KANKAKEE Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Kankakee averaged
6.88%
for the week of 2024-07-18, compared to the national average of
6.77% for the same period.
The average rate for the prior week (2024-07-11) was
6.9% and
one month ago for the week of 2024-06-13, the
average rate was 6.86%.
Kankakee's average rate one year ago was 6.87%.
For refis of the same type during the week of 2024-07-18, the average rate
was 7.07%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Kankakee 30 Year Fixed Rate | 2024-07-18 | 6.88% |
| Kankakee 30 Year Fixed Rate Refi | 2024-07-18 | 7.07% |
| Kankakee 15 Year Fixed Rate | 2024-07-18 | 5.95% |
| Kankakee 15 Year Fixed Rate Refi | 2024-07-18 | 6.45% |
| Kankakee 30 Year FHA | 2024-07-18 | 6.68% |
| Kankakee 30 Year FHA Refi | 2024-07-18 | 6.79% |
| Kankakee 30 Year USDA | 2024-07-18 | 6.53% |
| Kankakee 30 Year USDA Refi | 2024-07-18 | 6.63% |
| Kankakee 30 Year VA | 2024-07-18 | 6.2% |
| Kankakee 30 Year VA Refi | 2024-07-18 | 6.2% |
KANKAKEE 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 KANKAKEE, 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.).
KANKAKEE Average Closing Costs & Other Stats
KANKAKEE, IL's 102 lenders originated 1,721
loans during 2023. The total origination value was $262,795,000, with an average loan value of
$152,699.
KANKAKEE's average closing costs are $4,615.
The top KANKAKEE lender as defined by loan originations is Midland States Bank, with
62 loans originated. Their average total fees are
$4,523, which is $1,656
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee KANKAKEE lenders (with over 10 loans originated) are
Iroquois Federal Savings and Loan Association ($3,020), Wells Fargo Bank ($3,541), JPMorgan Chase Bank ($3,955), PRIMELENDING, A PLAINSCAPITAL COMPANY ($4,156) and Midland States Bank ($4,523).
The lowest rate KANKAKEE lenders (with over 10 loans originated) are
Midland States Bank (6.57%), QUICKEN LOANS, LLC (6.68%), Iroquois Federal Savings and Loan Association (6.80%), Flanagan State Bank (6.80%) and JPMorgan Chase Bank (6.92%).
KANKAKEE, 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 |
|---|---|---|---|---|
| Municipal Trust and Savings Bank | $32,450,000 | $21,420,000 | -34.0% | 8.2% |
| Midland States Bank | $28,670,000 | $18,925,000 | -34.0% | 7.2% |
| Peoples Bank of Kankakee County | $19,760,000 | $17,865,000 | -9.6% | 6.8% |
| QUICKEN LOANS, LLC | $25,875,000 | $13,825,000 | -46.6% | 5.3% |
| GUARANTEED RATE, INC. | $10,290,000 | $8,840,000 | -14.1% | 3.4% |
| First Trust Bank of Illinois | $12,570,000 | $8,185,000 | -34.9% | 3.1% |
| Ixonia Bank | $7,970,000 | n/a | 3.0% | |
| National Bank of St. Anne | $12,335,000 | $7,710,000 | -37.5% | 2.9% |
| CROSSCOUNTRY MORTGAGE, LLC | $6,725,000 | $6,295,000 | -6.4% | 2.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $6,690,000 | $6,035,000 | -9.8% | 2.3% |
