Freeport 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 Freeport averaged 7.06% 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 7.2% and one month ago for the week of 2023-08-10, the average rate was 6.74%.

    Freeport's average rate one year ago was 6.07%.

    For refis of the same type during the week of 2023-09-14, the average rate was 7.38%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-09-14 7.18%
    Freeport 30 Year Fixed Rate 2023-09-14 7.06%
    Freeport 30 Year Fixed Rate Refi 2023-09-14 7.38%
    Freeport 15 Year Fixed Rate 2023-09-14 6.61%
    Freeport 15 Year Fixed Rate Refi 2023-09-14 6.81%
    Freeport 30 Year FHA 2023-09-14 6.9%
    Freeport 30 Year FHA Refi 2023-09-14 6.99%
    Freeport 30 Year USDA 2023-09-14 7.18%
    Freeport 30 Year USDA Refi 2023-09-14 6.98%
    Freeport 30 Year VA 2023-09-14 6.71%
    Freeport 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 Freeport, IL.

    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.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    NORTHWEST BANK OF ROCKFORD 24 5.45% $2,482
    Midwest Community Bank 23 4.51% $2,741
    U.S. Bank 16 5.35% $3,014
    GREENSTATE CREDIT UNION 14 5.63% $2,757
    QUICKEN LOANS, LLC 11 5.27% $5,665
    ACADEMY MORTGAGE CORPORATION 10 5.88% $4,206
    UNITED WHOLESALE MORTGAGE, LLC 7 5.76% $4,625
    The Bank of New Glarus 6 4.89% $2,413
    COMPEER FINANCIAL, FLCA 5 5.73% $3,556
    Blackhawk Bank 5 5.66% $3,558
    Bankers' Bank 3 5.38% $2,853
    Plains Commerce Bank 3 6.21% $2,692
    PLAZA HOME MORTGAGE, INC. 3 4.33% $2,632
    JPMorgan Chase Bank 3 4.58% $3,450
    ENVOY MORTGAGE, LTD 2 5.19% $3,711
    LOANDEPOT.COM, LLC 2 6.06% $3,353
    GUARANTEED RATE, INC. 2 6.29% $3,888
    Summit Credit Union 2 6.00% $3,282
    First National Bank of Omaha 2 5.25% $2,720
    The First National Bank and Trust Company 2 5.31% $2,626
    Fifth Third Bank 2 6.13% $4,600
    Key Mortgage Services, Inc. 2 5.50% $2,993
    University of Wisconsin Credit Union 2 4.75% $4,148
    First Community Credit Union 2 3.94% $2,076
    Associated Bank 2 4.50% $3,971
    CALIBER HOME LOANS, INC. 2 3.55% $3,093
    BAY EQUITY LLC 2 4.44% $4,107
    Old National Bank 2 5.25% $2,426
    MORTGAGE CENTER L.C 1 6.88% $3,943
    NAVY FEDERAL CREDIT UNION 1 6.25% $793
    Neighborhood Loans, Inc. 1 5.88% $2,950
    North American Savings Bank, F.S.B. 1 6.00% $2,056
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.99% $2,807
    SCOTT CREDIT UNION 1 3.50% $2,388
    Stillman Bank 1 5.95% $2,813
    UNION HOME MORTGAGE CORP. 1 5.38% $3,588
    Wells Fargo Bank 1 4.88% $3,231
    ALLIANT CREDIT UNION 1 3.75% $4,050
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.13% $3,275
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $4,653
    Barrington Bank & Trust Company, N.A. 1 5.88% $3,511
    Blackhawk Community Credit Union 1 5.38% $2,139
    BLUELEAF LENDING, LLC 1 5.88% $2,906
    BMO Harris Bank 1 4.38% $3,167
    Byron Bank 1 3.49% $2,241
    Citibank 1 3.88% $2,723
    COMPASS MORTGAGE, INC. 1 4.38% $3,396
    CONSUMERS COOPERATIVE CREDIT UNION 1 3.63% $4,902
    CROSSCOUNTRY MORTGAGE, LLC 1 6.50% $3,359
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.25% $3,137
    EVERETT FINANCIAL, INC. 1 3.99% $2,946
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.75% $3,101
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 5.25% $3,378
    FIRST NORTHERN Credit Union 1 6.00% $2,912
    Flanagan State Bank 1 3.88% $2,005
    GUILD MORTGAGE COMPANY 1 5.13% $6,275
    Heartland Bank and Trust Company 1 5.88% $2,279
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.00% $3,075
    HOMESIDE FINANCIAL, LLC 1 4.25% $2,837
    HOMESTEAD FUNDING CORP. 1 5.38% $3,803
    ILLINOIS STATE CREDIT UNION 1 3.88% $2,188
    KELLER MORTGAGE, LLC 1 5.50% $3,284
    Lakeview Community Capital, LLC 1 5.38% $4,741
    Midland States Bank 1 4.38% $3,494

    Freeport Average Closing Costs & Other Stats

    Freeport, IL's 64 lenders originated 595 loans during 2022. The total origination value was $75,185,000, with an average loan value of $126,361.

