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 7.26% for the week of 2023-09-14, compared to the national average of 7.18% for the same period.

The average rate for the prior week (2023-09-07) was 7% and one month ago for the week of 2023-08-10, the average rate was 7.04%.

Albert Lea's average rate one year ago was 6.17%.

For refis of the same type during the week of 2023-09-14, the average rate was 7.18%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-09-14 7.18%
Albert Lea 30 Year Fixed Rate 2023-09-14 7.26%
Albert Lea 30 Year Fixed Rate Refi 2023-09-14 7.18%
Albert Lea 15 Year Fixed Rate 2023-09-14 6.31%
Albert Lea 15 Year Fixed Rate Refi 2023-09-14 6.91%
Albert Lea 30 Year FHA 2023-09-14 6.66%
Albert Lea 30 Year FHA Refi 2023-09-14 6.99%
Albert Lea 30 Year USDA 2023-09-14 6.98%
Albert Lea 30 Year USDA Refi 2023-09-14 6.78%
Albert Lea 30 Year VA 2023-09-14 7.01%
Albert Lea 30 Year VA Refi 2023-09-14 6.61%
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 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, 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.