Fairfield Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fairfield 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
6.92% and
one month ago for the week of 2024-10-03, the
average rate was 6.22%.
Fairfield's average rate one year ago was 7.76%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.99%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Fairfield 30 Year Fixed Rate | 2024-11-07 | 6.59% |
| Fairfield 30 Year Fixed Rate Refi | 2024-11-07 | 6.99% |
| Fairfield 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Fairfield 15 Year Fixed Rate Refi | 2024-11-07 | 6.6% |
| Fairfield 30 Year FHA | 2024-11-07 | 6.23% |
| Fairfield 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Fairfield 30 Year USDA | 2024-11-07 | 6.48% |
| Fairfield 30 Year USDA Refi | 2024-11-07 | 6.58% |
| Fairfield 30 Year VA | 2024-11-07 | 6.54% |
| Fairfield 30 Year VA Refi | 2024-11-07 | 6.44% |
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.).
Fairfield Average Closing Costs & Other Stats
Fairfield, IA's 27 lenders originated 248
loans during 2023. The total origination value was $33,930,000, with an average loan value of
$136,815.
Fairfield's average closing costs are $3,380.
The top Fairfield lender as defined by loan originations is COMMUNITY 1ST CREDIT UNION, with
15 loans originated. Their average total fees are
$2,284, which is $4,117
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Fairfield lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION ($2,284), .
The lowest rate Fairfield lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION (6.01%), .
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Washington State Bank | $9,515,000 | $6,735,000 | -29.2% | 19.8% |
| COMMUNITY 1ST CREDIT UNION | $6,270,000 | $6,220,000 | -0.8% | 18.3% |
| MidWestOne Bank | $4,310,000 | $3,630,000 | -15.8% | 10.7% |
| QUICKEN LOANS, LLC | $2,215,000 | $2,310,000 | 4.3% | 6.8% |
| U.S. Bank | $320,000 | $1,680,000 | 425.0% | 5.0% |
| Bank of Springfield | $1,520,000 | n/a | 4.5% | |
| GREENSTATE CREDIT UNION | $1,930,000 | $1,025,000 | -46.9% | 3.0% |
| Mortgage Research Center, LLC | $1,640,000 | $785,000 | -52.1% | 2.3% |
| IOWA BANKERS MORTGAGE CORPORATION | $1,410,000 | $755,000 | -46.5% | 2.2% |
| USAA Federal Savings Bank | $380,000 | $645,000 | 69.7% | 1.9% |
| First Bankers Trust Company | $585,000 | n/a | 1.7% | |
| Hills Bank and Trust Company | $2,280,000 | $415,000 | -81.8% | 1.2% |
| OPEN MORTGAGE, LLC | $245,000 | $395,000 | 61.2% | 1.2% |
| Bank of America | $375,000 | n/a | 1.1% | |
| West Gate Bank | $800,000 | $330,000 | -58.8% | 1.0% |
| PREMIA MORTGAGE, LLC | $305,000 | n/a | 0.9% | |
| BROKER SOLUTIONS, INC. | $255,000 | $300,000 | 17.6% | 0.9% |
| WESCOM CENTRAL CREDIT UNION | $285,000 | n/a | 0.8% | |
| Flagstar Bank, FSB | $255,000 | $265,000 | 3.9% | 0.8% |
| Ally Bank | $255,000 | n/a | 0.8% | |
| AMERISAVE MORTGAGE CORPORATION | $105,000 | $245,000 | 133.3% | 0.7% |
| Bankers Trust Company | $55,000 | $225,000 | 309.1% | 0.7% |
| FRONTIER FINANCIAL, INC. | $225,000 | n/a | 0.7% | |
| Sierra Pacific Mortgage Company, Inc. | $225,000 | n/a | 0.7% | |
| THOMPSON KANE & COMPANY, LLC | $195,000 | $205,000 | 5.1% | 0.6% |
| HOMESERVICES LENDING, LLC | $175,000 | n/a | 0.5% | |
| CALIBER HOME LOANS, INC. | $165,000 | n/a | 0.5% | |
| First National Bank of Omaha | $165,000 | n/a | 0.5% | |
| GREATER IOWA CREDIT UNION | $160,000 | n/a | 0.5% | |
| Federation Bank | $1,275,000 | $155,000 | -87.8% | 0.5% |
| Fortress Bank | $155,000 | n/a | 0.5% | |
