Albert Lea Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Albert Lea averaged
7.26%
for the week of 2023-09-14, compared to the national average of
7.18% for the same period.
The average rate for the prior week (2023-09-07) was
7% and
one month ago for the week of 2023-08-10, the
average rate was 7.04%.
Albert Lea's average rate one year ago was 6.17%.
For refis of the same type during the week of 2023-09-14, the average rate
was 7.18%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
| Albert Lea 30 Year Fixed Rate | 2023-09-14 | 7.26% |
| Albert Lea 30 Year Fixed Rate Refi | 2023-09-14 | 7.18% |
| Albert Lea 15 Year Fixed Rate | 2023-09-14 | 6.31% |
| Albert Lea 15 Year Fixed Rate Refi | 2023-09-14 | 6.91% |
| Albert Lea 30 Year FHA | 2023-09-14 | 6.66% |
| Albert Lea 30 Year FHA Refi | 2023-09-14 | 6.99% |
| Albert Lea 30 Year USDA | 2023-09-14 | 6.98% |
| Albert Lea 30 Year USDA Refi | 2023-09-14 | 6.78% |
| Albert Lea 30 Year VA | 2023-09-14 | 7.01% |
| Albert Lea 30 Year VA Refi | 2023-09-14 | 6.61% |
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 53 lenders originated 570
loans during 2022. The total origination value was $83,670,000, with an average loan value of
$146,789.
Albert Lea's average closing costs are $4,158.
The top Albert Lea lender as defined by loan originations is GUARANTEED RATE, INC., with
36 loans originated. Their average total fees are
$5,167, which is $1,396
higher than the next largest lender,
Home Federal Savings Bank.
The lowest fee Albert Lea lenders (with over 10 loans originated) are
U.S. Bank ($2,955), Wells Fargo Bank ($3,089), Home Federal Savings Bank ($3,771), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,108) and GUARANTEED RATE, INC. ($5,167).
The lowest rate Albert Lea lenders (with over 10 loans originated) are
LOANDEPOT.COM, LLC (4.80%), GUARANTEED RATE, INC. (4.85%), Wells Fargo Bank (4.85%), U.S. Bank (5.20%) and Home Federal Savings Bank (5.29%).
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| GUARANTEED RATE, INC. | $12,605,000 | $11,410,000 | -9.5% | 13.6% |
| Home Federal Savings Bank | $16,740,000 | $7,795,000 | -53.4% | 9.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $7,435,000 | $6,255,000 | -15.9% | 7.5% |
| U.S. Bank | $10,140,000 | $5,310,000 | -47.6% | 6.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,720,000 | $3,880,000 | 4.3% | 4.6% |
| LOANDEPOT.COM, LLC | $1,475,000 | $3,745,000 | 153.9% | 4.5% |
| Wells Fargo Bank | $6,300,000 | $3,545,000 | -43.7% | 4.2% |
| QUICKEN LOANS, LLC | $14,715,000 | $3,525,000 | -76.0% | 4.2% |
| Manufacturers Bank & Trust Company | $4,240,000 | $3,175,000 | -25.1% | 3.8% |
| COMPEER FINANCIAL, FLCA | $4,045,000 | $2,745,000 | -32.1% | 3.3% |
| Bremer Bank | $1,635,000 | $2,555,000 | 56.3% | 3.1% |
| Bell Bank | $1,225,000 | $2,235,000 | 82.4% | 2.7% |
| Citizens Community Federal | $4,815,000 | $1,665,000 | -65.4% | 2.0% |
| LAND HOME FINANCIAL SERVICES, INC. | $1,710,000 | $1,610,000 | -5.8% | 1.9% |
| Flagstar Bank, FSB | $475,000 | $1,195,000 | 151.6% | 1.4% |
| Frandsen Bank & Trust | $235,000 | $1,095,000 | 366.0% | 1.3% |
| TOWNE MORTGAGE COMPANY | $495,000 | $1,005,000 | 103.0% | 1.2% |
| CALIBER HOME LOANS, INC. | $350,000 | $920,000 | 162.9% | 1.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $405,000 | $915,000 | 125.9% | 1.1% |
