Effingham Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Effingham averaged
6.59%
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
6.32% and
one month ago for the week of 2024-10-03, the
average rate was 5.82%.
Effingham's average rate one year ago was 7.26%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.89%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Effingham 30 Year Fixed Rate | 2024-11-07 | 6.59% |
| Effingham 30 Year Fixed Rate Refi | 2024-11-07 | 6.89% |
| Effingham 15 Year Fixed Rate | 2024-11-07 | 6% |
| Effingham 15 Year Fixed Rate Refi | 2024-11-07 | 6.3% |
| Effingham 30 Year FHA | 2024-11-07 | 6.63% |
| Effingham 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Effingham 30 Year USDA | 2024-11-07 | 6.68% |
| Effingham 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Effingham 30 Year VA | 2024-11-07 | 6.24% |
| Effingham 30 Year VA Refi | 2024-11-07 | 6.24% |
Effingham 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 Effingham, 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.).
Effingham Average Closing Costs & Other Stats
Effingham, IL's 34 lenders originated 343
loans during 2023. The total origination value was $56,715,000, with an average loan value of
$165,350.
Effingham's average closing costs are $3,575.
The top Effingham lender as defined by loan originations is Dieterich Bank, with
53 loans originated. Their average total fees are
$1,881, which is $772
lower than the next largest lender,
Petefish, Skiles & Co..
The lowest fee Effingham lenders (with over 10 loans originated) are
Dieterich Bank ($1,881), Petefish, Skiles & Co. ($2,654), .
The lowest rate Effingham lenders (with over 10 loans originated) are
Dieterich Bank (6.16%), Petefish, Skiles & Co. (6.61%), .
Effingham, 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 |
|---|---|---|---|---|
| Dieterich Bank | $22,625,000 | $18,370,000 | -18.8% | 32.4% |
| WALKER & DUNLOP, LLC | $3,225,000 | n/a | 5.7% | |
| Mortgage Research Center, LLC | $2,120,000 | $2,965,000 | 39.9% | 5.2% |
| QUICKEN LOANS, LLC | $3,290,000 | $2,455,000 | -25.4% | 4.3% |
| Petefish, Skiles & Co. | $2,690,000 | $2,440,000 | -9.3% | 4.3% |
| Midland States Bank | $5,980,000 | $2,400,000 | -59.9% | 4.2% |
| Bank of Hillsboro | $985,000 | $1,765,000 | 79.2% | 3.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $605,000 | $1,670,000 | 176.0% | 2.9% |
| BROKER SOLUTIONS, INC. | $2,060,000 | $1,605,000 | -22.1% | 2.8% |
| First Mid Bank & Trust | $1,565,000 | $1,445,000 | -7.7% | 2.5% |
| GUARANTEED RATE, INC. | $4,515,000 | $1,210,000 | -73.2% | 2.1% |
| Fifth Third Bank | $3,780,000 | $1,175,000 | -68.9% | 2.1% |
| JPMorgan Chase Bank | $1,055,000 | $1,070,000 | 1.4% | 1.9% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,510,000 | $1,065,000 | -29.5% | 1.9% |
| PENNYMAC LOAN SERVICES, LLC | $450,000 | $970,000 | 115.6% | 1.7% |
| The Peoples State Bank of Newton, Illinois | $1,580,000 | $950,000 | -39.9% | 1.7% |
| FLAT BRANCH MORTGAGE, INC. | $385,000 | $860,000 | 123.4% | 1.5% |
| The FNB Community Bank | $655,000 | $760,000 | 16.0% | 1.3% |
| TOGETHER CREDIT UNION | $615,000 | n/a | 1.1% | |
| GERSHMAN INVESTMENT CORP. | $510,000 | $535,000 | 4.9% | 0.9% |
| Farm Credit Mid-America, ACA | $1,010,000 | $490,000 | -51.5% | 0.9% |
| First National Bank of Waterloo | $6,685,000 | $455,000 | -93.2% | 0.8% |
| 21ST MORTGAGE CORPORATION | $80,000 | $450,000 | 462.5% | 0.8% |
| INB | $445,000 | n/a | 0.8% | |
| Heartland Bank and Trust Company | $415,000 | n/a | 0.7% | |
| ON Q FINANCIAL, INC. | $415,000 | n/a | 0.7% | |
| NBKC BANK | $405,000 | n/a | 0.7% | |
| Paramount Residential Mortgage Group, Inc. | $385,000 | n/a | 0.7% | |
| MidWestOne Bank | $365,000 | n/a | 0.6% | |
| LOANDEPOT.COM, LLC | $515,000 | $320,000 | -37.9% | 0.6% |
| Wells Fargo Bank | $525,000 | $320,000 | -39.0% | 0.6% |
| Discover Bank | $95,000 | $310,000 | 226.3% | 0.5% |