| Mr. Cooper ( Nationstar Mortgage ) | $290,000 | $155,000 | -46.6% | 0.5% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $155,000 | n/a | 0.5% | |
| Two Rivers Bank & Trust | $350,000 | $155,000 | -55.7% | 0.5% |
| First International Bank & Trust | $145,000 | n/a | 0.4% | |
| AMERICAN FINANCING CORPORATION | $135,000 | n/a | 0.4% | |
| LAND HOME FINANCIAL SERVICES, INC. | $135,000 | n/a | 0.4% | |
| MOVEMENT MORTGAGE, LLC | $135,000 | n/a | 0.4% | |
| CROSSCOUNTRY MORTGAGE, LLC | $125,000 | n/a | 0.4% | |
| First National Bank of America | $115,000 | n/a | 0.3% | |
| Chickasaw Community Bank | $105,000 | n/a | 0.3% | |
| Coastal Community Bank | $105,000 | n/a | 0.3% | |
| FREEDOM MORTGAGE CORPORATION | $105,000 | n/a | 0.3% | |
| TOWNE MORTGAGE COMPANY | $105,000 | n/a | 0.3% | |
| UNITED WHOLESALE MORTGAGE, LLC | $105,000 | n/a | 0.3% | |
| Deere Employees Credit Union | $225,000 | $100,000 | -55.6% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $95,000 | n/a | 0.3% | |
| Bank Iowa | $85,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $85,000 | n/a | 0.3% | |
| First Interstate Bank | $75,000 | n/a | 0.2% | |
| PENNYMAC LOAN SERVICES, LLC | $105,000 | $75,000 | -28.6% | 0.2% |
| PNC Bank | $75,000 | n/a | 0.2% | |
| VERIDIAN CREDIT UNION | $230,000 | $65,000 | -71.7% | 0.2% |
| Merchants Bank | $55,000 | n/a | 0.2% | |
| Figure Lending LLC | $25,000 | $45,000 | 80.0% | 0.1% |
Fairfield's top lender by overall market share is Washington State Bank, with 19.8% market share. In second place, with 18.3%, is COMMUNITY 1ST CREDIT UNION, having originated $6,220,000 in loans. In third place, with 10.7%, is MidWestOne Bank, having originated $3,630,000 in loans. In fourth place, with 6.8%, is QUICKEN LOANS, LLC, having originated $2,310,000 in loans. In fifth place, with 5.0%, is U.S. Bank, having originated $1,680,000 in loans.
Fairfield, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 127 | $24,585,000 | $193,583 |
| Cash Out Refi | 39 | $3,705,000 | $95,000 |
| Refi | 38 | $3,330,000 | $87,632 |
| Home Improvement | 28 | $1,380,000 | $49,286 |
| Other | 16 | $930,000 | $58,125 |
Fairfield's most frequently cited loan purpose was Home Purchase, with 127 originations. The 2nd most popular reason was Cash Out Refi, with 39 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 69 | $12,625,000 | $182,971 |
| 5-6% | 50 | $6,860,000 | $137,200 |
| 7-8% | 26 | $4,980,000 | $191,538 |
| <2.5% | 24 | $1,100,000 | $45,833 |
| Over 8% | 22 | $1,320,000 | $60,000 |
| 4-5% | 1 | $75,000 | $75,000 |
| 3-4% | 1 | $55,000 | $55,000 |
During 2023, Fairfield's most frequently originated rate bucket was 6-7%, with 69 originations.
Loan Sizing (Fairfield, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 115 | $6,175,000 | $53,696 |
| $100k-200k | 87 | $12,185,000 | $140,057 |
| $200k-400k | 40 | $11,210,000 | $280,250 |
| $400k-600k | 3 | $1,575,000 | $525,000 |
| $600k-1000k | 2 | $1,420,000 | $710,000 |
| $Over $1MM | 1 | $1,365,000 | $1,365,000 |
Fairfield's loan sizing saw the bucket of loans from $100,000 or less with 115 originations, totaling $6,175,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 75 | $15,685,000 | $209,133 |
| 20-40% | 36 | $2,180,000 | $60,556 |
| Under 20% | 31 | $1,185,000 | $38,226 |
| 60-80% | 29 | $6,025,000 | $207,759 |
| 40-60% | 19 | $1,575,000 | $82,895 |
| Over 100% | 2 | $350,000 | $175,000 |
Fairfield's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 75 originations, totaling $15,685,000 in origination value.