Fairfield Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fairfield averaged
6.8%
for the week of 2023-03-23, compared to the national average of
6.42% for the same period.
The average rate for the prior week (2023-03-16) was
6.88% and
one month ago for the week of 2023-02-16, the
average rate was 6.6%.
Fairfield's average rate one year ago was 3.36%.
For refis of the same type during the week of 2023-03-23, the average rate
was 6.5%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2023-03-23 | 6.42% |
Fairfield 30 Year Fixed Rate | 2023-03-23 | 6.8% |
Fairfield 30 Year Fixed Rate Refi | 2023-03-23 | 6.5% |
Fairfield 15 Year Fixed Rate | 2023-03-23 | 5.9% |
Fairfield 15 Year Fixed Rate Refi | 2023-03-23 | 6.13% |
Fairfield 30 Year FHA | 2023-03-23 | 6.01% |
Fairfield 30 Year FHA Refi | 2023-03-23 | 6.11% |
Fairfield 30 Year USDA | 2023-03-23 | 6.35% |
Fairfield 30 Year USDA Refi | 2023-03-23 | 2.77% |
Fairfield 30 Year VA | 2023-03-23 | 6.18% |
Fairfield 30 Year VA Refi | 2023-03-23 | 5.77% |
Fairfield 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 Fairfield, IA 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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
---|---|---|---|
COMMUNITY 1ST CREDIT UNION | 15 | 4.64% | $1,975 |
GREENSTATE CREDIT UNION | 8 | 3.45% | $2,014 |
QUICKEN LOANS, LLC | 7 | 5.09% | $5,540 |
IOWA BANKERS MORTGAGE CORPORATION | 6 | 4.48% | $2,643 |
Hills Bank and Trust Company | 6 | 4.15% | $2,045 |
MidWestOne Bank | 5 | 4.58% | $2,707 |
West Gate Bank | 3 | 4.58% | $2,443 |
JPMorgan Chase Bank | 3 | 5.58% | $3,283 |
Mortgage Research Center, LLC | 2 | 4.94% | $7,207 |
NEWREZ LLC | 2 | 4.62% | $2,825 |
Wells Fargo Bank | 2 | 4.25% | $3,589 |
Lincoln Savings Bank | 2 | 4.20% | $4,477 |
Gate City Bank | 1 | 3.00% | $4,637 |
THOMPSON KANE & COMPANY, LLC | 1 | 5.38% | $2,923 |
UNIVERSAL LENDING CORPORATION | 1 | 5.38% | $3,652 |
BROKER SOLUTIONS, INC. | 1 | 6.13% | $3,642 |
HomeBank | 1 | 3.88% | $1,819 |
NAVY FEDERAL CREDIT UNION | 1 | 8.25% | $5,227 |
POWER FINANCIAL | 1 | 3.63% | $0 |
Fairfield Average Closing Costs & Other Stats
Fairfield, IA's 19 lenders originated 303
loans during 2022. The total origination value was $40,055,000, with an average loan value of
$132,195.
Fairfield's average closing costs are $3,137.
The top Fairfield lender as defined by loan originations is COMMUNITY 1ST CREDIT UNION, with
15 loans originated. Their average total fees are
$1,975, which is $40
lower than the next largest lender,
GREENSTATE CREDIT UNION.
The lowest fee Fairfield lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION ($1,975), .
The lowest rate Fairfield lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION (4.64%), .
