Fairfield Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fairfield averaged
6.61%
for the week of 2025-06-18, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2025-06-12) was
6.94% and
one month ago for the week of 2025-05-15, the
average rate was 7.01%.
Fairfield's average rate one year ago was 7.05%.
For refis of the same type during the week of 2025-06-18, the average rate
was 7.21%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Fairfield 30 Year Fixed Rate | 2025-06-18 | 6.61% |
| Fairfield 30 Year Fixed Rate Refi | 2025-06-18 | 7.21% |
| Fairfield 15 Year Fixed Rate | 2025-06-18 | 6.16% |
| Fairfield 15 Year Fixed Rate Refi | 2025-06-18 | 6.26% |
| Fairfield 30 Year FHA | 2025-06-18 | -0.2% |
| Fairfield 30 Year FHA Refi | 2025-06-18 | -0.1% |
| Fairfield 30 Year USDA | 2025-06-18 | 0.1% |
| Fairfield 30 Year USDA Refi | 2025-06-18 | 0.2% |
| Fairfield 30 Year VA | 2025-06-18 | 0% |
| Fairfield 30 Year VA Refi | 2025-06-18 | -0.2% |
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 | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
|---|---|---|---|
| COMMUNITY 1ST CREDIT UNION | 15 | 6.63% | $2,358 |
| West Gate Bank | 7 | 6.11% | $2,550 |
| MidWestOne Bank | 5 | 6.48% | $2,975 |
| QUICKEN LOANS, LLC | 3 | 6.54% | $7,668 |
| IOWA BANKERS MORTGAGE CORPORATION | 2 | 6.44% | $3,268 |
| ENDEAVOR CAPITAL, LLC. | 2 | 6.88% | $5,144 |
| GREENSTATE CREDIT UNION | 2 | 5.94% | $2,296 |
| Hills Bank and Trust Company | 2 | 6.25% | $2,178 |
| Wells Fargo Bank | 2 | 7.06% | $3,430 |
| CARDINAL FINANCIAL | 1 | 6.38% | $7,194 |
| Ally Bank | 1 | 6.13% | $6,470 |
| Farmers State Bank | 1 | 6.88% | $2,233 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 7.49% | $3,300 |
| Sierra Pacific Mortgage Company, Inc. | 1 | 7.63% | $2,820 |
| T2 FINANCIAL LLC | 1 | 6.63% | $5,224 |
| The Huntington National Bank | 1 | 7.63% | $4,198 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 7.60% | $9,052 |
| U.S. Bank | 1 | 6.75% | $3,038 |
| GENEVA FINANCIAL, LLC | 1 | 6.75% | $3,535 |
| Waterstone Mortgage Corporation | 1 | 6.38% | $7,661 |
| GUILD MORTGAGE COMPANY | 1 | 6.49% | $2,841 |
Fairfield Average Closing Costs & Other Stats
Fairfield, IA's 21 lenders originated 237
loans during 2024. The total origination value was $28,625,000, with an average loan value of
$120,781.
Fairfield's average closing costs are $3,496.
The top Fairfield lender as defined by loan originations is COMMUNITY 1ST CREDIT UNION, with
15 loans originated. Their average total fees are
$2,358, which is $192
lower than the next largest lender,
West Gate Bank.
The lowest fee Fairfield lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION ($2,358), .
The lowest rate Fairfield lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION (6.63%), .
