Mount Vernon Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Mount Vernon averaged
6.92%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.95% and
one month ago for the week of 2024-10-03, the
average rate was 6.05%.
Mount Vernon's average rate one year ago was 7.59%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.29%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Mount Vernon 30 Year Fixed Rate | 2024-11-07 | 6.92% |
| Mount Vernon 30 Year Fixed Rate Refi | 2024-11-07 | 7.29% |
| Mount Vernon 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| Mount Vernon 15 Year Fixed Rate Refi | 2024-11-07 | 6% |
| Mount Vernon 30 Year FHA | 2024-11-07 | 6.43% |
| Mount Vernon 30 Year FHA Refi | 2024-11-07 | 6.63% |
| Mount Vernon 30 Year USDA | 2024-11-07 | 6.28% |
| Mount Vernon 30 Year USDA Refi | 2024-11-07 | 6.38% |
| Mount Vernon 30 Year VA | 2024-11-07 | 6.54% |
| Mount Vernon 30 Year VA Refi | 2024-11-07 | 6.34% |
Mount Vernon 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 Mount Vernon, 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.).
Mount Vernon Average Closing Costs & Other Stats
Mount Vernon, IL's 34 lenders originated 451
loans during 2023. The total origination value was $55,385,000, with an average loan value of
$122,805.
Mount Vernon's average closing costs are $3,511.
The top Mount Vernon lender as defined by loan originations is Peoples National Bank , N.A., with
61 loans originated. Their average total fees are
$2,298, which is $329
lower than the next largest lender,
Petefish, Skiles & Co..
The lowest fee Mount Vernon lenders (with over 10 loans originated) are
Peoples National Bank , N.A. ($2,298), Petefish, Skiles & Co. ($2,628), U.S. Bank ($3,093), BROKER SOLUTIONS, INC. ($4,876) and .
The lowest rate Mount Vernon lenders (with over 10 loans originated) are
BROKER SOLUTIONS, INC. (6.70%), Peoples National Bank , N.A. (6.78%), U.S. Bank (7.08%), Petefish, Skiles & Co. (7.13%) and .
Mount Vernon, 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 |
|---|---|---|---|---|
| Peoples National Bank , N.A. | $10,850,000 | $10,725,000 | -1.2% | 19.4% |
| Citibank | $5,505,000 | n/a | 9.9% | |
| BROKER SOLUTIONS, INC. | $4,535,000 | $4,225,000 | -6.8% | 7.6% |
| Petefish, Skiles & Co. | $3,295,000 | $3,070,000 | -6.8% | 5.5% |
| U.S. Bank | $5,275,000 | $2,650,000 | -49.8% | 4.8% |
| Mortgage Research Center, LLC | $3,135,000 | $2,150,000 | -31.4% | 3.9% |
| QUICKEN LOANS, LLC | $3,390,000 | $1,945,000 | -42.6% | 3.5% |
| First Mid Bank & Trust | $3,265,000 | $1,930,000 | -40.9% | 3.5% |
| 21ST MORTGAGE CORPORATION | $285,000 | $1,550,000 | 443.9% | 2.8% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $1,700,000 | $1,405,000 | -17.4% | 2.5% |
| DELMAR FINANCIAL COMPANY | $1,085,000 | $1,030,000 | -5.1% | 1.9% |
| TRIAD FINANCIAL SERVICES, INC. | $775,000 | $850,000 | 9.7% | 1.5% |
| Fifth Third Bank | $3,965,000 | $815,000 | -79.4% | 1.5% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $620,000 | $780,000 | 25.8% | 1.4% |
| GUARANTEED RATE, INC. | $160,000 | $695,000 | 334.4% | 1.3% |
