What are current refinance rates in Illinois?

Today's refinance rates in Illinois start at 7.046% for qualified borrowers. Rates are updated daily using live investor pricing data from Safe Rate's pricing engine.

Mortgage Refinance Rates — who qualifies in Illinois?

Rate/term and cash-out refinance options including FHA Streamline and VA IRRRL. Updated daily.

What are current mortgage rates in Illinois?

As of today, a standard conventional rate in Illinois is 7.046% (APR 7.075%) for a 30-year fixed loan. This assumes a 20% down payment and a 740+ credit score. Rates are updated daily using Safe Rate's live pricing engine.

How much does a home cost in Illinois?

The average home value in Illinois is $338,357, with +15.3% appreciation over the past two years. At a 3.7x price-to-income ratio, affordability remains reasonable compared to many U.S. markets.

What is the typical monthly mortgage payment in Illinois?

Based on the average home value with a standard conventional loan, the estimated principal and interest payment is $1,889/mo. Total PITI costs will also include property taxes ($5,536/yr locally), homeowners insurance (est. $92/mo), and any applicable mortgage insurance.

How do I qualify for a mortgage?

Conventional loans typically require a 620+ credit score and 3–20% down. With 20% down you avoid PMI. FHA loans are available with as little as 3.5% down and a 580+ credit score. VA loans offer 0% down for eligible veterans. Requirements vary by loan program. Contact a licensed loan officer for guidance specific to your situation.

How are these mortgage rates calculated?

Safe Rate Mortgage (NMLS #1590949) updates these rates daily using live investor rate sheets. Your actual rate may vary based on credit score, down payment, and property type.

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Mortgage Rates in Illinois, IL

7.046%APR 7.075% · $1,889/mo (20% Down)

Updated daily · May 21, 2026+0.185% (14d)

Safe Rate Mortgage20% Down Conv.

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14-Day Rate Trend

↑ +0.185%

LO 6.617%HI 7.046%TODAY 7.046%

Product	Key Attributes	Rate / APR ↑	Mo. Payment ↕	Points
FHA Streamline FHA streamline refinance +$156/mo MI	0% Down640 FICO30-yr	6.107% 6.871% APR	$2,103 Principal & Interest	$0 Points
15-Year Refi 15-year fixed refinance	0% Down740 FICO15-yr	6.175% 6.216% APR	$2,384 Principal & Interest	$0 Points
VA Cash-Out VA cash-out refinance	0% Down640 FICO30-yr	6.432% 6.803% APR	$2,210 Principal & Interest	$0 Points
VA IRRRL VA streamline refinance	0% Down640 FICO30-yr	6.438% 6.588% APR	$2,021 Principal & Interest	$0 Points
Rate/Term Refi Conventional rate/term refinance	0% Down740 FICO30-yr	7.085% 7.114% APR	$1,875 Principal & Interest	$0 Points
Cash-Out Refi Conventional cash-out refinance	0% Down740 FICO30-yr	7.443% 7.474% APR	$1,965 Principal & Interest	$0 Points

Safe Rate Mortgage Pricing for Illinois

Median Home Value

$338,357

2-Yr Appreciation

15.3%

increase

Median Income

$92,382

household

Price-to-Income

3.7x

within reach

Rates updated daily by Safe Rate Mortgage (NMLS #1590949). Your actual rate depends on credit score, down payment, and property details.

Frequently Asked Questions

Market Snapshot

Average Home Value: $338,357
Average Rent: $1,386/mo
Average Income: $92,382
Property Tax: $5,536/yr
Avg Loan: $279,381
Avg LTV: 79.1%

Estimated Insurance

Homeowners Insurance

HO-3 policy · covers dwelling, property & liability

$92/mo

Flood Insurance$57/mo

Risk TierHigh

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Safe Rate Mortgage. NMLS #1590949. Rates shown are representative estimates. Illinois Residential Mortgage Licensee. Loans subject to credit and property approval. Rates and terms are subject to change without notice.