Alerus Financial Mortgage Rates, Fees & Info

Grand Forks, ND

LEI: 549300C4J510S9L1RF98

Tax ID: 45-0140105

5 stars - Updated: 2/25/24 - out of 5 stars, based on 55 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Alerus Financial is a smaller mortgage company specializing in Home Purchase loans. Alerus Financial has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Phoenix, Fargo, Grand Forks, and Brainerd among others. We have data for 99 markets. (Some data included below & more in-depth data is available with an active subscription.)

Alerus Financial has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Alerus Financial is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.30% 2/25/24
30 Year Conventional Purchase 6.50% 2/25/24
30 Year Conventional Refi 6.44% 2/25/24
30 Year Cash-out Refi 6.78% 2/25/24
30 Year FHA Purchase 7.18% 2/25/24
30 Year FHA Refi 6.27% 2/25/24
30 Year VA Purchase 6.27% 2/25/24
30 Year VA Refi 5.97% 2/25/24
30 Year USDA Purchase 6.44% 2/25/24
15 Year Conventional Purchase 6.12% 2/25/24
15 Year Conventional Refi 6.18% 2/25/24
15 Year Cash-out Refi 6.18% 2/25/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Alerus Financial Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Alerus Financial. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

3,008

Origination Dollar Volume (All Markets)

$936,730,000
Show all (17) awards

Relative Rate

Alerus Financial's average 30 year fixed mortgage rate was 4.93%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.17%.

Relative Fees (Closing Costs)

