Albert Lea Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Albert Lea averaged
6.88%
for the week of 2024-11-27, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2024-11-21) was
7.01% and
one month ago for the week of 2024-10-24, the
average rate was 6.51%.
Albert Lea's average rate one year ago was 7.46%.
For refis of the same type during the week of 2024-11-27, the average rate
was 7.01%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-11-27 | 6.81% |
Albert Lea 30 Year Fixed Rate | 2024-11-27 | 6.88% |
Albert Lea 30 Year Fixed Rate Refi | 2024-11-27 | 7.01% |
Albert Lea 15 Year Fixed Rate | 2024-11-27 | 5.9% |
Albert Lea 15 Year Fixed Rate Refi | 2024-11-27 | 6% |
Albert Lea 30 Year FHA | 2024-11-27 | -0.2% |
Albert Lea 30 Year FHA Refi | 2024-11-27 | 0.2% |
Albert Lea 30 Year USDA | 2024-11-27 | 0.2% |
Albert Lea 30 Year USDA Refi | 2024-11-27 | 0.1% |
Albert Lea 30 Year VA | 2024-11-27 | -0.1% |
Albert Lea 30 Year VA Refi | 2024-11-27 | 0% |
Albert Lea 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 Albert Lea, MN 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.).
Albert Lea Average Closing Costs & Other Stats
Albert Lea, MN's 50 lenders originated 426
loans during 2023. The total origination value was $59,030,000, with an average loan value of
$138,568.
Albert Lea's average closing costs are $4,329.
The top Albert Lea lender as defined by loan originations is GUARANTEED RATE, INC., with
24 loans originated. Their average total fees are
$4,961, which is $319
higher than the next largest lender,
Home Federal Savings Bank.
The lowest fee Albert Lea lenders (with over 10 loans originated) are
Home Federal Savings Bank ($4,642), GUARANTEED RATE, INC. ($4,961), UNITED WHOLESALE MORTGAGE, LLC ($5,940), .
The lowest rate Albert Lea lenders (with over 10 loans originated) are
Home Federal Savings Bank (6.22%), GUARANTEED RATE, INC. (6.39%), UNITED WHOLESALE MORTGAGE, LLC (7.10%), .
Albert Lea, MN 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 |
---|---|---|---|---|
GUARANTEED RATE, INC. | $11,410,000 | $6,430,000 | -43.6% | 10.9% |
Home Federal Savings Bank | $7,795,000 | $4,095,000 | -47.5% | 6.9% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $6,255,000 | $3,810,000 | -39.1% | 6.5% |
UNITED WHOLESALE MORTGAGE, LLC | $3,880,000 | $3,755,000 | -3.2% | 6.4% |
QUICKEN LOANS, LLC | $3,525,000 | $3,240,000 | -8.1% | 5.5% |
UNION HOME MORTGAGE CORP. | $2,380,000 | n/a | 4.0% | |
Mortgage Research Center, LLC | $640,000 | $2,200,000 | 243.8% | 3.7% |
U.S. Bank | $5,310,000 | $1,955,000 | -63.2% | 3.3% |
COMPEER FINANCIAL, FLCA | $2,745,000 | $1,800,000 | -34.4% | 3.0% |
Manufacturers Bank & Trust Company | $3,175,000 | $1,675,000 | -47.2% | 2.8% |
Wells Fargo Bank | $3,545,000 | $1,515,000 | -57.3% | 2.6% |
Bell Bank | $2,235,000 | $1,460,000 | -34.7% | 2.5% |
LAND HOME FINANCIAL SERVICES, INC. | $1,610,000 | $1,340,000 | -16.8% | 2.3% |
