Sterling Mortgage Rates & Closing Costs

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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Sterling averaged 6.22% for the week of 2024-10-10, compared to the national average of 6.32% for the same period.

    The average rate for the prior week (2024-10-03) was 5.92% and one month ago for the week of 2024-09-05, the average rate was 6.45%.

    Sterling's average rate one year ago was 7.49%.

    For refis of the same type during the week of 2024-10-10, the average rate was 6.52%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-10-10 6.32%
    Sterling 30 Year Fixed Rate 2024-10-10 6.22%
    Sterling 30 Year Fixed Rate Refi 2024-10-10 6.52%
    Sterling 15 Year Fixed Rate 2024-10-10 5.21%
    Sterling 15 Year Fixed Rate Refi 2024-10-10 5.71%
    Sterling 30 Year FHA 2024-10-10 6.14%
    Sterling 30 Year FHA Refi 2024-10-10 6.3%
    Sterling 30 Year USDA 2024-10-10 6.08%
    Sterling 30 Year USDA Refi 2024-10-10 6.28%
    Sterling 30 Year VA 2024-10-10 6.05%
    Sterling 30 Year VA Refi 2024-10-10 6.05%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Sterling, IL.

    Sterling 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 Sterling, 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.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    U.S. Bank 16 7.12% $2,710
    GUILD MORTGAGE COMPANY 14 6.97% $5,454
    Midland States Bank 13 7.10% $3,191
    ASCENTRA 13 6.10% $2,055
    Central Bank Illinois 12 6.65% $1,505
    QUICKEN LOANS, LLC 8 7.39% $4,253
    GREENSTATE CREDIT UNION 8 6.27% $1,922
    BROKER SOLUTIONS, INC. 7 7.11% $5,528
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.87% $2,993
    HOMESIDE FINANCIAL, LLC 5 6.83% $3,645
    I. H. MISSISSIPPI VALLEY CREDIT UNION 4 6.75% $2,366
    COMPASS MORTGAGE, INC. 3 6.75% $4,138
    JPMorgan Chase Bank 3 6.71% $3,248
    Community Mortgage Banc Corporation 3 7.25% $2,643
    UNITED WHOLESALE MORTGAGE, LLC 3 7.70% $3,284
    Wells Fargo Bank 3 6.29% $2,327
    American Bank and Trust Company 2 6.31% $3,407
    Fifth Third Bank 2 7.18% $3,396
    Mr. Cooper ( Nationstar Mortgage ) 2 7.38% $4,756
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.81% $7,203
    COMPEER FINANCIAL, FLCA 2 7.50% $2,922
    NEWREZ LLC 2 7.50% $2,851
    CALIBER HOME LOANS, INC. 2 6.38% $4,332
    RUHL MORTGAGE, LLC 2 6.25% $3,422
    ILLINOIS STATE CREDIT UNION 2 7.13% $1,939
    Ixonia Bank 2 6.25% $3,960
    Plains Commerce Bank 1 6.13% $3,654
    PNC Bank 1 7.38% $2,525
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $4,473
    ROYAL UNITED MORTGAGE LLC 1 6.88% $9,600
    Servion, Inc. 1 6.75% $3,076
    Stillman Bank 1 6.35% $1,905
    ZILLOW HOME LOANS, LLC 1 7.00% $4,885
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.63% $5,752
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $6,455
    Arvest Bank 1 6.38% $3,588
    Barrington Bank & Trust Company, N.A. 1 7.88% $4,603
    BMO Harris Bank 1 7.00% $3,167
    Busey Bank 1 5.88% $2,403
    CHERRY CREEK MORTGAGE, LLC 1 5.88% $649
    CHURCHILL MORTGAGE CORPORATION 1 7.38% $2,884
    Deere Employees Credit Union 1 6.88% $2,950
    DUPACO COMMUNITY 1 6.38% $2,549
    DuTrac Community Credit Union 1 5.88% $3,657
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.63% $2,927
    FIRST NORTHERN Credit Union 1 7.00% $2,963
    Flagstar Bank, FSB 1 6.63% $4,813
    FLAT BRANCH MORTGAGE, INC. 1 6.50% $2,308
    GENEVA FINANCIAL, LLC 1 7.50% $4,148
    GUARANTEED RATE, INC. 1 6.53% $3,072
    Key Mortgage Services, Inc. 1 6.00% $3,907
    LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $3,435
    LOANDEPOT.COM, LLC 1 6.63% $3,302
    MICHIGAN MUTUAL, INC. 1 6.38% $3,016
    MLD MORTGAGE INC. 1 7.25% $3,056
    Morton Community Bank 1 6.63% $1,895
    NAVY FEDERAL CREDIT UNION 1 5.50% $1,377
    Ottawa Savings Bank 1 5.63% $2,378

