Burlington Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Burlington averaged
6.57%
for the week of 2025-07-10, compared to the national average of
6.72% for the same period.
The average rate for the prior week (2025-07-03) was
6.52% and
one month ago for the week of 2025-06-05, the
average rate was 6.8%.
Burlington's average rate one year ago was 6.9%.
For refis of the same type during the week of 2025-07-10, the average rate
was 7.22%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-07-10 | 6.72% |
| Burlington 30 Year Fixed Rate | 2025-07-10 | 6.57% |
| Burlington 30 Year Fixed Rate Refi | 2025-07-10 | 7.22% |
| Burlington 15 Year Fixed Rate | 2025-07-10 | 6.06% |
| Burlington 15 Year Fixed Rate Refi | 2025-07-10 | 6.06% |
| Burlington 30 Year FHA | 2025-07-10 | 6.42% |
| Burlington 30 Year FHA Refi | 2025-07-10 | 6.62% |
| Burlington 30 Year USDA | 2025-07-10 | 6.25% |
| Burlington 30 Year USDA Refi | 2025-07-10 | 6.55% |
| Burlington 30 Year VA | 2025-07-10 | 6.47% |
| Burlington 30 Year VA Refi | 2025-07-10 | 6.37% |
Burlington Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Burlington, IA-IL market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Burlington Average Closing Costs & Other Stats
Burlington, IA-IL's 45 lenders originated 548
loans during 2024. The total origination value was $66,560,000, with an average loan value of
$121,460.
Burlington's average closing costs are $3,230.
The top Burlington lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with
71 loans originated. Their average total fees are
$2,111, which is $625
higher than the next largest lender,
Two Rivers Bank & Trust.
The lowest fee Burlington lenders (with over 10 loans originated) are
Two Rivers Bank & Trust ($1,486), RUHL MORTGAGE, LLC ($1,827), IOWA BANKERS MORTGAGE CORPORATION ($2,111), Plains Commerce Bank ($2,661) and QUICKEN LOANS, LLC ($4,377).
The lowest rate Burlington lenders (with over 10 loans originated) are
Plains Commerce Bank (6.52%), QUICKEN LOANS, LLC (6.60%), RUHL MORTGAGE, LLC (6.65%), IOWA BANKERS MORTGAGE CORPORATION (6.80%) and Two Rivers Bank & Trust (7.29%).
Burlington, IA-IL Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| IOWA BANKERS MORTGAGE CORPORATION | $8,580,000 | $12,795,000 | 49.1% | 19.2% |
| Two Rivers Bank & Trust | $14,430,000 | $6,760,000 | -53.2% | 10.2% |
| Mortgage Research Center, LLC | $3,185,000 | $6,020,000 | 89.0% | 9.0% |
| QUICKEN LOANS, LLC | $4,195,000 | $4,645,000 | 10.7% | 7.0% |
| Plains Commerce Bank | $2,150,000 | $3,245,000 | 50.9% | 4.9% |
| Raccoon Valley Bank | $3,040,000 | n/a | 4.6% | |
| RUHL MORTGAGE, LLC | $3,280,000 | $2,845,000 | -13.3% | 4.3% |
| GREENSTATE CREDIT UNION | $2,160,000 | $2,200,000 | 1.9% | 3.3% |
| MidWestOne Bank | $1,950,000 | $1,950,000 | 0.0% | 2.9% |
| U.S. Bank | $2,055,000 | $1,665,000 | -19.0% | 2.5% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,335,000 | n/a | 2.0% | |
| First Interstate Bank | $475,000 | $1,170,000 | 146.3% | 1.8% |
| The Huntington National Bank | $1,145,000 | n/a | 1.7% | |
