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Illinois Mortgage Rates

Updated: July 22, 2024

Compare today's rates for Mortgage Refinance in IL

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Mortgage rates for Illinois go down to 3.00%

Monday, July 22, 2024

Mortgage rates for Illinois on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Illinois is now at 4.56%.

If you are looking for up to the minute Illinois mortgage rates, you’ve come to the right place.  Finding the lowest rates is easy when you have access to our vast network of trusted mortgage professionals in Illinois. Talk to multiple mortgage lenders in IL to compare rate quotes and understand your options.

Illinois Mortgage Refinance

Why is it critical to find the lowest rate when refinancing?  Simply put, this is the entire goal of a refinance.  The lower your new rate, the more money you’ll save. While there are many ways to secure a refinance loan, the best option is the no cost refi, which allows you to switch to a new mortgage with a lower rate without paying the fees associated with closing a new loan.  This can literally save you thousands of dollars.

Home Loans in Illinois

The loan types available in Illinois are much like those available elsewhere.  One of the most widely available mortgage loan types is the 30 year fixed rate mortgage.  As the name implies, this loan comes with a fixed interest rate.  This is considered the most financially sound mortgage by many borrowers. Some opt for the 15-year fixed option.

The adjustable rate mortgage (ARM) is another common loan type.  You can also pursue a jumbo loan, interest-only loan, balloon mortgage, or other specialized loan type.  Whether or not one of these loans fits you will depend entirely on your needs and the requirements of your lender.  Government backed loans, such as the FHA loan and the VA loan, are available to those who qualify.

Chicago, IL Skyline

About Illinois

Illinois is the most populated state in the Midwestern United States and home to the great city of Chicago, which is widely regarded as one of the ten most influential cities in the world.  It is often mistaken for the capital city of Illinois, but this honor falls to a different city.  Springfield is the capital city of Illinois, and as such, it has a lot to offer. Famous former residents of Springfield include Abraham Lincoln and Ulysses S. Grant. The town and the surrounding countryside rests on a flat plain, like much of Illinois.

Peoria is the largest city on the Illinois River and is considered a good measure of the average American city, often used as a product test market. In Southern Illinois, East St Louis sits along the shore of the Mississippi River and boasts an impressive waterfront.  The Gateway Geyser is the tallest fountain in the nation.  East St. Louis's colorful history includes a railroad strike, a riot, and being named an All American City in 1959.

To learn more about homeownership in Illinois or research IL home buying programs, visit the Illinois HUD portal.

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