Albert Lea Mortgage Rates & Closing Costs

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  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
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  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Albert Lea averaged 6.91% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 6.84% and one month ago for the week of 2023-02-09, the average rate was 6.23%.

    Albert Lea's average rate one year ago was 3.93%.

    For refis of the same type during the week of 2023-03-16, the average rate was 6.72%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Albert Lea 30 Year Fixed Rate 2023-03-16 6.91%
    Albert Lea 30 Year Fixed Rate Refi 2023-03-16 6.72%
    Albert Lea 15 Year Fixed Rate 2023-03-16 6.29%
    Albert Lea 15 Year Fixed Rate Refi 2023-03-16 6.31%
    Albert Lea 30 Year FHA 2023-03-16 6.42%
    Albert Lea 30 Year FHA Refi 2023-03-16 6.04%
    Albert Lea 30 Year USDA 2023-03-16 6.35%
    Albert Lea 30 Year USDA Refi 2023-03-16 5.93%
    Albert Lea 30 Year VA 2023-03-16 6.34%
    Albert Lea 30 Year VA Refi 2023-03-16 5.78%
    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    GUARANTEED RATE, INC. 36 4.85% $5,167
    Home Federal Savings Bank 34 5.29% $3,771
    Wells Fargo Bank 17 4.85% $3,089
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 5.96% $4,108
    LOANDEPOT.COM, LLC 10 4.80% $7,318
    U.S. Bank 10 5.20% $2,955
    UNITED WHOLESALE MORTGAGE, LLC 9 5.58% $7,035
    QUICKEN LOANS, LLC 8 5.41% $4,478
    LAND HOME FINANCIAL SERVICES, INC. 7 5.21% $4,728
    Bell Bank 7 4.21% $5,245
    Citizens Community Federal 6 4.46% $3,231
    COMPEER FINANCIAL, FLCA 6 5.88% $3,248
    Minnwest Bank 5 5.49% $4,081
    Manufacturers Bank & Trust Company 4 6.16% $6,728
    The Huntington National Bank 4 5.44% $3,997
    Flagstar Bank, FSB 3 3.56% $2,969
    CALIBER HOME LOANS, INC. 3 5.96% $6,016
    CROSSCOUNTRY MORTGAGE, LLC 3 4.62% $4,347
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 5.13% $5,120
    PLAZA HOME MORTGAGE, INC. 2 5.31% $6,362
    TOWNE MORTGAGE COMPANY 2 4.81% $4,518
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 5.44% $3,251
    Bremer Bank 2 5.19% $7,664
    Mr. Cooper ( Nationstar Mortgage ) 2 6.06% $6,027
    Mortgage Research Center, LLC 2 6.25% $1,316
    HomeTown Bank 2 5.19% $4,009
    AMERICAN FINANCING CORPORATION 2 3.62% $5,272
    Summit Mortgage Corporation 2 5.69% $6,648
    WINGS FINANCIAL 1 6.38% $2,643
    AXIA FINANCIAL, LLC 1 6.00% $5,386
    Bankers' Bank 1 4.88% $3,797
    Bank of England 1 6.88% $4,315
    BAY EQUITY LLC 1 6.99% $3,909
    BROKER SOLUTIONS, INC. 1 5.99% $5,322
    Discover Bank 1 8.49% $0
    First Guaranty Mortgage Corporation 1 4.38% $5,948
    First National Bank 1 4.00% $2,592
    Frandsen Bank & Trust 1 5.25% $4,703
    GSF Mortgage Corporation 1 5.25% $14,323
    GUARANTY HOME MORTGAGE CORPORATION 1 5.38% $7,266
    Lend Smart Mortgage, LLC 1 5.50% $17,311
    NAVY FEDERAL CREDIT UNION 1 7.13% $2,823
    PENNYMAC LOAN SERVICES, LLC 1 3.88% $5,035
    Plains Commerce Bank 1 3.75% $2,880
    PREMIA MORTGAGE, LLC 1 5.13% $5,549
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.63% $3,422
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.50% $5,057
    Prosperity Home Mortgage, LLC 1 4.63% $7,946
    Royal Credit Union 1 4.38% $4,656
    ROYAL UNITED MORTGAGE LLC 1 4.75% $4,514
    Servion, Inc. 1 4.88% $3,329
    The Bank of New Glarus 1 5.00% $2,392
    ALTRA 1 7.25% $2,176

    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 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 (14.4%) $170,575 (5.2%) 0.00 95
    2018-08-01 $123,500 (9.9%) $167,574 (7.1%) 0.00 89
    2018-09-01 $119,900 (9.1%) $166,273 (7.0%) 0.00 85
    2018-10-01 $131,150 (19.3%) $165,256 (3.9%) 0.00 95
    2018-11-01 $129,150 (17.5%) $157,657 (1.0%) 0.00 93
    2018-12-01 $130,000 (45.3%) $164,104 (10.9%) 0.00 89
    2019-01-01 $140,375 (58.3%) $172,725 (19.7%) 0.00 71
    2019-02-01 $142,150 (28.2%) $175,354 (17.2%) 0.00 57
    2019-03-01 $145,471 (26.6%) $179,121 (21.9%) 0.00 68
    2019-04-01 $153,900 (4.6%) $184,155 (10.3%) 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 (4.7%) 0.00 119
    2019-10-01 $149,900 (14.3%) $174,627 (5.7%) 0.00 125
    2019-11-01 $148,900 (15.3%) $172,258 (9.3%) 0.00 123
    2019-12-01 $143,650 (10.5%) $167,550 (2.1%) 0.00 115
    2020-01-01 $139,625 (-0.5%) $169,323 (-2.0%) 0.00 103
    2020-02-01 $142,900 (0.5%) $174,375 (-0.6%) 0.00 92
    2020-03-01 $144,900 (-0.4%) $178,250 (-0.5%) 0.00 99
    2020-04-01 $149,950 (-2.6%) $177,391 (-3.7%) 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 24
    2021-05-01 $184,900 (12.8%) $237,376 (24.2%) 0.00 30
    2021-06-01 $188,650 (19.1%) $240,373 (22.9%) 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 (12.6%) $262,744 (9.3%) 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
    Albert Lea's median listing price for 2023-02-01 was $195,425, a difference of $48,025 (32.6%) versus the prior year and $5,275 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 2023-02-01 was $247,707, a difference of $36,785 (17.4%) versus the prior year and $-3,298 versus the prior month.

    For the 2023-02-01 period, Albert Lea had 43 MLS listings, a difference of -3 listings (-7%) versus the prior month and 8 listings (23%) 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 2,275 sqft
    2018-10-01 0 days 2,248 sqft
    2018-11-01 0 days 2,222 sqft
    2018-12-01 0 days 2,240 sqft
    2019-01-01 0 days 1,632 sqft
    2019-02-01 0 days 1,554 sqft
    2019-03-01 0 days 1,665 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 1,726 sqft
    2021-05-01 0 days 1,717 sqft
    2021-06-01 0 days 1,669 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
    Albert Lea's median listing age (time on market) for 2023-02-01 was 0 days.

    Albert Lea's median square footage for active listings during the 2023-02-01 period was 1,757 sqft. One year prior, the average listing was 2,112 sqft.

    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.