Freeport Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Freeport averaged
6.45%
for the week of 2024-10-24, compared to the national average of
6.54% for the same period.
The average rate for the prior week (2024-10-17) was
6.25% and
one month ago for the week of 2024-09-19, the
average rate was 6.2%.
Freeport's average rate one year ago was 7.84%.
For refis of the same type during the week of 2024-10-24, the average rate
was 6.54%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-10-24 | 6.54% |
Freeport 30 Year Fixed Rate | 2024-10-24 | 6.45% |
Freeport 30 Year Fixed Rate Refi | 2024-10-24 | 6.54% |
Freeport 15 Year Fixed Rate | 2024-10-24 | 5.61% |
Freeport 15 Year Fixed Rate Refi | 2024-10-24 | 5.91% |
Freeport 30 Year FHA | 2024-10-24 | 5.78% |
Freeport 30 Year FHA Refi | 2024-10-24 | 6.35% |
Freeport 30 Year USDA | 2024-10-24 | 6.09% |
Freeport 30 Year USDA Refi | 2024-10-24 | 6.49% |
Freeport 30 Year VA | 2024-10-24 | 6.34% |
Freeport 30 Year VA Refi | 2024-10-24 | 6.14% |
Freeport 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 Freeport, IL 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.).
Freeport Average Closing Costs & Other Stats
Freeport, IL's 53 lenders originated 552
loans during 2023. The total origination value was $58,830,000, with an average loan value of
$106,576.
Freeport's average closing costs are $3,640.
The top Freeport lender as defined by loan originations is GREENSTATE CREDIT UNION, with
45 loans originated. Their average total fees are
$2,738, which is $169
lower than the next largest lender,
U.S. Bank.
The lowest fee Freeport lenders (with over 10 loans originated) are
GREENSTATE CREDIT UNION ($2,738), U.S. Bank ($2,907), PLAZA HOME MORTGAGE, INC. ($4,330), .
The lowest rate Freeport lenders (with over 10 loans originated) are
PLAZA HOME MORTGAGE, INC. (6.66%), GREENSTATE CREDIT UNION (6.66%), U.S. Bank (7.26%), .
Freeport, IL 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 |
---|---|---|---|---|
GREENSTATE CREDIT UNION | $2,865,000 | $8,720,000 | 204.4% | 14.8% |
ACADEMY MORTGAGE CORPORATION | $2,925,000 | $3,515,000 | 20.2% | 6.0% |
QUICKEN LOANS, LLC | $4,375,000 | $2,940,000 | -32.8% | 5.0% |
U.S. Bank | $4,820,000 | $2,790,000 | -42.1% | 4.7% |
Union Savings Bank | $4,270,000 | $2,630,000 | -38.4% | 4.5% |
Mortgage Research Center, LLC | $3,385,000 | $2,615,000 | -22.7% | 4.4% |
UNITED WHOLESALE MORTGAGE, LLC | $1,560,000 | $2,155,000 | 38.1% | 3.7% |
Woodford State Bank | $360,000 | $1,820,000 | 405.6% | 3.1% |
COMPEER FINANCIAL, FLCA | $1,830,000 | $1,630,000 | -10.9% | 2.8% |
Blackhawk Bank | $825,000 | $1,605,000 | 94.5% | 2.7% |
The Bank of New Glarus | $675,000 | $1,445,000 | 114.1% | 2.5% |
Cornerstone Credit Union | $1,390,000 | n/a | 2.4% | |
PLAZA HOME MORTGAGE, INC. | $1,115,000 | $1,385,000 | 24.2% | 2.4% |
The First National Bank and Trust Company | $2,840,000 | $1,130,000 | -60.2% | 1.9% |
NORTHWEST BANK OF ROCKFORD | $5,530,000 | $890,000 | -83.9% | 1.5% |
First Community Credit Union | $430,000 | $780,000 | 81.4% | 1.3% |
Summit Credit Union | $585,000 | $740,000 | 26.5% | 1.3% |
