Albert Lea Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

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%
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
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 for 2024-10-01 was $243,650, a difference of $-19,250 (-7.3%) versus the prior year and $-5,250 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 2024-10-01 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. 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
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 listing age (time on market) for 2024-10-01 was 0 days.

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.