Pontiac Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Pontiac averaged
6.75%
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
6.78% and
one month ago for the week of 2024-10-03, the
average rate was 6.08%.
Pontiac's average rate one year ago was 7.92%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.39%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Pontiac 30 Year Fixed Rate | 2024-11-07 | 6.75% |
| Pontiac 30 Year Fixed Rate Refi | 2024-11-07 | 7.39% |
| Pontiac 15 Year Fixed Rate | 2024-11-07 | 6% |
| Pontiac 15 Year Fixed Rate Refi | 2024-11-07 | 6.1% |
| Pontiac 30 Year FHA | 2024-11-07 | 6.33% |
| Pontiac 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Pontiac 30 Year USDA | 2024-11-07 | 6.48% |
| Pontiac 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Pontiac 30 Year VA | 2024-11-07 | 6.14% |
| Pontiac 30 Year VA Refi | 2024-11-07 | 6.54% |
Pontiac 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 Pontiac, 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.).
Pontiac Average Closing Costs & Other Stats
Pontiac, IL's 54 lenders originated 651
loans during 2023. The total origination value was $70,915,000, with an average loan value of
$108,932.
Pontiac's average closing costs are $3,656.
The top Pontiac lender as defined by loan originations is Bank of Pontiac, with
33 loans originated. Their average total fees are
$1,939, which is $1,160
lower than the next largest lender,
FLAT BRANCH MORTGAGE, INC..
The lowest fee Pontiac lenders (with over 10 loans originated) are
Bank of Pontiac ($1,939), FLAT BRANCH MORTGAGE, INC. ($3,099), FIRST STATE MORTGAGE SERVICES, LLC ($3,553), .
The lowest rate Pontiac lenders (with over 10 loans originated) are
FIRST STATE MORTGAGE SERVICES, LLC (6.42%), FLAT BRANCH MORTGAGE, INC. (6.77%), Bank of Pontiac (7.08%), .
Pontiac, 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 |
|---|---|---|---|---|
| Bank of Pontiac | $21,330,000 | $13,240,000 | -37.9% | 18.7% |
| First State Bank of Forrest | $9,835,000 | $8,365,000 | -14.9% | 11.8% |
| State Bank of Graymont | $5,900,000 | $6,080,000 | 3.1% | 8.6% |
| FLAT BRANCH MORTGAGE, INC. | $2,790,000 | $2,845,000 | 2.0% | 4.0% |
| QUICKEN LOANS, LLC | $3,330,000 | $2,500,000 | -24.9% | 3.5% |
| Flanagan State Bank | $4,720,000 | $2,465,000 | -47.8% | 3.5% |
| FIRST STATE MORTGAGE SERVICES, LLC | $2,255,000 | $2,360,000 | 4.7% | 3.3% |
| GUARANTEED RATE, INC. | $1,360,000 | $1,585,000 | 16.5% | 2.2% |
| LOANDEPOT.COM, LLC | $2,030,000 | $1,535,000 | -24.4% | 2.2% |
| Streator Onized Credit Union | $1,935,000 | $1,355,000 | -30.0% | 1.9% |
| First Financial Bank | $585,000 | $1,300,000 | 122.2% | 1.8% |
| Morton Community Bank | $1,435,000 | $1,295,000 | -9.8% | 1.8% |
| Ixonia Bank | $1,285,000 | n/a | 1.8% | |
| Busey Bank | $1,135,000 | $940,000 | -17.2% | 1.3% |
| Peoples National Bank of Kewanee | $920,000 | n/a | 1.3% | |
| Wells Fargo Bank | $1,875,000 | $870,000 | -53.6% | 1.2% |
| COMPEER FINANCIAL, FLCA | $700,000 | $865,000 | 23.6% | 1.2% |
| Mortgage Research Center, LLC | $1,220,000 | $750,000 | -38.5% | 1.1% |
| CITIZENS EQUITY FIRST | $1,645,000 | $705,000 | -57.1% | 1.0% |
| First State Bank | $1,345,000 | $700,000 | -48.0% | 1.0% |
| COMPASS MORTGAGE, INC. | $615,000 | $680,000 | 10.6% | 1.0% |
| PNC Bank | $370,000 | $680,000 | 83.8% | 1.0% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $690,000 | $650,000 | -5.8% | 0.9% |
