Burlington Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Burlington averaged 6.37% for the week of 2024-10-10, compared to the national average of 6.32% for the same period.

The average rate for the prior week (2024-10-03) was 6.07% and one month ago for the week of 2024-09-05, the average rate was 6.2%.

Burlington's average rate one year ago was 7.24%.

For refis of the same type during the week of 2024-10-10, the average rate was 6.92%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-10-10 6.32%
Burlington 30 Year Fixed Rate 2024-10-10 6.37%
Burlington 30 Year Fixed Rate Refi 2024-10-10 6.92%
Burlington 15 Year Fixed Rate 2024-10-10 5.51%
Burlington 15 Year Fixed Rate Refi 2024-10-10 5.51%
Burlington 30 Year FHA 2024-10-10 6.1%
Burlington 30 Year FHA Refi 2024-10-10 6.2%
Burlington 30 Year USDA 2024-10-10 5.88%
Burlington 30 Year USDA Refi 2024-10-10 6.28%
Burlington 30 Year VA 2024-10-10 5.95%
Burlington 30 Year VA Refi 2024-10-10 5.65%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Burlington, IA-IL.

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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Two Rivers Bank & Trust 52 6.63% $1,410
IOWA BANKERS MORTGAGE CORPORATION 45 6.54% $2,094
RUHL MORTGAGE, LLC 19 6.51% $1,671
QUICKEN LOANS, LLC 13 6.51% $4,708
U.S. Bank 9 6.90% $2,754
GREENSTATE CREDIT UNION 7 6.23% $2,183
COMMUNITY 1ST CREDIT UNION 6 6.38% $2,445
Plains Commerce Bank 5 6.78% $2,512
MidWestOne Bank 5 7.18% $2,367
Mr. Cooper ( Nationstar Mortgage ) 4 6.87% $4,484
First Federal Bank 3 7.38% $3,158
First Interstate Bank 3 7.00% $2,513
Wells Fargo Bank 3 6.13% $4,375
VERIDIAN CREDIT UNION 3 6.17% $1,848
JPMorgan Chase Bank 3 6.46% $4,185
ZILLOW HOME LOANS, LLC 2 7.75% $3,727
First Mid Bank & Trust 2 6.13% $2,396
COMPEER FINANCIAL, FLCA 2 8.25% $2,506
BMO Harris Bank 2 5.88% $4,215
USAA Federal Savings Bank 2 7.44% $2,959
Mortgage Research Center, LLC 2 7.06% $4,045
UNIVERSAL LENDING CORPORATION 1 6.75% $2,111
BROKER SOLUTIONS, INC. 1 6.50% $3,716
Carrington Mortgage Services, LLC 1 6.25% $5,099
CBI Bank & Trust 1 6.63% $2,290
Deere Employees Credit Union 1 6.75% $5,835
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.13% $2,306
Fortress Bank 1 7.75% $2,006
Great Southern Bank 1 6.50% $2,708
GSF Mortgage Corporation 1 6.00% $2,431
GUILD MORTGAGE COMPANY 1 7.50% $3,460
I. H. MISSISSIPPI VALLEY CREDIT UNION 1 7.50% $1,526
Morton Community Bank 1 7.00% $2,297
MOVEMENT MORTGAGE, LLC 1 6.99% $2,407
NEWREZ LLC 1 6.99% $4,254
Ohnward Bank & Trust 1 5.63% $2,150
Old National Bank 1 7.13% $2,693
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.99% $17,816
Regions Bank 1 7.13% $2,679
ROYAL UNITED MORTGAGE LLC 1 7.63% $7,226
Truist 1 7.60% $3,821
AmeriHome Mortgage Company, LLC 1 6.38% $7,729

Burlington Average Closing Costs & Other Stats

Burlington, IA-IL's 42 lenders originated 530 loans during 2023. The total origination value was $61,360,000, with an average loan value of $115,774.

Burlington's average closing costs are $3,162.

The top Burlington lender as defined by loan originations is Two Rivers Bank & Trust, with 52 loans originated. Their average total fees are $1,410, which is $684 lower than the next largest lender, IOWA BANKERS MORTGAGE CORPORATION.

The lowest fee Burlington lenders (with over 10 loans originated) are Two Rivers Bank & Trust ($1,410), RUHL MORTGAGE, LLC ($1,671), IOWA BANKERS MORTGAGE CORPORATION ($2,094), QUICKEN LOANS, LLC ($4,708) and .

