AMES Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ames averaged
6.57%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.4% and
one month ago for the week of 2024-10-03, the
average rate was 6%.
Ames's average rate one year ago was 7.64%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.79%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Ames 30 Year Fixed Rate | 2024-11-07 | 6.57% |
| Ames 30 Year Fixed Rate Refi | 2024-11-07 | 6.79% |
| Ames 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| Ames 15 Year Fixed Rate Refi | 2024-11-07 | 6.4% |
| Ames 30 Year FHA | 2024-11-07 | 6.25% |
| Ames 30 Year FHA Refi | 2024-11-07 | 6.23% |
| Ames 30 Year USDA | 2024-11-07 | 6.38% |
| Ames 30 Year USDA Refi | 2024-11-07 | 6.38% |
| Ames 30 Year VA | 2024-11-07 | 6.52% |
| Ames 30 Year VA Refi | 2024-11-07 | 6.14% |
AMES 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 AMES, IA 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.).
AMES Average Closing Costs & Other Stats
AMES, IA's 88 lenders originated 2,049
loans during 2023. The total origination value was $394,985,000, with an average loan value of
$192,770.
AMES's average closing costs are $3,357.
The top AMES lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with
164 loans originated. Their average total fees are
$2,425, which is $380
higher than the next largest lender,
GREENSTATE CREDIT UNION.
The lowest fee AMES lenders (with over 10 loans originated) are
Bankers Trust Company ($1,982), GREENSTATE CREDIT UNION ($2,044), VERIDIAN CREDIT UNION ($2,067), GREATER IOWA CREDIT UNION ($2,228) and Community Choice Credit Union ($2,412).
The lowest rate AMES lenders (with over 10 loans originated) are
Bankers Trust Company (5.42%), MEMBERS1st Community Credit Union (5.89%), Northwest Bank (6.20%), Deere Employees Credit Union (6.26%) and VERIDIAN CREDIT UNION (6.40%).
AMES, IA 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 |
|---|---|---|---|---|
| IOWA BANKERS MORTGAGE CORPORATION | $56,755,000 | $43,940,000 | -22.6% | 11.1% |
| Northwest Bank | $16,850,000 | $24,840,000 | 47.4% | 6.3% |
| GUILD MORTGAGE COMPANY | $1,670,000 | $22,015,000 | 1,218.3% | 5.6% |
| GREENSTATE CREDIT UNION | $23,825,000 | $17,895,000 | -24.9% | 4.5% |
| GREATER IOWA CREDIT UNION | $18,825,000 | $14,665,000 | -22.1% | 3.7% |
| Wells Fargo Bank | $31,160,000 | $13,540,000 | -56.5% | 3.4% |
| Bankers Trust Company | $17,835,000 | $11,580,000 | -35.1% | 2.9% |
| VERIDIAN CREDIT UNION | $17,920,000 | $11,250,000 | -37.2% | 2.8% |
| U.S. Bank | $13,755,000 | $9,915,000 | -27.9% | 2.5% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $14,030,000 | $9,635,000 | -31.3% | 2.4% |
| QUICKEN LOANS, LLC | $14,850,000 | $9,580,000 | -35.5% | 2.4% |
| Availa Bank | $13,425,000 | $8,090,000 | -39.7% | 2.0% |
| Community Choice Credit Union | $6,665,000 | $7,805,000 | 17.1% | 2.0% |
| South Story Bank & Trust | $7,530,000 | n/a | 1.9% | |
