Albert Lea Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Albert Lea averaged 6.85% for the week of 2024-04-11, compared to the national average of 6.88% for the same period.

    The average rate for the prior week (2024-04-04) was 6.89% and one month ago for the week of 2024-03-07, the average rate was 6.75%.

    Albert Lea's average rate one year ago was 6.45%.

    For refis of the same type during the week of 2024-04-11, the average rate was 6.78%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-04-11 6.88%
    Albert Lea 30 Year Fixed Rate 2024-04-11 6.85%
    Albert Lea 30 Year Fixed Rate Refi 2024-04-11 6.78%
    Albert Lea 15 Year Fixed Rate 2024-04-11 6.06%
    Albert Lea 15 Year Fixed Rate Refi 2024-04-11 6.16%
    Albert Lea 30 Year FHA 2024-04-11 6.74%
    Albert Lea 30 Year FHA Refi 2024-04-11 6.84%
    Albert Lea 30 Year USDA 2024-04-11 6.81%
    Albert Lea 30 Year USDA Refi 2024-04-11 6.91%
    Albert Lea 30 Year VA 2024-04-11 6.77%
    Albert Lea 30 Year VA Refi 2024-04-11 6.57%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Albert Lea, MN.

    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.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUARANTEED RATE, INC. 24 6.39% $4,961
    Home Federal Savings Bank 16 6.22% $4,642
    UNITED WHOLESALE MORTGAGE, LLC 11 7.10% $5,940
    U.S. Bank 9 7.21% $2,937
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.87% $4,426
    UNION HOME MORTGAGE CORP. 9 7.47% $5,368
    QUICKEN LOANS, LLC 6 6.69% $4,998
    COMPEER FINANCIAL, FLCA 5 7.78% $3,852
    Wells Fargo Bank 4 6.66% $5,275
    LAND HOME FINANCIAL SERVICES, INC. 4 7.00% $6,616
    MOVEMENT MORTGAGE, LLC 4 6.94% $4,219
    TOWNE MORTGAGE COMPANY 4 6.97% $4,062
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 3 6.71% $4,023
    IOWA BANKERS MORTGAGE CORPORATION 3 7.04% $6,910
    Bell Bank 3 6.38% $4,833
    Merchants Bank 3 6.35% $2,757
    CROSSCOUNTRY MORTGAGE, LLC 3 7.04% $5,023
    PENNYMAC LOAN SERVICES, LLC 3 6.50% $4,845
    Prosperity Home Mortgage, LLC 2 6.88% $4,451
    ALTRA 2 6.65% $3,367
    BROKER SOLUTIONS, INC. 2 7.13% $4,638
    Cambria Financial Group, LLC 2 7.13% $4,295
    First Savings Bank 2 6.13% $4,798
    HOMESTEAD FUNDING CORP. 2 6.69% $5,559
    Minnwest Bank 2 6.00% $3,588
    Royal Credit Union 2 6.81% $0
    LAKEVIEW LOAN SERVICING, LLC 1 7.13% $4,996
    Gate City Bank 1 6.63% $4,800
    LOANDEPOT.COM, LLC 1 7.63% $4,301
    MARINE 1 10.36% $7,354
    FREEDOM MORTGAGE CORPORATION 1 6.49% $3,670
    Bank of America 1 7.00% $3,946
    Mortgage Research Center, LLC 1 6.99% $1,837
    Frandsen Bank & Trust 1 8.49% $3,143
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $5,873
    Flagstar Bank, FSB 1 6.63% $3,156
    PLAZA HOME MORTGAGE, INC. 1 7.38% $7,145
    AFFINITY PLUS 1 6.63% $2,902
    FIRST COMMUNITY MORTGAGE, INC. 1 7.38% $4,662
    AXIA FINANCIAL, LLC 1 6.99% $4,559
    RUOFF MORTGAGE COMPANY, INC. 1 7.00% $2,673
    Servion, Inc. 1 7.25% $2,606
    EVERETT FINANCIAL, INC. 1 6.88% $2,096
    Tradition Mortgage, LLC 1 7.25% $4,035
    Truist 1 6.99% $3,244
    Citizens Community Federal 1 6.38% $4,191
    CENTRAL MINNESOTA Credit Union 1 6.38% $3,291
    HIWAY 1 6.50% $2,752
    BAY EQUITY LLC 1 5.99% $4,816
    GENISYS 1 6.50% $4,857

    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. Louis
    Date 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
    Albert Lea's median listing price for 2024-03-01 was $232,450, a difference of $52,450 (29.1%) versus the prior year and $12,500 versus the prior month.

    Albert Lea's median listing price comes in at 0% of the national average.

    Albert Lea's average listing price for 2024-03-01 was $261,036, a difference of $20,602 (8.6%) versus the prior year and $17,503 versus the prior month.

    For the 2024-03-01 period, Albert Lea had 39 MLS listings, a difference of 0 listings (0%) versus the prior month and -1 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albert Lea (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date 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
    Albert Lea's median listing age (time on market) for 2024-03-01 was 0 days.

    Albert Lea's median square footage for active listings during the 2024-03-01 period was 1,785 sqft. One year prior, the average listing was 1,870 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.