Fairfield, IA 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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
---|---|---|---|---|
Washington State Bank | $8,820,000 | $9,515,000 | 7.9% | 23.8% |
COMMUNITY 1ST CREDIT UNION | $5,090,000 | $6,270,000 | 23.2% | 15.7% |
MidWestOne Bank | $3,865,000 | $4,310,000 | 11.5% | 10.8% |
Hills Bank and Trust Company | $1,370,000 | $2,280,000 | 66.4% | 5.7% |
QUICKEN LOANS, LLC | $4,720,000 | $2,215,000 | -53.1% | 5.5% |
GREENSTATE CREDIT UNION | $2,225,000 | $1,930,000 | -13.3% | 4.8% |
Mortgage Research Center, LLC | $815,000 | $1,640,000 | 101.2% | 4.1% |
IOWA BANKERS MORTGAGE CORPORATION | $4,215,000 | $1,410,000 | -66.5% | 3.5% |
Federation Bank | $1,275,000 | n/a | 3.2% | |
West Gate Bank | $4,235,000 | $800,000 | -81.1% | 2.0% |
Lincoln Savings Bank | $700,000 | n/a | 1.7% | |
NEWREZ LLC | $95,000 | $615,000 | 547.4% | 1.5% |
JPMorgan Chase Bank | $585,000 | n/a | 1.5% | |
Wells Fargo Bank | $995,000 | $495,000 | -50.3% | 1.2% |
USAA Federal Savings Bank | $95,000 | $380,000 | 300.0% | 0.9% |
Two Rivers Bank & Trust | $350,000 | n/a | 0.9% | |
U.S. Bank | $1,915,000 | $320,000 | -83.3% | 0.8% |
UNIVERSAL LENDING CORPORATION | $300,000 | n/a | 0.7% | |
AMERICAN PACIFIC MORTGAGE CORPORATION | $280,000 | $295,000 | 5.4% | 0.7% |
Mr. Cooper ( Nationstar Mortgage ) | $260,000 | $290,000 | 11.5% | 0.7% |
Plains Commerce Bank | $265,000 | n/a | 0.7% | |
BROKER SOLUTIONS, INC. | $400,000 | $255,000 | -36.3% | 0.6% |
Flagstar Bank, FSB | $430,000 | $255,000 | -40.7% | 0.6% |
Gate City Bank | $255,000 | n/a | 0.6% | |
OPEN MORTGAGE, LLC | $245,000 | n/a | 0.6% | |
NAVY FEDERAL CREDIT UNION | $270,000 | $230,000 | -14.8% | 0.6% |
VERIDIAN CREDIT UNION | $455,000 | $230,000 | -49.5% | 0.6% |
Deere Employees Credit Union | $305,000 | $225,000 | -26.2% | 0.6% |
POWER FINANCIAL | $215,000 | n/a | 0.5% | |
RUHL MORTGAGE, LLC | $55,000 | $215,000 | 290.9% | 0.5% |
HomeBank | $205,000 | n/a | 0.5% | |
LAKEVIEW LOAN SERVICING, LLC | $145,000 | $205,000 | 41.4% | 0.5% |
THOMPSON KANE & COMPANY, LLC | $195,000 | n/a | 0.5% | |
Fifth Third Bank | $165,000 | n/a | 0.4% | |
Farm Credit Mid-America, ACA | $505,000 | $135,000 | -73.3% | 0.3% |
AMERISAVE MORTGAGE CORPORATION | $755,000 | $105,000 | -86.1% | 0.3% |
PENNYMAC LOAN SERVICES, LLC | $135,000 | $105,000 | -22.2% | 0.3% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $530,000 | $100,000 | -81.1% | 0.2% |
Great Western Bank | $65,000 | $65,000 | 0.0% | 0.2% |
Bankers Trust Company | $55,000 | n/a | 0.1% | |
MARINE | $55,000 | n/a | 0.1% | |
Contract Exchange Corporation | $25,000 | n/a | 0.1% | |
Figure Lending LLC | $25,000 | n/a | 0.1% | |
SPRING EQ, LLC | $25,000 | n/a | 0.1% |
Fairfield's top lender by overall market share is Washington State Bank, with 23.8% market share. In second place, with 15.7%, is COMMUNITY 1ST CREDIT UNION, having originated $6,270,000 in loans. In third place, with 10.8%, is MidWestOne Bank, having originated $4,310,000 in loans. In fourth place, with 5.7%, is Hills Bank and Trust Company, having originated $2,280,000 in loans. In fifth place, with 5.5%, is QUICKEN LOANS, LLC, having originated $2,215,000 in loans.