CROSSCOUNTRY MORTGAGE, LLC | $915,000 | $1,110,000 | 21.3% | 1.9% |
Merchants Bank | $535,000 | $970,000 | 81.3% | 1.6% |
TOWNE MORTGAGE COMPANY | $1,005,000 | $935,000 | -7.0% | 1.6% |
TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $185,000 | $920,000 | 397.3% | 1.6% |
LOANDEPOT.COM, LLC | $3,745,000 | $910,000 | -75.7% | 1.5% |
IOWA BANKERS MORTGAGE CORPORATION | $405,000 | $895,000 | 121.0% | 1.5% |
MOVEMENT MORTGAGE, LLC | $105,000 | $855,000 | 714.3% | 1.4% |
PENNYMAC LOAN SERVICES, LLC | $125,000 | $850,000 | 580.0% | 1.4% |
BROKER SOLUTIONS, INC. | $530,000 | $750,000 | 41.5% | 1.3% |
Prosperity Home Mortgage, LLC | $355,000 | $745,000 | 109.9% | 1.3% |
FREEDOM MORTGAGE CORPORATION | $390,000 | $655,000 | 67.9% | 1.1% |
LAKEVIEW LOAN SERVICING, LLC | $410,000 | $580,000 | 41.5% | 1.0% |
Bank Midwest | $535,000 | n/a | 0.9% | |
ALTRA | $320,000 | $490,000 | 53.1% | 0.8% |
Bank of America | $55,000 | $455,000 | 727.3% | 0.8% |
First Savings Bank | $430,000 | n/a | 0.7% | |
HOMESTEAD FUNDING CORP. | $430,000 | n/a | 0.7% | |
Pioneer Bank | $410,000 | n/a | 0.7% | |
Community Bank Mankato | $380,000 | n/a | 0.6% | |
Northwest Bank | $380,000 | n/a | 0.6% | |
Royal Credit Union | $450,000 | $370,000 | -17.8% | 0.6% |
Lakeview Bank | $365,000 | n/a | 0.6% | |
Citizens Community Federal | $1,665,000 | $360,000 | -78.4% | 0.6% |
EVERETT FINANCIAL, INC. | $315,000 | $350,000 | 11.1% | 0.6% |
Servion, Inc. | $105,000 | $350,000 | 233.3% | 0.6% |
GENISYS | $35,000 | $345,000 | 885.7% | 0.6% |
Alerus Financial | $335,000 | n/a | 0.6% | |
PLAZA HOME MORTGAGE, INC. | $605,000 | $330,000 | -45.5% | 0.6% |
Flagstar Bank, FSB | $1,195,000 | $325,000 | -72.8% | 0.6% |
Mr. Cooper ( Nationstar Mortgage ) | $700,000 | $290,000 | -58.6% | 0.5% |
Summit Mortgage Corporation | $350,000 | $290,000 | -17.1% | 0.5% |
Gate City Bank | $275,000 | n/a | 0.5% | |
Plains Commerce Bank | $545,000 | $275,000 | -49.5% | 0.5% |
Truist | $275,000 | n/a | 0.5% | |
NAVY FEDERAL CREDIT UNION | $335,000 | $265,000 | -20.9% | 0.4% |
M&T Bank | $250,000 | n/a | 0.4% | |
Minnwest Bank | $895,000 | $240,000 | -73.2% | 0.4% |
MARINE | $45,000 | $235,000 | 422.2% | 0.4% |
Castle Rock Bank | $225,000 | n/a | 0.4% | |
HomeTown Bank | $365,000 | $225,000 | -38.4% | 0.4% |
CENTRAL MINNESOTA Credit Union | $200,000 | n/a | 0.3% | |
Coastal Community Bank | $195,000 | n/a | 0.3% | |
AFFINITY PLUS | $330,000 | $190,000 | -42.4% | 0.3% |
Cambria Financial Group, LLC | $210,000 | $180,000 | -14.3% | 0.3% |
AMERISAVE MORTGAGE CORPORATION | $175,000 | n/a | 0.3% | |
Park State Bank | $165,000 | n/a | 0.3% | |
AMERICAN INTERNET MORTGAGE, INC. | $155,000 | n/a | 0.3% | |
AXIA FINANCIAL, LLC | $265,000 | $155,000 | -41.5% | 0.3% |
NEWREZ LLC | $155,000 | n/a | 0.3% | |
Tradition Mortgage, LLC | $145,000 | n/a | 0.2% | |
HIWAY | $35,000 | $135,000 | 285.7% | 0.2% |
Discover Bank | $65,000 | $130,000 | 100.0% | 0.2% |
Equity Prime Mortgage LLC | $125,000 | n/a | 0.2% | |
