Macomb Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Macomb averaged
7.22%
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
7.06% and
one month ago for the week of 2023-08-10, the
average rate was 7%.
Macomb's average rate one year ago was 6.03%.
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% |
Macomb 30 Year Fixed Rate | 2023-09-14 | 7.22% |
Macomb 30 Year Fixed Rate Refi | 2023-09-14 | 7.38% |
Macomb 15 Year Fixed Rate | 2023-09-14 | 6.41% |
Macomb 15 Year Fixed Rate Refi | 2023-09-14 | 7.01% |
Macomb 30 Year FHA | 2023-09-14 | 6.89% |
Macomb 30 Year FHA Refi | 2023-09-14 | 6.89% |
Macomb 30 Year USDA | 2023-09-14 | 6.88% |
Macomb 30 Year USDA Refi | 2023-09-14 | 6.88% |
Macomb 30 Year VA | 2023-09-14 | 7.01% |
Macomb 30 Year VA Refi | 2023-09-14 | 6.61% |
Macomb 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 Macomb, 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.).
Macomb Average Closing Costs & Other Stats
Macomb, IL's 35 lenders originated 374
loans during 2022. The total origination value was $40,450,000, with an average loan value of
$108,155.
Macomb's average closing costs are $3,006.
The top Macomb lender as defined by loan originations is Morton Community Bank, with
25 loans originated. Their average total fees are
$2,142, which is $407
higher than the next largest lender,
United Community Bank.
The lowest fee Macomb lenders (with over 10 loans originated) are
United Community Bank ($1,735), Morton Community Bank ($2,142), .
The lowest rate Macomb lenders (with over 10 loans originated) are
Morton Community Bank (5.66%), United Community Bank (5.70%), .
Macomb, 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 |
---|---|---|---|---|
Morton Community Bank | $6,230,000 | $6,925,000 | 11.2% | 17.1% |
United Community Bank | $6,125,000 | $4,480,000 | -26.9% | 11.1% |
MidAmerica National Bank | $3,600,000 | n/a | 8.9% | |
Mortgage Research Center, LLC | $920,000 | $2,420,000 | 163.0% | 6.0% |
Flanagan State Bank | $2,310,000 | $2,250,000 | -2.6% | 5.6% |
QUICKEN LOANS, LLC | $4,585,000 | $2,175,000 | -52.6% | 5.4% |
Fortress Bank | $3,565,000 | $1,835,000 | -48.5% | 4.5% |
First Bankers Trust Company | $5,735,000 | $1,775,000 | -69.0% | 4.4% |
COMPEER FINANCIAL, FLCA | $1,005,000 | $1,265,000 | 25.9% | 3.1% |
Marine Bank | $1,860,000 | $1,175,000 | -36.8% | 2.9% |
Ipava State Bank | $580,000 | $700,000 | 20.7% | 1.7% |
BROKER SOLUTIONS, INC. | $345,000 | $610,000 | 76.8% | 1.5% |
Ally Bank | $570,000 | n/a | 1.4% | |
CITIZENS EQUITY FIRST | $600,000 | $550,000 | -8.3% | 1.4% |
Wells Fargo Bank | $1,190,000 | $550,000 | -53.8% | 1.4% |