Alerus Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $4,350.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2,259 $735,985,000 $325,801 $4,059 4.95%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 75 $30,395,000 $405,267 $4,189 4.73%
FARGO, ND-MN (FHA|USDA|VA) 177 $28,265,000 $159,689 $2,558 5.02%
GRAND FORKS, ND-MN (FHA|USDA|VA) 169 $25,925,000 $153,402 $2,914 4.99%
Outside of Metro Areas 79 $19,055,000 $241,203 $4,393 5.06%
Brainerd, MN (FHA|USDA|VA) 23 $11,895,000 $517,174 $6,646 4.89%
Hutchinson, MN (FHA|USDA|VA) 10 $7,120,000 $712,000 $3,260 4.76%
DULUTH, MN-WI (FHA|USDA|VA) 19 $5,485,000 $288,684 $4,585 5.04%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 6 $4,240,000 $706,667 $4,084 4.71%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 6 $3,130,000 $521,667 $3,458 5.02%
Faribault-Northfield, MN (FHA|USDA|VA) 9 $2,925,000 $325,000 $4,184 5.58%
Fergus Falls, MN (FHA|USDA|VA) 8 $2,750,000 $343,750 $8,783 5.61%
ROCHESTER, MN (FHA|USDA|VA) 7 $2,445,000 $349,286 $1,612 4.29%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $2,195,000 $439,000 $7,218 4.90%
SIOUX FALLS, SD (FHA|USDA|VA) 7 $2,175,000 $310,714 $4,052 5.91%
ST. CLOUD, MN (FHA|USDA|VA) 13 $2,125,000 $163,462 $4,302 5.05%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $2,110,000 $1,055,000 $8,493 5.19%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $1,810,000 $452,500 $6,658 4.16%
Edwards, CO (FHA|USDA|VA) 2 $1,670,000 $835,000 $4,646 4.56%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $1,630,000 $815,000 $7,416 4.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,550,000 $387,500 $2,632 3.63%
Glenwood Springs, CO (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $3,775 5.00%
Red Wing, MN (FHA|USDA|VA) 7 $1,505,000 $215,000 $3,612 4.91%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $1,475,000 $491,667 $2,564 5.17%
TUCSON, AZ (FHA|USDA|VA) 4 $1,430,000 $357,500 $5,479 5.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $1,410,000 $705,000 $4,192 4.25%
COLUMBUS, OH (FHA|USDA|VA) 2 $1,350,000 $675,000 $4,767 4.63%
Steamboat Springs, CO (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $0 4.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $1,295,000 $259,000 $4,519 4.03%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $1,200,000 $600,000 $5,240 4.63%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 3 $1,095,000 $365,000 $6,224 4.54%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $1,090,000 $545,000 $7,175 4.06%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $1,080,000 $540,000 $1,653 5.06%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $1,030,000 $515,000 $5,171 4.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $940,000 $470,000 $6,982 4.75%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $875,000 $291,667 $3,534 5.58%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $855,000 $285,000 $5,569 4.92%
Durango, CO (FHA|USDA|VA) 2 $740,000 $370,000 $3,954 3.88%
RENO, NV (FHA|USDA|VA) 1 $685,000 $685,000 $4,523 5.63%
BISMARCK, ND (FHA|USDA|VA) 2 $650,000 $325,000 $1,736 5.69%
Owatonna, MN (FHA|USDA|VA) 2 $650,000 $325,000 $5,146 6.00%
MADISON, WI (FHA|USDA|VA) 1 $645,000 $645,000 $7,461 4.88%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $645,000 $645,000 $4,974 3.25%
FLAGSTAFF, AZ (FHA|USDA|VA) 2 $640,000 $320,000 $3,537 4.69%
RAPID CITY, SD (FHA|USDA|VA) 1 $635,000 $635,000 $4,362 5.50%
Bemidji, MN (FHA|USDA|VA) 3 $635,000 $211,667 $2,170 4.42%
STOCKTON, CA (FHA|USDA|VA) 1 $625,000 $625,000 $33,938 6.50%
Baraboo, WI (FHA|USDA|VA) 4 $620,000 $155,000 $3,384 4.78%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $605,000 $605,000 $3,918 5.63%
FORT COLLINS, CO (FHA|USDA|VA) 1 $575,000 $575,000 $14,223 5.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $550,000 $275,000 $4,396 3.81%
Minot, ND (FHA|USDA|VA) 3 $525,000 $175,000 $110 3.63%
GREELEY, CO (FHA|USDA|VA) 1 $505,000 $505,000 $2,870 6.25%
MADERA, CA (FHA|USDA|VA) 1 $495,000 $495,000 $0 4.13%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $495,000 $495,000 $5,936 3.88%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $455,000 $455,000 $4,148 4.50%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $455,000 $455,000 $4,508 6.00%
SUMTER, SC (FHA|USDA|VA) 1 $445,000 $445,000 $5,562 3.88%
FRESNO, CA (FHA|USDA|VA) 1 $415,000 $415,000 $334 5.13%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $395,000 $395,000 $3,717 6.13%
Alexandria, MN (FHA|USDA|VA) 2 $390,000 $195,000 $3,133 4.88%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $365,000 $365,000 $2,479 5.00%
MANKATO, MN (FHA|USDA|VA) 2 $360,000 $180,000 $3,859 5.56%
Watertown, SD (FHA|USDA|VA) 1 $345,000 $345,000 $4,701 5.25%
Worthington, MN (FHA|USDA|VA) 1 $345,000 $345,000 $7,049 5.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $345,000 $345,000 $3,370 3.50%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $345,000 $345,000 $3,973 3.38%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $345,000 $345,000 $9,911 3.75%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $335,000 $335,000 $2,931 7.50%
Somerset, PA (FHA|USDA|VA) 1 $325,000 $325,000 $5,393 6.38%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $325,000 $325,000 $5,778 6.13%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $325,000 $325,000 $3,239 4.75%
Augusta-Waterville, ME (FHA|USDA|VA) 2 $320,000 $160,000 $2,613 3.50%
KNOXVILLE, TN (FHA|USDA|VA) 1 $315,000 $315,000 $4,673 5.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $295,000 $295,000 $3,496 3.38%
SHEBOYGAN, WI (FHA|USDA|VA) 1 $285,000 $285,000 $4,713 5.13%
WICHITA, KS (FHA|USDA|VA) 1 $275,000 $275,000 $3,383 5.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $275,000 $275,000 $9,932 5.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,534 3.50%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $265,000 $265,000 $3,358 5.13%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $250,000 $125,000 $0 5.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $225,000 $225,000 $3,325 2.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,364 5.88%
Stevens Point, WI (FHA|USDA|VA) 1 $195,000 $195,000 $2,596 5.25%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.25%
Gaffney, SC (FHA|USDA|VA) 1 $185,000 $185,000 $3,450 4.25%
Jamestown, ND (FHA|USDA|VA) 1 $145,000 $145,000 $0 6.88%
GETTYSBURG, PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,570 5.63%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,173 5.50%
Mason City, IA (FHA|USDA|VA) 1 $125,000 $125,000 $3,177 5.50%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,224 3.63%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.25%
Winona, MN (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.63%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $105,000 $105,000 $3,521 5.00%
Grand Rapids, MN (FHA|USDA|VA) 1 $95,000 $95,000 $625 6.10%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.50%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $65,000 $65,000 $2,490 2.63%
Alerus Financial's top markets include Minneapolis, Phoenix, Fargo, Grand Forks, and Brainerd among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,176 $803,990,000 $369,481 $3,812 4.86%
    HELOC 727 $100,015,000 $137,572 n/a 5.20%
    FHA 70 $20,650,000 $295,000 $8,558 5.10%
    VA 30 $11,150,000 $371,667 $8,075 4.86%
    USDA 5 $925,000 $185,000 $3,423 4.86%