PNC Bank | $125,000 | n/a | 0.2% | |
Sierra Pacific Mortgage Company, Inc. | $125,000 | n/a | 0.2% | |
BAY EQUITY LLC | $135,000 | $115,000 | -14.8% | 0.2% |
Lakeview Community Capital, LLC | $175,000 | $115,000 | -34.3% | 0.2% |
21ST MORTGAGE CORPORATION | $125,000 | $110,000 | -12.0% | 0.2% |
SUN WEST MORTGAGE COMPANY, INC. | $95,000 | n/a | 0.2% | |
RUOFF MORTGAGE COMPANY, INC. | $85,000 | $85,000 | 0.0% | 0.1% |
AMERICAN FINANCING CORPORATION | $150,000 | $75,000 | -50.0% | 0.1% |
FIRST COMMUNITY MORTGAGE, INC. | $75,000 | n/a | 0.1% | |
LENDINGHOME FUNDING CORPORATION | $220,000 | $75,000 | -65.9% | 0.1% |
TRIAD FINANCIAL SERVICES, INC. | $75,000 | n/a | 0.1% | |
Carrington Mortgage Services, LLC | $125,000 | $65,000 | -48.0% | 0.1% |
Frandsen Bank & Trust | $1,095,000 | $65,000 | -94.1% | 0.1% |
Profinium Inc. | $65,000 | n/a | 0.1% | |
South Metro Federal Credit Union | $65,000 | n/a | 0.1% | |
WINGS FINANCIAL | $170,000 | $65,000 | -61.8% | 0.1% |
Albert Lea's top lender by overall market share is GUARANTEED RATE, INC., with 10.9% market share. In second place, with 6.9%, is Home Federal Savings Bank, having originated $4,095,000 in loans. In third place, with 6.5%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $3,810,000 in loans. In fourth place, with 6.4%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $3,755,000 in loans. In fifth place, with 5.5%, is QUICKEN LOANS, LLC, having originated $3,240,000 in loans.
Albert Lea Housing Market Trends (Median, Average Prices & Listing Count)
Realtor.com - Albert Lea (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $88,700 (-16.4%) | $144,353 (2.2%) | 0.00 | 83 |
2018-02-01 | $110,925 (9.7%) | $149,606 (0.7%) | 0.00 | 75 |
2018-03-01 | $114,900 (14.6%) | $146,910 (-1.0%) | 0.00 | 74 |
2018-04-01 | $147,175 (28.1%) | $166,938 (8.8%) | 0.00 | 68 |
2018-05-01 | $159,650 (29.1%) | $183,682 (20.3%) | 0.00 | 81 |
2018-06-01 | $150,950 (17.1%) | $181,077 (9.5%) | 0.00 | 99 |
2018-07-01 | $138,350 (15.4%) | $170,575 (5.1%) | 0.00 | 95 |
2018-08-01 | $123,500 (9.9%) | $167,574 (7.0%) | 0.00 | 89 |
2018-09-01 | $119,900 (9.1%) | $165,142 (6.3%) | 0.00 | 85 |
2018-10-01 | $129,775 (18.1%) | $163,958 (3.1%) | 0.00 | 95 |
2018-11-01 | $128,400 (16.8%) | $156,269 (0.1%) | 0.00 | 93 |
2018-12-01 | $129,950 (45.2%) | $162,702 (10.0%) | 0.00 | 89 |
2019-01-01 | $138,325 (56.0%) | $171,003 (18.5%) | 0.00 | 70 |
2019-02-01 | $140,900 (27.0%) | $174,896 (16.9%) | 0.00 | 56 |
2019-03-01 | $144,043 (25.4%) | $178,005 (21.2%) | 0.00 | 67 |
2019-04-01 | $153,900 (4.6%) | $184,015 (10.2%) | 0.00 | 84 |
2019-05-01 | $155,650 (-2.5%) | $180,962 (-1.5%) | 0.00 | 93 |
2019-06-01 | $164,900 (9.2%) | $186,051 (2.8%) | 0.00 | 97 |
2019-07-01 | $162,400 (17.4%) | $181,832 (6.6%) | 0.00 | 104 |
2019-08-01 | $149,900 (21.4%) | $172,561 (3.0%) | 0.00 | 113 |
2019-09-01 | $149,900 (25.0%) | $174,048 (5.4%) | 0.00 | 119 |
2019-10-01 | $149,900 (15.5%) | $174,627 (6.5%) | 0.00 | 125 |