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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| Washington State Bank | $6,735,000 | $6,905,000 | 2.5% | 24.1% |
| COMMUNITY 1ST CREDIT UNION | $6,220,000 | $5,125,000 | -17.6% | 17.9% |
| MidWestOne Bank | $3,630,000 | $2,250,000 | -38.0% | 7.9% |
| QUICKEN LOANS, LLC | $2,310,000 | $1,265,000 | -45.2% | 4.4% |
| Hills Bank and Trust Company | $415,000 | $1,215,000 | 192.8% | 4.2% |
| West Gate Bank | $330,000 | $1,085,000 | 228.8% | 3.8% |
| Mortgage Research Center, LLC | $785,000 | $1,065,000 | 35.7% | 3.7% |
| UNITED WHOLESALE MORTGAGE, LLC | $105,000 | $810,000 | 671.4% | 2.8% |
| First Federal Bank | $765,000 | n/a | 2.7% | |
| VILLAGE CAPITAL MORTGAGE | $530,000 | n/a | 1.9% | |
| IOWA BANKERS MORTGAGE CORPORATION | $755,000 | $520,000 | -31.1% | 1.8% |
| CARDINAL FINANCIAL | $490,000 | n/a | 1.7% | |
| ENDEAVOR CAPITAL, LLC. | $485,000 | n/a | 1.7% | |
| GREENSTATE CREDIT UNION | $1,025,000 | $420,000 | -59.0% | 1.5% |
| The Huntington National Bank | $395,000 | n/a | 1.4% | |
| Farmers State Bank | $365,000 | n/a | 1.3% | |
| FREEDOM MORTGAGE CORPORATION | $105,000 | $340,000 | 223.8% | 1.2% |
| Farm Credit Mid-America, ACA | $335,000 | n/a | 1.2% | |
| Fortress Bank | $155,000 | $325,000 | 109.7% | 1.1% |
| RESIDENTIAL MORTGAGE NETWORK, INC. | $325,000 | n/a | 1.1% | |
| CMG MORTGAGE, INC. | $320,000 | n/a | 1.1% | |
| LAND HOME FINANCIAL SERVICES, INC. | $135,000 | $320,000 | 137.0% | 1.1% |
| GUILD MORTGAGE COMPANY | $275,000 | n/a | 1.0% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $275,000 | n/a | 1.0% | |
| Wells Fargo Bank | $250,000 | n/a | 0.9% | |
| NEW DAY FINANCIAL, LLC | $245,000 | n/a | 0.9% | |
| Waterstone Mortgage Corporation | $175,000 | n/a | 0.6% | |
| Federation Bank | $155,000 | $165,000 | 6.5% | 0.6% |
| Bank of America | $375,000 | $155,000 | -58.7% | 0.5% |
| U.S. Bank | $1,680,000 | $140,000 | -91.7% | 0.5% |
| Ally Bank | $255,000 | $125,000 | -51.0% | 0.4% |
| T2 FINANCIAL LLC | $115,000 | n/a | 0.4% | |
| Figure Lending LLC | $45,000 | $110,000 | 144.4% | 0.4% |
| GENEVA FINANCIAL, LLC | $85,000 | n/a | 0.3% | |
| Deere Employees Credit Union | $100,000 | $75,000 | -25.0% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $65,000 | n/a | 0.2% | |
| Two Rivers Bank & Trust | $155,000 | $65,000 | -58.1% | 0.2% |
| Sierra Pacific Mortgage Company, Inc. | $225,000 | $35,000 | -84.4% | 0.1% |
| Coastal Community Bank | $105,000 | $25,000 | -76.2% | 0.1% |
Fairfield's top lender by overall market share is Washington State Bank, with 24.1% market share. In second place, with 17.9%, is COMMUNITY 1ST CREDIT UNION, having originated $5,125,000 in loans. In third place, with 7.9%, is MidWestOne Bank, having originated $2,250,000 in loans. In fourth place, with 4.4%, is QUICKEN LOANS, LLC, having originated $1,265,000 in loans. In fifth place, with 4.2%, is Hills Bank and Trust Company, having originated $1,215,000 in loans.
Fairfield, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 109 | $17,135,000 | $157,202 |
| Refi | 67 | $6,565,000 | $97,985 |
| Home Improvement | 29 | $1,495,000 | $51,552 |
| Cash Out Refi | 17 | $2,795,000 | $164,412 |
| Other | 15 | $635,000 | $42,333 |
Fairfield's most frequently cited loan purpose was Home Purchase, with 109 originations. The 2nd most popular reason was Refi, with 67 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 83 | $10,355,000 | $124,759 |
| 7-8% | 32 | $4,960,000 | $155,000 |
| <2.5% | 30 | $1,290,000 | $43,000 |
| 5-6% | 20 | $4,140,000 | $207,000 |
| Over 8% | 15 | $795,000 | $53,000 |
During 2024, Fairfield's most frequently originated rate bucket was 6-7%, with 83 originations.
Loan Sizing (Fairfield, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 126 | $6,230,000 | $49,444 |
| $100k-200k | 73 | $10,565,000 | $144,726 |
| $200k-400k | 34 | $9,330,000 | $274,412 |
| $400k-600k | 2 | $1,020,000 | $510,000 |
| $600k-1000k | 2 | $1,480,000 | $740,000 |
Fairfield's loan sizing saw the bucket of loans from $100,000 or less with 126 originations, totaling $6,230,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 60 | $11,050,000 | $184,167 |
| 20-40% | 36 | $1,920,000 | $53,333 |
| 60-80% | 32 | $5,060,000 | $158,125 |
| Under 20% | 31 | $765,000 | $24,677 |
| 40-60% | 17 | $1,575,000 | $92,647 |
| Over 100% | 1 | $255,000 | $255,000 |
Fairfield's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 60 originations, totaling $11,050,000 in origination value.