| VisionBank of Iowa | $9,320,000 | $7,390,000 | -20.7% | 1.9% |
| First National Bank, Ames, Iowa | $30,275,000 | $6,515,000 | -78.5% | 1.6% |
| Lincoln Savings Bank | $8,825,000 | $6,385,000 | -27.6% | 1.6% |
| Premier Credit Union | $6,065,000 | $4,995,000 | -17.6% | 1.3% |
| Mortgage Research Center, LLC | $5,530,000 | $4,785,000 | -13.5% | 1.2% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $10,200,000 | $4,770,000 | -53.2% | 1.2% |
| Luana Savings Bank | $10,685,000 | $4,095,000 | -61.7% | 1.0% |
| LAND HOME FINANCIAL SERVICES, INC. | $3,660,000 | $4,055,000 | 10.8% | 1.0% |
| Exchange State Bank | $4,045,000 | n/a | 1.0% | |
| HOMESIDE FINANCIAL, LLC | $2,675,000 | $4,020,000 | 50.3% | 1.0% |
| GUARANTEED RATE, INC. | $2,610,000 | $3,950,000 | 51.3% | 1.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,870,000 | $3,915,000 | 1.2% | 1.0% |
| MEMBERS1st Community Credit Union | $4,210,000 | $3,880,000 | -7.8% | 1.0% |
| HOMESERVICES LENDING, LLC | $3,605,000 | $3,830,000 | 6.2% | 1.0% |
| RIVER VALLEY CREDIT UNION | $4,820,000 | $3,165,000 | -34.3% | 0.8% |
| PENNYMAC LOAN SERVICES, LLC | $2,995,000 | $3,090,000 | 3.2% | 0.8% |
| Deere Employees Credit Union | $4,170,000 | $2,865,000 | -31.3% | 0.7% |
| FRONTIER FINANCIAL, INC. | $3,745,000 | $2,615,000 | -30.2% | 0.7% |
| Raccoon Valley Bank | $2,510,000 | n/a | 0.6% | |
| Farm Credit Mid-America, ACA | $2,200,000 | $2,185,000 | -0.7% | 0.6% |
| First Interstate Bank | $7,565,000 | $2,170,000 | -71.3% | 0.5% |
| Bank of America | $390,000 | $2,150,000 | 451.3% | 0.5% |
| NEWREZ LLC | $1,720,000 | $2,035,000 | 18.3% | 0.5% |
| Capitol Federal Savings Bank | $9,640,000 | $1,990,000 | -79.4% | 0.5% |
| CARDINAL FINANCIAL | $745,000 | $1,860,000 | 149.7% | 0.5% |
| FREEDOM MORTGAGE CORPORATION | $1,950,000 | $1,855,000 | -4.9% | 0.5% |
| Barrington Bank & Trust Company, N.A. | $2,390,000 | $1,785,000 | -25.3% | 0.5% |
| GNB Bank | $1,490,000 | $1,740,000 | 16.8% | 0.4% |
| CMG MORTGAGE, INC. | $215,000 | $1,725,000 | 702.3% | 0.4% |
| Community State Bank | $630,000 | $1,575,000 | 150.0% | 0.4% |
| BMO Harris Bank | $1,485,000 | n/a | 0.4% | |
| United Bank of Iowa | $4,235,000 | $1,460,000 | -65.5% | 0.4% |
| DUPACO COMMUNITY | $450,000 | $1,430,000 | 217.8% | 0.4% |
| JPMorgan Chase Bank | $1,985,000 | $1,420,000 | -28.5% | 0.4% |
| Fortress Bank | $830,000 | $1,380,000 | 66.3% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $2,095,000 | $1,315,000 | -37.2% | 0.3% |
| Ames National Corporation/Reliance State Bank | $1,275,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $1,995,000 | $1,255,000 | -37.1% | 0.3% |
| GERSHMAN INVESTMENT CORP. | $4,005,000 | $1,250,000 | -68.8% | 0.3% |
| Midwest Heritage Bank FSB | $1,205,000 | $1,215,000 | 0.8% | 0.3% |
| The Central Trust Bank | $1,895,000 | $1,165,000 | -38.5% | 0.3% |
| ENVOY MORTGAGE, LTD | $825,000 | $1,155,000 | 40.0% | 0.3% |