West Central Bank | $125,000 | $545,000 | 336.0% | 1.3% |
Midwest Bank | $495,000 | n/a | 1.2% | |
Bank of Springfield | $205,000 | $490,000 | 139.0% | 1.2% |
USAA Federal Savings Bank | $75,000 | $455,000 | 506.7% | 1.1% |
FLAT BRANCH MORTGAGE, INC. | $610,000 | $430,000 | -29.5% | 1.1% |
NAVY FEDERAL CREDIT UNION | $490,000 | $320,000 | -34.7% | 0.8% |
PENNYMAC LOAN SERVICES, LLC | $295,000 | $285,000 | -3.4% | 0.7% |
North American Savings Bank, F.S.B. | $275,000 | n/a | 0.7% | |
GREENSTATE CREDIT UNION | $360,000 | $265,000 | -26.4% | 0.7% |
I. H. MISSISSIPPI VALLEY CREDIT UNION | $405,000 | $245,000 | -39.5% | 0.6% |
NBKC BANK | $235,000 | n/a | 0.6% | |
CALIBER HOME LOANS, INC. | $1,150,000 | $225,000 | -80.4% | 0.6% |
JPMorgan Chase Bank | $210,000 | $220,000 | 4.8% | 0.5% |
U.S. Bank | $345,000 | $215,000 | -37.7% | 0.5% |
Carrington Mortgage Services, LLC | $180,000 | $200,000 | 11.1% | 0.5% |
CBI Bank & Trust | $640,000 | $190,000 | -70.3% | 0.5% |
WINGS FINANCIAL | $185,000 | n/a | 0.5% | |
ASSEMBLIES OF GOD Credit Union | $175,000 | n/a | 0.4% | |
CROSSCOUNTRY MORTGAGE, LLC | $165,000 | n/a | 0.4% | |
GUARANTEED RATE AFFINITY, LLC | $165,000 | n/a | 0.4% | |
GUARANTEED RATE, INC. | $250,000 | $155,000 | -38.0% | 0.4% |
PHH Mortgage Corporation | $155,000 | n/a | 0.4% | |
ACADEMY MORTGAGE CORPORATION | $145,000 | n/a | 0.4% | |
Better Banks | $195,000 | $145,000 | -25.6% | 0.4% |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $480,000 | $145,000 | -69.8% | 0.4% |
MUTUAL OF OMAHA MORTGAGE, INC. | $35,000 | $140,000 | 300.0% | 0.3% |
AMERICAN PACIFIC MORTGAGE CORPORATION | $135,000 | n/a | 0.3% | |
SUCCESS MORTGAGE PARTNERS, INC. | $135,000 | n/a | 0.3% | |
VILLAGE CAPITAL MORTGAGE | $125,000 | $135,000 | 8.0% | 0.3% |
First Mid Bank & Trust | $130,000 | n/a | 0.3% | |
Town & Country Banc Mortgage Services, Inc. | $260,000 | $125,000 | -51.9% | 0.3% |
Community Mortgage Banc Corporation | $340,000 | $120,000 | -64.7% | 0.3% |
PNC Bank | $115,000 | $115,000 | 0.0% | 0.3% |
FREEDOM MORTGAGE CORPORATION | $1,130,000 | $105,000 | -90.7% | 0.3% |
LOANDEPOT.COM, LLC | $440,000 | $105,000 | -76.1% | 0.3% |
Prairie State Bank and Trust | $105,000 | n/a | 0.3% | |
Barrington Bank & Trust Company, N.A. | $105,000 | $95,000 | -9.5% | 0.2% |
SENB Bank | $85,000 | $95,000 | 11.8% | 0.2% |
21ST MORTGAGE CORPORATION | $90,000 | n/a | 0.2% | |
1ST MIDAMERICA | $85,000 | n/a | 0.2% | |
American Bank and Trust Company | $85,000 | n/a | 0.2% | |
Busey Bank | $75,000 | n/a | 0.2% | |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $365,000 | $75,000 | -79.5% | 0.2% |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $75,000 | n/a | 0.2% | |