2019-11-01 | $148,900 (16.0%) | $172,258 (10.2%) | 0.00 | 123 |
2019-12-01 | $143,650 (10.5%) | $167,550 (3.0%) | 0.00 | 115 |
2020-01-01 | $139,625 (0.9%) | $169,323 (-1.0%) | 0.00 | 103 |
2020-02-01 | $142,900 (1.4%) | $174,375 (-0.3%) | 0.00 | 92 |
2020-03-01 | $144,900 (0.6%) | $178,250 (0.1%) | 0.00 | 99 |
2020-04-01 | $149,950 (-2.6%) | $177,391 (-3.6%) | 0.00 | 100 |
2020-05-01 | $163,900 (5.3%) | $191,108 (5.6%) | 0.00 | 105 |
2020-06-01 | $158,400 (-3.9%) | $195,567 (5.1%) | 0.00 | 95 |
2020-07-01 | $156,650 (-3.5%) | $208,145 (14.5%) | 0.00 | 81 |
2020-08-01 | $159,900 (6.7%) | $209,367 (21.3%) | 0.00 | 85 |
2020-09-01 | $153,900 (2.7%) | $205,178 (17.9%) | 0.00 | 76 |
2020-10-01 | $145,700 (-2.8%) | $190,376 (9.0%) | 0.00 | 71 |
2020-11-01 | $131,200 (-11.9%) | $165,572 (-3.9%) | 0.00 | 66 |
2020-12-01 | $122,400 (-14.8%) | $160,821 (-4.0%) | 0.00 | 52 |
2021-01-01 | $125,400 (-10.2%) | $163,177 (-3.6%) | 0.00 | 35 |
2021-02-01 | $121,900 (-14.7%) | $173,673 (-0.4%) | 0.00 | 29 |
2021-03-01 | $149,500 (3.2%) | $202,360 (13.5%) | 0.00 | 29 |
2021-04-01 | $168,725 (12.5%) | $225,764 (27.3%) | 0.00 | 23 |
2021-05-01 | $184,900 (12.8%) | $237,376 (24.2%) | 0.00 | 30 |
2021-06-01 | $192,400 (21.5%) | $241,133 (23.3%) | 0.00 | 27 |
2021-07-01 | $169,900 (8.5%) | $217,513 (4.5%) | 0.00 | 38 |
2021-08-01 | $142,050 (-11.2%) | $195,828 (-6.5%) | 0.00 | 57 |
2021-09-01 | $149,225 (-3.0%) | $193,462 (-5.7%) | 0.00 | 61 |
2021-10-01 | $149,000 (2.3%) | $190,143 (-0.1%) | 0.00 | 70 |
2021-11-01 | $137,925 (5.1%) | $180,510 (9.0%) | 0.00 | 71 |
2021-12-01 | $119,950 (-2.0%) | $178,142 (10.8%) | 0.00 | 55 |
2022-01-01 | $128,000 (2.1%) | $189,438 (16.1%) | 0.00 | 51 |
2022-02-01 | $147,400 (20.9%) | $210,922 (21.5%) | 0.00 | 35 |
2022-03-01 | $146,200 (-2.2%) | $198,906 (-1.7%) | 0.00 | 34 |
2022-04-01 | $159,900 (-5.2%) | $224,765 (-0.4%) | 0.00 | 29 |
2022-05-01 | $173,400 (-6.2%) | $250,429 (5.5%) | 0.00 | 34 |
2022-06-01 | $212,400 (10.4%) | $262,744 (9.0%) | 0.00 | 42 |
2022-07-01 | $235,900 (38.9%) | $262,157 (20.5%) | 0.00 | 51 |
2022-08-01 | $204,900 (44.2%) | $251,372 (28.4%) | 0.00 | 56 |
2022-09-01 | $199,900 (34.0%) | $252,303 (30.4%) | 0.00 | 61 |
2022-10-01 | $220,000 (47.7%) | $256,843 (35.1%) | 0.00 | 58 |
2022-11-01 | $218,225 (58.2%) | $274,918 (52.3%) | 0.00 | 54 |
2022-12-01 | $201,900 (68.3%) | $249,034 (39.8%) | 0.00 | 56 |
2023-01-01 | $190,150 (48.6%) | $251,005 (32.5%) | 0.00 | 46 |
2023-02-01 | $195,425 (32.6%) | $247,707 (17.4%) | 0.00 | 43 |
2023-03-01 | $180,000 (23.1%) | $240,434 (20.9%) | 0.00 | 40 |
2023-04-01 | $190,900 (19.4%) | $238,998 (6.3%) | 0.00 | 42 |
2023-05-01 | $232,175 (33.9%) | $269,978 (7.8%) | 0.00 | 50 |
2023-06-01 | $224,900 (5.9%) | $266,097 (1.3%) | 0.00 | 52 |
2023-07-01 | $224,900 (-4.7%) | $259,330 (-1.1%) | 0.00 | 57 |
2023-08-01 | $210,000 (2.5%) | $248,989 (-1.0%) | 0.00 | 57 |
2023-09-01 | $259,900 (30.0%) | $260,125 (3.1%) | 0.00 | 55 |