    For 2022, Alerus Financial's most frequently originated type of loan was Conventional, with 2,176 originations. Their 2nd most popular type was HELOC, with 727 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,911 $706,255,000 $369,574 $4,211 4.99%
    Refi 372 $101,740,000 $273,495 $3,278 4.66%
    Home Improvement 344 $52,500,000 $152,616 $2,560 4.95%
    Other 247 $32,865,000 $133,057 $198 5.42%
    Cash Out Refi 134 $43,370,000 $323,657 $4,040 4.27%

    For 2022, Alerus Financial's most frequently cited loan purpose was Home Purchase, with 1,911 originations. The 2nd most popular reason was Refi, with 372 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,358 $774,060,000 $328,270 $4,350 4.93%
    20 Year 253 $32,255,000 $127,490 $1,364 5.60%
    15 Year 177 $33,915,000 $191,610 $2,518 4.50%
    1 Year 81 $16,085,000 $198,580 $1,050 5.12%
    5 Year 54 $17,930,000 $332,037 $0 4.68%
    30+ year 36 $53,310,000 $1,480,833 $7,851 4.16%
    10 Year 35 $2,435,000 $69,571 $446 4.74%
    Other 13 $4,735,000 $364,231 $564 4.40%
    3 Year 1 $2,005,000 $2,005,000 $0 3.75%

    For 2022, Alerus Financial's most frequently cited loan duration was 30 Year, with 2,358 originations. The 2nd most popular length was 20 Year, with 253 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 794 $300,720,000 $378,741
    $<1k 688 $222,620,000 $323,576
    $2k-3k 209 $72,735,000 $348,014
    $5k+ 175 $89,265,000 $510,086
    $3k-4k 157 $61,335,000 $390,669
    $4k-5k 127 $49,835,000 $392,402

    Alerus Financial's average total fees were $4,350, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 794 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 900 $268,420,000 $298,244
    4-5% 871 $283,525,000 $325,517
    3-4% 722 $239,310,000 $331,454
    6-7% 324 $82,940,000 $255,988
    7-8% 103 $23,005,000 $223,350
    2.5-3% 65 $35,455,000 $545,462
    Over 8% 17 $1,805,000 $106,176
    <2.5% 6 $2,270,000 $378,333

