Ada Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ada averaged
6.75%
for the week of 2024-10-24, compared to the national average of
6.54% for the same period.
The average rate for the prior week (2024-10-17) was
6.25% and
one month ago for the week of 2024-09-19, the
average rate was 5.9%.
Ada's average rate one year ago was 7.54%.
For refis of the same type during the week of 2024-10-24, the average rate
was 6.44%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-10-24 | 6.54% |
Ada 30 Year Fixed Rate | 2024-10-24 | 6.75% |
Ada 30 Year Fixed Rate Refi | 2024-10-24 | 6.44% |
Ada 15 Year Fixed Rate | 2024-10-24 | 5.71% |
Ada 15 Year Fixed Rate Refi | 2024-10-24 | 5.61% |
Ada 30 Year FHA | 2024-10-24 | 6.08% |
Ada 30 Year FHA Refi | 2024-10-24 | 6.15% |
Ada 30 Year USDA | 2024-10-24 | 6.39% |
Ada 30 Year USDA Refi | 2024-10-24 | 6.09% |
Ada 30 Year VA | 2024-10-24 | 6.24% |
Ada 30 Year VA Refi | 2024-10-24 | 6.14% |
Ada 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 Ada, OK 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.).
Ada Average Closing Costs & Other Stats
Ada, OK's 30 lenders originated 494
loans during 2023. The total origination value was $84,280,000, with an average loan value of
$170,607.
Ada's average closing costs are $4,513.
The top Ada lender as defined by loan originations is Vision Bank, with
31 loans originated. Their average total fees are
$2,800, which is $2,529
lower than the next largest lender,
Gateway First Bank.
The lowest fee Ada lenders (with over 10 loans originated) are
Vision Bank ($2,800), First United Bank and Trust Company ($5,253), Gateway First Bank ($5,329), QUICKEN LOANS, LLC ($6,645) and .
The lowest rate Ada lenders (with over 10 loans originated) are
Vision Bank (6.66%), Gateway First Bank (6.94%), QUICKEN LOANS, LLC (6.99%), First United Bank and Trust Company (7.00%) and .
Ada, OK 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 |
---|---|---|---|---|
Gateway First Bank | $18,965,000 | $14,185,000 | -25.2% | 16.8% |
First United Bank and Trust Company | $18,820,000 | $14,095,000 | -25.1% | 16.7% |
Vision Bank | $23,840,000 | $13,830,000 | -42.0% | 16.4% |
QUICKEN LOANS, LLC | $6,195,000 | $6,865,000 | 10.8% | 8.1% |
Chickasaw Community Bank | $6,580,000 | $5,055,000 | -23.2% | 6.0% |
UNITED WHOLESALE MORTGAGE, LLC | $680,000 | $1,595,000 | 134.6% | 1.9% |
NBC Oklahoma | $1,425,000 | n/a | 1.7% | |
BancFirst | $1,185,000 | $1,190,000 | 0.4% | 1.4% |
Simmons Bank | $2,480,000 | $1,130,000 | -54.4% | 1.3% |
GUILD MORTGAGE COMPANY | $1,215,000 | $1,060,000 | -12.8% | 1.3% |
21ST MORTGAGE CORPORATION | $1,380,000 | $960,000 | -30.4% | 1.1% |
COMMUNICATION | $1,070,000 | $915,000 | -14.5% | 1.1% |
Mortgage Research Center, LLC | $2,660,000 | $860,000 | -67.7% | 1.0% |
PENNYMAC LOAN SERVICES, LLC | $1,195,000 | $850,000 | -28.9% | 1.0% |
LOANDEPOT.COM, LLC | $1,540,000 | $740,000 | -51.9% | 0.9% |
HIGHLAND HOMELOANS, LLC | $495,000 | $725,000 | 46.5% | 0.9% |
FREEDOM MORTGAGE CORPORATION | $1,100,000 | $660,000 | -40.0% | 0.8% |
The Huntington National Bank | $335,000 | $585,000 | 74.6% | 0.7% |
