois — March 2026
Updated March 2026 | Based on Savoy market data and regional lending conditions
Savoy is a smaller Illinois community of 26,996 where home prices remain well below the national median, making homeownership more attainable. The current 30-year fixed rate here is 6.67% (0.02% above the national average). At a median home price of $175,000, the estimated $1,236/month payment (with 20% down) is affordable on the local median income of $57,500.
Current Mortgage Rates in Savoy, IL
Below are the current average mortgage rates available in the Savoy 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 | 6.67% | 6.65% | +0.02% |
| 15-Year Fixed | 5.93% | 5.89% | +0.04% |
| 5/1 ARM | 6.2% | 6.15% | +0.05% |
| FHA | 6.46% | 6.25% | +0.21% |
| VA | 6.21% | 6.05% | +0.16% |
| Jumbo | 6.92% | 6.85% | +0.07% |
Savoy Housing Market Overview
At $175,000, Savoy offers more affordable housing than most U.S. metros. The local cost of living index is 88.2 (100 = national average), and the median household income of $57,500 provides comfortable purchasing power in this market.
Monthly Payment Breakdown for Savoy
Based on the median home price of $175,000 with 20% down ($35,000), here is what you can expect to pay monthly in Savoy:
15-Year vs. 30-Year Mortgage in Savoy
Choosing a 15-year mortgage in Savoy at 5.93% instead of a 30-year at 6.67% would save you $112,680 in total interest over the life of the loan. However, your monthly payment would be $1,176 instead of $901 — an increase of $275 per month.
Calculate Your Savoy 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 Savoy
What are the current mortgage rates in Savoy, IL?
As of March 2026, the average 30-year fixed mortgage rate in Savoy, Illinois is 6.67%, while the 15-year fixed rate is 5.93%. FHA loans average 6.46% and VA loans 6.21%. These rates are 0.02% above the national average of 6.65%.
How much is a monthly mortgage payment in Savoy?
Based on the median home price of $175,000 with 20% down, the estimated monthly mortgage payment in Savoy is $901 for principal and interest. Including property taxes of $335/month, the total monthly housing cost is approximately $1,236.
What income do I need to buy a home in Savoy?
Using the 28% rule, you would need an annual income of approximately $52,971 to afford the median-priced home in Savoy at $175,000. The median household income in Savoy is $57,500. The median income is currently sufficient to meet this threshold.
Is Savoy a good place to buy a home in 2026?
Savoy offers a below-average cost of living with a cost of living index of 88.2 (national average = 100). The property tax rate in Illinois is 2.3%, which is above the national average. Savoy has a population of 26,996 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 Savoy, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.