| Mortgage Research Center, LLC | $8,120,000 | $5,685,000 | -30.0% | 2.2% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $4,660,000 | $5,090,000 | 9.2% | 1.9% |
| Flanagan State Bank | $5,860,000 | $4,910,000 | -16.2% | 1.9% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $4,495,000 | $4,400,000 | -2.1% | 1.7% |
| Iroquois Federal Savings and Loan Association | $4,915,000 | $4,360,000 | -11.3% | 1.7% |
| The Federal Savings Bank | $3,460,000 | $4,200,000 | 21.4% | 1.6% |
| Neighborhood Loans, Inc. | $4,065,000 | $4,050,000 | -0.4% | 1.5% |
| PNC Bank | $7,105,000 | $4,000,000 | -43.7% | 1.5% |
| GENEVA FINANCIAL, LLC | $3,160,000 | $3,795,000 | 20.1% | 1.4% |
| JPMorgan Chase Bank | $6,515,000 | $3,615,000 | -44.5% | 1.4% |
| LOANDEPOT.COM, LLC | $5,265,000 | $3,475,000 | -34.0% | 1.3% |
| Wells Fargo Bank | $9,365,000 | $2,965,000 | -68.3% | 1.1% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $960,000 | $2,815,000 | 193.2% | 1.1% |
| First American Bank | $2,530,000 | $2,700,000 | 6.7% | 1.0% |
| U.S. Bank | $2,420,000 | $2,455,000 | 1.4% | 0.9% |
| Barrington Bank & Trust Company, N.A. | $2,590,000 | $2,320,000 | -10.4% | 0.9% |
| First Federal Savings Bank | $485,000 | $2,280,000 | 370.1% | 0.9% |
| CARDINAL FINANCIAL | $3,010,000 | $2,270,000 | -24.6% | 0.9% |
| GUARANTEED RATE AFFINITY, LLC | $2,665,000 | $2,185,000 | -18.0% | 0.8% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $935,000 | $2,160,000 | 131.0% | 0.8% |
| ORIX REAL ESTATE CAPITAL, LLC | $2,085,000 | n/a | 0.8% | |
| NAVY FEDERAL CREDIT UNION | $2,060,000 | $2,020,000 | -1.9% | 0.8% |
| FIRST CENTENNIAL MORTGAGE CORPORATION | $2,180,000 | $2,010,000 | -7.8% | 0.8% |
| FREEDOM MORTGAGE CORPORATION | $3,890,000 | $1,875,000 | -51.8% | 0.7% |
| NATIONS RELIABLE LENDING, LLC | $1,610,000 | $1,775,000 | 10.2% | 0.7% |
| CALIBER HOME LOANS, INC. | $3,395,000 | $1,680,000 | -50.5% | 0.6% |
| 21ST MORTGAGE CORPORATION | $1,525,000 | $1,640,000 | 7.5% | 0.6% |
| Lakeside Bank | $1,585,000 | n/a | 0.6% | |
| AmeriHome Mortgage Company, LLC | $2,745,000 | $1,550,000 | -43.5% | 0.6% |
| RF Renovo Management Company, LLC | $2,120,000 | $1,485,000 | -30.0% | 0.6% |
| Fifth Third Bank | $2,745,000 | $1,450,000 | -47.2% | 0.6% |
| Plains Commerce Bank | $1,075,000 | $1,440,000 | 34.0% | 0.5% |
| NEWREZ LLC | $960,000 | $1,360,000 | 41.7% | 0.5% |
| NVR Mortgage Finance, Inc. | $5,015,000 | $1,320,000 | -73.7% | 0.5% |
| PENNYMAC LOAN SERVICES, LLC | $2,515,000 | $1,320,000 | -47.5% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,370,000 | $1,315,000 | -44.5% | 0.5% |
| First Financial Bank | $2,560,000 | $1,305,000 | -49.0% | 0.5% |
| BMO Harris Bank | $390,000 | $1,255,000 | 221.8% | 0.5% |
| Federated Bank | $1,225,000 | n/a | 0.5% | |
| The Huntington National Bank | $1,525,000 | $1,205,000 | -21.0% | 0.5% |
| DRAPER AND KRAMER MORTGAGE CORP. | $1,295,000 | $1,145,000 | -11.6% | 0.4% |
| Old National Bank | $1,455,000 | $1,100,000 | -24.4% | 0.4% |
