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.
