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, Brainerd, Duluth, Faribault, and St. Cloud among others. We have data for 68 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% | 11/21/24 |
| 30 Year Conventional Purchase | 6.55% | 11/21/24 |
| 30 Year Conventional Refi | 6.53% | 11/21/24 |
| 30 Year Cash-out Refi | 6.57% | 11/21/24 |
| 30 Year FHA Purchase | 6.27% | 11/21/24 |
| 30 Year FHA Refi | 6.27% | 11/21/24 |
| 30 Year VA Purchase | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 6.05% | 11/21/24 |
| 15 Year Conventional Refi | 5.98% | 11/21/24 |
| 15 Year Cash-out Refi | 5.98% | 11/21/24 |
| 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
1,171Origination Dollar Volume (All Markets)
$154,105,000Top 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) | 961 | $128,265,000 | $133,470 | $2,237 | 4.70% |
| Outside of Metro Areas | 49 | $6,175,000 | $126,020 | $2,983 | 4.78% |
| Brainerd, MN (FHA|USDA|VA) | 21 | $2,395,000 | $114,048 | $2,184 | 4.24% |
| DULUTH, MN-WI (FHA|USDA|VA) | 17 | $1,885,000 | $110,882 | $2,028 | 4.81% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 7 | $1,525,000 | $217,857 | $5,296 | 4.91% |
| ST. CLOUD, MN (FHA|USDA|VA) | 7 | $935,000 | $133,571 | $3,161 | 4.82% |
| ROCHESTER, MN (FHA|USDA|VA) | 10 | $840,000 | $84,000 | $852 | 4.38% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $2,950 | 4.88% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 7 | $765,000 | $109,286 | $326 | 4.20% |
| Red Wing, MN (FHA|USDA|VA) | 6 | $750,000 | $125,000 | $1,717 | 4.73% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $2,619 | 5.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $6,100 | 4.81% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $6,372 | 5.25% |
| Pierre, SD (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $860 | 3.63% |
| Willmar, MN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $2,974 | 4.63% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $2,508 | 5.38% |
| Bemidji, MN (FHA|USDA|VA) | 4 | $350,000 | $87,500 | $0 | 4.88% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,232 | 6.00% |
| Hutchinson, MN (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $2,498 | 3.94% |
| Crossville, TN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,571 | 5.50% |
| Owatonna, MN (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $6,408 | 3.75% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,307 | 5.50% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,172 | 3.75% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 4 | $260,000 | $65,000 | $432 | 4.59% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,066 | 3.25% |
| Marshall, MN (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $2,469 | 3.96% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,960 | 5.25% |
| MANKATO, MN (FHA|USDA|VA) | 5 | $205,000 | $41,000 | $324 | 4.78% |
| RACINE, WI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,392 | 4.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,834 | 7.13% |
| Grand Rapids, MN (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $1,361 | 4.96% |
| Fergus Falls, MN (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $466 | 4.50% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,730 | 5.25% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.38% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $941 | 3.25% |
| Mason City, IA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,672 | 6.25% |
| Clinton, IA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,058 | 7.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,500 | 3.25% |
| FARGO, ND-MN (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $153 | 4.13% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $203 | 4.50% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.75% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $203 | 4.50% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $941 | 3.13% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,130 | 6.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.75% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $172 | 5.00% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $203 | 4.25% |
| GREELEY, CO (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 4.13% |
| North Platte, NE (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $679 | 3.13% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,200 | 3.25% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.25% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $767 | 4.75% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.75% |
| Brookings, SD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.63% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.88% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $203 | 4.25% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.25% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $469 | 6.25% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.00% |
| MADISON, WI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.88% |
| Cookeville, TN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $203 | 4.50% |
| New Ulm, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $176 | 5.00% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.00% |
| Alamogordo, NM (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.38% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.25% |
| Alexandria, 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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 811 | $122,675,000 | $151,264 | $2,263 | 4.66% |
| HELOC | 360 | $31,430,000 | $87,306 | n/a | 4.75% |
For 2022, Hiway's most frequently originated type of loan was Conventional, with 811 originations. Their 2nd most popular type was HELOC, with 360 originations.
Loan Reason
For 2022, Hiway's most frequently cited loan purpose was Home Improvement, with 538 originations. The 2nd most popular reason was Home Purchase, with 287 originations.
Loan Duration/Length
For 2022, Hiway's most frequently cited loan duration was 15 Year, with 676 originations. The 2nd most popular length was 30 Year, with 328 originations.
Origination Fees/Closing Costs
Hiway's average total fees were $4,485, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 475 originations.
Interest Rates
During 2022, Hiway's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 4-5%, with 465 originations.
Loan Sizing
2022 saw Hiway place emphasis on $100,000 or less loans with 601 originations, totaling $31,675,000 in origination value.
Applicant Income
Hiway lent most frequently to those with incomes in the $100k-150k range, with 308 originations. The second most popular income band? $50k-75k, with 266 originations.
Applicant Debt to Income Ratio
Hiway lent most frequently to those with DTI ratios of 20-30%, with 233 originations. The next most common DTI ratio? 30-36%, with 216 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.97%
Hiway has an average approval rate.
Pick Rate
Approvals leading to origination76.86%
Hiway has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,171 | $154,105,000 | $131,601 |