    Freeport's average closing costs are $3,485.

    The top Freeport lender as defined by loan originations is NORTHWEST BANK OF ROCKFORD, with 24 loans originated. Their average total fees are $2,482, which is $259 lower than the next largest lender, Midwest Community Bank.

    The lowest fee Freeport lenders (with over 10 loans originated) are NORTHWEST BANK OF ROCKFORD ($2,482), Midwest Community Bank ($2,741), GREENSTATE CREDIT UNION ($2,757), U.S. Bank ($3,014) and ACADEMY MORTGAGE CORPORATION ($4,206).

    The lowest rate Freeport lenders (with over 10 loans originated) are Midwest Community Bank (4.51%), QUICKEN LOANS, LLC (5.27%), U.S. Bank (5.35%), NORTHWEST BANK OF ROCKFORD (5.45%) and GREENSTATE CREDIT UNION (5.63%).

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    NORTHWEST BANK OF ROCKFORD $8,325,000 $5,530,000 -33.6% 7.4%
    Midwest Community Bank $11,020,000 $4,995,000 -54.7% 6.6%
    U.S. Bank $6,780,000 $4,820,000 -28.9% 6.4%
    QUICKEN LOANS, LLC $8,160,000 $4,375,000 -46.4% 5.8%
    Union Savings Bank $6,555,000 $4,270,000 -34.9% 5.7%
    Mortgage Research Center, LLC $1,855,000 $3,385,000 82.5% 4.5%
    ACADEMY MORTGAGE CORPORATION $3,865,000 $2,925,000 -24.3% 3.9%
    GREENSTATE CREDIT UNION $2,865,000 n/a 3.8%
    The First National Bank and Trust Company $1,595,000 $2,840,000 78.1% 3.8%
    Fifth Third Bank $2,650,000 $2,295,000 -13.4% 3.1%
    COMPEER FINANCIAL, FLCA $2,225,000 $1,830,000 -17.8% 2.4%
    UNITED WHOLESALE MORTGAGE, LLC $570,000 $1,560,000 173.7% 2.1%
    ENVOY MORTGAGE, LTD $1,635,000 $1,345,000 -17.7% 1.8%
    PLAZA HOME MORTGAGE, INC. $2,825,000 $1,115,000 -60.5% 1.5%
    Flanagan State Bank $775,000 $1,100,000 41.9% 1.5%
    Dubuque Bank and Trust Company $115,000 $1,075,000 834.8% 1.4%
    Wells Fargo Bank $1,635,000 $915,000 -44.0% 1.2%
    Blackhawk Bank $1,415,000 $825,000 -41.7% 1.1%
    Flagstar Bank, FSB $345,000 $810,000 134.8% 1.1%
    Midland States Bank $425,000 $810,000 90.6% 1.1%
    CALIBER HOME LOANS, INC. $200,000 $770,000 285.0% 1.0%
    AMERISAVE MORTGAGE CORPORATION $325,000 $745,000 129.2% 1.0%
    Key Mortgage Services, Inc. $135,000 $745,000 451.9% 1.0%
    Associated Bank $830,000 $690,000 -16.9% 0.9%
    Plains Commerce Bank $2,230,000 $690,000 -69.1% 0.9%
    FIRST CENTENNIAL MORTGAGE CORPORATION $220,000 $675,000 206.8% 0.9%
    The Bank of New Glarus $1,015,000 $675,000 -33.5% 0.9%
    GUARANTEED RATE, INC. $1,935,000 $645,000 -66.7% 0.9%
    JPMorgan Chase Bank $1,435,000 $640,000 -55.4% 0.9%
    LOANDEPOT.COM, LLC $600,000 $615,000 2.5% 0.8%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $635,000 $590,000 -7.1% 0.8%
    Summit Credit Union $585,000 n/a 0.8%
    BMO Harris Bank $550,000 n/a 0.7%
    PENNYMAC LOAN SERVICES, LLC $795,000 $545,000 -31.4% 0.7%
    CONSUMERS COOPERATIVE CREDIT UNION $540,000 n/a 0.7%
    SCOTT CREDIT UNION $525,000 n/a 0.7%
    BAY EQUITY LLC $470,000 n/a 0.6%
    Bankers' Bank $1,495,000 $445,000 -70.2% 0.6%
    First Community Credit Union $990,000 $430,000 -56.6% 0.6%
    Stillman BancCorp N.A. $1,025,000 $425,000 -58.5% 0.6%
    NEW DAY FINANCIAL, LLC $445,000 $420,000 -5.6% 0.6%
    BROKER SOLUTIONS, INC. $260,000 $390,000 50.0% 0.5%
    Old National Bank $495,000 $390,000 -21.2% 0.5%
    GUARANTEED RATE AFFINITY, LLC $385,000 n/a 0.5%
    MUTUAL OF OMAHA MORTGAGE, INC. $380,000 n/a 0.5%
    Holcomb Bank $400,000 $375,000 -6.3% 0.5%
    NAVY FEDERAL CREDIT UNION $45,000 $370,000 722.2% 0.5%
    FREEDOM MORTGAGE CORPORATION $1,550,000 $360,000 -76.8% 0.5%
    Woodford State Bank $730,000 $360,000 -50.7% 0.5%
    HOMESTEAD FUNDING CORP. $345,000 n/a 0.5%
