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 6.63% 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%
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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
UNION HOME MORTGAGE CORP. 26 6.61% $5,307
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 7.03% $4,563
Alerus Financial 18 6.83% $3,955
QUICKEN LOANS, LLC 15 6.93% $4,806
MOVEMENT MORTGAGE, LLC 12 7.11% $4,757
UNITED WHOLESALE MORTGAGE, LLC 11 7.08% $5,687
COMPEER FINANCIAL, FLCA 9 7.54% $3,702
LOANDEPOT.COM, LLC 6 6.67% $4,804
U.S. Bank 6 7.08% $3,587
IOWA BANKERS MORTGAGE CORPORATION 5 6.78% $4,694
Citizens Community Federal 5 6.98% $2,485
Wells Fargo Bank 3 6.88% $4,296
Plains Commerce Bank 3 7.04% $3,919
PLAZA HOME MORTGAGE, INC. 3 6.88% $4,485
GUARANTEED RATE, INC. 3 6.81% $4,053
Servion, Inc. 3 7.08% $4,636
LAND HOME FINANCIAL SERVICES, INC. 3 7.00% $7,900
CROSSCOUNTRY MORTGAGE, LLC 3 7.08% $3,837
BROKER SOLUTIONS, INC. 2 6.50% $3,904
PENNYMAC LOAN SERVICES, LLC 2 7.06% $7,473
Bremer Bank 2 6.44% $3,849
Mr. Cooper ( Nationstar Mortgage ) 2 6.56% $5,128
SPIRE Credit Union 2 6.75% $4,088
VERIDIAN CREDIT UNION 1 6.25% $2,553
MORTGAGE ACCESS CORP. 1 6.99% $3,492
AMERICAN FINANCIAL NETWORK, INC. 1 6.00% $3,340
American Mortgage & Equity Consultants, Inc. 1 7.13% $20,021
AMERISAVE MORTGAGE CORPORATION 1 7.88% $5,768
Bell Bank 1 5.99% $4,851
BETTER MORTGAGE CORPORATION 1 7.13% $2,353
CENTRAL MINNESOTA Credit Union 1 6.13% $4,751
GUARANTEED RATE AFFINITY, LLC 1 6.88% $2,298
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.88% $2,985
JPMorgan Chase Bank 1 6.75% $3,523
Merchants Bank 1 5.90% $4,414
Morgan Stanley Private Bank 1 6.75% $3,845
AFFINITY PLUS 1 6.38% $1,750
Mortgage Research Center, LLC 1 7.25% $3,261
NEWREZ LLC 1 5.63% $8,023
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $3,742
Prosperity Home Mortgage, LLC 1 7.13% $3,891
RUOFF MORTGAGE COMPANY, INC. 1 5.75% $4,683
The Huntington National Bank 1 7.63% $4,757
The Loan Store, Inc. 1 6.63% $4,454
Think Mutual Bank 1 6.50% $3,044
Tradition Mortgage, LLC 1 6.99% $3,240
USAA Federal Savings Bank 1 7.13% $3,008

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.