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 Purchase loans. Hiway has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Rochester, Duluth, and Fergus Falls among others. We have data for 49 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.37% | 4/21/24 |
| 30 Year Conventional Purchase | 6.55% | 4/21/24 |
| 30 Year Conventional Refi | 6.53% | 4/21/24 |
| 30 Year Cash-out Refi | 6.57% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year FHA Refi | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.05% | 4/21/24 |
| 15 Year Conventional Refi | 5.98% | 4/21/24 |
| 15 Year Cash-out Refi | 5.98% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,027Origination Dollar Volume (All Markets)
$107,735,000Top 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) | 838 | $89,840,000 | $107,208 | $36 | 4.84% |
| Outside of Metro Areas | 55 | $4,955,000 | $90,091 | $0 | 4.71% |
| ST. CLOUD, MN (FHA|USDA|VA) | 17 | $1,525,000 | $89,706 | $0 | 4.95% |
| ROCHESTER, MN (FHA|USDA|VA) | 17 | $1,515,000 | $89,118 | $0 | 4.85% |
| DULUTH, MN-WI (FHA|USDA|VA) | 17 | $1,435,000 | $84,412 | $0 | 4.55% |
| Fergus Falls, MN (FHA|USDA|VA) | 5 | $905,000 | $181,000 | $0 | 4.53% |
| Brainerd, MN (FHA|USDA|VA) | 7 | $675,000 | $96,429 | $0 | 4.38% |
| Willmar, MN (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $0 | 4.21% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $0 | 5.58% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 4.31% |
| Winona, MN (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 3.50% |
| MANKATO, MN (FHA|USDA|VA) | 6 | $380,000 | $63,333 | $0 | 5.10% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $0 | 4.47% |
| Worthington, MN (FHA|USDA|VA) | 4 | $310,000 | $77,500 | $0 | 4.41% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 6.38% |
| Bemidji, MN (FHA|USDA|VA) | 4 | $260,000 | $65,000 | $0 | 4.78% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.50% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 4.69% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 4.88% |
| Grand Rapids, MN (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 4.44% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 4.38% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 5.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.50% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 4.63% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.63% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.63% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 4 | $160,000 | $40,000 | $0 | 5.28% |
| Owatonna, MN (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 5.25% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 3.75% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.63% |
| Red Wing, MN (FHA|USDA|VA) | 3 | $95,000 | $31,667 | $0 | 4.67% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.00% |
| Pierre, SD (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.50% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.88% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.25% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.50% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.75% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.63% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.25% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.88% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.50% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.88% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.25% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.50% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.75% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.25% |
| Marshall, MN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.88% |
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.
Similarity Rank: 78
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Similarity Rank: 630
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Similarity Rank: 816
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 705 | $85,985,000 | $121,965 | $29 | 4.71% |
| HELOC | 322 | $21,750,000 | $67,547 | n/a | 5.07% |
For 2018, Hiway's most frequently originated type of loan was Conventional, with 705 originations. Their 2nd most popular type was HELOC, with 322 originations.
Loan Reason
For 2018, Hiway's most frequently cited loan purpose was Home Improvement, with 335 originations. The 2nd most popular reason was Other, with 303 originations.
Loan Duration/Length
For 2018, Hiway's most frequently cited loan duration was 15 Year, with 541 originations. The 2nd most popular length was 30 Year, with 278 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 701 | $85,355,000 | $121,762 |
| $1k-2k | 1 | $165,000 | $165,000 |
| $2k-3k | 1 | $225,000 | $225,000 |
| $4k-5k | 1 | $225,000 | $225,000 |
Hiway's average total fees were $44, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 701 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 580 | $70,770,000 | $122,017 |
| 5-6% | 223 | $14,205,000 | $63,700 |
| 3-4% | 142 | $17,370,000 | $122,324 |
| 6-7% | 82 | $5,390,000 | $65,732 |
During 2018, Hiway's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 4-5%, with 580 originations.
Loan Sizing
2018 saw Hiway place emphasis on $100,000 or less loans with 603 originations, totaling $29,445,000 in origination value.
Applicant Income
Hiway lent most frequently to those with incomes in the $50k-75k range, with 267 originations. The second most popular income band? $100k-150k, with 245 originations.
Applicant Debt to Income Ratio
Hiway lent most frequently to those with DTI ratios of 30-36%, with 204 originations. The next most common DTI ratio? 20-30%, with 182 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.08%
Hiway has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination81.50%
Hiway has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,027 | $107,735,000 | $104,903 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $15,000 | $15,000 |
| Single Family (1-4 Units):Site-Built | 1,026 | $107,720,000 | $104,990 |