| City State Bank | $2,455,000 | $1,125,000 | -54.2% | 0.3% |
| Truist | $6,215,000 | $1,090,000 | -82.5% | 0.3% |
| Carrington Mortgage Services, LLC | $770,000 | $1,030,000 | 33.8% | 0.3% |
| Peoples Bank | $1,525,000 | $990,000 | -35.1% | 0.3% |
| Bank Iowa | $1,080,000 | $930,000 | -13.9% | 0.2% |
| West Gate Bank | $175,000 | $885,000 | 405.7% | 0.2% |
| Plains Commerce Bank | $1,135,000 | $825,000 | -27.3% | 0.2% |
| Charter Bank | $805,000 | n/a | 0.2% | |
| BROKER SOLUTIONS, INC. | $2,830,000 | $800,000 | -71.7% | 0.2% |
| Flagstar Bank, FSB | $1,470,000 | $785,000 | -46.6% | 0.2% |
| MID AMERICA MORTGAGE, INC. | $1,050,000 | $760,000 | -27.6% | 0.2% |
| Earlham Savings Bank | $750,000 | n/a | 0.2% | |
| The Huntington National Bank | $385,000 | $690,000 | 79.2% | 0.2% |
| Charles Schwab Bank, SSB | $685,000 | n/a | 0.2% | |
| Hills Bank and Trust Company | $610,000 | n/a | 0.2% | |
| CROSSCOUNTRY MORTGAGE, LLC | $285,000 | $600,000 | 110.5% | 0.2% |
| Central Bank | $1,860,000 | $555,000 | -70.2% | 0.1% |
| MORTGAGE ACCESS CORP. | $275,000 | $545,000 | 98.2% | 0.1% |
| First Federal Savings and Loan Association of Lakewood | $535,000 | n/a | 0.1% | |
| AMERISAVE MORTGAGE CORPORATION | $1,840,000 | $530,000 | -71.2% | 0.1% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $430,000 | $505,000 | 17.4% | 0.1% |
| GENERAL ELECTRIC CREDIT UNION | $445,000 | n/a | 0.1% | |
| USAA Federal Savings Bank | $1,220,000 | $445,000 | -63.5% | 0.1% |
| RUHL MORTGAGE, LLC | $255,000 | $440,000 | 72.5% | 0.1% |
| Gate City Bank | $435,000 | n/a | 0.1% | |
| Union State Bank | $435,000 | n/a | 0.1% | |
| MARINE | $375,000 | $410,000 | 9.3% | 0.1% |
| CHURCHILL MORTGAGE CORPORATION | $1,195,000 | $400,000 | -66.5% | 0.1% |
| Farmers State Bank | $4,770,000 | $395,000 | -91.7% | 0.1% |
| Figure Lending LLC | $115,000 | $390,000 | 239.1% | 0.1% |
| TOP FLITE FINANCIAL, INC. | $385,000 | n/a | 0.1% | |
| ENDEAVOR CAPITAL, LLC. | $380,000 | n/a | 0.1% | |
| MOVEMENT MORTGAGE, LLC | $205,000 | $375,000 | 82.9% | 0.1% |
| North American Savings Bank, F.S.B. | $375,000 | n/a | 0.1% | |
| Paramount Residential Mortgage Group, Inc. | $370,000 | n/a | 0.1% | |
| FINANCIAL PLUS Credit Union | $235,000 | $355,000 | 51.1% | 0.1% |
| UMB Bank | $345,000 | n/a | 0.1% | |
| NEW DAY FINANCIAL, LLC | $1,215,000 | $340,000 | -72.0% | 0.1% |
| PENTAGON FEDERAL CREDIT UNION | $230,000 | $340,000 | 47.8% | 0.1% |
| American Mortgage & Equity Consultants, Inc. | $335,000 | n/a | 0.1% | |
| CALCON MUTUAL MORTGAGE LLC | $335,000 | n/a | 0.1% | |
| PLAZA HOME MORTGAGE, INC. | $330,000 | n/a | 0.1% | |
| Farmers Bank & Trust | $325,000 | n/a | 0.1% | |
| Washington State Bank | $345,000 | $325,000 | -5.8% | 0.1% |
| Ohnward Bank & Trust | $320,000 | n/a | 0.1% | |
| FARMERS & MERCHANTS STATE BANK | $315,000 | n/a | 0.1% | |
| CBI Bank & Trust | $305,000 | n/a | 0.1% | |