ROYAL UNITED MORTGAGE LLC | $105,000 | $75,000 | -28.6% | 0.2% |
AMERICAN ADVISORS GROUP | $65,000 | n/a | 0.2% | |
AMERISAVE MORTGAGE CORPORATION | $65,000 | n/a | 0.2% | |
Regions Bank | $65,000 | n/a | 0.2% | |
The Fisher National Bank | $65,000 | n/a | 0.2% | |
Two Rivers Bank & Trust | $35,000 | $65,000 | 85.7% | 0.2% |
UNITED WHOLESALE MORTGAGE, LLC | $275,000 | $65,000 | -76.4% | 0.2% |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $55,000 | n/a | 0.1% | |
Chickasaw Community Bank | $55,000 | n/a | 0.1% | |
Firefighters First Federal Credit Union | $55,000 | n/a | 0.1% | |
INB | $55,000 | n/a | 0.1% | |
LEADERONE FINANCIAL CORPORATION | $55,000 | n/a | 0.1% | |
Mr. Cooper ( Nationstar Mortgage ) | $400,000 | $55,000 | -86.3% | 0.1% |
FCB Banks | $45,000 | n/a | 0.1% | |
First State Bank | $45,000 | n/a | 0.1% | |
Discover Bank | $145,000 | $35,000 | -75.9% | 0.1% |
SPRING EQ, LLC | $25,000 | n/a | 0.1% | |
STAR USA FEDERAL CREDIT UNION | $25,000 | n/a | 0.1% | |
TRIAD FINANCIAL SERVICES, INC. | $25,000 | n/a | 0.1% | |
Vibrant Credit Union | $25,000 | n/a | 0.1% |
Macomb's top lender by overall market share is Morton Community Bank, with 17.1% market share. In second place, with 11.1%, is United Community Bank, having originated $4,480,000 in loans. In third place, with 8.9%, is MidAmerica National Bank, having originated $3,600,000 in loans. In fourth place, with 6.0%, is Mortgage Research Center, LLC, having originated $2,420,000 in loans. In fifth place, with 5.6%, is Flanagan State Bank, having originated $2,250,000 in loans.
Macomb Housing Market Trends (Median, Average Prices & Listing Count)
Realtor.com - Macomb (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $99,400 (10.6%) | $124,219 (10.6%) | 0.00 | 187 |
2018-02-01 | $95,050 (5.7%) | $121,144 (7.2%) | 0.00 | 192 |
2018-03-01 | $96,000 (6.0%) | $121,702 (3.9%) | 0.00 | 194 |
2018-04-01 | $98,350 (8.1%) | $122,034 (4.6%) | 0.00 | 205 |
2018-05-01 | $97,300 (4.9%) | $119,007 (0.0%) | 0.00 | 218 |
2018-06-01 | $94,900 (-2.5%) | $115,526 (-4.2%) | 0.00 | 222 |
2018-07-01 | $93,700 (-1.6%) | $114,800 (-3.5%) | 0.00 | 245 |
2018-08-01 | $92,250 (-4.2%) | $114,551 (-6.3%) | 0.00 | 246 |
2018-09-01 | $89,900 (-9.8%) | $111,963 (-9.7%) | 0.00 | 236 |
2018-10-01 | $89,900 (-10.1%) | $112,011 (-10.7%) | 0.00 | 229 |
2018-11-01 | $89,400 (-15.4%) | $109,292 (-12.9%) | 0.00 | 230 |
2018-12-01 | $85,500 (-14.4%) | $104,984 (-15.2%) | 0.00 | 228 |
2019-01-01 | $84,900 (-14.6%) | $104,227 (-16.1%) | 0.00 | 228 |
2019-02-01 | $84,900 (-10.7%) | $104,728 (-13.6%) | 0.00 | 222 |