2023-10-01 | $262,900 (19.5%) | $255,882 (-0.4%) | 0.00 | 59 |
2023-11-01 | $219,925 (0.8%) | $241,041 (-12.3%) | 0.00 | 58 |
2023-12-01 | $229,500 (13.7%) | $242,352 (-2.7%) | 0.00 | 53 |
2024-01-01 | $200,000 (5.2%) | $229,071 (-8.7%) | 0.00 | 45 |
2024-02-01 | $219,950 (12.6%) | $243,533 (-1.7%) | 0.00 | 39 |
2024-03-01 | $232,450 (29.1%) | $261,036 (8.6%) | 0.00 | 39 |
2024-04-01 | $254,900 (33.5%) | $266,618 (11.6%) | 0.00 | 46 |
2024-05-01 | $255,200 (9.9%) | $276,701 (2.5%) | 0.00 | 53 |
2024-06-01 | $286,900 (27.6%) | $314,277 (18.1%) | 0.00 | 55 |
2024-07-01 | $257,425 (14.5%) | $298,492 (15.1%) | 0.00 | 66 |
2024-08-01 | $276,450 (31.6%) | $315,600 (26.8%) | 0.00 | 69 |
2024-09-01 | $248,900 (-4.2%) | $301,913 (16.1%) | 0.00 | 79 |
2024-10-01 | $243,650 (-7.3%) | $294,749 (15.2%) | 0.00 | 75 |
Albert Lea's median listing price comes in at 0% of the national average.
Albert Lea's average listing price for 2024-10-01 was $294,749, a difference of $38,867 (15.2%) versus the prior year and $-7,164 versus the prior month.
For the 2024-10-01 period, Albert Lea had 75 MLS listings, a difference of -4 listings (-5%) versus the prior month and 16 listings (27%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Albert Lea (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 2,080 sqft |
2018-02-01 | 0 days | 2,151 sqft |
2018-03-01 | 0 days | 2,112 sqft |
2018-04-01 | 0 days | 2,247 sqft |
2018-05-01 | 0 days | 2,278 sqft |
2018-06-01 | 0 days | 2,472 sqft |
2018-07-01 | 0 days | 2,280 sqft |
2018-08-01 | 0 days | 2,237 sqft |
2018-09-01 | 0 days | 2,240 sqft |
2018-10-01 | 0 days | 2,244 sqft |
2018-11-01 | 0 days | 2,221 sqft |
2018-12-01 | 0 days | 2,240 sqft |
2019-01-01 | 0 days | 1,624 sqft |
2019-02-01 | 0 days | 1,553 sqft |
2019-03-01 | 0 days | 1,664 sqft |
2019-04-01 | 0 days | 1,800 sqft |
2019-05-01 | 0 days | 1,786 sqft |
2019-06-01 | 0 days | 1,871 sqft |
2019-07-01 | 0 days | 1,919 sqft |
2019-08-01 | 0 days | 1,738 sqft |
2019-09-01 | 0 days | 1,793 sqft |
2019-10-01 | 0 days | 1,769 sqft |
2019-11-01 | 0 days | 1,776 sqft |
2019-12-01 | 0 days | 1,652 sqft |
2020-01-01 | 0 days | 1,643 sqft |
2020-02-01 | 0 days | 1,652 sqft |
2020-03-01 | 0 days | 1,832 sqft |
2020-04-01 | 0 days | 1,827 sqft |
2020-05-01 | 0 days | 1,826 sqft |
2020-06-01 | 0 days | 1,833 sqft |
2020-07-01 | 0 days | 1,805 sqft |
2020-08-01 | 0 days | 1,808 sqft |
2020-09-01 | 0 days | 1,803 sqft |
2020-10-01 | 0 days | 1,776 sqft |
2020-11-01 | 0 days | 1,604 sqft |
2020-12-01 | 0 days | 1,541 sqft |
2021-01-01 | 0 days | 1,540 sqft |
2021-02-01 | 0 days | 1,512 sqft |
2021-03-01 | 0 days | 1,569 sqft |
2021-04-01 | 0 days | 1,736 sqft |
2021-05-01 | 0 days | 1,717 sqft |
2021-06-01 | 0 days | 1,685 sqft |
2021-07-01 | 0 days | 1,700 sqft |
2021-08-01 | 0 days | 1,468 sqft |
2021-09-01 | 0 days | 1,352 sqft |
2021-10-01 | 0 days | 1,488 sqft |
2021-11-01 | 0 days | 1,588 sqft |
