Albert Lea Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Albert Lea averaged
6.63%
for the week of 2025-07-03, compared to the national average of
6.67% for the same period.
The average rate for the prior week (2025-06-26) was
6.93% and
one month ago for the week of 2025-05-29, the
average rate was 7.25%.
Albert Lea's average rate one year ago was 7.12%.
For refis of the same type during the week of 2025-07-03, the average rate
was 6.67%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-07-03 | 6.67% |
| Albert Lea 30 Year Fixed Rate | 2025-07-03 | 6.63% |
| Albert Lea 30 Year Fixed Rate Refi | 2025-07-03 | 6.67% |
| Albert Lea 15 Year Fixed Rate | 2025-07-03 | 5.8% |
| Albert Lea 15 Year Fixed Rate Refi | 2025-07-03 | 6.1% |
| Albert Lea 30 Year FHA | 2025-07-03 | 0.2% |
| Albert Lea 30 Year FHA Refi | 2025-07-03 | 0% |
| Albert Lea 30 Year USDA | 2025-07-03 | 0.1% |
| Albert Lea 30 Year USDA Refi | 2025-07-03 | 0% |
| Albert Lea 30 Year VA | 2025-07-03 | 0% |
| Albert Lea 30 Year VA Refi | 2025-07-03 | 0.1% |
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 47 lenders originated 465
loans during 2024. The total origination value was $61,345,000, with an average loan value of
$131,925.
Albert Lea's average closing costs are $4,447.
The top Albert Lea lender as defined by loan originations is UNION HOME MORTGAGE CORP., with
26 loans originated. Their average total fees are
$5,307, which is $744
higher than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Albert Lea lenders (with over 10 loans originated) are
Alerus Financial ($3,955), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,563), MOVEMENT MORTGAGE, LLC ($4,757), QUICKEN LOANS, LLC ($4,806) and UNION HOME MORTGAGE CORP. ($5,307).
The lowest rate Albert Lea lenders (with over 10 loans originated) are
UNION HOME MORTGAGE CORP. (6.61%), Alerus Financial (6.83%), QUICKEN LOANS, LLC (6.93%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.03%) and UNITED WHOLESALE MORTGAGE, LLC (7.08%).
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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| UNION HOME MORTGAGE CORP. | $2,380,000 | $6,450,000 | 171.0% | 10.5% |
| Alerus Financial | $335,000 | $4,915,000 | 1,367.2% | 8.0% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,810,000 | $4,420,000 | 16.0% | 7.2% |
| QUICKEN LOANS, LLC | $3,240,000 | $4,320,000 | 33.3% | 7.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,755,000 | $3,575,000 | -4.8% | 5.8% |
| COMPEER FINANCIAL, FLCA | $1,800,000 | $3,260,000 | 81.1% | 5.3% |
| MOVEMENT MORTGAGE, LLC | $855,000 | $2,980,000 | 248.5% | 4.9% |
| U.S. Bank | $1,955,000 | $2,290,000 | 17.1% | 3.7% |
| LOANDEPOT.COM, LLC | $910,000 | $2,095,000 | 130.2% | 3.4% |
| Manufacturers Bank & Trust Company | $1,675,000 | $1,795,000 | 7.2% | 2.9% |
| Mortgage Research Center, LLC | $2,200,000 | $1,640,000 | -25.5% | 2.7% |
| GUARANTEED RATE, INC. | $6,430,000 | $1,595,000 | -75.2% | 2.6% |
| CROSSCOUNTRY MORTGAGE, LLC | $1,110,000 | $1,110,000 | 0.0% | 1.8% |
| Plains Commerce Bank | $275,000 | $1,045,000 | 280.0% | 1.7% |
| IOWA BANKERS MORTGAGE CORPORATION | $895,000 | $1,035,000 | 15.6% | 1.7% |
| LAND HOME FINANCIAL SERVICES, INC. | $1,340,000 | $990,000 | -26.1% | 1.6% |
