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 LoanRateAPR
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.
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.
- FRED. "Mortgage Rates." Accessed July 11, 2022.