GUILD MORTGAGE COMPANY | $185,000 | $715,000 | 286.5% | 1.2% |
CHURCHILL MORTGAGE CORPORATION | $685,000 | n/a | 1.2% | |
JPMorgan Chase Bank | $640,000 | $670,000 | 4.7% | 1.1% |
AMERICAN PACIFIC MORTGAGE CORPORATION | $285,000 | $655,000 | 129.8% | 1.1% |
Wells Fargo Bank | $915,000 | $655,000 | -28.4% | 1.1% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $590,000 | $620,000 | 5.1% | 1.1% |
CROSSCOUNTRY MORTGAGE, LLC | $230,000 | $605,000 | 163.0% | 1.0% |
Fifth Third Bank | $2,295,000 | $600,000 | -73.9% | 1.0% |
BMO Harris Bank | $550,000 | $540,000 | -1.8% | 0.9% |
ENVOY MORTGAGE, LTD | $1,345,000 | $530,000 | -60.6% | 0.9% |
Byron Bank | $180,000 | $525,000 | 191.7% | 0.9% |
Barrington Bank & Trust Company, N.A. | $255,000 | $505,000 | 98.0% | 0.9% |
PNC Bank | $175,000 | $495,000 | 182.9% | 0.8% |
GUARANTEED RATE AFFINITY, LLC | $385,000 | $485,000 | 26.0% | 0.8% |
MUTUAL OF OMAHA MORTGAGE, INC. | $380,000 | $475,000 | 25.0% | 0.8% |
LOANDEPOT.COM, LLC | $615,000 | $465,000 | -24.4% | 0.8% |
ZILLOW HOME LOANS, LLC | $460,000 | n/a | 0.8% | |
USAA Federal Savings Bank | $440,000 | n/a | 0.7% | |
NAVY FEDERAL CREDIT UNION | $370,000 | $385,000 | 4.1% | 0.7% |
GUARANTEED RATE, INC. | $645,000 | $380,000 | -41.1% | 0.6% |
ILLINOIS STATE CREDIT UNION | $115,000 | $360,000 | 213.0% | 0.6% |
Midland States Bank | $810,000 | $345,000 | -57.4% | 0.6% |
VELOCITY COMMERCIAL CAPITAL, LLC | $335,000 | n/a | 0.6% | |
HOMESIDE FINANCIAL, LLC | $115,000 | $330,000 | 187.0% | 0.6% |
FIRST CENTENNIAL MORTGAGE CORPORATION | $675,000 | $325,000 | -51.9% | 0.6% |
Neighborhood Loans, Inc. | $120,000 | $310,000 | 158.3% | 0.5% |
Associated Bank | $690,000 | $295,000 | -57.2% | 0.5% |
PLANET HOME LENDING, LLC | $75,000 | $290,000 | 286.7% | 0.5% |
MARINE | $140,000 | $285,000 | 103.6% | 0.5% |
AMERISAVE MORTGAGE CORPORATION | $745,000 | $270,000 | -63.8% | 0.5% |
Carrington Mortgage Services, LLC | $165,000 | $270,000 | 63.6% | 0.5% |
CARDINAL FINANCIAL | $250,000 | $265,000 | 6.0% | 0.5% |
First National Bank of Omaha | $330,000 | $260,000 | -21.2% | 0.4% |
BROKER SOLUTIONS, INC. | $390,000 | $235,000 | -39.7% | 0.4% |
Bank of America | $220,000 | n/a | 0.4% | |
Mid-Continent Funding, Inc. | $215,000 | n/a | 0.4% | |
Nations Lending Corporation | $215,000 | n/a | 0.4% | |
NEWREZ LLC | $310,000 | $210,000 | -32.3% | 0.4% |
PENNYMAC LOAN SERVICES, LLC | $545,000 | $205,000 | -62.4% | 0.3% |
FREEDOM MORTGAGE CORPORATION | $360,000 | $200,000 | -44.4% | 0.3% |
FIRST NORTHERN Credit Union | $125,000 | $185,000 | 48.0% | 0.3% |
Flanagan State Bank | $1,100,000 | $175,000 | -84.1% | 0.3% |
INTOUCH CREDIT UNION | $165,000 | n/a | 0.3% | |
LEADERONE FINANCIAL CORPORATION | $165,000 | n/a | 0.3% | |
University of Wisconsin Credit Union | $220,000 | $165,000 | -25.0% | 0.3% |
UNION HOME MORTGAGE CORP. | $145,000 | $160,000 | 10.3% | 0.3% |
ROYAL UNITED MORTGAGE LLC | $235,000 | $155,000 | -34.0% | 0.3% |
Deere Employees Credit Union | $65,000 | $145,000 | 123.1% | 0.2% |
St Charles Bank & Trust | $145,000 | n/a | 0.2% | |
