Hiway Mortgage Rates, Fees & Info
Saint Paul, MNLEI: 549300GMYQSCNQRCBL04
Tax ID: 41-0313750
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Mortgage Data
Review & Overview
Hiway is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Hiway has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, Brainerd, Bemidji, and Mankato among others. We have data for 58 markets. (Some data included below & more in-depth data is available with an active subscription.)Hiway 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. Hiway 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.37% | 10/29/24 |
| 30 Year Conventional Purchase | 6.55% | 10/29/24 |
| 30 Year Conventional Refi | 6.53% | 10/29/24 |
| 30 Year Cash-out Refi | 6.57% | 10/29/24 |
| 30 Year FHA Purchase | 6.27% | 10/29/24 |
| 30 Year FHA Refi | 6.27% | 10/29/24 |
| 30 Year VA Purchase | 6.27% | 10/29/24 |
| 15 Year Conventional Purchase | 6.05% | 10/29/24 |
| 15 Year Conventional Refi | 5.98% | 10/29/24 |
| 15 Year Cash-out Refi | 5.98% | 10/29/24 |
| 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. | ||
Hiway Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,079Origination Dollar Volume (All Markets)
$142,925,000Awards
HIWAY - 2023
HIWAY is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Hiway's average 30 year fixed mortgage rate was
6.19%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.29%.
Relative Fees (Closing Costs)
Hiway's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,136.
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 $9,089.
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) | 876 | $116,150,000 | $132,591 | $1,995 | 6.90% |
| Outside of Metro Areas | 47 | $5,265,000 | $112,021 | $1,379 | 6.85% |
| DULUTH, MN-WI (FHA|USDA|VA) | 22 | $2,610,000 | $118,636 | $2,539 | 6.77% |
| Brainerd, MN (FHA|USDA|VA) | 13 | $2,515,000 | $193,462 | $2,406 | 6.73% |
| Bemidji, MN (FHA|USDA|VA) | 6 | $1,270,000 | $211,667 | $4,060 | 7.02% |
| MANKATO, MN (FHA|USDA|VA) | 8 | $1,030,000 | $128,750 | $1,239 | 6.38% |
| Fergus Falls, MN (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $3,381 | 6.42% |
| Grand Rapids, MN (FHA|USDA|VA) | 5 | $855,000 | $171,000 | $2,471 | 6.50% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $0 | 6.25% |
| Red Wing, MN (FHA|USDA|VA) | 6 | $670,000 | $111,667 | $1,563 | 7.06% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $665,000 | $133,000 | $3,964 | 6.85% |
| Owatonna, MN (FHA|USDA|VA) | 5 | $665,000 | $133,000 | $1,869 | 7.38% |
| ST. CLOUD, MN (FHA|USDA|VA) | 8 | $620,000 | $77,500 | $1,350 | 7.00% |
| Alexandria, MN (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $2,481 | 6.34% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $4,042 | 6.33% |
| ROCHESTER, MN (FHA|USDA|VA) | 7 | $555,000 | $79,286 | $1,156 | 6.77% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 7.13% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $3,974 | 5.75% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 5 | $495,000 | $99,000 | $5,357 | 7.20% |
| FARGO, ND-MN (FHA|USDA|VA) | 4 | $440,000 | $110,000 | $810 | 7.72% |
| SALEM, OR (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,001 | 7.25% |
| Willmar, MN (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $2,890 | 6.50% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,843 | 6.50% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,805 | 6.38% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,619 | 6.75% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 7.13% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $1,081 | 7.04% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 6.50% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $606 | 6.75% |
| Helena, MT (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 7.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 6.94% |
| Brookings, SD (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.13% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 7.50% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.25% |
| Marshall, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 6.75% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,958 | 6.25% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,661 | 8.25% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,752 | 6.50% |
| Winona, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,132 | 6.00% |
| JOPLIN, MO (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 7.25% |
| MADISON, WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $456 | 7.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.13% |
| New Ulm, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.50% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $579 | 7.13% |
| Picayune, MS (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,739 | 5.25% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,722 | 5.88% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $531 | 6.50% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $871 | 7.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 7.13% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.50% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $901 | 7.00% |
| Nogales, AZ (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $611 | 6.50% |
| Mason City, IA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 8.25% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,029 | 6.50% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 7.00% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $1,064 | 8.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against HIWAY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 578 | $91,630,000 | $158,529 | $2,021 | 6.73% |
| HELOC | 501 | $51,295,000 | $102,385 | n/a | 7.06% |
For 2023, Hiway's most frequently originated type of loan was Conventional, with 578 originations. Their 2nd most popular type was HELOC, with 501 originations.
Loan Reason
For 2023, Hiway's most frequently cited loan purpose was Home Improvement, with 564 originations. The 2nd most popular reason was Home Purchase, with 267 originations.
Loan Duration/Length
For 2023, Hiway's most frequently cited loan duration was 15 Year, with 728 originations. The 2nd most popular length was 30 Year, with 223 originations.
Origination Fees/Closing Costs
Hiway's average total fees were $4,136, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 351 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 496 | $64,050,000 | $129,133 |
| 7-8% | 402 | $42,520,000 | $105,771 |
| 5-6% | 123 | $28,765,000 | $233,862 |
| Over 8% | 51 | $5,455,000 | $106,961 |
| 4-5% | 7 | $2,135,000 | $305,000 |
During 2023, Hiway's average interest rate for loans was 6.19%, while their most frequently originated rate bucket for loans was 6-7%, with 496 originations.
Loan Sizing
2023 saw Hiway place emphasis on $100,000 or less loans with 598 originations, totaling $31,750,000 in origination value.
Applicant Income
Hiway lent most frequently to those with incomes in the $100k-150k range, with 310 originations. The second most popular income band? $75k-100k, with 234 originations.
Applicant Debt to Income Ratio
Hiway lent most frequently to those with DTI ratios of 44%, with 183 originations. The next most common DTI ratio? 30-36%, with 177 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.20%
Hiway has an average approval rate.
Pick Rate
Approvals leading to origination77.20%
Hiway has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,079 | $142,925,000 | $132,461 |