    First National Bank of Omaha $185,000 $330,000 78.4% 0.4%
    NEWREZ LLC $670,000 $310,000 -53.7% 0.4%
    AMERICAN PACIFIC MORTGAGE CORPORATION $190,000 $285,000 50.0% 0.4%
    Bank of England $275,000 n/a 0.4%
    Barrington Bank & Trust Company, N.A. $740,000 $255,000 -65.5% 0.3%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $175,000 $250,000 42.9% 0.3%
    First Savings Bank $245,000 n/a 0.3%
    North American Savings Bank, F.S.B. $165,000 $245,000 48.5% 0.3%
    ROYAL UNITED MORTGAGE LLC $200,000 $235,000 17.5% 0.3%
    CROSSCOUNTRY MORTGAGE, LLC $550,000 $230,000 -58.2% 0.3%
    ALLIANT CREDIT UNION $425,000 $220,000 -48.2% 0.3%
    University of Wisconsin Credit Union $220,000 n/a 0.3%
    COMPASS MORTGAGE, INC. $175,000 $215,000 22.9% 0.3%
    DUPACO COMMUNITY $800,000 $205,000 -74.4% 0.3%
    EVERETT FINANCIAL, INC. $195,000 n/a 0.3%
    GUILD MORTGAGE COMPANY $185,000 n/a 0.2%
    Byron Bank $1,715,000 $180,000 -89.5% 0.2%
    VILLAGE CAPITAL MORTGAGE $1,275,000 $180,000 -85.9% 0.2%
    FAY SERVICING, LLC $175,000 n/a 0.2%
    PNC Bank $745,000 $175,000 -76.5% 0.2%
    The Bank of Brodhead $440,000 $170,000 -61.4% 0.2%
    Carrington Mortgage Services, LLC $305,000 $165,000 -45.9% 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $810,000 $165,000 -79.6% 0.2%
    NUMARK CREDIT UNION $165,000 n/a 0.2%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $165,000 n/a 0.2%
    First Federal Bank $155,000 n/a 0.2%
    Heartland Bank and Trust Company $155,000 n/a 0.2%
    ALLIANT $145,000 n/a 0.2%
    Lakeview Community Capital, LLC $145,000 n/a 0.2%
    Northpointe Bank $65,000 $145,000 123.1% 0.2%
    UNION HOME MORTGAGE CORP. $145,000 n/a 0.2%
    MARINE $680,000 $140,000 -79.4% 0.2%
    MIDLAND MORTGAGE CORPORATION $135,000 n/a 0.2%
    FIRST NORTHERN Credit Union $250,000 $125,000 -50.0% 0.2%
    LENDINGHOME FUNDING CORPORATION $125,000 n/a 0.2%
    Discover Bank $65,000 $120,000 84.6% 0.2%
    Neighborhood Loans, Inc. $485,000 $120,000 -75.3% 0.2%
    Platinum Home Mortgage Corporation $400,000 $120,000 -70.0% 0.2%
    First Guaranty Mortgage Corporation $115,000 n/a 0.2%
    HOMESIDE FINANCIAL, LLC $885,000 $115,000 -87.0% 0.2%
    ILLINOIS STATE CREDIT UNION $305,000 $115,000 -62.3% 0.2%
    AXIA FINANCIAL, LLC $105,000 n/a 0.1%
    BLUELEAF LENDING, LLC $115,000 $105,000 -8.7% 0.1%
    DRAPER AND KRAMER MORTGAGE CORP. $125,000 $105,000 -16.0% 0.1%
    HOMEOWNERS FINANCIAL GROUP USA, LLC $105,000 n/a 0.1%
    Home State Bank $295,000 $105,000 -64.4% 0.1%
    United Community Bank $105,000 n/a 0.1%
    VERIDIAN CREDIT UNION $105,000 n/a 0.1%
    Rock Valley Credit Union $100,000 n/a 0.1%
    Blackhawk Community Credit Union $195,000 $95,000 -51.3% 0.1%
    CHERRY CREEK MORTGAGE, LLC $95,000 n/a 0.1%
    First American Bank $145,000 $95,000 -34.5% 0.1%
    21ST MORTGAGE CORPORATION $25,000 $85,000 240.0% 0.1%
    Citibank $85,000 n/a 0.1%
    First Option Mortgage, LLC $85,000 n/a 0.1%
    KELLER MORTGAGE, LLC $85,000 n/a 0.1%
    LAKEVIEW LOAN SERVICING, LLC $430,000 $85,000 -80.2% 0.1%
    American Airlines Federal Credit Union $75,000 n/a 0.1%
    PHH Mortgage Corporation $115,000 $75,000 -34.8% 0.1%
    PLANET HOME LENDING, LLC $75,000 n/a 0.1%
    Vibrant Credit Union $75,000 n/a 0.1%
    Deere Employees Credit Union $65,000 n/a 0.1%
    SPRING EQ, LLC $60,000 n/a 0.1%
    Wisconsin Bank & Trust $60,000 n/a 0.1%
    CREDIT HUMAN FEDERAL CREDIT UNION $45,000 n/a 0.1%
    MORTGAGE CENTER L.C $125,000 $45,000 -64.0% 0.1%
    AMERICAN ADVISORS GROUP $35,000 n/a 0.0%
    GREAT LAKES $175,000 $15,000 -91.4% 0.0%