| ROYAL UNITED MORTGAGE LLC | $220,000 | $1,085,000 | 393.2% | 0.4% |
| ZILLOW HOME LOANS, LLC | $1,015,000 | n/a | 0.4% | |
| Flagstar Bank, FSB | $1,430,000 | $990,000 | -30.8% | 0.4% |
| Grundy Bank | $805,000 | $950,000 | 18.0% | 0.4% |
| UNITED HOME LOANS, INC. | $115,000 | $900,000 | 682.6% | 0.3% |
| Discover Bank | $580,000 | $765,000 | 31.9% | 0.3% |
| CALCON MUTUAL MORTGAGE LLC | $750,000 | n/a | 0.3% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $510,000 | $720,000 | 41.2% | 0.3% |
| BETTER MORTGAGE CORPORATION | $700,000 | $700,000 | 0.0% | 0.3% |
| USAA Federal Savings Bank | $355,000 | $690,000 | 94.4% | 0.3% |
| CIBC Bank USA | $665,000 | n/a | 0.3% | |
| NORTHWEST BANK OF ROCKFORD | $1,015,000 | $665,000 | -34.5% | 0.3% |
| EVERETT FINANCIAL, INC. | $315,000 | $625,000 | 98.4% | 0.2% |
| Carrington Mortgage Services, LLC | $995,000 | $615,000 | -38.2% | 0.2% |
| Providence Bank & Trust | $225,000 | $590,000 | 162.2% | 0.2% |
| CHURCHILL MORTGAGE CORPORATION | $85,000 | $580,000 | 582.4% | 0.2% |
| AMERISAVE MORTGAGE CORPORATION | $2,570,000 | $575,000 | -77.6% | 0.2% |
| Midwest Bank | $355,000 | $575,000 | 62.0% | 0.2% |
| BAY EQUITY LLC | $225,000 | $565,000 | 151.1% | 0.2% |
| THE ANDERSON FINANCIAL GROUP, INC. | $1,290,000 | $555,000 | -57.0% | 0.2% |
| First Merchants Bank | $550,000 | n/a | 0.2% | |
| NUMARK CREDIT UNION | $285,000 | $550,000 | 93.0% | 0.2% |
| Pacor Mortgage Corp | $950,000 | $545,000 | -42.6% | 0.2% |
| Allied First Bank,sb | $145,000 | $520,000 | 258.6% | 0.2% |
| Community Mortgage Banc Corporation | $360,000 | $490,000 | 36.1% | 0.2% |
| HOMESIDE FINANCIAL, LLC | $815,000 | $470,000 | -42.3% | 0.2% |
| OCMBC, INC. | $255,000 | $470,000 | 84.3% | 0.2% |
| GREENSTATE CREDIT UNION | $175,000 | $450,000 | 157.1% | 0.2% |
| DATA MORTGAGE, INC. | $445,000 | n/a | 0.2% | |
| United Community Bank | $445,000 | n/a | 0.2% | |
| ACADEMY MORTGAGE CORPORATION | $570,000 | $430,000 | -24.6% | 0.2% |
| Mutual Federal Bank | $1,365,000 | $430,000 | -68.5% | 0.2% |
| PLAZA HOME MORTGAGE, INC. | $1,240,000 | $430,000 | -65.3% | 0.2% |
| Busey Bank | $195,000 | $425,000 | 117.9% | 0.2% |
| DAS Acquisition Company, LLC | $215,000 | $415,000 | 93.0% | 0.2% |
| Peoples Bank | $390,000 | n/a | 0.1% | |
| COMPASS MORTGAGE, INC. | $1,075,000 | $380,000 | -64.7% | 0.1% |
| BROKER SOLUTIONS, INC. | $720,000 | $365,000 | -49.3% | 0.1% |
| Key Mortgage Services, Inc. | $960,000 | $355,000 | -63.0% | 0.1% |
| PLANET HOME LENDING, LLC | $345,000 | n/a | 0.1% | |
| Bank of America | $345,000 | $340,000 | -1.4% | 0.1% |
| GUILD MORTGAGE COMPANY | $340,000 | n/a | 0.1% | |
| CIBM Bank | $235,000 | $335,000 | 42.6% | 0.1% |
| NEW DAY FINANCIAL, LLC | $900,000 | $335,000 | -62.8% | 0.1% |
| Meridian Bank Corporation | $325,000 | n/a | 0.1% | |
| COMPEER FINANCIAL, FLCA | $615,000 | $320,000 | -48.0% | 0.1% |
| MLD MORTGAGE INC. | $315,000 | n/a | 0.1% | |
| FIRST STATE MORTGAGE SERVICES, LLC | $340,000 | $305,000 | -10.3% | 0.1% |