Tinker Federal Credit Union | $875,000 | $585,000 | -33.1% | 0.7% |
Ally Bank | $260,000 | $575,000 | 121.2% | 0.7% |
Waterstone Mortgage Corporation | $575,000 | n/a | 0.7% | |
MOVEMENT MORTGAGE, LLC | $245,000 | $555,000 | 126.5% | 0.7% |
PLAZA HOME MORTGAGE, INC. | $555,000 | n/a | 0.7% | |
ASSOCIATED MORTGAGE CORPORATION | $205,000 | $505,000 | 146.3% | 0.6% |
MID AMERICA MORTGAGE, INC. | $1,280,000 | $490,000 | -61.7% | 0.6% |
Great Plains National Bank | $480,000 | n/a | 0.6% | |
INTERLINC MORTGAGE SERVICES, LLC | $465,000 | n/a | 0.6% | |
UNION HOME MORTGAGE CORP. | $2,960,000 | $450,000 | -84.8% | 0.5% |
MORTGAGE SOLUTIONS OF COLORADO, LLC | $740,000 | $415,000 | -43.9% | 0.5% |
CORNERSTONE HOME LENDING, INC. | $1,000,000 | $385,000 | -61.5% | 0.5% |
OKLAHOMA'S | $360,000 | n/a | 0.4% | |
The Federal Savings Bank | $355,000 | n/a | 0.4% | |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $350,000 | n/a | 0.4% | |
USAA Federal Savings Bank | $355,000 | $350,000 | -1.4% | 0.4% |
First Liberty Bank | $325,000 | n/a | 0.4% | |
MICHIGAN MUTUAL, INC. | $325,000 | n/a | 0.4% | |
Century Mortgage Company DBA Century Lending Company | $315,000 | n/a | 0.4% | |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $315,000 | n/a | 0.4% | |
North American Savings Bank, F.S.B. | $305,000 | n/a | 0.4% | |
CROSSCOUNTRY MORTGAGE, LLC | $85,000 | $300,000 | 252.9% | 0.4% |
FLAT BRANCH MORTGAGE, INC. | $425,000 | $300,000 | -29.4% | 0.4% |
AMERISAVE MORTGAGE CORPORATION | $1,120,000 | $295,000 | -73.7% | 0.4% |
FirstBank | $295,000 | n/a | 0.4% | |
Old National Bank | $295,000 | n/a | 0.4% | |
BETTER MORTGAGE CORPORATION | $315,000 | $285,000 | -9.5% | 0.3% |
CARDINAL FINANCIAL | $470,000 | $275,000 | -41.5% | 0.3% |
Bank of England | $265,000 | n/a | 0.3% | |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $265,000 | n/a | 0.3% | |
Wells Fargo Bank | $440,000 | $255,000 | -42.0% | 0.3% |
Ameris Bank | $245,000 | n/a | 0.3% | |
GENERAL ELECTRIC CREDIT UNION | $245,000 | n/a | 0.3% | |
U.S. Bank | $360,000 | $240,000 | -33.3% | 0.3% |
NAVY FEDERAL CREDIT UNION | $240,000 | $215,000 | -10.4% | 0.3% |
Bank of America | $135,000 | $195,000 | 44.4% | 0.2% |
PNC Bank | $250,000 | $195,000 | -22.0% | 0.2% |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $195,000 | n/a | 0.2% | |
CMG MORTGAGE, INC. | $185,000 | n/a | 0.2% | |
New Century Bank | $185,000 | n/a | 0.2% | |
AMCAP MORTGAGE, LTD. | $175,000 | n/a | 0.2% | |
BECKAM FUNDING CORP. | $175,000 | n/a | 0.2% | |
Carrington Mortgage Services, LLC | $175,000 | n/a | 0.2% | |
GUARANTEED RATE, INC. | $135,000 | $175,000 | 29.6% | 0.2% |
LIBERTY HOME MORTGAGE CORPORATION | $175,000 | n/a | 0.2% | |
TRIAD FINANCIAL SERVICES, INC. | $260,000 | $170,000 | -34.6% | 0.2% |
Armstrong Bank | $165,000 | n/a | 0.2% | |
Arvest Bank | $290,000 | $165,000 | -43.1% | 0.2% |
DAS Acquisition Company, LLC | $155,000 | n/a | 0.2% | |
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $155,000 | n/a | 0.2% | |
ZILLOW HOME LOANS, LLC | $155,000 | n/a | 0.2% | |
AMERICAN PACIFIC MORTGAGE CORPORATION | $145,000 | n/a | 0.2% | |
International Bank of Commerce | $145,000 | n/a | 0.2% | |