| Citizens Community Federal | $360,000 | $855,000 | 137.5% | 1.4% |
| Mr. Cooper ( Nationstar Mortgage ) | $290,000 | $800,000 | 175.9% | 1.3% |
| Wells Fargo Bank | $1,515,000 | $745,000 | -50.8% | 1.2% |
| PENNYMAC LOAN SERVICES, LLC | $850,000 | $670,000 | -21.2% | 1.1% |
| TOWNE MORTGAGE COMPANY | $935,000 | $650,000 | -30.5% | 1.1% |
| American Mortgage & Equity Consultants, Inc. | $615,000 | n/a | 1.0% | |
| BROKER SOLUTIONS, INC. | $750,000 | $510,000 | -32.0% | 0.8% |
| Servion, Inc. | $350,000 | $505,000 | 44.3% | 0.8% |
| Security Bank & Trust Company | $465,000 | n/a | 0.8% | |
| PLAZA HOME MORTGAGE, INC. | $330,000 | $455,000 | 37.9% | 0.7% |
| Bell Bank | $1,460,000 | $425,000 | -70.9% | 0.7% |
| MinnStar Bank N.A. | $415,000 | n/a | 0.7% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $410,000 | n/a | 0.7% | |
| SPIRE Credit Union | $400,000 | n/a | 0.7% | |
| 21ST MORTGAGE CORPORATION | $110,000 | $385,000 | 250.0% | 0.6% |
| NEWREZ LLC | $155,000 | $370,000 | 138.7% | 0.6% |
| BankVista | $340,000 | n/a | 0.6% | |
| Prosperity Home Mortgage, LLC | $745,000 | $315,000 | -57.7% | 0.5% |
| FREEDOM MORTGAGE CORPORATION | $655,000 | $310,000 | -52.7% | 0.5% |
| Lakeview Community Capital, LLC | $115,000 | $295,000 | 156.5% | 0.5% |
| LAKEVIEW LOAN SERVICING, LLC | $580,000 | $280,000 | -51.7% | 0.5% |
| BETTER MORTGAGE CORPORATION | $265,000 | n/a | 0.4% | |
| Morgan Stanley Private Bank | $265,000 | n/a | 0.4% | |
| JPMorgan Chase Bank | $260,000 | n/a | 0.4% | |
| Minnwest Bank | $240,000 | $245,000 | 2.1% | 0.4% |
| Bremer Bank | $240,000 | n/a | 0.4% | |
| USAA Federal Savings Bank | $240,000 | n/a | 0.4% | |
| Carrington Mortgage Services, LLC | $65,000 | $235,000 | 261.5% | 0.4% |
| CENTRAL MINNESOTA Credit Union | $200,000 | $235,000 | 17.5% | 0.4% |
| Cambria Financial Group, LLC | $180,000 | $215,000 | 19.4% | 0.4% |
| Minnesota Valley Federal Credit Union | $215,000 | n/a | 0.4% | |
| F & M Community Bank | $195,000 | n/a | 0.3% | |
| Profinium Inc. | $65,000 | $195,000 | 200.0% | 0.3% |
| FINANCE OF AMERICA REVERSE LLC | $190,000 | n/a | 0.3% | |
| NAVY FEDERAL CREDIT UNION | $265,000 | $190,000 | -28.3% | 0.3% |
| The Loan Store, Inc. | $185,000 | n/a | 0.3% | |
| AMERICAN FINANCIAL NETWORK, INC. | $175,000 | n/a | 0.3% | |
| Tradition Mortgage, LLC | $145,000 | $175,000 | 20.7% | 0.3% |
| Think Mutual Bank | $170,000 | n/a | 0.3% | |
| Merchants Bank | $970,000 | $165,000 | -83.0% | 0.3% |
| VERIDIAN CREDIT UNION | $165,000 | n/a | 0.3% | |
| ALTRA | $490,000 | $160,000 | -67.3% | 0.3% |
| Figure Lending LLC | $155,000 | n/a | 0.3% | |
| MORTGAGE ACCESS CORP. | $155,000 | n/a | 0.3% | |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $920,000 | $150,000 | -83.7% | 0.2% |
| Century Mortgage Company DBA Century Lending Company | $145,000 | n/a | 0.2% | |
| Flanagan State Bank | $145,000 | n/a | 0.2% | |
| The Huntington National Bank | $140,000 | n/a | 0.2% | |
| M&T Bank | $250,000 | $135,000 | -46.0% | 0.2% |
| AFFINITY PLUS | $190,000 | $130,000 | -31.6% | 0.2% |
| Coastal Community Bank | $195,000 | $130,000 | -33.3% | 0.2% |
| American State Bank | $125,000 | n/a | 0.2% | |
| Flagstar Bank, FSB | $325,000 | $125,000 | -61.5% | 0.2% |