| Old Plank Trail Community Bank | $105,000 | $305,000 | 190.5% | 0.1% |
| TRIAD FINANCIAL SERVICES, INC. | $440,000 | $305,000 | -30.7% | 0.1% |
| DuPage Credit Union | $295,000 | n/a | 0.1% | |
| Mortgage Assurance Inc. | $225,000 | $295,000 | 31.1% | 0.1% |
| PENTAGON FEDERAL CREDIT UNION | $280,000 | $290,000 | 3.6% | 0.1% |
| AXIA FINANCIAL, LLC | $285,000 | n/a | 0.1% | |
| First Savings Bank of Hegewisch | $340,000 | $285,000 | -16.2% | 0.1% |
| Servion, Inc. | $285,000 | n/a | 0.1% | |
| Hometown Equity Mortgage, LLC | $275,000 | n/a | 0.1% | |
| Coastal Community Bank | $265,000 | n/a | 0.1% | |
| Merchants and Manufacturers Bank | $265,000 | n/a | 0.1% | |
| First National Bank of Omaha | $255,000 | n/a | 0.1% | |
| First State Bank of Forrest | $35,000 | $255,000 | 628.6% | 0.1% |
| Illiana Financial Credit Union | $190,000 | $255,000 | 34.2% | 0.1% |
| CIVIC FINANCIAL SERVICES, LLC | $740,000 | $250,000 | -66.2% | 0.1% |
| First State Bank | $930,000 | $245,000 | -73.7% | 0.1% |
| MOVEMENT MORTGAGE, LLC | $870,000 | $245,000 | -71.8% | 0.1% |
| NATIONS DIRECT MORTGAGE, LLC | $390,000 | $245,000 | -37.2% | 0.1% |
| North Shore Trust and Savings | $245,000 | n/a | 0.1% | |
| CoVantage Credit Union | $240,000 | n/a | 0.1% | |
| CMG MORTGAGE, INC. | $1,300,000 | $235,000 | -81.9% | 0.1% |
| NexBank | $235,000 | n/a | 0.1% | |
| TOWNE MORTGAGE COMPANY | $235,000 | n/a | 0.1% | |
| First National Bank | $230,000 | n/a | 0.1% | |
| Logan Finance Corporation | $225,000 | n/a | 0.1% | |
| Union Savings Bank | $225,000 | n/a | 0.1% | |
| Heartland Bank and Trust Company | $215,000 | n/a | 0.1% | |
| Home State Bank | $205,000 | $215,000 | 4.9% | 0.1% |
| Regions Bank | $25,000 | $215,000 | 760.0% | 0.1% |
| ON Q FINANCIAL, INC. | $205,000 | n/a | 0.1% | |
| LIMA ONE CAPITAL, LLC | $785,000 | $200,000 | -74.5% | 0.1% |
| Paramount Residential Mortgage Group, Inc. | $560,000 | $200,000 | -64.3% | 0.1% |
| FLAT BRANCH MORTGAGE, INC. | $700,000 | $195,000 | -72.1% | 0.1% |
| RUOFF MORTGAGE COMPANY, INC. | $105,000 | $195,000 | 85.7% | 0.1% |
| First Bank of Manhattan | $280,000 | $190,000 | -32.1% | 0.1% |
| Equity Prime Mortgage LLC | $220,000 | $185,000 | -15.9% | 0.1% |
| Lakeview Community Capital, LLC | $185,000 | n/a | 0.1% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $185,000 | n/a | 0.1% | |
| STOCKTON MORTGAGE CORPORATION | $235,000 | $185,000 | -21.3% | 0.1% |
| EMBRACE HOME LOANS, INC. | $185,000 | $175,000 | -5.4% | 0.1% |
| Hometown National Bank | $175,000 | n/a | 0.1% | |
| SUN WEST MORTGAGE COMPANY, INC. | $275,000 | $175,000 | -36.4% | 0.1% |
| Prosperity Home Mortgage, LLC | $170,000 | n/a | 0.1% | |
| ADVANCIAL | $165,000 | n/a | 0.1% | |
| Centier Bank | $145,000 | $165,000 | 13.8% | 0.1% |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $265,000 | $165,000 | -37.7% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $260,000 | $165,000 | -36.5% | 0.1% |
