Mortgage Rates in Springfield, Illinois: 2026 Guide
30-year fixed: 6.74%. Median home price: $195,000.
Current Mortgage Rates in Springfield
| Loan Type | Rate | APR | Monthly Payment* |
|---|---|---|---|
| 30-Year Fixed | 6.74% | 6.820% | $1,011/mo |
| 15-Year Fixed | 6.22% | 6.290% | $1,335/mo |
| 5/1 ARM | 6.12% | 6.470% | $947/mo |
Median Home Prices in Springfield
The median home price in Springfield is $195,000.
Springfield Market Insights
Springfield offers one of the most affordable housing markets in Illinois, with a median home price well below the state average. The state capital provides stable government employment, and the cost of living is low. The housing market is steady with modest appreciation.
Frequently Asked Questions
What is the average mortgage rate in Springfield?+
How much down payment is needed in Springfield?+
What are property taxes in Springfield?+
What a $195,000 Home Costs in Springfield
At Springfield's median home price of $195,000, a 20% down payment is $39,000. On a 30-year fixed loan at 6.74%, the monthly principal and interest payment works out to $1,011, and property taxes add roughly $369 per month at an effective rate of 2.27%. That puts the total PITI payment near $1,380 a month before homeowners insurance and HOA fees.
Keeping housing at or below 28% of gross income means a buyer in Springfield typically needs to earn about $59,143 a year to carry this payment comfortably.
Tax & Rate Context in Springfield
The effective property tax rate in Springfield is 2.27%, which works out to roughly $4,427 a year on a median-priced home. The average 30-year fixed rate of 6.74% runs 0.03 points above the national average of 6.71%, so locking a rate and shopping at least three lenders matters more here. Springfield has an estimated population of 114K, and demand in the local market affects how quickly homes move and how often sellers negotiate on price.