Fort Madison - Keokuk Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fort Madison - Keokuk averaged
6.85%
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
6.99% and
one month ago for the week of 2023-08-10, the
average rate was 6.63%.
Fort Madison - Keokuk's average rate one year ago was 5.76%.
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% |
| Fort Madison - Keokuk 30 Year Fixed Rate | 2023-09-14 | 6.85% |
| Fort Madison - Keokuk 30 Year Fixed Rate Refi | 2023-09-14 | 7.68% |
| Fort Madison - Keokuk 15 Year Fixed Rate | 2023-09-14 | 6.31% |
| Fort Madison - Keokuk 15 Year Fixed Rate Refi | 2023-09-14 | 6.61% |
| Fort Madison - Keokuk 30 Year FHA | 2023-09-14 | 7.19% |
| Fort Madison - Keokuk 30 Year FHA Refi | 2023-09-14 | 7.09% |
| Fort Madison - Keokuk 30 Year USDA | 2023-09-14 | 7.08% |
| Fort Madison - Keokuk 30 Year USDA Refi | 2023-09-14 | 7.08% |
| Fort Madison - Keokuk 30 Year VA | 2023-09-14 | 6.61% |
| Fort Madison - Keokuk 30 Year VA Refi | 2023-09-14 | 6.71% |
Fort Madison - Keokuk 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 Fort Madison-Keokuk, IA-IL-MO 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.).
Fort Madison - Keokuk Average Closing Costs & Other Stats
Fort Madison-Keokuk, IA-IL-MO's 42 lenders originated 561
loans during 2022. The total origination value was $62,925,000, with an average loan value of
$112,166.
Fort Madison - Keokuk's average closing costs are $3,258.
The top Fort Madison - Keokuk lender as defined by loan originations is United Community Bank, with
23 loans originated. Their average total fees are
$1,653, which is $480
lower than the next largest lender,
Fortress Bank.
The lowest fee Fort Madison - Keokuk lenders (with over 10 loans originated) are
United Community Bank ($1,653), IOWA BANKERS MORTGAGE CORPORATION ($1,965), Fortress Bank ($2,133), Plains Commerce Bank ($2,713) and QUICKEN LOANS, LLC ($5,959).
The lowest rate Fort Madison - Keokuk lenders (with over 10 loans originated) are
Plains Commerce Bank (4.01%), IOWA BANKERS MORTGAGE CORPORATION (4.71%), QUICKEN LOANS, LLC (4.89%), Fortress Bank (4.90%) and United Community Bank (5.08%).
Fort Madison-Keokuk, IA-IL-MO 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 |
|---|---|---|---|---|
| United Community Bank | $14,675,000 | $10,710,000 | -27.0% | 17.0% |
| Two Rivers Bank & Trust | $4,865,000 | $5,780,000 | 18.8% | 9.2% |
| QUICKEN LOANS, LLC | $9,910,000 | $4,955,000 | -50.0% | 7.9% |
| Plains Commerce Bank | $5,735,000 | $4,710,000 | -17.9% | 7.5% |
| Fortress Bank | $7,435,000 | $3,650,000 | -50.9% | 5.8% |
| IOWA BANKERS MORTGAGE CORPORATION | $6,575,000 | $3,240,000 | -50.7% | 5.1% |
| Mortgage Research Center, LLC | $3,145,000 | $2,930,000 | -6.8% | 4.7% |
| MidWestOne Bank | $2,455,000 | $2,470,000 | 0.6% | 3.9% |
| First Bankers Trust Company | $3,285,000 | $1,570,000 | -52.2% | 2.5% |
| Wells Fargo Bank | $2,120,000 | $1,320,000 | -37.7% | 2.1% |
| GREENSTATE CREDIT UNION | $1,450,000 | $1,240,000 | -14.5% | 2.0% |
| PEOPLES BANK & TRUST CO. | $1,140,000 | n/a | 1.8% | |
| U.S. Bank | $2,135,000 | $900,000 | -57.8% | 1.4% |
| RUHL MORTGAGE, LLC | $555,000 | $895,000 | 61.3% | 1.4% |
| BETTER MORTGAGE CORPORATION | $340,000 | $630,000 | 85.3% | 1.0% |
| LOANDEPOT.COM, LLC | $1,925,000 | $615,000 | -68.1% | 1.0% |
| LAND HOME FINANCIAL SERVICES, INC. | $600,000 | n/a | 1.0% | |
| PENNYMAC LOAN SERVICES, LLC | $125,000 | $490,000 | 292.0% | 0.8% |