    Freeport's top lender by overall market share is NORTHWEST BANK OF ROCKFORD, with 7.4% market share. In second place, with 6.6%, is Midwest Community Bank, having originated $4,995,000 in loans. In third place, with 6.4%, is U.S. Bank, having originated $4,820,000 in loans. In fourth place, with 5.8%, is QUICKEN LOANS, LLC, having originated $4,375,000 in loans. In fifth place, with 5.7%, is Union Savings Bank, having originated $4,270,000 in loans.

    Freeport, IL Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 383 $52,105,000 $136,044
    Refi 86 $11,200,000 $130,233
    Cash Out Refi 75 $9,055,000 $120,733
    Other 32 $2,050,000 $64,063
    Home Improvement 18 $720,000 $40,000
    NA 1 $55,000 $55,000

    Freeport's most frequently cited loan purpose was Home Purchase, with 383 originations. The 2nd most popular reason was Refi, with 86 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 157 $20,885,000 $133,025
    4-5% 121 $15,285,000 $126,322
    3-4% 103 $16,405,000 $159,272
    6-7% 93 $11,705,000 $125,860
    <2.5% 26 $740,000 $28,462
    2.5-3% 25 $3,215,000 $128,600
    7-8% 13 $1,025,000 $78,846
    Over 8% 11 $605,000 $55,000

    During 2022, Freeport's most frequently originated rate bucket was 5-6%, with 157 originations.

    Loan Sizing (Freeport, IL MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 297 $17,485,000 $58,872
    $100k-200k 205 $28,455,000 $138,805
    $200k-400k 77 $19,555,000 $253,961
    $400k-600k 13 $5,935,000 $456,538
    $600k-1000k 2 $1,410,000 $705,000
    $Over $1MM 1 $2,345,000 $2,345,000

    Freeport's loan sizing saw the bucket of loans from $100,000 or less with 297 originations, totaling $17,485,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 309 $44,385,000 $143,641
    60-80% 118 $17,800,000 $150,847
    40-60% 40 $3,120,000 $78,000
    Under 20% 40 $1,130,000 $28,250
    20-40% 35 $1,975,000 $56,429
    Over 100% 5 $1,315,000 $263,000

    Freeport's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 309 originations, totaling $44,385,000 in origination value.