    During 2022, Alerus Financial's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 5-6%, with 900 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,212 $352,820,000 $291,106 $3,935 5.00%
    $100k-200k 603 $88,485,000 $146,741 $2,515 5.04%
    $100,000 or less 490 $27,920,000 $56,980 $824 5.07%
    $400k-600k 425 $205,205,000 $482,835 $5,536 4.90%
    $600k-1MM 209 $152,685,000 $730,550 $5,298 4.47%
    $1MM+ 69 $109,615,000 $1,588,623 $6,641 4.19%

    2022 saw Alerus Financial place emphasis on $200k-400k loans with 1,212 originations, totaling $352,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 778 $252,760,000 $324,884 $4,315 4.99%
    $100k-150k 643 $169,835,000 $264,129 $4,110 5.00%
    $250k+ 532 $282,560,000 $531,128 $4,772 4.85%
    $75k-100k 435 $109,115,000 $250,839 $3,757 5.00%
    $50k-75k 384 $75,000,000 $195,313 $3,458 5.00%
    $50k or less 130 $17,670,000 $135,923 $2,849 4.76%

    Alerus Financial lent most frequently to those with incomes in the $150k-250k range, with 778 originations. The second most popular income band? $100k-150k, with 643 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 712 $218,320,000 $306,629 $4,080 4.83%
    30-36% 558 $184,780,000 $331,147 $4,025 4.94%
    <20% 332 $104,020,000 $313,313 $4,081 4.71%
    42% 133 $52,235,000 $392,744 $4,449 5.21%
    41% 128 $42,690,000 $333,516 $3,708 5.05%
    39% 119 $39,175,000 $329,202 $4,172 5.08%
    36% 117 $37,585,000 $321,239 $4,055 5.08%
    37% 116 $38,850,000 $334,914 $4,060 4.94%
    40% 108 $36,800,000 $340,741 $3,943 5.01%
    38% 93 $30,195,000 $324,677 $3,710 5.00%
    47% 88 $18,940,000 $215,227 $3,747 5.30%
    43% 86 $20,750,000 $241,279 $3,683 4.86%
    45% 81 $21,205,000 $261,790 $3,371 5.28%
    48% 67 $15,915,000 $237,537 $3,661 5.10%
    44% 64 $17,810,000 $278,281 $4,520 5.36%
    49% 61 $14,185,000 $232,541 $2,850 4.97%
    50-60% 50 $12,190,000 $243,800 $6,729 4.97%
    46% 49 $10,765,000 $219,694 $3,499 5.19%
    >60% 2 $380,000 $190,000 $1,161 5.78%

    Alerus Financial lent most frequently to those with DTI ratios of 20-30%, with 712 originations. The next most common DTI ratio? 30-36%, with 558 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,103 $698,105,000 $331,957 $4,145 4.94%
    Not provided 677 $155,385,000 $229,520 $3,070 5.04%
    Asian 87 $32,895,000 $378,103 $3,984 4.78%
    Black 61 $18,995,000 $311,393 $4,557 4.77%
    Not applicable 42 $18,500,000 $440,476 $0 4.55%
    American Indian 23 $7,105,000 $308,913 $4,519 5.43%
    Chinese 3 $1,885,000 $628,333 $2,699 4.58%
    Asian Indian 6 $1,840,000 $306,667 $4,506 5.19%
    Other Asian 3 $1,285,000 $428,333 $5,853 5.04%
    Vietnamese 1 $395,000 $395,000 $3,374 5.63%
    Korean 1 $325,000 $325,000 $6,822 4.38%
    Filipino 1 $15,000 $15,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    96.61%

    Alerus Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.96%

    Alerus Financial has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,008 $936,730,000 $311,413

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,008 $936,730,000 $311,413

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 406 $70,250,000 $173,030 $1,815 5.09%
    40-60% 291 $90,905,000 $312,388 $3,384 4.76%
    60-80% 786 $326,760,000 $415,725 $4,586 4.79%
    80-100% 1,076 $414,590,000 $385,307 $4,372 4.98%
    Over 100% 4 $2,790,000 $697,500 $17,799 5.03%
    Under 20% 444 $31,300,000 $70,495 $300 5.14%