DAS Acquisition Company, LLC | $135,000 | n/a | 0.2% | |
PENTAGON FEDERAL CREDIT UNION | $115,000 | n/a | 0.2% | |
1st National Bank | $105,000 | n/a | 0.2% | |
Bankers' Bank | $445,000 | $105,000 | -76.4% | 0.2% |
COMPASS MORTGAGE, INC. | $215,000 | $105,000 | -51.2% | 0.2% |
Cornerstone National Bank & Trust Company | $105,000 | n/a | 0.2% | |
Mr. Cooper ( Nationstar Mortgage ) | $165,000 | $100,000 | -39.4% | 0.2% |
CIBM Bank | $95,000 | n/a | 0.2% | |
Holcomb Bank | $375,000 | $95,000 | -74.7% | 0.2% |
Coastal Community Bank | $90,000 | n/a | 0.2% | |
Bank Five Nine | $85,000 | n/a | 0.1% | |
CALIBER HOME LOANS, INC. | $770,000 | $85,000 | -89.0% | 0.1% |
Plains Commerce Bank | $690,000 | $85,000 | -87.7% | 0.1% |
Discover Bank | $120,000 | $75,000 | -37.5% | 0.1% |
First Mid Bank & Trust | $75,000 | n/a | 0.1% | |
DUPACO COMMUNITY | $205,000 | $70,000 | -65.9% | 0.1% |
Old National Bank | $390,000 | $65,000 | -83.3% | 0.1% |
21ST MORTGAGE CORPORATION | $85,000 | $35,000 | -58.8% | 0.1% |
The Bank of Brodhead | $170,000 | $35,000 | -79.4% | 0.1% |
First American Bank | $95,000 | $25,000 | -73.7% | 0.0% |
Freeport's top lender by overall market share is GREENSTATE CREDIT UNION, with 14.8% market share. In second place, with 6.0%, is ACADEMY MORTGAGE CORPORATION, having originated $3,515,000 in loans. In third place, with 5.0%, is QUICKEN LOANS, LLC, having originated $2,940,000 in loans. In fourth place, with 4.7%, is U.S. Bank, having originated $2,790,000 in loans. In fifth place, with 4.5%, is Union Savings Bank, having originated $2,630,000 in loans.
Freeport, IL Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 397 | $46,945,000 | $118,249 |
Cash Out Refi | 51 | $5,295,000 | $103,824 |
Other | 41 | $2,305,000 | $56,220 |
Home Improvement | 36 | $1,840,000 | $51,111 |
Refi | 27 | $2,445,000 | $90,556 |
Freeport's most frequently cited loan purpose was Home Purchase, with 397 originations. The 2nd most popular reason was Cash Out Refi, with 51 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 188 | $23,400,000 | $124,468 |
7-8% | 117 | $14,135,000 | $120,812 |
Over 8% | 66 | $5,630,000 | $85,303 |
5-6% | 64 | $8,330,000 | $130,156 |
<2.5% | 36 | $450,000 | $12,500 |
4-5% | 3 | $425,000 | $141,667 |
3-4% | 1 | $305,000 | $305,000 |
During 2023, Freeport's most frequently originated rate bucket was 6-7%, with 188 originations.
Loan Sizing (Freeport, IL MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 303 | $15,815,000 | $52,195 |
$100k-200k | 188 | $26,280,000 | $139,787 |
$200k-400k | 56 | $14,520,000 | $259,286 |
$400k-600k | 5 | $2,215,000 | $443,000 |
Freeport's loan sizing saw the bucket of loans from $100,000 or less with 303 originations, totaling $15,815,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 242 | $32,440,000 | $134,050 |
60-80% | 100 | $13,150,000 | $131,500 |
Under 20% | 58 | $950,000 | $16,379 |
20-40% | 43 | $2,525,000 | $58,721 |
40-60% | 31 | $2,775,000 | $89,516 |
Over 100% | 4 | $870,000 | $217,500 |
Freeport's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 242 originations, totaling $32,440,000 in origination value.