| SUCCESS MORTGAGE PARTNERS, INC. | $165,000 | n/a | 0.1% | |
| The Fisher National Bank | $165,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $165,000 | n/a | 0.1% | |
| SIRVA MORTGAGE, INC. | $560,000 | $155,000 | -72.3% | 0.1% |
| Peoples National Bank of Kewanee | $150,000 | n/a | 0.1% | |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $1,105,000 | $145,000 | -86.9% | 0.1% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $450,000 | $145,000 | -67.8% | 0.1% |
| Century Mortgage Company DBA Century Lending Company | $145,000 | n/a | 0.1% | |
| LENDINGHOME FUNDING CORPORATION | $145,000 | n/a | 0.1% | |
| CITIZENS EQUITY FIRST | $120,000 | $140,000 | 16.7% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $105,000 | $135,000 | 28.6% | 0.1% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $380,000 | $135,000 | -64.5% | 0.1% |
| Bank of England | $115,000 | n/a | 0.0% | |
| POLISH & SLAVIC FEDERAL CREDIT UNION | $105,000 | n/a | 0.0% | |
| T2 FINANCIAL LLC | $185,000 | $105,000 | -43.2% | 0.0% |
| Deere Employees Credit Union | $95,000 | n/a | 0.0% | |
| DIRECT MORTGAGE LOANS, LLC | $350,000 | $85,000 | -75.7% | 0.0% |
| ENDEAVOR CAPITAL, LLC. | $380,000 | $85,000 | -77.6% | 0.0% |
| FIRST NORTHERN Credit Union | $55,000 | $85,000 | 54.5% | 0.0% |
| GMFS LLC | $335,000 | $85,000 | -74.6% | 0.0% |
| Notre Dame Federal Credit Union Corporation | $105,000 | $85,000 | -19.0% | 0.0% |
| PHH Mortgage Corporation | $115,000 | $85,000 | -26.1% | 0.0% |
| WINGS FINANCIAL | $85,000 | n/a | 0.0% | |
| AMWEST FUNDING CORP. | $75,000 | n/a | 0.0% | |
| CONSUMERS COOPERATIVE CREDIT UNION | $70,000 | n/a | 0.0% | |
| Citizens Bank | $550,000 | $65,000 | -88.2% | 0.0% |
| Baxter Credit Union | $55,000 | n/a | 0.0% | |
| V.I.P. MORTGAGE, INC. | $55,000 | n/a | 0.0% | |
| GREAT LAKES | $90,000 | $45,000 | -50.0% | 0.0% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $2,025,000 | $45,000 | -97.8% | 0.0% |
| SPRING EQ, LLC | $315,000 | $45,000 | -85.7% | 0.0% |
| State Bank of Graymont | $395,000 | $45,000 | -88.6% | 0.0% |
| ALLIANT CREDIT UNION | $245,000 | $35,000 | -85.7% | 0.0% |
| DeMotte State Bank | $35,000 | n/a | 0.0% | |
| Third Federal Savings and Loan Association of Cleveland | $150,000 | $35,000 | -76.7% | 0.0% |
| IAA Credit Union | $25,000 | n/a | 0.0% | |
| Bank of Gibson City | $15,000 | n/a | 0.0% | |
| Figure Lending LLC | $65,000 | $15,000 | -76.9% | 0.0% |
KANKAKEE's top lender by overall market share is Municipal Trust and Savings Bank, with 8.2% market share. In second place, with 7.2%, is Midland States Bank, having originated $18,925,000 in loans. In third place, with 6.8%, is Peoples Bank of Kankakee County, having originated $17,865,000 in loans. In fourth place, with 5.3%, is QUICKEN LOANS, LLC, having originated $13,825,000 in loans. In fifth place, with 3.4%, is GUARANTEED RATE, INC., having originated $8,840,000 in loans.