| The First National Bank of Ottawa | $470,000 | $650,000 | 38.3% | 0.9% |
| Grundy Bank | $205,000 | $645,000 | 214.6% | 0.9% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $415,000 | $625,000 | 50.6% | 0.9% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $250,000 | $615,000 | 146.0% | 0.9% |
| AMERISAVE MORTGAGE CORPORATION | $280,000 | $490,000 | 75.0% | 0.7% |
| Goodfield State Bank | $205,000 | $450,000 | 119.5% | 0.6% |
| CARDINAL FINANCIAL | $945,000 | $395,000 | -58.2% | 0.6% |
| First Federal Savings Bank | $355,000 | $395,000 | 11.3% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $1,165,000 | $375,000 | -67.8% | 0.5% |
| Heartland Bank and Trust Company | $55,000 | $370,000 | 572.7% | 0.5% |
| NAVY FEDERAL CREDIT UNION | $375,000 | $370,000 | -1.3% | 0.5% |
| GUILD MORTGAGE COMPANY | $360,000 | n/a | 0.5% | |
| Barrington Bank & Trust Company, N.A. | $145,000 | $340,000 | 134.5% | 0.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $1,825,000 | $335,000 | -81.6% | 0.5% |
| MEMBER FIRST MORTGAGE, LLC | $335,000 | n/a | 0.5% | |
| Neighborhood Loans, Inc. | $135,000 | $320,000 | 137.0% | 0.5% |
| UNITED WHOLESALE MORTGAGE, LLC | $525,000 | $310,000 | -41.0% | 0.4% |
| Quontic Bank | $305,000 | n/a | 0.4% | |
| UNION HOME MORTGAGE CORP. | $275,000 | n/a | 0.4% | |
| Mr. Cooper ( Nationstar Mortgage ) | $335,000 | $270,000 | -19.4% | 0.4% |
| First Financial Bank | $585,000 | $260,000 | -55.6% | 0.4% |
| Regions Bank | $185,000 | $255,000 | 37.8% | 0.4% |
| ZILLOW HOME LOANS, LLC | $240,000 | $245,000 | 2.1% | 0.3% |
| NUMARK CREDIT UNION | $85,000 | $240,000 | 182.4% | 0.3% |
| JPMorgan Chase Bank | $1,095,000 | $230,000 | -79.0% | 0.3% |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $225,000 | n/a | 0.3% | |
| PENNYMAC LOAN SERVICES, LLC | $425,000 | $215,000 | -49.4% | 0.3% |
| CALIBER HOME LOANS, INC. | $680,000 | $205,000 | -69.9% | 0.3% |
| Allied First Bank,sb | $195,000 | n/a | 0.3% | |
| DAS Acquisition Company, LLC | $195,000 | n/a | 0.3% | |
| FIRST CENTENNIAL MORTGAGE CORPORATION | $195,000 | n/a | 0.3% | |
| Home State Bank | $195,000 | n/a | 0.3% | |
| Midland States Bank | $1,455,000 | $195,000 | -86.6% | 0.3% |
| The Huntington National Bank | $85,000 | $195,000 | 129.4% | 0.3% |
| Carrington Mortgage Services, LLC | $190,000 | n/a | 0.3% | |
| LIMA ONE CAPITAL, LLC | $185,000 | n/a | 0.3% | |
| Prairie State Bank and Trust | $185,000 | n/a | 0.3% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $185,000 | n/a | 0.3% | |
| THE ANDERSON FINANCIAL GROUP, INC. | $185,000 | n/a | 0.3% | |
| Flagstar Bank, FSB | $1,165,000 | $175,000 | -85.0% | 0.2% |
| Marine Bank | $175,000 | n/a | 0.2% | |
| 21ST MORTGAGE CORPORATION | $35,000 | $170,000 | 385.7% | 0.2% |
| ACADEMY MORTGAGE CORPORATION | $120,000 | $170,000 | 41.7% | 0.2% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $165,000 | n/a | 0.2% | |
| HOMESIDE FINANCIAL, LLC | $165,000 | n/a | 0.2% | |
| INB | $220,000 | $165,000 | -25.0% | 0.2% |
| Old National Bank | $185,000 | $165,000 | -10.8% | 0.2% |
| Bank of Gibson City | $155,000 | n/a | 0.2% | |
| TRIAD FINANCIAL SERVICES, INC. | $175,000 | $150,000 | -14.3% | 0.2% |
| FINANCIAL PLUS | $695,000 | $145,000 | -79.1% | 0.2% |
| Heritage Federal Credit Union | $145,000 | n/a | 0.2% | |
| Mutual Federal Bank | $145,000 | n/a | 0.2% | |
| Servion, Inc. | $910,000 | $145,000 | -84.1% | 0.2% |
| Citizens Bank | $140,000 | n/a | 0.2% | |
| Ottawa Savings Bank | $515,000 | $135,000 | -73.8% | 0.2% |
