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5/1 ARM Mortgage Rates in Illinois

Updated: August 10, 2020

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Displaying rates for Mortgage Refinance in IL for $200,000

5.046%

APR
5 Year ARM
4.500% Rate $1,013/mo
  • Updated August 10, 2020
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PRODUCTS RATES +/-
30 Year Fixed 3.00%
15 Year Fixed 2.38%
5/1 ARM 4.56%
Monday, August 10, 2020

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Mortgage rates for Illinois go down to 3.00%

Monday, August 10, 2020

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 2.38%. The 5/1 ARM mortgage for Illinois is now at 4.56%.

5/1 ARM Mortgage Rate Explained

5/1 ARM is an adjustable rate mortgage where the interest rate on the loan and hence the payment of the loan stays the same during the first 5 years. After that the rate will change based on its "margin" and "index" . Above you will find 5/1 ARM refinance rates for national and local lenders in Illinois. 

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