Fairfield Mortgage Rates & Closing Costs

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

    30 Year Fixed Rate mortgages in Fairfield averaged 6.98% for the week of 2023-09-14, compared to the national average of 7.18% for the same period.

    The average rate for the prior week (2023-09-07) was 7.12% and one month ago for the week of 2023-08-10, the average rate was 7.16%.

    Fairfield's average rate one year ago was 5.79%.

    For refis of the same type during the week of 2023-09-14, the average rate was 7.68%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-09-14 7.18%
    Fairfield 30 Year Fixed Rate 2023-09-14 6.98%
    Fairfield 30 Year Fixed Rate Refi 2023-09-14 7.68%
    Fairfield 15 Year Fixed Rate 2023-09-14 6.31%
    Fairfield 15 Year Fixed Rate Refi 2023-09-14 7.01%
    Fairfield 30 Year FHA 2023-09-14 6.89%
    Fairfield 30 Year FHA Refi 2023-09-14 6.89%
    Fairfield 30 Year USDA 2023-09-14 6.88%
    Fairfield 30 Year USDA Refi 2023-09-14 6.78%
    Fairfield 30 Year VA 2023-09-14 6.81%
    Fairfield 30 Year VA Refi 2023-09-14 6.81%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Fairfield, IA.

    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, 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.