Freeport Mortgage Rates & Closing Costs
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% |
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 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.