| Stillman Bank | $135,000 | n/a | 0.2% | |
| The Federal Savings Bank | $95,000 | $135,000 | 42.1% | 0.2% |
| Truist | $135,000 | n/a | 0.2% | |
| Century Mortgage Company DBA Century Lending Company | $105,000 | $130,000 | 23.8% | 0.2% |
| GENEVA FINANCIAL, LLC | $130,000 | n/a | 0.2% | |
| CIBM Bank | $125,000 | n/a | 0.2% | |
| The Fisher National Bank | $180,000 | $125,000 | -30.6% | 0.2% |
| USAA Federal Savings Bank | $125,000 | n/a | 0.2% | |
| Bank of America | $120,000 | n/a | 0.2% | |
| NEW DAY FINANCIAL, LLC | $95,000 | n/a | 0.1% | |
| NATIONS RELIABLE LENDING, LLC | $135,000 | $75,000 | -44.4% | 0.1% |
| ALLIANT CREDIT UNION | $65,000 | n/a | 0.1% | |
| AmeriHome Mortgage Company, LLC | $65,000 | n/a | 0.1% | |
| Discover Bank | $215,000 | $65,000 | -69.8% | 0.1% |
| Farmers-Merchants Bank of Illinois | $65,000 | n/a | 0.1% | |
| HealthCare Associates Credit Union | $95,000 | $65,000 | -31.6% | 0.1% |
| ILLINOIS STATE CREDIT UNION | $215,000 | $65,000 | -69.8% | 0.1% |
| SPRING EQ, LLC | $65,000 | n/a | 0.1% | |
| ROYAL UNITED MORTGAGE LLC | $170,000 | $55,000 | -67.6% | 0.1% |
| Commerce Bank | $45,000 | $35,000 | -22.2% | 0.0% |
| Figure Lending LLC | $35,000 | $35,000 | 0.0% | 0.0% |
| CNB Bank And Trust, N.A. | $25,000 | n/a | 0.0% | |
| SCOTT CREDIT UNION | $25,000 | n/a | 0.0% |
Pontiac's top lender by overall market share is Bank of Pontiac, with 18.7% market share. In second place, with 11.8%, is First State Bank of Forrest, having originated $8,365,000 in loans. In third place, with 8.6%, is State Bank of Graymont, having originated $6,080,000 in loans. In fourth place, with 4.0%, is FLAT BRANCH MORTGAGE, INC., having originated $2,845,000 in loans. In fifth place, with 3.5%, is QUICKEN LOANS, LLC, having originated $2,500,000 in loans.
Pontiac, IL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 429 | $53,375,000 | $124,417 |
| Home Improvement | 62 | $2,480,000 | $40,000 |
| Other | 55 | $3,235,000 | $58,818 |
| Refi | 54 | $5,660,000 | $104,815 |
| Cash Out Refi | 51 | $6,165,000 | $120,882 |
Pontiac's most frequently cited loan purpose was Home Purchase, with 429 originations. The 2nd most popular reason was Home Improvement, with 62 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 182 | $27,180,000 | $149,341 |
| 7-8% | 116 | $14,660,000 | $126,379 |
| Over 8% | 77 | $6,095,000 | $79,156 |
| 5-6% | 33 | $4,575,000 | $138,636 |
| <2.5% | 20 | $140,000 | $7,000 |
| 3-4% | 2 | $170,000 | $85,000 |
| 4-5% | 1 | $145,000 | $145,000 |
During 2023, Pontiac's most frequently originated rate bucket was 6-7%, with 182 originations.
Loan Sizing (Pontiac, IL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 363 | $17,535,000 | $48,306 |
| $100k-200k | 217 | $31,005,000 | $142,880 |
| $200k-400k | 60 | $15,380,000 | $256,333 |
| $400k-600k | 7 | $3,255,000 | $465,000 |
| $600k-1000k | 2 | $1,690,000 | $845,000 |
| $Over $1MM | 2 | $2,050,000 | $1,025,000 |
Pontiac's loan sizing saw the bucket of loans from $100,000 or less with 363 originations, totaling $17,535,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 242 | $37,300,000 | $154,132 |
| 60-80% | 68 | $8,780,000 | $129,118 |
| Under 20% | 51 | $825,000 | $16,176 |
| 40-60% | 32 | $3,550,000 | $110,938 |
| 20-40% | 31 | $1,685,000 | $54,355 |
| Over 100% | 4 | $540,000 | $135,000 |
Pontiac's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 242 originations, totaling $37,300,000 in origination value.