mortgage refinance rates today illinois: how to compare popular options

What drives today’s quotes

In Illinois, lenders price refinances based on credit score, loan-to-value, occupancy, loan size, and whether you pay points. Market forces like Treasury yields and MBS spreads shift daily, so asking for a same-day rate sheet and a written fee breakdown helps you compare apples to apples.

Fixed versus adjustable

A 30-year fixed prioritizes payment stability; a 15-year often carries a lower rate but higher monthly cost and faster equity build. An ARM can start lower in return for future reset risk; it suits owners who expect to sell or refinance before the first adjustment.

• Rate-and-term vs cash-out: cash-out usually prices higher.
• Points or no-points: pay upfront to lower the rate, or choose lender credits.
• Conventional, FHA, or VA streamline: consider mortgage insurance and funding fees.
• Shop banks, credit unions, and online lenders the same day.

How to judge value

Compare APR and the total five-year cost, not just the headline rate. Estimate a break-even in months (closing costs divided by payment savings), and remember Illinois recording fees and taxes can affect the math.