| First Federal Bank | $310,000 | $1,040,000 | 235.5% | 1.6% |
| BROKER SOLUTIONS, INC. | $420,000 | $920,000 | 119.0% | 1.4% |
| AmeriHome Mortgage Company, LLC | $215,000 | $795,000 | 269.8% | 1.2% |
| NEWREZ LLC | $445,000 | $665,000 | 49.4% | 1.0% |
| RESIDENTIAL MORTGAGE NETWORK, INC. | $300,000 | $645,000 | 115.0% | 1.0% |
| PENNYMAC LOAN SERVICES, LLC | $585,000 | n/a | 0.9% | |
| West Gate Bank | $570,000 | n/a | 0.9% | |
| Fortress Bank | $200,000 | $545,000 | 172.5% | 0.8% |
| MEMBERS1st Community Credit Union | $540,000 | n/a | 0.8% | |
| USAA Federal Savings Bank | $1,025,000 | $535,000 | -47.8% | 0.8% |
| JPMorgan Chase Bank | $555,000 | $525,000 | -5.4% | 0.8% |
| Midwest Bank | $540,000 | $515,000 | -4.6% | 0.8% |
| ALLIANT | $955,000 | $505,000 | -47.1% | 0.8% |
| FREEDOM MORTGAGE CORPORATION | $155,000 | $505,000 | 225.8% | 0.8% |
| COMMUNITY 1ST CREDIT UNION | $715,000 | $465,000 | -35.0% | 0.7% |
| GUILD MORTGAGE COMPANY | $330,000 | $420,000 | 27.3% | 0.6% |
| AXIA FINANCIAL, LLC | $410,000 | n/a | 0.6% | |
| LOANDEPOT.COM, LLC | $370,000 | n/a | 0.6% | |
| Citibank | $325,000 | n/a | 0.5% | |
| MOVEMENT MORTGAGE, LLC | $570,000 | $305,000 | -46.5% | 0.5% |
| FLAT BRANCH MORTGAGE, INC. | $300,000 | n/a | 0.5% | |
| HOMESERVICES LENDING, LLC | $280,000 | n/a | 0.4% | |
| Barrington Bank & Trust Company, N.A. | $230,000 | $255,000 | 10.9% | 0.4% |
| ZILLOW HOME LOANS, LLC | $230,000 | $250,000 | 8.7% | 0.4% |
| UNION HOME MORTGAGE CORP. | $245,000 | n/a | 0.4% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $250,000 | $240,000 | -4.0% | 0.4% |
| Sierra Pacific Mortgage Company, Inc. | $235,000 | n/a | 0.4% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $910,000 | $230,000 | -74.7% | 0.3% |
| ENDEAVOR CAPITAL, LLC. | $220,000 | n/a | 0.3% | |
| Community Choice Credit Union | $25,000 | $210,000 | 740.0% | 0.3% |
| United Community Bank | $145,000 | $205,000 | 41.4% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $190,000 | n/a | 0.3% | |
| NEW DAY FINANCIAL, LLC | $180,000 | n/a | 0.3% | |
| AMERICAN FINANCING CORPORATION | $175,000 | n/a | 0.3% | |
| Waterstone Mortgage Corporation | $175,000 | n/a | 0.3% | |
| SIRVA MORTGAGE, INC. | $410,000 | $165,000 | -59.8% | 0.2% |
| AMERISAVE MORTGAGE CORPORATION | $845,000 | $140,000 | -83.4% | 0.2% |
| Community Mortgage Banc Corporation | $135,000 | n/a | 0.2% | |
| Farmers State Bank | $135,000 | n/a | 0.2% | |
| The Federal Savings Bank | $135,000 | n/a | 0.2% | |
| Wells Fargo Bank | $510,000 | $120,000 | -76.5% | 0.2% |
| Arvest Bank | $105,000 | n/a | 0.2% | |
| First Mid Bank & Trust | $140,000 | $105,000 | -25.0% | 0.2% |
| Washington State Bank | $105,000 | n/a | 0.2% | |
| BETTER MORTGAGE CORPORATION | $95,000 | n/a | 0.1% | |
| Flanagan State Bank | $95,000 | n/a | 0.1% | |
| I. H. MISSISSIPPI VALLEY CREDIT UNION | $200,000 | $90,000 | -55.0% | 0.1% |
| CHURCHILL MORTGAGE CORPORATION | $85,000 | n/a | 0.1% | |
| Flagstar Bank, FSB | $85,000 | n/a | 0.1% | |
| MMS MORTGAGE SERVICES, LTD. | $85,000 | n/a | 0.1% | |
