Mortgage Refinance Rates in Illinois (2026)
With Illinois's median value near $270,000, a homeowner refinancing a typical $184,000 balance from about 7.50% to 6.25% saves roughly $154/month — breaking even on ~$4,600 of costs near month 30.
Most Illinois owners have built real equity. A cash-out refinance can tap up to 80% of value, and a rate-and-term refinance simply lowers the payment. Illinois uses the $806,500 conforming baseline statewide.
Refinance snapshot by Illinois county
| County | Est. Value | 2026 Conforming Limit | Tier |
|---|---|---|---|
| Cook County | $330,000 | $806,500 | Baseline |
| DuPage County | $400,000 | $806,500 | Baseline |
| Lake County | $300,000 | $806,500 | Baseline |
| Will County | $330,000 | $806,500 | Baseline |
| Kane County | $330,000 | $806,500 | Baseline |
| McHenry County | $270,000 | $806,500 | Baseline |
| Winnebago County | $270,000 | $806,500 | Baseline |
| Madison County | $270,000 | $806,500 | Baseline |
| St. Clair County | $270,000 | $806,500 | Baseline |
| Champaign County | $270,000 | $806,500 | Baseline |
| Sangamon County | $270,000 | $806,500 | Baseline |
| Peoria County | $270,000 | $806,500 | Baseline |
| McLean County | $270,000 | $806,500 | Baseline |
| Rock Island County | $270,000 | $806,500 | Baseline |
| Tazewell County | $270,000 | $806,500 | Baseline |
| Kendall County | $270,000 | $806,500 | Baseline |
| LaSalle County | $270,000 | $806,500 | Baseline |
| Macon County | $270,000 | $806,500 | Baseline |
| DeKalb County | $270,000 | $806,500 | Baseline |
| Vermilion County | $270,000 | $806,500 | Baseline |
| Williamson County | $270,000 | $806,500 | Baseline |
| Kankakee County | $270,000 | $806,500 | Baseline |
| Adams County | $270,000 | $806,500 | Baseline |
| Boone County | $270,000 | $806,500 | Baseline |
| Whiteside County | $270,000 | $806,500 | Baseline |
| Coles County | $270,000 | $806,500 | Baseline |
| Ogle County | $270,000 | $806,500 | Baseline |
| Knox County | $270,000 | $806,500 | Baseline |
| Henry County | $270,000 | $806,500 | Baseline |
| Macoupin County | $270,000 | $806,500 | Baseline |
Should you refinance in Illinois?
It comes down to your break-even. Take your closing costs (often 2-5% of the balance) and divide by your monthly savings — if you will stay in the home past that month count, refinancing usually wins. Cash-out makes sense when the rate and use of funds beat your other borrowing options.
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Frequently Asked Questions
- How much can refinancing save in Illinois?
- On a $184,000 balance near the Illinois median, dropping from ~7.50% to 6.25% saves about $154/month. Your figure depends on your current rate and balance.
- What is the conforming loan limit in Illinois for 2026?
- Most Illinois counties use the $806,500 baseline; high-cost counties go up to $1,209,750. Above that, refinances are jumbo loans.