    Sterling Average Closing Costs & Other Stats

    Sterling, IL's 58 lenders originated 666 loans during 2023. The total origination value was $68,670,000, with an average loan value of $103,108.

    Sterling's average closing costs are $3,660.

    The top Sterling lender as defined by loan originations is U.S. Bank, with 16 loans originated. Their average total fees are $2,710, which is $2,744 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Sterling lenders (with over 10 loans originated) are Central Bank Illinois ($1,505), ASCENTRA ($2,055), U.S. Bank ($2,710), Midland States Bank ($3,191) and GUILD MORTGAGE COMPANY ($5,454).

    The lowest rate Sterling lenders (with over 10 loans originated) are ASCENTRA (6.10%), Central Bank Illinois (6.65%), GUILD MORTGAGE COMPANY (6.97%), Midland States Bank (7.10%) and U.S. Bank (7.12%).

    Sterling, 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
    Sauk Valley Bank & Trust Company $10,225,000 $8,005,000 -21.7% 11.7%
    Central Bank Illinois $6,435,000 $4,825,000 -25.0% 7.0%
    Farmers National Bank $6,330,000 $4,430,000 -30.0% 6.5%
    QUICKEN LOANS, LLC $5,860,000 $3,760,000 -35.8% 5.5%
    GUILD MORTGAGE COMPANY $3,595,000 n/a 5.2%
    U.S. Bank $8,445,000 $3,370,000 -60.1% 4.9%
    ASCENTRA $2,655,000 $2,775,000 4.5% 4.0%
    Mortgage Research Center, LLC $3,850,000 $2,350,000 -39.0% 3.4%
    GREENSTATE CREDIT UNION $1,825,000 $2,325,000 27.4% 3.4%
    BROKER SOLUTIONS, INC. $1,890,000 $2,185,000 15.6% 3.2%
    Midland States Bank $1,795,000 $2,040,000 13.6% 3.0%
    CROSSCOUNTRY MORTGAGE, LLC $425,000 $1,705,000 301.2% 2.5%
    UNITED WHOLESALE MORTGAGE, LLC $690,000 $1,360,000 97.1% 2.0%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $865,000 $1,325,000 53.2% 1.9%
    HOMESIDE FINANCIAL, LLC $2,865,000 $1,055,000 -63.2% 1.5%
    Morton Community Bank $2,825,000 $885,000 -68.7% 1.3%
    RUHL MORTGAGE, LLC $340,000 $860,000 152.9% 1.3%
    Ixonia Bank $5,135,000 $780,000 -84.8% 1.1%
    LOANDEPOT.COM, LLC $1,170,000 $715,000 -38.9% 1.0%
    NAVY FEDERAL CREDIT UNION $640,000 n/a 0.9%
    COMPASS MORTGAGE, INC. $125,000 $600,000 380.0% 0.9%
    CALIBER HOME LOANS, INC. $1,545,000 $595,000 -61.5% 0.9%
    FREEDOM MORTGAGE CORPORATION $960,000 $560,000 -41.7% 0.8%
    Key Mortgage Services, Inc. $290,000 $550,000 89.7% 0.8%
    NEWREZ LLC $280,000 $535,000 91.1% 0.8%
    Peoples National Bank of Kewanee $535,000 n/a 0.8%
    Plains Commerce Bank $545,000 $505,000 -7.3% 0.7%
    Barrington Bank & Trust Company, N.A. $485,000 $485,000 0.0% 0.7%
    Flanagan State Bank $100,000 $485,000 385.0% 0.7%
    I. H. MISSISSIPPI VALLEY CREDIT UNION $1,765,000 $485,000 -72.5% 0.7%
    COMPEER FINANCIAL, FLCA $1,540,000 $470,000 -69.5% 0.7%
    Wells Fargo Bank $825,000 $465,000 -43.6% 0.7%
    Coulee Bank $455,000 n/a 0.7%
    MUTUAL OF OMAHA MORTGAGE, INC. $260,000 $440,000 69.2% 0.6%
    Fifth Third Bank $865,000 $425,000 -50.9% 0.6%
    American Bank and Trust Company $95,000 $395,000 315.8% 0.6%
    JPMorgan Chase Bank $1,015,000 $395,000 -61.1% 0.6%
    Paramount Residential Mortgage Group, Inc. $105,000 $355,000 238.1% 0.5%
    AMERISAVE MORTGAGE CORPORATION $770,000 $325,000 -57.8% 0.5%
    ROYAL UNITED MORTGAGE LLC $545,000 $315,000 -42.2% 0.5%
    PENNYMAC LOAN SERVICES, LLC $330,000 $305,000 -7.6% 0.4%
    Community Mortgage Banc Corporation $615,000 $300,000 -51.2% 0.4%
    Deere Employees Credit Union $1,300,000 $285,000 -78.1% 0.4%
    Arvest Bank $275,000 n/a 0.4%