The lowest rate Burlington lenders (with over 10 loans originated) are RUHL MORTGAGE, LLC (6.51%), QUICKEN LOANS, LLC (6.51%), IOWA BANKERS MORTGAGE CORPORATION (6.54%), Two Rivers Bank & Trust (6.63%) and .

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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
Two Rivers Bank & Trust $35,340,000 $14,430,000 -59.2% 23.5%
IOWA BANKERS MORTGAGE CORPORATION $10,750,000 $8,580,000 -20.2% 14.0%
QUICKEN LOANS, LLC $6,275,000 $4,195,000 -33.1% 6.8%
RUHL MORTGAGE, LLC $2,650,000 $3,280,000 23.8% 5.3%
Mortgage Research Center, LLC $2,570,000 $3,185,000 23.9% 5.2%
GREENSTATE CREDIT UNION $3,715,000 $2,160,000 -41.9% 3.5%
Plains Commerce Bank $5,520,000 $2,150,000 -61.1% 3.5%
U.S. Bank $5,115,000 $2,055,000 -59.8% 3.3%
MidWestOne Bank $1,800,000 $1,950,000 8.3% 3.2%
USAA Federal Savings Bank $55,000 $1,025,000 1,763.6% 1.7%
Mr. Cooper ( Nationstar Mortgage ) $850,000 $960,000 12.9% 1.6%
ALLIANT $770,000 $955,000 24.0% 1.6%
AMERICAN PACIFIC MORTGAGE CORPORATION $650,000 $910,000 40.0% 1.5%
AMERISAVE MORTGAGE CORPORATION $635,000 $845,000 33.1% 1.4%
BNC National Bank $415,000 $805,000 94.0% 1.3%
BMO Harris Bank $740,000 n/a 1.2%
COMMUNITY 1ST CREDIT UNION $460,000 $715,000 55.4% 1.2%
VERIDIAN CREDIT UNION $395,000 $575,000 45.6% 0.9%
MOVEMENT MORTGAGE, LLC $570,000 n/a 0.9%
JPMorgan Chase Bank $55,000 $555,000 909.1% 0.9%
Midwest Bank $1,600,000 $540,000 -66.3% 0.9%
Wells Fargo Bank $650,000 $510,000 -21.5% 0.8%
First Interstate Bank $1,280,000 $475,000 -62.9% 0.8%
Regions Bank $455,000 n/a 0.7%
PRIMELENDING, A PLAINSCAPITAL COMPANY $450,000 n/a 0.7%
NEWREZ LLC $175,000 $445,000 154.3% 0.7%
BROKER SOLUTIONS, INC. $465,000 $420,000 -9.7% 0.7%
SIRVA MORTGAGE, INC. $260,000 $410,000 57.7% 0.7%
CARDINAL FINANCIAL $315,000 $390,000 23.8% 0.6%
COMPEER FINANCIAL, FLCA $340,000 n/a 0.6%
GUILD MORTGAGE COMPANY $175,000 $330,000 88.6% 0.5%
First Federal Bank $310,000 n/a 0.5%
RESIDENTIAL MORTGAGE NETWORK, INC. $135,000 $300,000 122.2% 0.5%
Old National Bank $255,000 n/a 0.4%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $250,000 $250,000 0.0% 0.4%
Barrington Bank & Trust Company, N.A. $205,000 $230,000 12.2% 0.4%
OAKTREE FUNDING CORP. $230,000 n/a 0.4%
ZILLOW HOME LOANS, LLC $230,000 n/a 0.4%
AMCAP MORTGAGE, LTD. $225,000 n/a 0.4%
Carrington Mortgage Services, LLC $410,000 $220,000 -46.3% 0.4%
AmeriHome Mortgage Company, LLC $215,000 n/a 0.4%
Deere Employees Credit Union $95,000 $210,000 121.1% 0.3%
Fortress Bank $445,000 $200,000 -55.1% 0.3%
I. H. MISSISSIPPI VALLEY CREDIT UNION $1,050,000 $200,000 -81.0% 0.3%
CBI Bank & Trust $580,000 $195,000 -66.4% 0.3%
SPRING EQ, LLC $175,000 $195,000 11.4% 0.3%
PRIMARY RESIDENTIAL MORTGAGE, INC. $125,000 $170,000 36.0% 0.3%
FREEDOM MORTGAGE CORPORATION $470,000 $155,000 -67.0% 0.3%
PLAZA HOME MORTGAGE, INC. $150,000 n/a 0.2%
Great Southern Bank $145,000 n/a 0.2%
LAND HOME FINANCIAL SERVICES, INC. $125,000 $145,000 16.0% 0.2%
United Community Bank $150,000 $145,000 -3.3% 0.2%
First Mid Bank & Trust $45,000 $140,000 211.1% 0.2%
PREMIA MORTGAGE, LLC $115,000 n/a 0.2%
ROYAL UNITED MORTGAGE LLC $425,000 $115,000 -72.9% 0.2%
SENB Bank $65,000 $105,000 61.5% 0.2%
Ohnward Bank & Trust $100,000 n/a 0.2%
TRIAD FINANCIAL SERVICES, INC. $95,000 n/a 0.2%
UNIVERSAL LENDING CORPORATION $95,000 n/a 0.2%
Blackhawk Bank & Trust $85,000 n/a 0.1%
PREMIER MORTGAGE RESOURCES, L.L.C. $85,000 n/a 0.1%
MORTGAGE SOLUTIONS OF COLORADO, LLC $75,000 n/a 0.1%
Morton Community Bank $65,000 $75,000 15.4% 0.1%
Truist $75,000 n/a 0.1%
CALIBER HOME LOANS, INC. $85,000 $65,000 -23.5% 0.1%
Farmers-Merchants Bank of Illinois $55,000 n/a 0.1%
Figure Lending LLC $55,000 n/a 0.1%
GSF Mortgage Corporation $55,000 n/a 0.1%
LINN AREA $55,000 n/a 0.1%
Hills Bank and Trust Company $45,000 n/a 0.1%
SUN WEST MORTGAGE COMPANY, INC. $35,000 n/a 0.1%
Community Choice Credit Union $35,000 $25,000 -28.6% 0.0%
MARINE $110,000 $15,000 -86.4% 0.0%
PNC Bank $15,000 n/a 0.0%