| Minnwest Bank | $115,000 | $895,000 | 678.3% | 1.1% |
| Nebraska Bank of Commerce | $705,000 | n/a | 0.8% | |
| Mr. Cooper ( Nationstar Mortgage ) | $1,585,000 | $700,000 | -55.8% | 0.8% |
| Mortgage Research Center, LLC | $1,700,000 | $640,000 | -62.4% | 0.8% |
| The Huntington National Bank | $155,000 | $640,000 | 312.9% | 0.8% |
| PLAZA HOME MORTGAGE, INC. | $375,000 | $605,000 | 61.3% | 0.7% |
| Plains Commerce Bank | $1,160,000 | $545,000 | -53.0% | 0.7% |
| Lend Smart Mortgage, LLC | $735,000 | $540,000 | -26.5% | 0.6% |
| Merchants Bank | $1,645,000 | $535,000 | -67.5% | 0.6% |
| BROKER SOLUTIONS, INC. | $1,470,000 | $530,000 | -63.9% | 0.6% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $315,000 | $505,000 | 60.3% | 0.6% |
| GSF Mortgage Corporation | $495,000 | n/a | 0.6% | |
| NEW DAY FINANCIAL, LLC | $1,465,000 | $455,000 | -68.9% | 0.5% |
| Royal Credit Union | $75,000 | $450,000 | 500.0% | 0.5% |
| LAKEVIEW LOAN SERVICING, LLC | $1,380,000 | $410,000 | -70.3% | 0.5% |
| IOWA BANKERS MORTGAGE CORPORATION | $320,000 | $405,000 | 26.6% | 0.5% |
| FREEDOM MORTGAGE CORPORATION | $1,870,000 | $390,000 | -79.1% | 0.5% |
| HomeTown Bank | $910,000 | $365,000 | -59.9% | 0.4% |
| Prosperity Home Mortgage, LLC | $205,000 | $355,000 | 73.2% | 0.4% |
| Summit Mortgage Corporation | $350,000 | n/a | 0.4% | |
| NAVY FEDERAL CREDIT UNION | $330,000 | $335,000 | 1.5% | 0.4% |
| AFFINITY PLUS | $490,000 | $330,000 | -32.7% | 0.4% |
| ALTRA | $940,000 | $320,000 | -66.0% | 0.4% |
| EVERETT FINANCIAL, INC. | $315,000 | n/a | 0.4% | |
| GUARANTY HOME MORTGAGE CORPORATION | $430,000 | $305,000 | -29.1% | 0.4% |
| AXIA FINANCIAL, LLC | $645,000 | $265,000 | -58.9% | 0.3% |
| GUARANTEED RATE AFFINITY, LLC | $255,000 | n/a | 0.3% | |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $250,000 | n/a | 0.3% | |
| MEGASTAR FINANCIAL CORP. | $245,000 | n/a | 0.3% | |
| ALLIANT | $240,000 | n/a | 0.3% | |
| First National Bank | $235,000 | n/a | 0.3% | |
| Mortgages Unlimited Inc. | $255,000 | $230,000 | -9.8% | 0.3% |
| Ally Bank | $115,000 | $225,000 | 95.7% | 0.3% |
| RESULTS MORTGAGE, LLC | $245,000 | $225,000 | -8.2% | 0.3% |
| LENDINGHOME FUNDING CORPORATION | $220,000 | n/a | 0.3% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $530,000 | $220,000 | -58.5% | 0.3% |
| Cambria Financial Group, LLC | $225,000 | $210,000 | -6.7% | 0.3% |
| FNB Moose Lake | $205,000 | n/a | 0.2% | |
| The Federal Savings Bank | $205,000 | n/a | 0.2% | |
| First Guaranty Mortgage Corporation | $705,000 | $190,000 | -73.0% | 0.2% |
| PREMIA MORTGAGE, LLC | $185,000 | n/a | 0.2% | |
| ROYAL UNITED MORTGAGE LLC | $255,000 | $185,000 | -27.5% | 0.2% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $60,000 | $185,000 | 208.3% | 0.2% |
| Barrington Bank & Trust Company, N.A. | $795,000 | $175,000 | -78.0% | 0.2% |
| Flagship Banks Minnesota | $175,000 | n/a | 0.2% | |
| Lakeview Community Capital, LLC | $175,000 | n/a | 0.2% | |
| WINGS FINANCIAL | $130,000 | $170,000 | 30.8% | 0.2% |
| AMERICAN FINANCING CORPORATION | $330,000 | $150,000 | -54.5% | 0.2% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $430,000 | $150,000 | -65.1% | 0.2% |
| USAlliance Federal Credit Union | $145,000 | n/a | 0.2% | |
| BAY EQUITY LLC | $1,100,000 | $135,000 | -87.7% | 0.2% |