2021-12-01 | 0 days | 1,486 sqft |
2022-01-01 | 0 days | 1,578 sqft |
2022-02-01 | 0 days | 2,112 sqft |
2022-03-01 | 0 days | 1,957 sqft |
2022-04-01 | 0 days | 2,100 sqft |
2022-05-01 | 0 days | 1,785 sqft |
2022-06-01 | 0 days | 1,842 sqft |
2022-07-01 | 0 days | 1,830 sqft |
2022-08-01 | 0 days | 1,750 sqft |
2022-09-01 | 0 days | 1,745 sqft |
2022-10-01 | 0 days | 1,876 sqft |
2022-11-01 | 0 days | 1,924 sqft |
2022-12-01 | 0 days | 1,835 sqft |
2023-01-01 | 0 days | 1,793 sqft |
2023-02-01 | 0 days | 1,757 sqft |
2023-03-01 | 0 days | 1,870 sqft |
2023-04-01 | 0 days | 1,781 sqft |
2023-05-01 | 0 days | 1,801 sqft |
2023-06-01 | 0 days | 1,658 sqft |
2023-07-01 | 0 days | 1,704 sqft |
2023-08-01 | 0 days | 1,669 sqft |
2023-09-01 | 0 days | 1,802 sqft |
2023-10-01 | 0 days | 1,780 sqft |
2023-11-01 | 0 days | 1,659 sqft |
2023-12-01 | 0 days | 1,701 sqft |
2024-01-01 | 0 days | 1,624 sqft |
2024-02-01 | 0 days | 1,638 sqft |
2024-03-01 | 0 days | 1,785 sqft |
2024-04-01 | 0 days | 1,808 sqft |
2024-05-01 | 0 days | 1,773 sqft |
2024-06-01 | 0 days | 1,890 sqft |
2024-07-01 | 0 days | 1,904 sqft |
2024-08-01 | 0 days | 1,920 sqft |
2024-09-01 | 0 days | 1,879 sqft |
2024-10-01 | 0 days | 1,799 sqft |
Albert Lea's median square footage for active listings during the 2024-10-01 period was 1,799 sqft. One year prior, the average listing was 1,780 sqft.
Albert Lea, MN Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 303 | $46,925,000 | $154,868 |
Cash Out Refi | 40 | $4,900,000 | $122,500 |
Other | 34 | $3,030,000 | $89,118 |
Home Improvement | 26 | $1,510,000 | $58,077 |
Refi | 23 | $2,665,000 | $115,870 |
Albert Lea's most frequently cited loan purpose was Home Purchase, with 303 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 173 | $28,085,000 | $162,341 |
7-8% | 103 | $16,585,000 | $161,019 |
5-6% | 56 | $6,870,000 | $122,679 |
Over 8% | 37 | $2,695,000 | $72,838 |
<2.5% | 14 | $170,000 | $12,143 |
4-5% | 3 | $455,000 | $151,667 |
3-4% | 1 | $125,000 | $125,000 |
2.5-3% | 1 | $25,000 | $25,000 |
During 2023, Albert Lea's most frequently originated rate bucket was 6-7%, with 173 originations.
Loan Sizing (Albert Lea, MN MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 178 | $9,370,000 | $52,640 |
$100k-200k | 151 | $21,405,000 | $141,755 |
$200k-400k | 89 | $24,185,000 | $271,742 |
$400k-600k | 7 | $3,365,000 | $480,714 |
$600k-1000k | 1 | $705,000 | $705,000 |
Albert Lea's loan sizing saw the bucket of loans from $100,000 or less with 178 originations, totaling $9,370,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 198 | $36,010,000 | $181,869 |
60-80% | 73 | $10,855,000 | $148,699 |
Under 20% | 61 | $1,245,000 | $20,410 |
40-60% | 33 | $4,365,000 | $132,273 |
20-40% | 32 | $1,990,000 | $62,188 |
Over 100% | 2 | $620,000 | $310,000 |
Albert Lea's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 198 originations, totaling $36,010,000 in origination value.