Fairfield Housing Market Trends (Median, Average Prices & Listing Count)
Realtor.com - Fairfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $129,450 (-8.6%) | $206,149 (21.0%) | 0.00 | 56 |
2018-02-01 | $126,000 (-11.1%) | $206,441 (20.6%) | 0.00 | 54 |
2018-03-01 | $139,000 (-6.4%) | $218,553 (20.0%) | 0.00 | 59 |
2018-04-01 | $138,900 (-8.9%) | $220,895 (18.8%) | 0.00 | 55 |
2018-05-01 | $184,100 (27.2%) | $228,467 (17.3%) | 0.00 | 57 |
2018-06-01 | $177,500 (18.4%) | $218,887 (2.7%) | 0.00 | 68 |
2018-07-01 | $164,500 (6.1%) | $214,238 (-5.0%) | 0.00 | 75 |
2018-08-01 | $153,000 (2.9%) | $214,866 (-6.7%) | 0.00 | 68 |
2018-09-01 | $144,000 (1.2%) | $199,397 (-14.2%) | 0.00 | 72 |
2018-10-01 | $145,675 (5.8%) | $208,518 (-8.5%) | 0.00 | 75 |
2018-11-01 | $154,000 (12.4%) | $205,615 (-9.3%) | 0.00 | 76 |
2018-12-01 | $146,500 (10.3%) | $208,308 (0.7%) | 0.00 | 74 |
2019-01-01 | $149,125 (15.2%) | $213,463 (3.6%) | 0.00 | 68 |
2019-02-01 | $137,450 (9.1%) | $199,956 (-3.1%) | 0.00 | 73 |
2019-03-01 | $141,386 (1.7%) | $197,506 (-9.6%) | 0.00 | 72 |
2019-04-01 | $149,900 (7.9%) | $204,626 (-7.4%) | 0.00 | 74 |
2019-05-01 | $159,500 (-13.4%) | $222,856 (-2.5%) | 0.00 | 79 |
2019-06-01 | $165,000 (-7.0%) | $233,391 (6.6%) | 0.00 | 76 |
2019-07-01 | $159,700 (-2.9%) | $223,570 (4.4%) | 0.00 | 91 |
2019-08-01 | $158,636 (3.7%) | $220,014 (2.4%) | 0.00 | 90 |
2019-09-01 | $156,591 (8.7%) | $211,449 (6.0%) | 0.00 | 89 |
2019-10-01 | $155,000 (6.4%) | $205,061 (-1.7%) | 0.00 | 87 |
2019-11-01 | $154,900 (0.6%) | $201,357 (-2.1%) | 0.00 | 87 |
2019-12-01 | $152,500 (4.1%) | $187,958 (-9.8%) | 0.00 | 84 |
2020-01-01 | $154,200 (3.4%) | $195,616 (-8.4%) | 0.00 | 85 |
2020-02-01 | $154,900 (12.7%) | $204,273 (2.2%) | 0.00 | 84 |
2020-03-01 | $149,000 (5.4%) | $193,029 (-2.3%) | 0.00 | 86 |
2020-04-01 | $142,200 (-5.1%) | $188,106 (-8.1%) | 0.00 | 85 |
2020-05-01 | $147,700 (-7.4%) | $196,163 (-12.0%) | 0.00 | 80 |
2020-06-01 | $146,975 (-10.9%) | $198,537 (-14.9%) | 0.00 | 72 |
2020-07-01 | $143,500 (-10.1%) | $204,081 (-8.7%) | 0.00 | 65 |
2020-08-01 | $171,200 (7.9%) | $225,226 (2.4%) | 0.00 | 68 |
2020-09-01 | $179,700 (14.8%) | $228,640 (8.1%) | 0.00 | 62 |
2020-10-01 | $167,200 (7.9%) | $219,241 (6.9%) | 0.00 | 65 |
2020-11-01 | $170,950 (10.4%) | $225,110 (11.8%) | 0.00 | 59 |
2020-12-01 | $172,325 (13.0%) | $232,546 (23.7%) | 0.00 | 51 |
2021-01-01 | $165,000 (7.0%) | $228,123 (16.6%) | 0.00 | 36 |
2021-02-01 | $163,425 (5.5%) | $226,021 (10.7%) | 0.00 | 38 |
2021-03-01 | $162,150 (8.8%) | $239,814 (24.2%) | 0.00 | 36 |
2021-04-01 | $179,675 (26.4%) | $260,114 (38.3%) | 0.00 | 36 |
2021-05-01 | $202,450 (37.1%) | $259,616 (32.4%) | 0.00 | 34 |
2021-06-01 | $236,750 (61.1%) | $266,984 (34.5%) | 0.00 | 39 |
2021-07-01 | $210,000 (46.3%) | $248,480 (21.8%) | 0.00 | 45 |
