Ottawa Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ottawa averaged
7.2%
for the week of 2025-05-22, compared to the national average of
6.86% for the same period.
The average rate for the prior week (2025-05-15) was
6.85% and
one month ago for the week of 2025-04-17, the
average rate was 6.97%.
Ottawa's average rate one year ago was 7.06%.
For refis of the same type during the week of 2025-05-22, the average rate
was 7.44%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-05-22 | 6.86% |
| Ottawa 30 Year Fixed Rate | 2025-05-22 | 7.2% |
| Ottawa 30 Year Fixed Rate Refi | 2025-05-22 | 7.44% |
| Ottawa 15 Year Fixed Rate | 2025-05-22 | 5.91% |
| Ottawa 15 Year Fixed Rate Refi | 2025-05-22 | 6.21% |
| Ottawa 30 Year FHA | 2025-05-22 | 6.73% |
| Ottawa 30 Year FHA Refi | 2025-05-22 | 6.71% |
| Ottawa 30 Year USDA | 2025-05-22 | 6.23% |
| Ottawa 30 Year USDA Refi | 2025-05-22 | 6.43% |
| Ottawa 30 Year VA | 2025-05-22 | 6.82% |
| Ottawa 30 Year VA Refi | 2025-05-22 | 6.62% |
Ottawa 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 Ottawa, 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.).
Ottawa Average Closing Costs & Other Stats
Ottawa, IL's 105 lenders originated 2,206
loans during 2024. The total origination value was $357,620,000, with an average loan value of
$162,112.
Ottawa's average closing costs are $3,838.
The top Ottawa lender as defined by loan originations is FINANCIAL PLUS, with
68 loans originated. Their average total fees are
$1,366, which is $1,005
lower than the next largest lender,
First State Bank.
The lowest fee Ottawa lenders (with over 10 loans originated) are
FINANCIAL PLUS ($1,366), Heartland Bank and Trust Company ($2,309), First State Bank ($2,372), Community Mortgage Banc Corporation ($2,444) and The First National Bank of Ottawa ($2,804).
The lowest rate Ottawa lenders (with over 10 loans originated) are
FINANCIAL PLUS (6.31%), The First National Bank of Ottawa (6.47%), JPMorgan Chase Bank (6.67%), Wells Fargo Bank (6.73%) and LOANDEPOT.COM, LLC (6.73%).
Ottawa, 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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| BELLWETHER ENTERPRISE REAL ESTATE CAPITAL, LLC | $33,605,000 | n/a | 9.4% | |
| First State Bank | $19,395,000 | $16,985,000 | -12.4% | 4.7% |
| Central Bank Illinois | $14,260,000 | $16,910,000 | 18.6% | 4.7% |
| QUICKEN LOANS, LLC | $14,885,000 | $16,060,000 | 7.9% | 4.5% |
| Ottawa Savings Bank | $11,815,000 | $13,425,000 | 13.6% | 3.8% |
| LOANDEPOT.COM, LLC | $6,570,000 | $13,290,000 | 102.3% | 3.7% |
| FINANCIAL PLUS | $9,490,000 | $13,025,000 | 37.2% | 3.6% |
| GUILD MORTGAGE COMPANY | $995,000 | $12,985,000 | 1,205.0% | 3.6% |
| First Federal Savings Bank | $13,305,000 | $12,645,000 | -5.0% | 3.5% |
| GUARANTEED RATE, INC. | $8,865,000 | $11,240,000 | 26.8% | 3.1% |
| The First National Bank of Ottawa | $8,135,000 | $8,990,000 | 10.5% | 2.5% |
| Mortgage Research Center, LLC | $5,805,000 | $8,215,000 | 41.5% | 2.3% |
| Heartland Bank and Trust Company | $6,645,000 | $6,595,000 | -0.8% | 1.8% |
| Community Mortgage Banc Corporation | $4,440,000 | $6,050,000 | 36.3% | 1.7% |
