Today’s Refinance Rates in Illinois

On average, Illinois residents with a mortgage owe $176,425 on their homes and pay approximately $1,130 per month. Most homeowners who refinance their mortgages do so to lower interest rates, eliminate private mortgage insurance (PMI) or shorten their term length.

Based on data from S&P Global, mortgage rates in Illinois average between 4.36% and 5.19% for 15- and 30-year fixed-rate loans and 5/1 adjustable-rate loans. If you plan to refinance your mortgage in the Prairie State, MoneyGeek looked into the current refinance rates in Illinois to keep you up-to-date and help you find the best option for your situation.

Advertising & Editorial DisclosureLast Updated: 1/25/2023
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Current Refinance Rates in Illinois

MoneyGeek is committed to bringing you the latest information about refinance rates in Illinois. In the table below, we gathered the most up-to-date rates in the state for different mortgage types.

  • Type of Loan
    Rate
    APR
  • Conventional 30 Year Fixed
    5.268 %
    5.25 %
  • Conventional 20 Year Fixed
    5.375 %
    5.375 %
  • Conventional 15 Year Fixed
    4.521 %
    4.5 %
  • Conventional 10 Year ARM
    6.145 %
    5.625 %
  • Conventional 7 Year ARM
    6.325 %
    5.625 %
  • null 5 Year ARM
    6.46 %
    5.5 %
  • FHA 30 Year Fixed
    5.268 %
    5.25 %
  • VA 30 Year Fixed
    5.268 %
    5.25 %
  • FHA 15 Year Fixed
    4.521 %
    4.5 %
  • VA 15 Year Fixed
    4.521 %
    4.5 %
  • Jumbo 30 Year Fixed
    5.268 %
    5.25 %
  • Jumbo 15 Year Fixed
    4.521 %
    4.5 %
  • Jumbo 7 Year ARM
    6.325 %
    5.625 %
  • Jumbo 5 Year ARM
    6.46 %
    5.5 %

Mortgage Refinance Rates From Top Lenders

What Is a Good Refinance Rate in Illinois?

According to economic data from the Federal Reserve Bank of St. Louis, the latest mortgage rates in the United States are 4.45% for a 15-year fixed-rate mortgage (FRM), 5.3% for a 30-year FRM and 4.19% for a 5/1 adjustable-rate mortgage (ARM). In comparison, current refinance rates in Illinois are higher for a 15-year FRM and 5/1 ARM at 4.51% and 4.36%, respectively. Meanwhile, the state’s refinance rate for a 30-year FRM is lower than the national average, at 5.19%.

Wanting to lock in a good interest rate is common when you’re refinancing your mortgage. It’s worth noting, however, that a “good” interest rate is subjective and dependent on certain factors, such as the loan term, loan amount, credit score and debt-to-income ratio.

It’s best to compare quotes from different lenders to get the best deal possible. Once you find a rate that’s perfect for you, be sure to act fast since mortgage refinance rates often fluctuate.

Estimate Your New Monthly Mortgage Payment

Use MoneyGeek’s mortgage calculator below to estimate your monthly mortgage refinance payment. To get started, you’ll need to enter your mortgage information and use Illinois’ average rates listed above. Keep in mind that these rates change daily, and your actual rate will depend on factors like your credit score and debt-to-income ratio.

Edit your mortgage details
$898
Total monthly payment$1,271
$898
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Total monthly payment$1,271

Frequently Asked Questions About Refinance Rates in Illinois

MoneyGeek answered some frequently asked questions about mortgage refinance rates in Illinois to help you gather more information before refinancing your home.

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