2021-08-01 | $178,650 (4.4%) | $227,849 (1.2%) | 0.00 | 51 |
2021-09-01 | $169,900 (-5.5%) | $234,159 (2.4%) | 0.00 | 57 |
2021-10-01 | $207,000 (23.8%) | $231,053 (5.4%) | 0.00 | 47 |
2021-11-01 | $216,250 (26.5%) | $220,876 (-1.9%) | 0.00 | 49 |
2021-12-01 | $235,700 (36.8%) | $253,782 (9.1%) | 0.00 | 52 |
2022-01-01 | $225,000 (36.4%) | $253,454 (11.1%) | 0.00 | 48 |
2022-02-01 | $207,000 (26.7%) | $254,436 (12.6%) | 0.00 | 39 |
2022-03-01 | $207,000 (27.7%) | $263,306 (9.8%) | 0.00 | 38 |
2022-04-01 | $210,000 (16.9%) | $247,689 (-4.8%) | 0.00 | 40 |
2022-05-01 | $176,000 (-13.1%) | $235,886 (-9.1%) | 0.00 | 48 |
2022-06-01 | $170,825 (-27.9%) | $225,304 (-15.6%) | 0.00 | 55 |
2022-07-01 | $185,000 (-11.9%) | $251,407 (1.2%) | 0.00 | 62 |
2022-08-01 | $189,225 (5.9%) | $264,438 (16.1%) | 0.00 | 53 |
2022-09-01 | $189,900 (11.8%) | $295,908 (26.4%) | 0.00 | 46 |
2022-10-01 | $193,500 (-6.5%) | $298,150 (29.0%) | 0.00 | 44 |
2022-11-01 | $199,900 (-7.6%) | $307,966 (39.4%) | 0.00 | 40 |
2022-12-01 | $207,000 (-12.2%) | $296,563 (16.9%) | 0.00 | 43 |
2023-01-01 | $205,000 (-8.9%) | $318,346 (25.6%) | 0.00 | 41 |
2023-02-01 | $199,700 (-3.5%) | $306,263 (20.4%) | 0.00 | 38 |
Fairfield's median listing price comes in at 0% of the national average.
Fairfield's average listing price for 2023-02-01 was $306,263, a difference of $51,827 (20.4%) versus the prior year and $-12,083 versus the prior month.
For the 2023-02-01 period, Fairfield had 38 MLS listings, a difference of -3 listings (-7%) versus the prior month and -1 listings (-3%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Fairfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,496 sqft |
2018-02-01 | 0 days | 1,505 sqft |
2018-03-01 | 0 days | 1,712 sqft |
2018-04-01 | 0 days | 1,754 sqft |
2018-05-01 | 0 days | 1,779 sqft |
2018-06-01 | 0 days | 1,767 sqft |
2018-07-01 | 0 days | 1,633 sqft |
2018-08-01 | 0 days | 1,564 sqft |
2018-09-01 | 0 days | 1,600 sqft |
2018-10-01 | 0 days | 1,538 sqft |
2018-11-01 | 0 days | 1,505 sqft |
2018-12-01 | 0 days | 1,564 sqft |
2019-01-01 | 0 days | 1,574 sqft |
2019-02-01 | 0 days | 1,606 sqft |
2019-03-01 | 0 days | 1,568 sqft |
2019-04-01 | 0 days | 1,515 sqft |
2019-05-01 | 0 days | 1,568 sqft |
2019-06-01 | 0 days | 1,660 sqft |
2019-07-01 | 0 days | 1,669 sqft |
2019-08-01 | 0 days | 1,655 sqft |
2019-09-01 | 0 days | 1,617 sqft |
2019-10-01 | 0 days | 1,587 sqft |
2019-11-01 | 0 days | 1,507 sqft |
2019-12-01 | 0 days | 1,518 sqft |
2020-01-01 | 0 days | 1,989 sqft |
2020-02-01 | 0 days | 1,584 sqft |
2020-03-01 | 0 days | 1,548 sqft |
2020-04-01 | 0 days | 1,469 sqft |
2020-05-01 | 0 days | 1,694 sqft |
2020-06-01 | 0 days | 1,679 sqft |
2020-07-01 | 0 days | 1,675 sqft |
2020-08-01 | 0 days | 1,712 sqft |
2020-09-01 | 0 days | 1,624 sqft |