| Summit Mortgage Corporation | $290,000 | $120,000 | -58.6% | 0.2% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $105,000 | n/a | 0.2% | |
| CARDINAL FINANCIAL | $105,000 | n/a | 0.2% | |
| LENDINGHOME FUNDING CORPORATION | $75,000 | $85,000 | 13.3% | 0.1% |
| RUOFF MORTGAGE COMPANY, INC. | $85,000 | $85,000 | 0.0% | 0.1% |
| AMERISAVE MORTGAGE CORPORATION | $175,000 | $75,000 | -57.1% | 0.1% |
| AMERITRUST MORTGAGE CORPORATION | $75,000 | n/a | 0.1% | |
| Bank of America | $455,000 | $75,000 | -83.5% | 0.1% |
| The First National Bank of Le Center | $75,000 | n/a | 0.1% | |
| TRIAD FINANCIAL SERVICES, INC. | $75,000 | $75,000 | 0.0% | 0.1% |
| GUILD MORTGAGE COMPANY | $65,000 | n/a | 0.1% | |
| MARINE | $235,000 | $65,000 | -72.3% | 0.1% |
| GUARANTEED RATE AFFINITY, LLC | $55,000 | n/a | 0.1% | |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $55,000 | n/a | 0.1% | |
| HomeTown Bank | $225,000 | $35,000 | -84.4% | 0.1% |
| PENTAGON FEDERAL CREDIT UNION | $35,000 | n/a | 0.1% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $35,000 | n/a | 0.1% | |
| WINGS FINANCIAL | $65,000 | $25,000 | -61.5% | 0.0% |
Albert Lea's top lender by overall market share is UNION HOME MORTGAGE CORP., with 10.5% market share. In second place, with 8.0%, is Alerus Financial, having originated $4,915,000 in loans. In third place, with 7.2%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $4,420,000 in loans. In fourth place, with 7.0%, is QUICKEN LOANS, LLC, having originated $4,320,000 in loans. In fifth place, with 5.8%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $3,575,000 in loans.
Albert Lea, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 327 | $45,565,000 | $139,343 |
| Cash Out Refi | 54 | $7,370,000 | $136,481 |
| Refi | 31 | $5,135,000 | $165,645 |
| Other | 30 | $1,600,000 | $53,333 |
| Home Improvement | 23 | $1,675,000 | $72,826 |
Albert Lea's most frequently cited loan purpose was Home Purchase, with 327 originations. The 2nd most popular reason was Cash Out Refi, with 54 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 197 | $30,455,000 | $154,594 |
| 7-8% | 109 | $17,115,000 | $157,018 |
| Over 8% | 55 | $3,685,000 | $67,000 |
| <2.5% | 30 | $550,000 | $18,333 |
| 5-6% | 28 | $4,960,000 | $177,143 |
| 4-5% | 1 | $175,000 | $175,000 |
During 2024, Albert Lea's most frequently originated rate bucket was 6-7%, with 197 originations.
Loan Sizing (Albert Lea, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 194 | $9,510,000 | $49,021 |
| $100k-200k | 180 | $26,310,000 | $146,167 |
| $200k-400k | 83 | $21,545,000 | $259,578 |
| $400k-600k | 7 | $3,365,000 | $480,714 |
| $600k-1000k | 1 | $615,000 | $615,000 |
Albert Lea's loan sizing saw the bucket of loans from $100,000 or less with 194 originations, totaling $9,510,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 214 | $35,180,000 | $164,393 |
| Under 20% | 74 | $1,740,000 | $23,514 |
| 60-80% | 73 | $12,405,000 | $169,932 |
| 20-40% | 37 | $2,225,000 | $60,135 |
| 40-60% | 31 | $4,335,000 | $139,839 |
| Over 100% | 4 | $850,000 | $212,500 |
Albert Lea's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 214 originations, totaling $35,180,000 in origination value.