| NEWREZ LLC | $215,000 | $485,000 | 125.6% | 0.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $285,000 | $465,000 | 63.2% | 0.7% |
| RESIDENTIAL MORTGAGE NETWORK, INC. | $175,000 | $455,000 | 160.0% | 0.7% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $445,000 | n/a | 0.7% | |
| Flagstar Bank, FSB | $290,000 | $440,000 | 51.7% | 0.7% |
| BROKER SOLUTIONS, INC. | $530,000 | $425,000 | -19.8% | 0.7% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $705,000 | $425,000 | -39.7% | 0.7% |
| GUARANTEED RATE, INC. | $95,000 | $415,000 | 336.8% | 0.7% |
| Mr. Cooper ( Nationstar Mortgage ) | $555,000 | $410,000 | -26.1% | 0.7% |
| DAS Acquisition Company, LLC | $240,000 | $395,000 | 64.6% | 0.6% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $405,000 | $365,000 | -9.9% | 0.6% |
| AMERICAN FINANCING CORPORATION | $355,000 | n/a | 0.6% | |
| VILLAGE CAPITAL MORTGAGE | $300,000 | $350,000 | 16.7% | 0.6% |
| Neighborhood Loans, Inc. | $345,000 | n/a | 0.5% | |
| AMERISAVE MORTGAGE CORPORATION | $710,000 | $340,000 | -52.1% | 0.5% |
| COMMUNITY 1ST CREDIT UNION | $215,000 | $340,000 | 58.1% | 0.5% |
| The Huntington National Bank | $325,000 | n/a | 0.5% | |
| MORTGAGE ACCESS CORP. | $255,000 | $315,000 | 23.5% | 0.5% |
| UNITED WHOLESALE MORTGAGE, LLC | $350,000 | $310,000 | -11.4% | 0.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $400,000 | $305,000 | -23.8% | 0.5% |
| COMPEER FINANCIAL, FLCA | $920,000 | $300,000 | -67.4% | 0.5% |
| HNB National Bank | $270,000 | n/a | 0.4% | |
| JPMorgan Chase Bank | $760,000 | $270,000 | -64.5% | 0.4% |
| NAVY FEDERAL CREDIT UNION | $555,000 | $270,000 | -51.4% | 0.4% |
| CALIBER HOME LOANS, INC. | $935,000 | $260,000 | -72.2% | 0.4% |
| HomeBank | $365,000 | $260,000 | -28.8% | 0.4% |
| First Mid Bank & Trust | $25,000 | $250,000 | 900.0% | 0.4% |
| Barrington Bank & Trust Company, N.A. | $305,000 | $240,000 | -21.3% | 0.4% |
| INB | $235,000 | n/a | 0.4% | |
| FREEDOM MORTGAGE CORPORATION | $1,085,000 | $230,000 | -78.8% | 0.4% |
| Dubuque Bank and Trust Company | $155,000 | $220,000 | 41.9% | 0.3% |
| American Airlines Federal Credit Union | $205,000 | n/a | 0.3% | |
| CHURCHILL MORTGAGE CORPORATION | $205,000 | n/a | 0.3% | |
| Farmers State Bank | $185,000 | n/a | 0.3% | |
| INTERCAP LENDING INC. | $180,000 | n/a | 0.3% | |
| Morton Community Bank | $170,000 | n/a | 0.3% | |
| NEW DAY FINANCIAL, LLC | $405,000 | $170,000 | -58.0% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $215,000 | $150,000 | -30.2% | 0.2% |
| ASCENTRA | $135,000 | n/a | 0.2% | |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $65,000 | $135,000 | 107.7% | 0.2% |
| Regions Bank | $135,000 | n/a | 0.2% | |
| Carrington Mortgage Services, LLC | $170,000 | $130,000 | -23.5% | 0.2% |
| Paramount Bank | $125,000 | n/a | 0.2% | |
| Stride Bank | $125,000 | n/a | 0.2% | |
| Commerce Home Mortgage, Inc. | $115,000 | n/a | 0.2% | |
| First State Bank of St. Charles, Missouri | $115,000 | n/a | 0.2% | |
| PARLAY MORTGAGE & PROPERTY, INC. | $115,000 | n/a | 0.2% | |
| DUPACO COMMUNITY | $110,000 | n/a | 0.2% | |
| BANKORION | $105,000 | n/a | 0.2% | |
| Great Western Bank | $90,000 | $105,000 | 16.7% | 0.2% |
| American Bank and Trust Company | $95,000 | n/a | 0.2% | |
| Community Mortgage Banc Corporation | $95,000 | n/a | 0.2% | |
| Equity Prime Mortgage LLC | $185,000 | $95,000 | -48.6% | 0.2% |
| Merchants Bank | $605,000 | $95,000 | -84.3% | 0.2% |
| Midwest Bank | $95,000 | n/a | 0.2% | |
| PENTAGON FEDERAL CREDIT UNION | $195,000 | $95,000 | -51.3% | 0.2% |