| NAVY FEDERAL CREDIT UNION | $530,000 | $645,000 | 21.7% | 1.2% |
| JPMorgan Chase Bank | $85,000 | $635,000 | 647.1% | 1.1% |
| Banterra Bank | $410,000 | $630,000 | 53.7% | 1.1% |
| FLAT BRANCH MORTGAGE, INC. | $195,000 | $630,000 | 223.1% | 1.1% |
| FCB Banks | $745,000 | $615,000 | -17.4% | 1.1% |
| SCOTT CREDIT UNION | $510,000 | $590,000 | 15.7% | 1.1% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $685,000 | $535,000 | -21.9% | 1.0% |
| NEWREZ LLC | $430,000 | $515,000 | 19.8% | 0.9% |
| ZILLOW HOME LOANS, LLC | $435,000 | n/a | 0.8% | |
| GERSHMAN INVESTMENT CORP. | $1,630,000 | $400,000 | -75.5% | 0.7% |
| EVERETT FINANCIAL, INC. | $395,000 | n/a | 0.7% | |
| AMERISAVE MORTGAGE CORPORATION | $450,000 | $385,000 | -14.4% | 0.7% |
| LOANDEPOT.COM, LLC | $585,000 | $375,000 | -35.9% | 0.7% |
| PNC Bank | $600,000 | $320,000 | -46.7% | 0.6% |
| Regions Bank | $335,000 | $305,000 | -9.0% | 0.6% |
| ENDEAVOR CAPITAL, LLC. | $575,000 | $295,000 | -48.7% | 0.5% |
| DIRECT MORTGAGE LOANS, LLC | $285,000 | n/a | 0.5% | |
| Legence Bank | $1,480,000 | $285,000 | -80.7% | 0.5% |
| The Farmers and Merchants National Bank of Nashville | $850,000 | $280,000 | -67.1% | 0.5% |
| Midland States Bank | $85,000 | $275,000 | 223.5% | 0.5% |
| AMERICAN FINANCING CORPORATION | $205,000 | $270,000 | 31.7% | 0.5% |
| USAA Federal Savings Bank | $145,000 | $270,000 | 86.2% | 0.5% |
| First Financial Bank | $595,000 | $260,000 | -56.3% | 0.5% |
| GUILD MORTGAGE COMPANY | $440,000 | $255,000 | -42.0% | 0.5% |
| Equity Prime Mortgage LLC | $245,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $590,000 | $245,000 | -58.5% | 0.4% |
| Leaders Credit Union | $225,000 | n/a | 0.4% | |
| Carrington Mortgage Services, LLC | $220,000 | n/a | 0.4% | |
| Mr. Cooper ( Nationstar Mortgage ) | $270,000 | $215,000 | -20.4% | 0.4% |
| Stifel Bank and Trust | $215,000 | n/a | 0.4% | |
| The Bradford National Bank of Greenville | $215,000 | n/a | 0.4% | |
| Neighborhood Loans, Inc. | $135,000 | $200,000 | 48.1% | 0.4% |
| Assurance Financial Group, L.L.C. | $195,000 | n/a | 0.4% | |
| CITIZENS EQUITY FIRST | $115,000 | $195,000 | 69.6% | 0.4% |
| BOKF | $185,000 | n/a | 0.3% | |
| Citizens Bank | $185,000 | n/a | 0.3% | |
| Third Federal Savings and Loan Association of Cleveland | $185,000 | n/a | 0.3% | |
| Community Partners Savings Bank | $1,060,000 | $180,000 | -83.0% | 0.3% |
| FirstTrust Home Loans, Inc. | $175,000 | n/a | 0.3% | |
| PENTAGON FEDERAL CREDIT UNION | $415,000 | $175,000 | -57.8% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $180,000 | $160,000 | -11.1% | 0.3% |
| BNC National Bank | $155,000 | n/a | 0.3% | |
| NEW DAY FINANCIAL, LLC | $225,000 | $155,000 | -31.1% | 0.3% |
| Bankers' Bank | $395,000 | $145,000 | -63.3% | 0.3% |
| Bank of America | $145,000 | n/a | 0.3% | |
| FIRST SOUTHERN BANK | $420,000 | $135,000 | -67.9% | 0.2% |
| GSF Mortgage Corporation | $125,000 | n/a | 0.2% | |
| IAA Credit Union | $125,000 | n/a | 0.2% | |
| The Federal Savings Bank | $125,000 | n/a | 0.2% | |
| CARDINAL FINANCIAL | $65,000 | $115,000 | 76.9% | 0.2% |