PROVIDENT FUNDING ASSOCIATES, L.P. | $145,000 | n/a | 0.2% | |
Figure Lending LLC | $135,000 | n/a | 0.2% | |
First National Bank and Trust Company of Ardmore | $125,000 | n/a | 0.1% | |
WEOKIE | $235,000 | $125,000 | -46.8% | 0.1% |
AmeriHome Mortgage Company, LLC | $175,000 | $115,000 | -34.3% | 0.1% |
Servion, Inc. | $105,000 | n/a | 0.1% | |
BMO Harris Bank | $95,000 | n/a | 0.1% | |
FINANCE OF AMERICA REVERSE LLC | $95,000 | n/a | 0.1% | |
HOMESIDE FINANCIAL, LLC | $95,000 | n/a | 0.1% | |
USAlliance Federal Credit Union | $95,000 | n/a | 0.1% | |
Barrington Bank & Trust Company, N.A. | $85,000 | n/a | 0.1% | |
JPMorgan Chase Bank | $65,000 | $85,000 | 30.8% | 0.1% |
LOANPAL, LLC | $95,000 | $85,000 | -10.5% | 0.1% |
Discover Bank | $75,000 | n/a | 0.1% | |
ROYAL UNITED MORTGAGE LLC | $55,000 | n/a | 0.1% | |
Deere Employees Credit Union | $35,000 | n/a | 0.0% | |
Fidelity Bank | $35,000 | n/a | 0.0% | |
First Bank & Trust Co. | $35,000 | $35,000 | 0.0% | 0.0% |
BOKF | $115,000 | $25,000 | -78.3% | 0.0% |
Coastal Community Bank | $15,000 | n/a | 0.0% |
Ada's top lender by overall market share is Gateway First Bank, with 16.8% market share. In second place, with 16.7%, is First United Bank and Trust Company, having originated $14,095,000 in loans. In third place, with 16.4%, is Vision Bank, having originated $13,830,000 in loans. In fourth place, with 8.1%, is QUICKEN LOANS, LLC, having originated $6,865,000 in loans. In fifth place, with 6.0%, is Chickasaw Community Bank, having originated $5,055,000 in loans.
Ada, OK Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 317 | $63,625,000 | $200,710 |
Refi | 53 | $8,425,000 | $158,962 |
Other | 49 | $3,205,000 | $65,408 |
Cash Out Refi | 39 | $6,505,000 | $166,795 |
Home Improvement | 36 | $2,520,000 | $70,000 |
Ada's most frequently cited loan purpose was Home Purchase, with 317 originations. The 2nd most popular reason was Refi, with 53 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 218 | $42,060,000 | $192,936 |
7-8% | 123 | $21,575,000 | $175,407 |
Over 8% | 95 | $8,885,000 | $93,526 |
5-6% | 50 | $9,190,000 | $183,800 |
4-5% | 3 | $795,000 | $265,000 |
<2.5% | 1 | $5,000 | $5,000 |
During 2023, Ada's most frequently originated rate bucket was 6-7%, with 218 originations.
Loan Sizing (Ada, OK MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 199 | $29,525,000 | $148,367 |
$100,000 or less | 152 | $9,110,000 | $59,934 |
$200k-400k | 121 | $32,515,000 | $268,719 |
$400k-600k | 16 | $7,520,000 | $470,000 |
$600k-1000k | 5 | $4,185,000 | $837,000 |
$Over $1MM | 1 | $1,425,000 | $1,425,000 |
Ada's loan sizing saw the bucket of loans from $100k-200k with 199 originations, totaling $29,525,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 251 | $50,275,000 | $200,299 |
60-80% | 90 | $17,320,000 | $192,444 |
40-60% | 52 | $6,870,000 | $132,115 |
20-40% | 44 | $4,060,000 | $92,273 |
Under 20% | 43 | $1,675,000 | $38,953 |
Over 100% | 7 | $1,955,000 | $279,286 |
Ada's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 251 originations, totaling $50,275,000 in origination value.