Mortgage Rates in Wilmington, Illinois — March 2026
Updated March 2026 | Based on Wilmington market data and regional lending conditions
Wilmington is a smaller Illinois community of 33,823 where the housing market reflects local economic conditions. The current 30-year fixed rate here is 6.65% (at the national average). The median home price of $250,000 translates to roughly $1,680/month with 20% down — requiring an income of about $72,000, which exceeds the local median of $62,500.
Current Mortgage Rates in Wilmington, IL
Below are the current average mortgage rates available in the Wilmington 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% |
Wilmington Housing Market Overview
At $250,000, Wilmington offers more affordable housing than most U.S. metros. The local cost of living index is 90.6 (100 = national average), and the median household income of $62,500 still requires careful budgeting at current rate levels.
Monthly Payment Breakdown for Wilmington
Based on the median home price of $250,000 with 20% down ($50,000), here is what you can expect to pay monthly in Wilmington:
15-Year vs. 30-Year Mortgage in Wilmington
Choosing a 15-year mortgage in Wilmington at 5.91% instead of a 30-year at 6.65% would save you $160,200 in total interest over the life of the loan. However, your monthly payment would be $1,678 instead of $1,284 — an increase of $394 per month.
Calculate Your Wilmington 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 Wilmington
What are the current mortgage rates in Wilmington, IL?
As of March 2026, the average 30-year fixed mortgage rate in Wilmington, 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 Wilmington?
Based on the median home price of $250,000 with 20% down, the estimated monthly mortgage payment in Wilmington is $1,284 for principal and interest. Including property taxes of $396/month, the total monthly housing cost is approximately $1,680.
What income do I need to buy a home in Wilmington?
Using the 28% rule, you would need an annual income of approximately $72,000 to afford the median-priced home in Wilmington at $250,000. The median household income in Wilmington is $62,500. This means most households would need to either earn above the median or consider homes below $250,000.
Is Wilmington a good place to buy a home in 2026?
Wilmington offers a below-average cost of living with a cost of living index of 90.6 (national average = 100). The property tax rate in Illinois is 1.9%, which is above the national average. Wilmington has a population of 33,823 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 Wilmington, Illinois area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.