| FINANCE OF AMERICA MORTGAGE LLC | $125,000 | $85,000 | -32.0% | 0.1% |
| HOME POINT FINANCIAL CORPORATION | $115,000 | $85,000 | -26.1% | 0.1% |
| UNION HOME MORTGAGE CORP. | $190,000 | $85,000 | -55.3% | 0.1% |
| I. H. MISSISSIPPI VALLEY CREDIT UNION | $755,000 | $75,000 | -90.1% | 0.1% |
| RUOFF MORTGAGE COMPANY, INC. | $75,000 | n/a | 0.1% | |
| Town & Country Banc Mortgage Services, Inc. | $195,000 | $75,000 | -61.5% | 0.1% |
| Collins Community Credit Union | $60,000 | n/a | 0.1% | |
| ALLIANT | $160,000 | $55,000 | -65.6% | 0.1% |
| Community Choice Credit Union | $420,000 | $55,000 | -86.9% | 0.1% |
| Deere Employees Credit Union | $255,000 | $55,000 | -78.4% | 0.1% |
| Hometown Equity Mortgage, LLC | $170,000 | $55,000 | -67.6% | 0.1% |
| Pike Bancorp, Inc. | $55,000 | n/a | 0.1% | |
| USAA Federal Savings Bank | $450,000 | $55,000 | -87.8% | 0.1% |
| Alliant Bank | $45,000 | n/a | 0.1% | |
| First National Bank of America | $45,000 | n/a | 0.1% | |
| PNC Bank | $675,000 | $35,000 | -94.8% | 0.1% |
| Figure Lending LLC | $25,000 | n/a | 0.0% | |
| Hills Bank and Trust Company | $165,000 | $25,000 | -84.8% | 0.0% |
| SouthernTrust Bank | $25,000 | $25,000 | 0.0% | 0.0% |
| Commerce Bank | $15,000 | n/a | 0.0% |
Fort Madison - Keokuk's top lender by overall market share is United Community Bank, with 17.0% market share. In second place, with 9.2%, is Two Rivers Bank & Trust, having originated $5,780,000 in loans. In third place, with 7.9%, is QUICKEN LOANS, LLC, having originated $4,955,000 in loans. In fourth place, with 7.5%, is Plains Commerce Bank, having originated $4,710,000 in loans. In fifth place, with 5.8%, is Fortress Bank, having originated $3,650,000 in loans.
Fort Madison-Keokuk, IA-IL-MO Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 332 | $40,450,000 | $121,837 |
| Refi | 92 | $11,430,000 | $124,239 |
| Cash Out Refi | 71 | $7,965,000 | $112,183 |
| Home Improvement | 49 | $1,915,000 | $39,082 |
| Other | 16 | $1,120,000 | $70,000 |
| NA | 1 | $45,000 | $45,000 |
Fort Madison - Keokuk's most frequently cited loan purpose was Home Purchase, with 332 originations. The 2nd most popular reason was Refi, with 92 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 134 | $15,650,000 | $116,791 |
| 4-5% | 127 | $15,165,000 | $119,409 |
| 3-4% | 113 | $13,425,000 | $118,805 |
| 6-7% | 65 | $6,765,000 | $104,077 |
| 2.5-3% | 25 | $2,995,000 | $119,800 |
| <2.5% | 18 | $1,810,000 | $100,556 |
| 7-8% | 8 | $620,000 | $77,500 |
| Over 8% | 5 | $335,000 | $67,000 |
During 2022, Fort Madison - Keokuk's most frequently originated rate bucket was 5-6%, with 134 originations.
Loan Sizing (Fort Madison-Keokuk, IA-IL-MO MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 305 | $17,645,000 | $57,852 |
| $100k-200k | 185 | $25,405,000 | $137,324 |
| $200k-400k | 64 | $16,540,000 | $258,438 |
| $400k-600k | 6 | $2,730,000 | $455,000 |
| $600k-1000k | 1 | $605,000 | $605,000 |
Fort Madison - Keokuk's loan sizing saw the bucket of loans from $100,000 or less with 305 originations, totaling $17,645,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 264 | $34,400,000 | $130,303 |
| 60-80% | 115 | $14,905,000 | $129,609 |
| 20-40% | 43 | $2,005,000 | $46,628 |
| 40-60% | 38 | $3,780,000 | $99,474 |
| Under 20% | 26 | $730,000 | $28,077 |
| Over 100% | 7 | $755,000 | $107,857 |
Fort Madison - Keokuk's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 264 originations, totaling $34,400,000 in origination value.