    MID AMERICA MORTGAGE, INC. $265,000 n/a 0.4%
    CHERRY CREEK MORTGAGE, LLC $470,000 $260,000 -44.7% 0.4%
    GUARANTEED RATE, INC. $415,000 $250,000 -39.8% 0.4%
    SENB Bank $250,000 n/a 0.4%
    FIRST CENTENNIAL MORTGAGE CORPORATION $415,000 $245,000 -41.0% 0.4%
    Blackhawk Bank $235,000 n/a 0.3%
    DuTrac Community Credit Union $680,000 $230,000 -66.2% 0.3%
    Mr. Cooper ( Nationstar Mortgage ) $730,000 $230,000 -68.5% 0.3%
    MARINE $225,000 $225,000 0.0% 0.3%
    PNC Bank $500,000 $225,000 -55.0% 0.3%
    AMERICAN PACIFIC MORTGAGE CORPORATION $875,000 $220,000 -74.9% 0.3%
    Cornerstone Credit Union $200,000 n/a 0.3%
    Flagstar Bank, FSB $465,000 $180,000 -61.3% 0.3%
    SUN WEST MORTGAGE COMPANY, INC. $180,000 n/a 0.3%
    MICHIGAN MUTUAL, INC. $175,000 n/a 0.3%
    First State Bank of Forrest $245,000 $170,000 -30.6% 0.2%
    FIRST NORTHERN Credit Union $165,000 n/a 0.2%
    FLAT BRANCH MORTGAGE, INC. $165,000 n/a 0.2%
    PLANET HOME LENDING, LLC $165,000 n/a 0.2%
    Servion, Inc. $125,000 $165,000 32.0% 0.2%
    Busey Bank $155,000 n/a 0.2%
    LEADERONE FINANCIAL CORPORATION $155,000 n/a 0.2%
    STATE BANK OFTOULON $155,000 n/a 0.2%
    TBK BANK, SSB $570,000 $155,000 -72.8% 0.2%
    CARDINAL FINANCIAL $150,000 n/a 0.2%
    PHH Mortgage Corporation $160,000 $145,000 -9.4% 0.2%
    UNION HOME MORTGAGE CORP. $140,000 n/a 0.2%
    CBI Bank & Trust $135,000 n/a 0.2%
    CHURCHILL MORTGAGE CORPORATION $430,000 $135,000 -68.6% 0.2%
    GENEVA FINANCIAL, LLC $135,000 n/a 0.2%
    LENDINGHOME FUNDING CORPORATION $135,000 n/a 0.2%
    MLD MORTGAGE INC. $135,000 n/a 0.2%
    Equity Prime Mortgage LLC $125,000 n/a 0.2%
    VILLAGE CAPITAL MORTGAGE $65,000 $125,000 92.3% 0.2%
    Coastal Community Bank $120,000 n/a 0.2%
    First State Bank $120,000 $120,000 0.0% 0.2%
    CIBM Bank $115,000 n/a 0.2%
    NEW DAY FINANCIAL, LLC $145,000 $115,000 -20.7% 0.2%
    PLAZA HOME MORTGAGE, INC. $610,000 $115,000 -81.1% 0.2%
    The Bank of Missouri $115,000 n/a 0.2%
    Blackhawk Bank & Trust $265,000 $110,000 -58.5% 0.2%
    ILLINOIS STATE CREDIT UNION $85,000 $110,000 29.4% 0.2%
    The Huntington National Bank $570,000 $110,000 -80.7% 0.2%
    NATIONWIDE MORTGAGE BANKERS, INC. $105,000 n/a 0.2%
    NBKC BANK $135,000 $105,000 -22.2% 0.2%
    21ST MORTGAGE CORPORATION $105,000 $100,000 -4.8% 0.1%
    Mortgage Assurance Inc. $95,000 n/a 0.1%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $95,000 n/a 0.1%
    SUCCESS MORTGAGE PARTNERS, INC. $75,000 $95,000 26.7% 0.1%
    ACADEMY MORTGAGE CORPORATION $90,000 n/a 0.1%
    EMBRACE HOME LOANS, INC. $85,000 n/a 0.1%
    DUPACO COMMUNITY $325,000 $80,000 -75.4% 0.1%
    BMO Harris Bank $75,000 n/a 0.1%
    Holcomb Bank $75,000 n/a 0.1%
    Stillman Bank $210,000 $75,000 -64.3% 0.1%
    LIMA ONE CAPITAL, LLC $65,000 n/a 0.1%
    ZILLOW HOME LOANS, LLC $75,000 $65,000 -13.3% 0.1%
    Discover Bank $215,000 $55,000 -74.4% 0.1%
    LAND HOME FINANCIAL SERVICES, INC. $55,000 n/a 0.1%
    Ottawa Savings Bank $55,000 n/a 0.1%
    USAA Federal Savings Bank $305,000 $55,000 -82.0% 0.1%
    SPRING EQ, LLC $45,000 n/a 0.1%
    CITIZENS EQUITY FIRST $35,000 n/a 0.1%
    Figure Lending LLC $75,000 $35,000 -53.3% 0.1%
    IAA Credit Union $35,000 n/a 0.1%
    University of Wisconsin Credit Union $35,000 n/a 0.1%
    Citizens Bank $220,000 $25,000 -88.6% 0.0%
    First Central State Bank $1,060,000 $15,000 -98.6% 0.0%
    WINGS FINANCIAL $95,000 $15,000 -84.2% 0.0%