2020-10-01 | 0 days | 1,588 sqft |
2020-11-01 | 0 days | 1,588 sqft |
2020-12-01 | 0 days | 1,668 sqft |
2021-01-01 | 0 days | 1,660 sqft |
2021-02-01 | 0 days | 1,609 sqft |
2021-03-01 | 0 days | 1,608 sqft |
2021-04-01 | 0 days | 1,850 sqft |
2021-05-01 | 0 days | 1,784 sqft |
2021-06-01 | 0 days | 1,748 sqft |
2021-07-01 | 0 days | 1,640 sqft |
2021-08-01 | 0 days | 1,541 sqft |
2021-09-01 | 0 days | 1,488 sqft |
2021-10-01 | 0 days | 1,479 sqft |
2021-11-01 | 0 days | 1,475 sqft |
2021-12-01 | 0 days | 1,536 sqft |
2022-01-01 | 0 days | 1,592 sqft |
2022-02-01 | 0 days | 1,602 sqft |
2022-03-01 | 0 days | 1,611 sqft |
2022-04-01 | 0 days | 1,624 sqft |
2022-05-01 | 0 days | 1,496 sqft |
2022-06-01 | 0 days | 1,425 sqft |
2022-07-01 | 0 days | 1,584 sqft |
2022-08-01 | 0 days | 1,623 sqft |
2022-09-01 | 0 days | 1,641 sqft |
2022-10-01 | 0 days | 1,640 sqft |
2022-11-01 | 0 days | 1,650 sqft |
2022-12-01 | 0 days | 1,640 sqft |
2023-01-01 | 0 days | 1,608 sqft |
2023-02-01 | 0 days | 1,620 sqft |
Fairfield's median square footage for active listings during the 2023-02-01 period was 1,620 sqft. One year prior, the average listing was 1,602 sqft.
Fairfield, IA Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 159 | $24,395,000 | $153,428 |
Cash Out Refi | 68 | $7,220,000 | $106,176 |
Refi | 50 | $6,470,000 | $129,400 |
Other | 15 | $1,115,000 | $74,333 |
Home Improvement | 11 | $855,000 | $77,727 |
Fairfield's most frequently cited loan purpose was Home Purchase, with 159 originations. The 2nd most popular reason was Cash Out Refi, with 68 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
3-4% | 54 | $9,020,000 | $167,037 |
<2.5% | 48 | $2,870,000 | $59,792 |
4-5% | 46 | $6,480,000 | $140,870 |
5-6% | 29 | $3,945,000 | $136,034 |
2.5-3% | 18 | $2,860,000 | $158,889 |
6-7% | 18 | $2,460,000 | $136,667 |
7-8% | 5 | $765,000 | $153,000 |
Over 8% | 5 | $285,000 | $57,000 |
During 2022, Fairfield's most frequently originated rate bucket was 3-4%, with 54 originations.
Loan Sizing (Fairfield, IA MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 132 | $7,120,000 | $53,939 |
$100k-200k | 111 | $15,865,000 | $142,928 |
$200k-400k | 52 | $13,040,000 | $250,769 |
$400k-600k | 6 | $2,710,000 | $451,667 |
$600k-1000k | 2 | $1,320,000 | $660,000 |
Fairfield's loan sizing saw the bucket of loans from $100,000 or less with 132 originations, totaling $7,120,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 77 | $14,275,000 | $185,390 |
60-80% | 48 | $7,650,000 | $159,375 |
Under 20% | 42 | $1,240,000 | $29,524 |
20-40% | 31 | $1,845,000 | $59,516 |
40-60% | 25 | $3,365,000 | $134,600 |
Over 100% | 1 | $315,000 | $315,000 |
Fairfield's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 77 originations, totaling $14,275,000 in origination value.