| Old Second National Bank | $4,275,000 | $5,440,000 | 27.3% | 1.5% |
| FIRST STATE MORTGAGE SERVICES, LLC | $2,125,000 | $5,400,000 | 154.1% | 1.5% |
| Midland States Bank | $2,425,000 | $5,335,000 | 120.0% | 1.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,360,000 | $4,910,000 | 108.1% | 1.4% |
| NEWREZ LLC | $2,880,000 | $4,795,000 | 66.5% | 1.3% |
| Streator Onized Credit Union | $4,415,000 | $4,645,000 | 5.2% | 1.3% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $1,550,000 | $4,400,000 | 183.9% | 1.2% |
| Grundy Bank | $2,480,000 | $4,265,000 | 72.0% | 1.2% |
| Old National Bank | $3,345,000 | $4,005,000 | 19.7% | 1.1% |
| JPMorgan Chase Bank | $2,395,000 | $3,525,000 | 47.2% | 1.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $4,025,000 | $3,460,000 | -14.0% | 1.0% |
| Hometown National Bank | $2,820,000 | $3,145,000 | 11.5% | 0.9% |
| COMPEER FINANCIAL, FLCA | $3,605,000 | $2,925,000 | -18.9% | 0.8% |
| The Huntington National Bank | $1,680,000 | $2,920,000 | 73.8% | 0.8% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,250,000 | $2,835,000 | 126.8% | 0.8% |
| PENNYMAC LOAN SERVICES, LLC | $1,195,000 | $2,595,000 | 117.2% | 0.7% |
| Fifth Third Bank | $560,000 | $2,455,000 | 338.4% | 0.7% |
| Barrington Bank & Trust Company, N.A. | $1,030,000 | $2,420,000 | 135.0% | 0.7% |
| Wells Fargo Bank | $6,720,000 | $2,420,000 | -64.0% | 0.7% |
| GREENSTATE CREDIT UNION | $1,235,000 | $2,380,000 | 92.7% | 0.7% |
| POINT Mortgage | $150,000 | $2,205,000 | 1,370.0% | 0.6% |
| U.S. Bank | $4,150,000 | $2,175,000 | -47.6% | 0.6% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,345,000 | $2,005,000 | -40.1% | 0.6% |
| NAVY FEDERAL CREDIT UNION | $890,000 | $1,845,000 | 107.3% | 0.5% |
| COMPASS MORTGAGE, INC. | $2,125,000 | $1,805,000 | -15.1% | 0.5% |
| First National Bank of Omaha | $2,945,000 | $1,650,000 | -44.0% | 0.5% |
| FREEDOM MORTGAGE CORPORATION | $565,000 | $1,545,000 | 173.5% | 0.4% |
| USAA Federal Savings Bank | $515,000 | $1,540,000 | 199.0% | 0.4% |
| St Charles Bank & Trust | $1,025,000 | $1,495,000 | 45.9% | 0.4% |
| Resource Bank, N.A. | $1,430,000 | $1,475,000 | 3.1% | 0.4% |
| Ixonia Bank | $795,000 | $1,280,000 | 61.0% | 0.4% |
| PNC Bank | $535,000 | $1,255,000 | 134.6% | 0.4% |
| NUMARK CREDIT UNION | $955,000 | $1,250,000 | 30.9% | 0.3% |
| United Community Bank | $760,000 | $1,240,000 | 63.2% | 0.3% |
| THE ANDERSON FINANCIAL GROUP, INC. | $675,000 | $1,230,000 | 82.2% | 0.3% |
| CITIZENS EQUITY FIRST | $600,000 | $1,220,000 | 103.3% | 0.3% |
| Carrington Mortgage Services, LLC | $820,000 | $1,160,000 | 41.5% | 0.3% |
| ZILLOW HOME LOANS, LLC | $365,000 | $1,155,000 | 216.4% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $1,160,000 | $1,095,000 | -5.6% | 0.3% |
| UNION HOME MORTGAGE CORP. | $520,000 | $1,085,000 | 108.7% | 0.3% |
| PLANET HOME LENDING, LLC | $1,530,000 | $1,075,000 | -29.7% | 0.3% |
| FLAT BRANCH MORTGAGE, INC. | $900,000 | $1,070,000 | 18.9% | 0.3% |
| DEEPHAVEN MORTGAGE LLC | $105,000 | $1,055,000 | 904.8% | 0.3% |
| TOWNE MORTGAGE COMPANY | $135,000 | $1,045,000 | 674.1% | 0.3% |
| HOMESIDE FINANCIAL, LLC | $135,000 | $1,030,000 | 663.0% | 0.3% |
| Bank of Pontiac | $710,000 | $1,025,000 | 44.4% | 0.3% |