    Sterling's top lender by overall market share is Sauk Valley Bank & Trust Company, with 11.7% market share. In second place, with 7.0%, is Central Bank Illinois, having originated $4,825,000 in loans. In third place, with 6.5%, is Farmers National Bank, having originated $4,430,000 in loans. In fourth place, with 5.5%, is QUICKEN LOANS, LLC, having originated $3,760,000 in loans. In fifth place, with 5.2%, is GUILD MORTGAGE COMPANY, having originated $3,595,000 in loans.

    Sterling, IL Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 457 $53,455,000 $116,969
    Refi 79 $7,735,000 $97,911
    Cash Out Refi 66 $5,020,000 $76,061
    Other 38 $1,590,000 $41,842
    Home Improvement 26 $870,000 $33,462

    Sterling's most frequently cited loan purpose was Home Purchase, with 457 originations. The 2nd most popular reason was Refi, with 79 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 216 $25,810,000 $119,491
    7-8% 161 $19,255,000 $119,596
    Over 8% 58 $2,790,000 $48,103
    5-6% 42 $5,420,000 $129,048
    <2.5% 19 $145,000 $7,632
    4-5% 3 $415,000 $138,333
    3-4% 3 $115,000 $38,333

    During 2023, Sterling's most frequently originated rate bucket was 6-7%, with 216 originations.

    Loan Sizing (Sterling, IL MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 372 $20,330,000 $54,651
    $100k-200k 243 $34,015,000 $139,979
    $200k-400k 44 $11,070,000 $251,591
    $400k-600k 7 $3,255,000 $465,000

    Sterling's loan sizing saw the bucket of loans from $100,000 or less with 372 originations, totaling $20,330,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 280 $36,540,000 $130,500
    60-80% 83 $10,025,000 $120,783
    Under 20% 62 $1,190,000 $19,194
    20-40% 36 $1,950,000 $54,167
    40-60% 30 $2,330,000 $77,667
    Over 100% 10 $1,460,000 $146,000

    Sterling's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 280 originations, totaling $36,540,000 in origination value.