Burlington's top lender by overall market share is Two Rivers Bank & Trust, with 23.5% market share. In second place, with 14.0%, is IOWA BANKERS MORTGAGE CORPORATION, having originated $8,580,000 in loans. In third place, with 6.8%, is QUICKEN LOANS, LLC, having originated $4,195,000 in loans. In fourth place, with 5.3%, is RUHL MORTGAGE, LLC, having originated $3,280,000 in loans. In fifth place, with 5.2%, is Mortgage Research Center, LLC, having originated $3,185,000 in loans.

Burlington, IA-IL Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 358 $51,110,000 $142,765
Refi 52 $4,610,000 $88,654
Home Improvement 50 $1,600,000 $32,000
Other 36 $1,530,000 $42,500
Cash Out Refi 34 $2,510,000 $73,824

Burlington's most frequently cited loan purpose was Home Purchase, with 358 originations. The 2nd most popular reason was Refi, with 52 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 265 $32,885,000 $124,094
7-8% 122 $13,770,000 $112,869
5-6% 74 $10,420,000 $140,811
Over 8% 42 $2,450,000 $58,333
<2.5% 4 $40,000 $10,000
4-5% 1 $15,000 $15,000
3-4% 1 $25,000 $25,000
2.5-3% 1 $15,000 $15,000

During 2023, Burlington's most frequently originated rate bucket was 6-7%, with 265 originations.

Loan Sizing (Burlington, IA-IL MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 284 $14,940,000 $52,606
$100k-200k 172 $24,300,000 $141,279
$200k-400k 64 $16,910,000 $264,219
$400k-600k 7 $3,315,000 $473,571
$600k-1000k 3 $1,895,000 $631,667

Burlington's loan sizing saw the bucket of loans from $100,000 or less with 284 originations, totaling $14,940,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 257 $38,305,000 $149,047
60-80% 84 $12,090,000 $143,929
Under 20% 73 $1,915,000 $26,233
20-40% 52 $2,920,000 $56,154
40-60% 36 $3,040,000 $84,444
Over 100% 6 $1,010,000 $168,333

Burlington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 257 originations, totaling $38,305,000 in origination value.