| Peoples National Bank of Kewanee | $1,095,000 | $1,010,000 | -7.8% | 0.3% |
| NEW DAY FINANCIAL, LLC | $370,000 | $970,000 | 162.2% | 0.3% |
| The Federal Savings Bank | $2,110,000 | $955,000 | -54.7% | 0.3% |
| Flagstar Bank, FSB | $550,000 | $870,000 | 58.2% | 0.2% |
| North Shore Trust and Savings | $690,000 | $865,000 | 25.4% | 0.2% |
| BROKER SOLUTIONS, INC. | $700,000 | $850,000 | 21.4% | 0.2% |
| Cornerstone First Mortgage, Inc | $830,000 | n/a | 0.2% | |
| NBKC BANK | $805,000 | n/a | 0.2% | |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $935,000 | $775,000 | -17.1% | 0.2% |
| VILLAGE CAPITAL MORTGAGE | $770,000 | n/a | 0.2% | |
| ALLIANT CREDIT UNION | $75,000 | $760,000 | 913.3% | 0.2% |
| Discover Bank | $495,000 | $725,000 | 46.5% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $105,000 | $710,000 | 576.2% | 0.2% |
| AMERISAVE MORTGAGE CORPORATION | $1,495,000 | $705,000 | -52.8% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $430,000 | $680,000 | 58.1% | 0.2% |
| Citibank | $575,000 | $645,000 | 12.2% | 0.2% |
| Figure Lending LLC | $145,000 | $615,000 | 324.1% | 0.2% |
| I. H. MISSISSIPPI VALLEY CREDIT UNION | $130,000 | $615,000 | 373.1% | 0.2% |
| LAKEVIEW LOAN SERVICING, LLC | $590,000 | n/a | 0.2% | |
| Morton Community Bank | $875,000 | $585,000 | -33.1% | 0.2% |
| PLAZA HOME MORTGAGE, INC. | $455,000 | $575,000 | 26.4% | 0.2% |
| SUN WEST MORTGAGE COMPANY, INC. | $565,000 | $575,000 | 1.8% | 0.2% |
| Busey Bank | $760,000 | $560,000 | -26.3% | 0.2% |
| PREMIA MORTGAGE, LLC | $325,000 | $550,000 | 69.2% | 0.2% |
| Commerce Bank | $535,000 | n/a | 0.1% | |
| BAY EQUITY LLC | $660,000 | $520,000 | -21.2% | 0.1% |
| Flanagan State Bank | $1,095,000 | $505,000 | -53.9% | 0.1% |
| First American Bank | $400,000 | $485,000 | 21.3% | 0.1% |
| AmeriHome Mortgage Company, LLC | $290,000 | $480,000 | 65.5% | 0.1% |
| CIBM Bank | $730,000 | $450,000 | -38.4% | 0.1% |
| GENEVA FINANCIAL, LLC | $190,000 | $450,000 | 136.8% | 0.1% |
| ILLINOIS STATE CREDIT UNION | $350,000 | $440,000 | 25.7% | 0.1% |
| HOMEXPRESS MORTGAGE CORP. | $125,000 | $430,000 | 244.0% | 0.1% |
| Pacor Mortgage Corp | $215,000 | $430,000 | 100.0% | 0.1% |
| Farmers National Bank | $340,000 | $425,000 | 25.0% | 0.1% |
| FINANCE OF AMERICA REVERSE LLC | $135,000 | $425,000 | 214.8% | 0.1% |
| LEADERONE FINANCIAL CORPORATION | $420,000 | n/a | 0.1% | |
| LENDINGHOME FUNDING CORPORATION | $410,000 | n/a | 0.1% | |
| BETTER MORTGAGE CORPORATION | $375,000 | $390,000 | 4.0% | 0.1% |
| BMO Harris Bank | $700,000 | $390,000 | -44.3% | 0.1% |
| MLD MORTGAGE INC. | $255,000 | $390,000 | 52.9% | 0.1% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $455,000 | $390,000 | -14.3% | 0.1% |
| CALCON MUTUAL MORTGAGE LLC | $375,000 | n/a | 0.1% | |
| Key Mortgage Services, Inc. | $610,000 | $375,000 | -38.5% | 0.1% |
| Equity Prime Mortgage LLC | $370,000 | n/a | 0.1% | |
| UNITED HOME LOANS, INC. | $360,000 | n/a | 0.1% | |
| AMERICAN FINANCIAL NETWORK, INC. | $125,000 | $350,000 | 180.0% | 0.1% |
| GUARANTEED RATE AFFINITY, LLC | $1,590,000 | $335,000 | -78.9% | 0.1% |
| AMERICAN FINANCIAL RESOURCES, INC. | $330,000 | n/a | 0.1% | |