| Figure Lending LLC | $75,000 | $115,000 | 53.3% | 0.2% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $105,000 | n/a | 0.2% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $105,000 | n/a | 0.2% | |
| ALLIANT CREDIT UNION | $95,000 | n/a | 0.2% | |
| Ally Bank | $95,000 | n/a | 0.2% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $95,000 | n/a | 0.2% | |
| Arvest Bank | $635,000 | $95,000 | -85.0% | 0.2% |
| TOTAL MORTGAGE SERVICES, LLC | $95,000 | n/a | 0.2% | |
| Carrollton Bank | $275,000 | $85,000 | -69.1% | 0.2% |
| Bank of Gibson City | $75,000 | n/a | 0.1% | |
| Mid-Continent Funding, Inc. | $75,000 | n/a | 0.1% | |
| Farmers State Bank of Alto Pass | $65,000 | n/a | 0.1% | |
| The Bank of Herrin | $65,000 | n/a | 0.1% | |
| Discover Bank | $55,000 | n/a | 0.1% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $55,000 | n/a | 0.1% | |
| Coastal Community Bank | $45,000 | n/a | 0.1% | |
| Wells Fargo Bank | $85,000 | $35,000 | -58.8% | 0.1% |
| EVANSVILLE TEACHERS | $45,000 | $25,000 | -44.4% | 0.0% |
| The First National Bank of Raymond | $25,000 | n/a | 0.0% |
Mount Vernon's top lender by overall market share is Peoples National Bank , N.A., with 19.4% market share. In second place, with 9.9%, is Citibank, having originated $5,505,000 in loans. In third place, with 7.6%, is BROKER SOLUTIONS, INC., having originated $4,225,000 in loans. In fourth place, with 5.5%, is Petefish, Skiles & Co., having originated $3,070,000 in loans. In fifth place, with 4.8%, is U.S. Bank, having originated $2,650,000 in loans.
Mount Vernon, IL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 335 | $39,685,000 | $118,463 |
| Refi | 32 | $3,990,000 | $124,688 |
| Other | 30 | $1,500,000 | $50,000 |
| Cash Out Refi | 28 | $3,180,000 | $113,571 |
| Home Improvement | 26 | $7,030,000 | $270,385 |
Mount Vernon's most frequently cited loan purpose was Home Purchase, with 335 originations. The 2nd most popular reason was Refi, with 32 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 153 | $20,555,000 | $134,346 |
| 7-8% | 122 | $14,410,000 | $118,115 |
| Over 8% | 86 | $6,260,000 | $72,791 |
| 5-6% | 48 | $12,290,000 | $256,042 |
| <2.5% | 25 | $135,000 | $5,400 |
| 4-5% | 3 | $425,000 | $141,667 |
During 2023, Mount Vernon's most frequently originated rate bucket was 6-7%, with 153 originations.
Loan Sizing (Mount Vernon, IL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 224 | $11,910,000 | $53,170 |
| $100k-200k | 177 | $24,935,000 | $140,876 |
| $200k-400k | 48 | $12,630,000 | $263,125 |
| $400k-600k | 1 | $405,000 | $405,000 |
| $Over $1MM | 1 | $5,505,000 | $5,505,000 |
Mount Vernon's loan sizing saw the bucket of loans from $100,000 or less with 224 originations, totaling $11,910,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 210 | $28,900,000 | $137,619 |
| 60-80% | 97 | $12,845,000 | $132,423 |
| Under 20% | 48 | $810,000 | $16,875 |
| 20-40% | 35 | $7,505,000 | $214,429 |
| 40-60% | 25 | $2,785,000 | $111,400 |
| Over 100% | 2 | $390,000 | $195,000 |
Mount Vernon's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 210 originations, totaling $28,900,000 in origination value.