| GUARANTEED RATE AFFINITY, LLC | $75,000 | n/a | 0.1% | |
| Mr. Cooper ( Nationstar Mortgage ) | $960,000 | $75,000 | -92.2% | 0.1% |
| NBKC BANK | $75,000 | n/a | 0.1% | |
| PLAZA HOME MORTGAGE, INC. | $150,000 | $65,000 | -56.7% | 0.1% |
| VERIDIAN CREDIT UNION | $575,000 | $65,000 | -88.7% | 0.1% |
| SPRING EQ, LLC | $195,000 | $60,000 | -69.2% | 0.1% |
| Bank of Springfield | $55,000 | n/a | 0.1% | |
| Carrington Mortgage Services, LLC | $220,000 | $55,000 | -75.0% | 0.1% |
| Figure Lending LLC | $55,000 | $50,000 | -9.1% | 0.1% |
| Coastal Community Bank | $45,000 | n/a | 0.1% | |
| GUARANTEED RATE, INC. | $45,000 | n/a | 0.1% | |
| INB | $45,000 | n/a | 0.1% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $45,000 | n/a | 0.1% | |
| Transportation Federal Credit Union | $45,000 | n/a | 0.1% | |
| 21ST MORTGAGE CORPORATION | $35,000 | n/a | 0.1% | |
| CBI Bank & Trust | $195,000 | $35,000 | -82.1% | 0.1% |
| EVERENCE FEDERAL CREDIT UNION | $15,000 | n/a | 0.0% |
Burlington's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 19.2% market share. In second place, with 10.2%, is Two Rivers Bank & Trust, having originated $6,760,000 in loans. In third place, with 9.0%, is Mortgage Research Center, LLC, having originated $6,020,000 in loans. In fourth place, with 7.0%, is QUICKEN LOANS, LLC, having originated $4,645,000 in loans. In fifth place, with 4.9%, is Plains Commerce Bank, having originated $3,245,000 in loans.
Burlington, IA-IL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 343 | $51,625,000 | $150,510 |
| Cash Out Refi | 63 | $5,705,000 | $90,556 |
| Refi | 60 | $5,990,000 | $99,833 |
| Home Improvement | 47 | $1,815,000 | $38,617 |
| Other | 35 | $1,425,000 | $40,714 |
Burlington's most frequently cited loan purpose was Home Purchase, with 343 originations. The 2nd most popular reason was Cash Out Refi, with 63 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 241 | $32,895,000 | $136,494 |
| 7-8% | 149 | $16,095,000 | $108,020 |
| 5-6% | 68 | $9,850,000 | $144,853 |
| Over 8% | 54 | $2,250,000 | $41,667 |
| 4-5% | 5 | $785,000 | $157,000 |
| <2.5% | 4 | $140,000 | $35,000 |
During 2024, Burlington's most frequently originated rate bucket was 6-7%, with 241 originations.
Loan Sizing (Burlington, IA-IL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 292 | $16,680,000 | $57,123 |
| $100k-200k | 185 | $26,115,000 | $141,162 |
| $200k-400k | 60 | $16,300,000 | $271,667 |
| $400k-600k | 8 | $3,660,000 | $457,500 |
| $Over $1MM | 2 | $3,040,000 | $1,520,000 |
| $600k-1000k | 1 | $765,000 | $765,000 |
Burlington's loan sizing saw the bucket of loans from $100,000 or less with 292 originations, totaling $16,680,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 276 | $41,490,000 | $150,326 |
| 60-80% | 85 | $10,285,000 | $121,000 |
| Under 20% | 62 | $1,780,000 | $28,710 |
| 20-40% | 56 | $2,970,000 | $53,036 |
| 40-60% | 29 | $2,745,000 | $94,655 |
| Over 100% | 5 | $1,215,000 | $243,000 |
Burlington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 276 originations, totaling $41,490,000 in origination value.