| The Loan Store, Inc. | $330,000 | n/a | 0.1% | |
| Third Federal Savings and Loan Association of Cleveland | $130,000 | $330,000 | 153.8% | 0.1% |
| Allied First Bank,sb | $545,000 | $325,000 | -40.4% | 0.1% |
| Bell Bank | $325,000 | n/a | 0.1% | |
| Morgan Stanley Private Bank | $265,000 | $325,000 | 22.6% | 0.1% |
| RANLIFE, INC. | $320,000 | n/a | 0.1% | |
| FIRST COLONY MORTGAGE CORPORATION | $315,000 | n/a | 0.1% | |
| First National Bank of America | $85,000 | $310,000 | 264.7% | 0.1% |
| Coastal Community Bank | $140,000 | $305,000 | 117.9% | 0.1% |
| Sauk Valley Bank & Trust Company | $270,000 | $300,000 | 11.1% | 0.1% |
| Servion, Inc. | $445,000 | $300,000 | -32.6% | 0.1% |
| University of Wisconsin Credit Union | $300,000 | n/a | 0.1% | |
| RF Renovo Management Company, LLC | $285,000 | n/a | 0.1% | |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $280,000 | n/a | 0.1% | |
| Goodfield State Bank | $230,000 | $280,000 | 21.7% | 0.1% |
| Midwest Heritage Bank FSB | $280,000 | n/a | 0.1% | |
| Fortress Bank | $275,000 | n/a | 0.1% | |
| MID AMERICA MORTGAGE, INC. | $420,000 | $275,000 | -34.5% | 0.1% |
| CARDINAL FINANCIAL | $350,000 | $270,000 | -22.9% | 0.1% |
| A&D Mortgage LLC | $265,000 | n/a | 0.1% | |
| CREDIT UNION MORTGAGE ASSOCIATION, INC. | $265,000 | n/a | 0.1% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $370,000 | $260,000 | -29.7% | 0.1% |
| COMMUNITY STATE BANK | $280,000 | $260,000 | -7.1% | 0.1% |
| S1L, Inc. | $260,000 | n/a | 0.1% | |
| STATE BANK OFTOULON | $520,000 | $250,000 | -51.9% | 0.1% |
| THE MORTGAGE LINK, INC. | $245,000 | n/a | 0.1% | |
| DAS Acquisition Company, LLC | $135,000 | $235,000 | 74.1% | 0.1% |
| Bank of America | $1,480,000 | $225,000 | -84.8% | 0.1% |
| CMG MORTGAGE, INC. | $360,000 | $225,000 | -37.5% | 0.1% |
| SPRING EQ, LLC | $220,000 | n/a | 0.1% | |
| Johnson Bank | $215,000 | n/a | 0.1% | |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $205,000 | n/a | 0.1% | |
| CHURCHILL MORTGAGE CORPORATION | $195,000 | $200,000 | 2.6% | 0.1% |
| Providence Bank & Trust | $85,000 | $200,000 | 135.3% | 0.1% |
| First Federal Bank | $255,000 | $195,000 | -23.5% | 0.1% |
| VELOCITY COMMERCIAL CAPITAL, LLC | $195,000 | n/a | 0.1% | |
| DUPACO COMMUNITY | $205,000 | $190,000 | -7.3% | 0.1% |
| ALLIED MORTGAGE GROUP, INC. | $175,000 | n/a | 0.0% | |
| Truist | $175,000 | n/a | 0.0% | |
| Merchants Mortgage & Trust Corporation | $185,000 | $155,000 | -16.2% | 0.0% |
| Chickasaw Community Bank | $145,000 | n/a | 0.0% | |
| Fidelity Bank | $135,000 | n/a | 0.0% | |
| Paramount Residential Mortgage Group, Inc. | $275,000 | $135,000 | -50.9% | 0.0% |
| Midwest Bank | $205,000 | $125,000 | -39.0% | 0.0% |
| Stifel Bank and Trust | $355,000 | $125,000 | -64.8% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $105,000 | $120,000 | 14.3% | 0.0% |
| Carrollton Bank | $115,000 | n/a | 0.0% | |
| OCMBC, INC. | $115,000 | n/a | 0.0% | |
| AMERICAN FINANCING CORPORATION | $150,000 | $105,000 | -30.0% | 0.0% |
| Century Mortgage Company DBA Century Lending Company | $555,000 | $105,000 | -81.1% | 0.0% |
| MidAmerica National Bank | $45,000 | $105,000 | 133.3% | 0.0% |
