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Illinois Mortgage Refinance Rates

Get a Lower rate in Illinois whether you’re looking to reduce your monthly payment, change your loan term or refinance into a different rate.

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Current Illinois Home Refinance Rates

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Refinance Rates Trend in Illinois

Historical rates shown for context only. See full disclosures below and current rates in the table above. View Legal Disclosures

Rates as of November 6, 2026 · Avg Illinois property tax: 2.22% · Avg annual home insurance: $3,442

Today’s 30-year fixed refinance rate in Illinois is 6.875% (7.248% APR), and a 15-year is 6.375% (6.966% APR). On a typical $182,000 Illinois loan, that’s about $1,196 a month in principal and interest over 30 years or $1,573 over 15. These figures use a typical Illinois home price of $260,300 (the average of the median prices in its largest cities) and a loan at 70% of that value. Your numbers depend on your balance, your home’s value and your credit.

How much could you save by refinancing in Illinois?

Monthly savings on a $182,000 balance if you refinance into today’s 30-year fixed rate of 6.875% (7.248% APR), by the rate you have now. If your current rate is at or below about 6.875%, a rate-and-term refinance at today’s rate won’t lower your payment; a cash-out refinance or HELOC may fit better if you need cash.

Your current rate Payment now New payment Monthly savings Break-even
7.500% $1,273 $1,196 $77 88 months
8.000% $1,335 $1,196 $140 48 months
8.500% $1,399 $1,196 $204 33 months

Principal and interest only, comparing 30-year payments on the same $182,000 balance. New payment at 6.875% (7.248% APR) with 2.500 discount points. Break-even divides the points and lender fees built into that APR (about $6,701 on this loan) by the monthly savings; title, appraisal and other third-party closing costs add to that (try our refinance break-even calculator with your own numbers). Restarting a 30-year term can mean more total interest even when the payment drops.

Refinance payments in Illinois's largest cities

Estimated monthly cost after refinancing a loan at 70% of each city’s median home price into today’s 30-year fixed rate of 6.875% (7.248% APR), with local property taxes and homeowners insurance.

City Median price Loan (70%) Principal & interest Taxes & insurance Total monthly
Chicago $365,000 $256,000 $1,682 $941 $2,623
Rockford $205,000 $144,000 $946 $641 $1,587
Elgin $374,900 $262,000 $1,721 $1,011 $2,732
Springfield $189,900 $133,000 $874 $611 $1,484
Peoria $146,250 $102,000 $670 $571 $1,241
Champaign $281,000 $197,000 $1,294 $778 $2,072

Principal and interest at 6.875% (7.248% APR) (30-year conforming refinance). Median prices from Movoto market trends, September 2026.

15-year vs. 30-year refinance in Illinois

On a typical $182,000 Illinois loan, a 15-year refinance costs about $377 more a month than a 30-year, but saves about $147,291 in interest over the life of the loan.

Loan term Rate (APR) Principal & interest Total interest
30-year fixed6.875% (7.248% APR)$1,196$248,420
15-year fixed6.375% (6.966% APR)$1,573$101,128

Conforming refinance rates for Illinois as of November 6, 2026. Total interest assumes you keep the loan for the full term and make every scheduled payment. Taxes and insurance are the same for either term.

Refinance options in Illinois by loan type

The examples above assume you’re refinancing into a conventional loan. If you have an FHA or VA loan, owe more than the conforming limit, or want to take cash out, one of these options may fit better.

If you have an FHA loan

FHA streamline refinance

Refinance an existing FHA loan with limited credit documentation and often no appraisal. FHA mortgage insurance still applies.

If you have a VA loan

VA IRRRL

The VA’s Interest Rate Reduction Refinance Loan lowers your rate with less paperwork than a standard refinance, with no monthly mortgage insurance.

If you owe more than $832,750

Jumbo refinance

A balance above the county’s 2026 conforming loan limit refinances into a jumbo loan.

If you need cash

Cash-out refinance or HELOC

A cash-out refinance replaces your loan with a larger one and pays you the difference. A HELOC lets you borrow against your equity and keep your current rate.

Illinois refinance FAQs

What are refinance rates in Illinois today?

As of November 6, 2026, Lower’s 30-year fixed refinance rate in Illinois is 6.875% (7.248% APR) and the 15-year is 6.375% (6.966% APR). FHA refinances start at 6.500% (7.397% APR) and VA refinances at 6.500% (6.853% APR). Your rate depends on your credit, equity, loan amount and points.

When does refinancing make sense in Illinois?

When the monthly savings pay back your closing costs before you sell or refinance again. On a typical $182,000 Illinois loan, going from 8.000% to today’s 6.875% (7.248% APR) saves about $140 a month, and the points and lender fees in today’s quote (about $6,701) take about 48 months to recover. Compare the new term too: restarting at 30 years can add interest even when the payment drops.

Do Chicago, Rockford or Elgin have higher conforming loan limits?

No. Every Illinois county uses the same $832,750 limit for a one-unit home in 2026. A refinance above the limit is a jumbo loan, priced today at 6.875% (7.131% APR) for 30 years.

Can I refinance a VA loan in Illinois?

Yes. If your current mortgage is VA-backed, a VA Interest Rate Reduction Refinance Loan (IRRRL) can lower your rate with less paperwork than a standard refinance. Lower’s 30-year VA refinance rate in Illinois is 6.500% (6.853% APR) today. VA and lender requirements apply.

Related Illinois mortgage pages

Movoto market trends data, September 2026, for each city. Cities are the state's largest by Census Bureau population estimates (Vintage 2024) among cities with Movoto data; where a city has too few sales, the next-busiest markets by homes sold fill in. Conforming loan limits: FHFA, 2026. Property tax estimates use county effective rates from the American Community Survey; homeowners insurance estimates are average annual premiums from The Zebra; your quote will vary. Rates as of November 6, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

Loan Officers in Illinois

Lester Tutak

Lester Tutak

Sr. Loan Officer

NMLS ID# 204014

Karylle Wike

Karylle Wike

VP of Lending

NMLS ID# 546659

Jared Blasingame

Jared Blasingame

Licensed Loan Coordinator

NMLS ID# 2108163

Gavin Petrea

Gavin Petrea

Branch Manager

NMLS ID# 1845126

Andy Phalen

Andy Phalen

Sr. Loan Officer

NMLS ID# 2354018

Manny Rodriguez

Manny Rodriguez

Sr. Loan Officer

NMLS ID# 2257359

John Hultberg

John Hultberg

Sr. Loan Officer

NMLS ID# 408288

Joe Phalen

Joe Phalen

Regional Manager, VP

NMLS ID# 282173

Jeremy Rose

Jeremy Rose

Sr. Loan Officer

NMLS ID# 327553l

Jon Altizer

Jon Altizer

Branch Manager, VP

NMLS ID# 283845

Byron Nazar

Byron Nazar

Area Manager

NMLS ID# 575637

All Loan Officers in Illinois

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