2019-03-01 | $88,714 (-7.6%) | $109,121 (-10.3%) | 0.00 | 220 |
2019-04-01 | $97,350 (-1.0%) | $117,630 (-3.6%) | 0.00 | 221 |
2019-05-01 | $93,700 (-3.7%) | $117,380 (-1.4%) | 0.00 | 227 |
2019-06-01 | $90,000 (-5.2%) | $117,684 (1.9%) | 0.00 | 216 |
2019-07-01 | $89,900 (-4.1%) | $117,945 (2.7%) | 0.00 | 215 |
2019-08-01 | $88,550 (-4.0%) | $116,365 (1.6%) | 0.00 | 209 |
2019-09-01 | $86,525 (-3.8%) | $113,299 (1.2%) | 0.00 | 205 |
2019-10-01 | $85,175 (-5.3%) | $110,846 (-1.0%) | 0.00 | 201 |
2019-11-01 | $82,900 (-7.3%) | $105,541 (-3.4%) | 0.00 | 202 |
2019-12-01 | $79,900 (-6.6%) | $102,812 (-2.1%) | 0.00 | 189 |
2020-01-01 | $79,900 (-5.9%) | $102,540 (-1.6%) | 0.00 | 174 |
2020-02-01 | $83,950 (-1.1%) | $106,436 (1.6%) | 0.00 | 168 |
2020-03-01 | $84,900 (-4.3%) | $107,538 (-1.5%) | 0.00 | 173 |
2020-04-01 | $86,100 (-11.6%) | $109,517 (-6.9%) | 0.00 | 172 |
2020-05-01 | $87,200 (-6.9%) | $109,732 (-6.5%) | 0.00 | 166 |
2020-06-01 | $87,200 (-3.1%) | $107,522 (-8.6%) | 0.00 | 162 |
2020-07-01 | $87,200 (-3.0%) | $106,444 (-9.8%) | 0.00 | 162 |
2020-08-01 | $85,000 (-4.0%) | $105,446 (-9.4%) | 0.00 | 164 |
2020-09-01 | $85,400 (-1.3%) | $109,131 (-3.7%) | 0.00 | 172 |
2020-10-01 | $72,900 (-14.4%) | $95,807 (-13.6%) | 0.00 | 205 |
2020-11-01 | $69,900 (-15.7%) | $91,947 (-12.9%) | 0.00 | 212 |
2020-12-01 | $67,925 (-15.0%) | $86,458 (-15.9%) | 0.00 | 207 |
2021-01-01 | $65,000 (-18.7%) | $85,837 (-16.3%) | 0.00 | 202 |
2021-02-01 | $65,000 (-22.6%) | $82,529 (-22.5%) | 0.00 | 196 |
2021-03-01 | $67,125 (-20.9%) | $83,438 (-22.4%) | 0.00 | 192 |
2021-04-01 | $66,000 (-23.3%) | $82,795 (-24.4%) | 0.00 | 174 |
2021-05-01 | $62,900 (-27.9%) | $79,210 (-27.8%) | 0.00 | 164 |
2021-06-01 | $59,900 (-31.3%) | $80,477 (-25.2%) | 0.00 | 158 |
2021-07-01 | $60,000 (-31.2%) | $90,012 (-15.4%) | 0.00 | 171 |
2021-08-01 | $59,950 (-29.5%) | $91,030 (-13.7%) | 0.00 | 170 |
2021-09-01 | $59,900 (-29.9%) | $91,484 (-16.2%) | 0.00 | 156 |
2021-10-01 | $61,600 (-15.5%) | $92,696 (-3.3%) | 0.00 | 159 |
2021-11-01 | $63,136 (-9.7%) | $94,165 (2.4%) | 0.00 | 145 |
2021-12-01 | $61,257 (-9.8%) | $94,136 (8.9%) | 0.00 | 129 |
2022-01-01 | $59,900 (-7.9%) | $96,289 (12.2%) | 0.00 | 113 |
2022-02-01 | $59,450 (-8.5%) | $95,989 (16.3%) | 0.00 | 100 |
2022-03-01 | $56,375 (-16.0%) | $94,343 (13.1%) | 0.00 | 93 |
2022-04-01 | $56,000 (-15.2%) | $91,928 (11.0%) | 0.00 | 91 |
2022-05-01 | $58,850 (-6.4%) | $92,890 (17.3%) | 0.00 | 96 |
2022-06-01 | $59,900 (0.0%) | $98,784 (22.8%) | 0.00 | 92 |
2022-07-01 | $65,000 (8.3%) | $101,198 (12.4%) | 0.00 | 97 |
2022-08-01 | $69,450 (15.9%) | $98,948 (8.7%) | 0.00 | 109 |