KANKAKEE, IL Average Rent (2023)
Zoom/scroll map to see average rent by zip code. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results.
| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 60401 | Kankakee, IL MSA | $1,000 | $1,090 | $1,250 | $1,590 | $1,880 |
| 60424 | Kankakee, IL MSA | $820 | $870 | $1,150 | $1,470 | $1,550 |
| 60468 | Kankakee, IL MSA | $880 | $950 | $1,090 | $1,380 | $1,640 |
| 60481 | Kankakee, IL MSA | $870 | $940 | $1,080 | $1,370 | $1,630 |
| 60901 | Kankakee, IL MSA | $700 | $790 | $1,040 | $1,420 | $1,500 |
| 60910 | Kankakee, IL MSA | $670 | $760 | $1,000 | $1,360 | $1,440 |
| 60913 | Kankakee, IL MSA | $590 | $670 | $890 | $1,190 | $1,290 |
| 60914 | Kankakee, IL MSA | $810 | $920 | $1,210 | $1,650 | $1,740 |
| 60915 | Kankakee, IL MSA | $740 | $840 | $1,100 | $1,500 | $1,580 |
| 60917 | Kankakee, IL MSA | $590 | $670 | $890 | $1,200 | $1,290 |
| 60919 | Kankakee, IL MSA | $810 | $920 | $1,210 | $1,650 | $1,740 |
| 60922 | Kankakee, IL MSA | $680 | $770 | $1,010 | $1,380 | $1,460 |
| 60935 | Kankakee, IL MSA | $860 | $980 | $1,290 | $1,760 | $1,860 |
| 60940 | Kankakee, IL MSA | $790 | $900 | $1,180 | $1,610 | $1,700 |
| 60941 | Kankakee, IL MSA | $630 | $710 | $940 | $1,280 | $1,350 |
| 60950 | Kankakee, IL MSA | $700 | $790 | $1,040 | $1,420 | $1,500 |
| 60954 | Kankakee, IL MSA | $660 | $740 | $980 | $1,330 | $1,410 |
| 60958 | Kankakee, IL MSA | $600 | $680 | $900 | $1,230 | $1,300 |
| 60961 | Kankakee, IL MSA | $820 | $900 | $1,180 | $1,610 | $1,700 |
| 60964 | Kankakee, IL MSA | $590 | $670 | $890 | $1,190 | $1,290 |
| 60969 | Kankakee, IL MSA | $600 | $680 | $900 | $1,230 | $1,300 |
2022 Average & Median Rent Data Statistics
KANKAKEE, IL average 1BR rent: $821, median: $790
KANKAKEE, IL average 2BR rent: $1,058, median: $1,040
KANKAKEE, IL average 3BR rent: $1,420, median: $1,380
KANKAKEE, IL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,156 | $208,940,000 | $180,744 |
| Other | 161 | $8,655,000 | $53,758 |
| Refi | 152 | $17,520,000 | $115,263 |
| Cash Out Refi | 147 | $21,795,000 | $148,265 |
| Home Improvement | 105 | $5,885,000 | $56,048 |
Kankakee's most frequently cited loan purpose was Home Purchase, with 1,156 originations. The 2nd most popular reason was Other, with 161 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 424 | $83,450,000 | $196,816 |
| 7-8% | 361 | $63,335,000 | $175,443 |
| Over 8% | 211 | $17,065,000 | $80,877 |
| 5-6% | 154 | $28,850,000 | $187,338 |
| <2.5% | 84 | $4,010,000 | $47,738 |
| 3-4% | 38 | $2,240,000 | $58,947 |
| 4-5% | 27 | $2,415,000 | $89,444 |
During 2023, Kankakee's most frequently originated rate bucket was 6-7%, with 424 originations.
Loan Sizing (KANKAKEE, IL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 633 | $31,155,000 | $49,218 |
| $100k-200k | 621 | $90,595,000 | $145,886 |
| $200k-400k | 426 | $112,610,000 | $264,343 |
| $400k-600k | 30 | $14,230,000 | $474,333 |
| $600k-1000k | 6 | $4,760,000 | $793,333 |
| $Over $1MM | 5 | $9,445,000 | $1,889,000 |
KANKAKEE's loan sizing saw the bucket of loans from $100,000 or less with 633 originations, totaling $31,155,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 656 | $126,800,000 | $193,293 |
| 60-80% | 241 | $44,935,000 | $186,452 |
| Under 20% | 204 | $5,430,000 | $26,618 |
| 20-40% | 115 | $8,175,000 | $71,087 |
| 40-60% | 80 | $10,530,000 | $131,625 |
| Over 100% | 13 | $5,315,000 | $408,846 |
KANKAKEE's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 656 originations, totaling $126,800,000 in origination value.