| 21ST MORTGAGE CORPORATION | $350,000 | $100,000 | -71.4% | 0.0% |
| Associated Bank | $445,000 | $100,000 | -77.5% | 0.0% |
| INB | $340,000 | $95,000 | -72.1% | 0.0% |
| IncredibleBank | $95,000 | n/a | 0.0% | |
| Citizens Bank | $440,000 | $90,000 | -79.5% | 0.0% |
| GMFS LLC | $85,000 | n/a | 0.0% | |
| IAA Credit Union | $115,000 | $85,000 | -26.1% | 0.0% |
| Deere Employees Credit Union | $60,000 | $75,000 | 25.0% | 0.0% |
| LONGBRIDGE FINANCIAL, LLC | $75,000 | n/a | 0.0% | |
| MORTGAGE 1 INCORPORATED | $75,000 | n/a | 0.0% | |
| APCI Federal Credit Union | $25,000 | $65,000 | 160.0% | 0.0% |
| Hickory Point Bank and Trust | $65,000 | n/a | 0.0% | |
| Regions Bank | $65,000 | n/a | 0.0% | |
| Summit Credit Union | $65,000 | n/a | 0.0% | |
| HealthCare Associates Credit Union | $45,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $740,000 | $45,000 | -93.9% | 0.0% |
| Holcomb Bank | $35,000 | n/a | 0.0% | |
| R.I.A. Federal Credit Union | $35,000 | n/a | 0.0% | |
| Cornerstone Credit Union | $25,000 | n/a | 0.0% |
Ottawa's top lender by overall market share is BELLWETHER ENTERPRISE REAL ESTATE CAPITAL, LLC, with 9.4% market share. In second place, with 4.7%, is First State Bank, having originated $16,985,000 in loans. In third place, with 4.7%, is Central Bank Illinois, having originated $16,910,000 in loans. In fourth place, with 4.5%, is QUICKEN LOANS, LLC, having originated $16,060,000 in loans. In fifth place, with 3.8%, is Ottawa Savings Bank, having originated $13,425,000 in loans.
Ottawa, IL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,423 | $233,615,000 | $164,171 |
| Cash Out Refi | 248 | $33,480,000 | $135,000 |
| Refi | 237 | $70,945,000 | $299,346 |
| Other | 179 | $11,545,000 | $64,497 |
| Home Improvement | 119 | $8,035,000 | $67,521 |
Ottawa's most frequently cited loan purpose was Home Purchase, with 1,423 originations. The 2nd most popular reason was Cash Out Refi, with 248 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 789 | $132,375,000 | $167,776 |
| 7-8% | 440 | $70,900,000 | $161,136 |
| Over 8% | 199 | $15,005,000 | $75,402 |
| 5-6% | 189 | $32,585,000 | $172,407 |
| <2.5% | 30 | $310,000 | $10,333 |
| 4-5% | 17 | $2,005,000 | $117,941 |
During 2024, Ottawa's most frequently originated rate bucket was 6-7%, with 789 originations.
Loan Sizing (Ottawa, IL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 865 | $50,485,000 | $58,364 |
| $100k-200k | 839 | $119,605,000 | $142,557 |
| $200k-400k | 440 | $117,100,000 | $266,136 |
| $400k-600k | 45 | $21,385,000 | $475,222 |
| $600k-1000k | 10 | $6,900,000 | $690,000 |
| $Over $1MM | 7 | $42,145,000 | $6,020,714 |
Ottawa's loan sizing saw the bucket of loans from $100,000 or less with 865 originations, totaling $50,485,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 812 | $142,930,000 | $176,022 |
| 60-80% | 393 | $66,685,000 | $169,682 |
| 20-40% | 167 | $14,155,000 | $84,760 |
| Under 20% | 148 | $5,130,000 | $34,662 |
| 40-60% | 118 | $17,900,000 | $151,695 |
| Over 100% | 14 | $3,470,000 | $247,857 |
Ottawa's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 812 originations, totaling $142,930,000 in origination value.