Select your Scenario
Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 7.208%APR 7.261% | 0 pts$0 | $636/moP&I $636 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.211%APR 6.997% | 0 pts$0 | $628/moP&I $584 · MI $44 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.379%APR 6.455% | 0 pts$0 | $585/moP&I $585 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.078%APR 7.132% | 0 pts$0 | $628/moP&I $628 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.804% | 0 pts$0 | $663/moP&I $663 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.379% | 6.455% | 0 pts ($0) | $810/mo | $16,817 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.362% | 6.441% | 0 pts ($0) | $1,011/mo | $23,247 |
Condo 10% Down | 10% | 720 credit score | 7.483% | 7.675% | 0 pts ($0) | $736/mo | $26,015 |
Conventional 10% Down | 10% | 720 credit score | 6.893% | 7.068% | 0 pts ($0) | $694/mo | $24,140 |
Conventional 20% Down | 20% | 740 credit score | 7.208% | 7.261% | 0 pts ($0) | $636/mo | $19,959 |
Conventional 5% Down | 5% | 700 credit score | 6.175% | 6.909% | 0 pts ($0) | $680/mo | $23,077 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.625% | 7.681% | 0 pts ($0) | $829/mo | $28,705 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $693/mo | $23,479 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.817% | 7.206% | 0 pts ($0) | $742/mo | $26,780 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.078% | 7.132% | 0 pts ($0) | $785/mo | $26,773 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $966/mo | $23,039 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.211% | 6.997% | 0 pts ($0) | $705/mo | $24,918 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $709/mo | $24,837 |
FHA Streamline Refi | 0% | 640 credit score | 6.211% | 6.997% | 0 pts ($0) | $731/mo | $25,822 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.149% | 7.410% | 0 pts ($0) | $751/mo | $27,341 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $733/mo | $14,344 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.804% | 0 pts ($0) | $622/mo | $19,816 |
Jumbo Conforming | 20% | 760 credit score | 7.000% | 7.131% | 0 pts ($0) | $623/mo | $19,371 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $681/mo | $20,878 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.240% | 7.027% | 0 pts ($0) | $707/mo | $25,019 |
Second Home 10% Down | 10% | 720 credit score | 6.203% | 6.796% | 0 pts ($0) | $646/mo | $21,951 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $616/mo | $19,043 |
VA 0% Down | 0% | 700 credit score | 6.304% | 6.566% | 0 pts ($0) | $741/mo | $24,745 |
VA Cash-Out Refi | 0% | 640 credit score | 6.311% | 6.700% | 0 pts ($0) | $741/mo | $24,770 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.313% | 6.482% | 0 pts ($0) | $741/mo | $24,777 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $644/mo | $20,385 |
Frequently Asked Questions
What are today's mortgage rates in Cave-In-Rock, IL across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Cave-In-Rock, IL is 7.208% (with an estimated monthly payment of $989). Active program rates also include FHA 30-year fixed loans at 6.211% and VA 0%-down fixed loans at 6.304%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Cave-In-Rock, IL?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in Cave-In-Rock, IL have fluctuated between a low of 6.907% and a high of 7.251%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in Cave-In-Rock, IL?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $117,100 in Cave-In-Rock, IL, a standard 20%-down Conventional loan requires an upfront cash down payment of $23,420 but keeps your monthly payment lower at $989/mo (at 7.208% interest) with no monthly PMI. In comparison, an FHA loan requires only $4,099 (3.5% down) but has an estimated payment of $1,096/mo (at 6.211% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $113,002 falls comfortably within the local HUD FHA loan limit of $541,287 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in Cave-In-Rock before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Cave-In-Rock is $806,501. With a typical local home value of $117,100 in , a standard 20%-down mortgage requires a loan size of $93,680. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in Cave-In-Rock, IL impact estimated mortgage payments?
The median home value in Cave-In-Rock, IL is estimated at $117,100. Buying a typical home here with a standard 20% down payment ($23,420) translates to an estimated starting monthly mortgage payment of $989 (principal and interest). Compared to the local area median household income of $55,536 ($4,628/mo), this basic housing payment represents approximately 21.4% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.