2022-09-01 | $69,225 (15.6%) | $97,972 (7.1%) | 0.00 | 104 |
2022-10-01 | $72,400 (17.5%) | $100,479 (8.4%) | 0.00 | 97 |
2022-11-01 | $74,400 (17.8%) | $112,917 (19.9%) | 0.00 | 96 |
2022-12-01 | $72,900 (19.0%) | $111,198 (18.1%) | 0.00 | 95 |
2023-01-01 | $71,150 (18.8%) | $101,905 (5.8%) | 0.00 | 81 |
2023-02-01 | $70,650 (18.8%) | $94,307 (-1.8%) | 0.00 | 76 |
2023-03-01 | $69,900 (24.0%) | $101,503 (7.6%) | 0.00 | 72 |
2023-04-01 | $69,900 (24.8%) | $107,546 (17.0%) | 0.00 | 64 |
2023-05-01 | $75,000 (27.4%) | $125,344 (34.9%) | 0.00 | 59 |
2023-06-01 | $80,675 (34.7%) | $137,267 (39.0%) | 0.00 | 64 |
2023-07-01 | $75,750 (16.5%) | $120,419 (19.0%) | 0.00 | 75 |
2023-08-01 | $72,450 (4.3%) | $104,481 (5.6%) | 0.00 | 59 |
Macomb's median listing price comes in at 0% of the national average.
Macomb's average listing price for 2023-08-01 was $104,481, a difference of $5,533 (5.6%) versus the prior year and $-15,938 versus the prior month.
For the 2023-08-01 period, Macomb had 59 MLS listings, a difference of -16 listings (-21%) versus the prior month and -50 listings (-46%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Macomb (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,720 sqft |
2018-02-01 | 0 days | 1,668 sqft |
2018-03-01 | 0 days | 1,688 sqft |
2018-04-01 | 0 days | 1,709 sqft |
2018-05-01 | 0 days | 1,663 sqft |
2018-06-01 | 0 days | 1,616 sqft |
2018-07-01 | 0 days | 1,668 sqft |
2018-08-01 | 0 days | 1,632 sqft |
2018-09-01 | 0 days | 1,606 sqft |
2018-10-01 | 0 days | 1,620 sqft |
2018-11-01 | 0 days | 1,576 sqft |
2018-12-01 | 0 days | 1,569 sqft |
2019-01-01 | 0 days | 1,594 sqft |
2019-02-01 | 0 days | 1,620 sqft |
2019-03-01 | 0 days | 1,703 sqft |
2019-04-01 | 0 days | 1,800 sqft |
2019-05-01 | 0 days | 1,822 sqft |
2019-06-01 | 0 days | 1,800 sqft |
2019-07-01 | 0 days | 1,800 sqft |
2019-08-01 | 0 days | 1,741 sqft |
2019-09-01 | 0 days | 1,653 sqft |
2019-10-01 | 0 days | 1,576 sqft |
2019-11-01 | 0 days | 1,560 sqft |
2019-12-01 | 0 days | 1,535 sqft |
2020-01-01 | 0 days | 1,537 sqft |
2020-02-01 | 0 days | 1,604 sqft |
2020-03-01 | 0 days | 1,597 sqft |
2020-04-01 | 0 days | 1,623 sqft |
2020-05-01 | 0 days | 1,632 sqft |
2020-06-01 | 0 days | 1,612 sqft |
2020-07-01 | 0 days | 1,582 sqft |
2020-08-01 | 0 days | 1,560 sqft |
2020-09-01 | 0 days | 1,539 sqft |
2020-10-01 | 0 days | 1,472 sqft |
2020-11-01 | 0 days | 1,491 sqft |
2020-12-01 | 0 days | 1,456 sqft |
2021-01-01 | 0 days | 1,468 sqft |
2021-02-01 | 0 days | 1,462 sqft |
2021-03-01 | 0 days | 1,432 sqft |
2021-04-01 | 0 days | 1,427 sqft |
2021-05-01 | 0 days | 1,378 sqft |
2021-06-01 | 0 days | 1,346 sqft |
