Burlington Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Burlington averaged
6.74%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.57% and
one month ago for the week of 2024-10-03, the
average rate was 6.07%.
Burlington's average rate one year ago was 7.51%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.39%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Burlington 30 Year Fixed Rate | 2024-11-07 | 6.74% |
| Burlington 30 Year Fixed Rate Refi | 2024-11-07 | 7.39% |
| Burlington 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Burlington 15 Year Fixed Rate Refi | 2024-11-07 | 6.2% |
| Burlington 30 Year FHA | 2024-11-07 | 6.63% |
| Burlington 30 Year FHA Refi | 2024-11-07 | 6.63% |
| Burlington 30 Year USDA | 2024-11-07 | 6.28% |
| Burlington 30 Year USDA Refi | 2024-11-07 | 6.38% |
| Burlington 30 Year VA | 2024-11-07 | 6.24% |
| Burlington 30 Year VA Refi | 2024-11-07 | 6.34% |
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 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.