| Sierra Pacific Mortgage Company, Inc. | $295,000 | n/a | 0.5% | |
| AMERISAVE MORTGAGE CORPORATION | $1,595,000 | $265,000 | -83.4% | 0.5% |
| GREENSTATE CREDIT UNION | $225,000 | n/a | 0.4% | |
| Flagstar Bank, FSB | $370,000 | $220,000 | -40.5% | 0.4% |
| Carrollton Bank | $215,000 | n/a | 0.4% | |
| Mr. Cooper ( Nationstar Mortgage ) | $390,000 | $215,000 | -44.9% | 0.4% |
| USAA Federal Savings Bank | $275,000 | $215,000 | -21.8% | 0.4% |
| United Fidelity Bank, fsb | $205,000 | n/a | 0.4% | |
| First Financial Bank | $375,000 | $200,000 | -46.7% | 0.4% |
| AmRes Corporation | $195,000 | n/a | 0.3% | |
| CHURCHILL MORTGAGE CORPORATION | $485,000 | $195,000 | -59.8% | 0.3% |
| LAKEVIEW LOAN SERVICING, LLC | $95,000 | $185,000 | 94.7% | 0.3% |
| FirstBank | $175,000 | n/a | 0.3% | |
| Illinois State Police Federal Credit Union | $175,000 | n/a | 0.3% | |
| Figure Lending LLC | $35,000 | $165,000 | 371.4% | 0.3% |
| Mid-Continent Funding, Inc. | $115,000 | $155,000 | 34.8% | 0.3% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $215,000 | $150,000 | -30.2% | 0.3% |
| UNIVERSITY OF ILLINOIS COMMUNITY | $145,000 | n/a | 0.3% | |
| NAVY FEDERAL CREDIT UNION | $800,000 | $135,000 | -83.1% | 0.2% |
| EVERETT FINANCIAL, INC. | $125,000 | n/a | 0.2% | |
| LIBERTY HOME MORTGAGE CORPORATION | $105,000 | n/a | 0.2% | |
| United Community Bank | $105,000 | n/a | 0.2% | |
| DOMINION FINANCIAL SERVICES, LLC | $95,000 | n/a | 0.2% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $65,000 | n/a | 0.1% | |
| Lakeview Community Capital, LLC | $45,000 | n/a | 0.1% | |
| SCOTT CREDIT UNION | $85,000 | $35,000 | -58.8% | 0.1% |
| Citizens Bank | $25,000 | n/a | 0.0% | |
| Coastal Community Bank | $25,000 | n/a | 0.0% |
Effingham's top lender by overall market share is Dieterich Bank, with 32.4% market share. In second place, with 5.7%, is WALKER & DUNLOP, LLC, having originated $3,225,000 in loans. In third place, with 5.2%, is Mortgage Research Center, LLC, having originated $2,965,000 in loans. In fourth place, with 4.3%, is QUICKEN LOANS, LLC, having originated $2,455,000 in loans. In fifth place, with 4.3%, is Petefish, Skiles & Co., having originated $2,440,000 in loans.
Effingham, IL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 208 | $40,230,000 | $193,413 |
| Other | 41 | $3,465,000 | $84,512 |
| Refi | 33 | $6,325,000 | $191,667 |
| Cash Out Refi | 32 | $4,580,000 | $143,125 |
| Home Improvement | 29 | $2,115,000 | $72,931 |
Effingham's most frequently cited loan purpose was Home Purchase, with 208 originations. The 2nd most popular reason was Other, with 41 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 142 | $27,040,000 | $190,423 |
| 7-8% | 77 | $11,125,000 | $144,481 |
| 5-6% | 46 | $11,050,000 | $240,217 |
| Over 8% | 37 | $2,335,000 | $63,108 |
| 4-5% | 17 | $2,725,000 | $160,294 |
| <2.5% | 6 | $230,000 | $38,333 |
| 3-4% | 4 | $260,000 | $65,000 |
| 2.5-3% | 1 | $235,000 | $235,000 |
During 2023, Effingham's most frequently originated rate bucket was 6-7%, with 142 originations.
Loan Sizing (Effingham, IL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 127 | $18,245,000 | $143,661 |
| $100,000 or less | 122 | $6,320,000 | $51,803 |
| $200k-400k | 80 | $21,240,000 | $265,500 |
| $400k-600k | 8 | $3,620,000 | $452,500 |
| $600k-1000k | 4 | $2,760,000 | $690,000 |
| $Over $1MM | 2 | $4,530,000 | $2,265,000 |
Effingham's loan sizing saw the bucket of loans from $100k-200k with 127 originations, totaling $18,245,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 144 | $27,660,000 | $192,083 |
| 60-80% | 61 | $16,185,000 | $265,328 |
| 20-40% | 43 | $4,045,000 | $94,070 |
| Under 20% | 43 | $1,535,000 | $35,698 |
| 40-60% | 39 | $5,435,000 | $139,359 |
| Over 100% | 1 | $145,000 | $145,000 |
Effingham's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 144 originations, totaling $27,660,000 in origination value.