2021-07-01 | 0 days | 1,343 sqft |
2021-08-01 | 0 days | 1,365 sqft |
2021-09-01 | 0 days | 1,411 sqft |
2021-10-01 | 0 days | 1,427 sqft |
2021-11-01 | 0 days | 1,360 sqft |
2021-12-01 | 0 days | 1,341 sqft |
2022-01-01 | 0 days | 1,346 sqft |
2022-02-01 | 0 days | 1,344 sqft |
2022-03-01 | 0 days | 1,343 sqft |
2022-04-01 | 0 days | 1,302 sqft |
2022-05-01 | 0 days | 1,345 sqft |
2022-06-01 | 0 days | 1,375 sqft |
2022-07-01 | 0 days | 1,483 sqft |
2022-08-01 | 0 days | 1,583 sqft |
2022-09-01 | 0 days | 1,553 sqft |
2022-10-01 | 0 days | 1,531 sqft |
2022-11-01 | 0 days | 1,564 sqft |
2022-12-01 | 0 days | 1,509 sqft |
2023-01-01 | 0 days | 1,432 sqft |
2023-02-01 | 0 days | 1,477 sqft |
2023-03-01 | 0 days | 1,389 sqft |
2023-04-01 | 0 days | 1,368 sqft |
2023-05-01 | 0 days | 1,368 sqft |
2023-06-01 | 0 days | 1,467 sqft |
2023-07-01 | 0 days | 1,424 sqft |
2023-08-01 | 0 days | 1,378 sqft |
Macomb's median square footage for active listings during the 2023-08-01 period was 1,378 sqft. One year prior, the average listing was 1,583 sqft.
Macomb, IL Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 270 | $31,660,000 | $117,259 |
Refi | 39 | $3,715,000 | $95,256 |
Cash Out Refi | 37 | $3,885,000 | $105,000 |
Home Improvement | 20 | $970,000 | $48,500 |
Other | 8 | $220,000 | $27,500 |
Macomb's most frequently cited loan purpose was Home Purchase, with 270 originations. The 2nd most popular reason was Refi, with 39 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 92 | $9,660,000 | $105,000 |
4-5% | 88 | $10,220,000 | $116,136 |
3-4% | 59 | $6,315,000 | $107,034 |
6-7% | 50 | $5,090,000 | $101,800 |
7-8% | 15 | $1,195,000 | $79,667 |
2.5-3% | 14 | $1,610,000 | $115,000 |
Over 8% | 9 | $295,000 | $32,778 |
<2.5% | 4 | $450,000 | $112,500 |
During 2022, Macomb's most frequently originated rate bucket was 5-6%, with 92 originations.
Loan Sizing (Macomb, IL MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 218 | $12,530,000 | $57,477 |
$100k-200k | 122 | $17,330,000 | $142,049 |
$200k-400k | 29 | $7,695,000 | $265,345 |
$400k-600k | 3 | $1,405,000 | $468,333 |
$600k-1000k | 2 | $1,490,000 | $745,000 |
Macomb's loan sizing saw the bucket of loans from $100,000 or less with 218 originations, totaling $12,530,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 191 | $21,865,000 | $114,476 |
60-80% | 76 | $9,010,000 | $118,553 |
40-60% | 28 | $2,320,000 | $82,857 |
20-40% | 21 | $915,000 | $43,571 |
Under 20% | 11 | $275,000 | $25,000 |
Over 100% | 4 | $450,000 | $112,500 |
Macomb's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 191 originations, totaling $21,865,000 in origination value.