| ZILLOW HOME LOANS, LLC | $135,000 | n/a | 0.2% | |
| 21ST MORTGAGE CORPORATION | $255,000 | $125,000 | -51.0% | 0.1% |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $125,000 | n/a | 0.1% | |
| Carrington Mortgage Services, LLC | $295,000 | $125,000 | -57.6% | 0.1% |
| PENNYMAC LOAN SERVICES, LLC | $1,540,000 | $125,000 | -91.9% | 0.1% |
| The Bank of New Glarus | $115,000 | n/a | 0.1% | |
| MOVEMENT MORTGAGE, LLC | $105,000 | n/a | 0.1% | |
| Servion, Inc. | $395,000 | $105,000 | -73.4% | 0.1% |
| Bankers' Bank | $135,000 | $95,000 | -29.6% | 0.1% |
| Bank of England | $85,000 | n/a | 0.1% | |
| Foresight Bank | $150,000 | $85,000 | -43.3% | 0.1% |
| RUOFF MORTGAGE COMPANY, INC. | $125,000 | $85,000 | -32.0% | 0.1% |
| Community Resource Bank | $75,000 | n/a | 0.1% | |
| Discover Bank | $65,000 | n/a | 0.1% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $380,000 | $65,000 | -82.9% | 0.1% |
| Bank of America | $430,000 | $55,000 | -87.2% | 0.1% |
| MARINE | $45,000 | n/a | 0.1% | |
| GENISYS | $35,000 | n/a | 0.0% | |
| HIWAY | $160,000 | $35,000 | -78.1% | 0.0% |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $55,000 | $35,000 | -36.4% | 0.0% |
Albert Lea's top lender by overall market share is GUARANTEED RATE, INC., with 13.6% market share. In second place, with 9.3%, is Home Federal Savings Bank, having originated $7,795,000 in loans. In third place, with 7.5%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $6,255,000 in loans. In fourth place, with 6.3%, is U.S. Bank, having originated $5,310,000 in loans. In fifth place, with 4.6%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $3,880,000 in loans.
Albert Lea, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 349 | $56,065,000 | $160,645 |
| Cash Out Refi | 95 | $14,465,000 | $152,263 |
| Refi | 77 | $8,975,000 | $116,558 |
| Home Improvement | 27 | $2,115,000 | $78,333 |
| Other | 22 | $2,050,000 | $93,182 |
Albert Lea's most frequently cited loan purpose was Home Purchase, with 349 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 152 | $23,470,000 | $154,408 |
| 4-5% | 137 | $20,495,000 | $149,599 |
| 3-4% | 109 | $18,465,000 | $169,404 |
| 6-7% | 80 | $10,750,000 | $134,375 |
| 2.5-3% | 26 | $5,100,000 | $196,154 |
| 7-8% | 21 | $2,105,000 | $100,238 |
| <2.5% | 20 | $1,190,000 | $59,500 |
| Over 8% | 8 | $500,000 | $62,500 |
During 2022, Albert Lea's most frequently originated rate bucket was 5-6%, with 152 originations.
Loan Sizing (Albert Lea, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 235 | $13,515,000 | $57,511 |
| $100k-200k | 212 | $30,520,000 | $143,962 |
| $200k-400k | 101 | $26,495,000 | $262,327 |
| $400k-600k | 16 | $7,550,000 | $471,875 |
| $600k-1000k | 5 | $3,655,000 | $731,000 |
| $Over $1MM | 1 | $1,935,000 | $1,935,000 |
Albert Lea's loan sizing saw the bucket of loans from $100,000 or less with 235 originations, totaling $13,515,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 260 | $47,470,000 | $182,577 |
| 60-80% | 124 | $21,360,000 | $172,258 |
| 40-60% | 68 | $7,950,000 | $116,912 |
| Under 20% | 56 | $1,220,000 | $21,786 |
| 20-40% | 49 | $3,105,000 | $63,367 |
| Over 100% | 4 | $1,080,000 | $270,000 |
Albert Lea's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 260 originations, totaling $47,470,000 in origination value.