| FINANCE OF AMERICA REVERSE LLC | $305,000 | n/a | 0.1% | |
| Ixonia Bank | $1,040,000 | $300,000 | -71.2% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $385,000 | $295,000 | -23.4% | 0.1% |
| AMERICAN FINANCIAL NETWORK, INC. | $285,000 | n/a | 0.1% | |
| Kerndt Brothers Savings Bank | $285,000 | n/a | 0.1% | |
| BETTER MORTGAGE CORPORATION | $865,000 | $275,000 | -68.2% | 0.1% |
| Citibank | $275,000 | n/a | 0.1% | |
| First National Bank of Omaha | $275,000 | n/a | 0.1% | |
| Securityplus FCU | $275,000 | n/a | 0.1% | |
| SERVICE 1ST | $275,000 | n/a | 0.1% | |
| POLARIS HOME FUNDING CORP. | $270,000 | n/a | 0.1% | |
| Coastal Community Bank | $265,000 | n/a | 0.1% | |
| EVANSVILLE TEACHERS | $255,000 | n/a | 0.1% | |
| Neighborhood Loans, Inc. | $275,000 | $245,000 | -10.9% | 0.1% |
| Ally Bank | $380,000 | $225,000 | -40.8% | 0.1% |
| CHEVRON | $225,000 | n/a | 0.1% | |
| TruBank | $220,000 | n/a | 0.1% | |
| AMERICAN FINANCE HOUSE LARIBA | $205,000 | n/a | 0.1% | |
| The Federal Savings Bank | $205,000 | n/a | 0.1% | |
| LIMA ONE CAPITAL, LLC | $75,000 | $200,000 | 166.7% | 0.1% |
| BankIowa of Cedar Rapids | $185,000 | n/a | 0.0% | |
| Chickasaw Community Bank | $2,015,000 | $185,000 | -90.8% | 0.0% |
| PHH Mortgage Corporation | $295,000 | $180,000 | -39.0% | 0.0% |
| Servion, Inc. | $920,000 | $170,000 | -81.5% | 0.0% |
| DAS Acquisition Company, LLC | $330,000 | $165,000 | -50.0% | 0.0% |
| First Bank | $160,000 | n/a | 0.0% | |
| COMMUNITY 1ST CREDIT UNION | $145,000 | $155,000 | 6.9% | 0.0% |
| JMAC LENDING, INC. | $155,000 | n/a | 0.0% | |
| State Savings Bank | $155,000 | n/a | 0.0% | |
| AMCAP MORTGAGE, LTD. | $145,000 | n/a | 0.0% | |
| American State Bank | $1,080,000 | $145,000 | -86.6% | 0.0% |
| Central State Bank | $145,000 | n/a | 0.0% | |
| CORNERSTONE HOME LENDING, INC. | $145,000 | n/a | 0.0% | |
| SUN WEST MORTGAGE COMPANY, INC. | $145,000 | n/a | 0.0% | |
| Northeast Security Bank | $135,000 | n/a | 0.0% | |
| Bank of the West | $1,820,000 | $130,000 | -92.9% | 0.0% |
| Bankers' Bank | $175,000 | $125,000 | -28.6% | 0.0% |
| Commerce Bank | $125,000 | n/a | 0.0% | |
| MidWestOne Bank | $815,000 | $110,000 | -86.5% | 0.0% |
| SPRING EQ, LLC | $95,000 | n/a | 0.0% | |
| ROYAL UNITED MORTGAGE LLC | $270,000 | $85,000 | -68.5% | 0.0% |
| Bank Northwest | $75,000 | n/a | 0.0% | |
| Third Federal Savings and Loan Association of Cleveland | $75,000 | n/a | 0.0% | |
| 21ST MORTGAGE CORPORATION | $670,000 | $70,000 | -89.6% | 0.0% |
| Citizens Bank | $65,000 | n/a | 0.0% | |
| Mr. Cooper ( Nationstar Mortgage ) | $3,130,000 | $65,000 | -97.9% | 0.0% |
| ALLIANT | $75,000 | $55,000 | -26.7% | 0.0% |
| Centier Bank | $15,000 | $55,000 | 266.7% | 0.0% |
| Serve Credit Union | $55,000 | n/a | 0.0% | |
| Iowa State Bank | $35,000 | n/a | 0.0% |
AMES's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 11.1% market share. In second place, with 6.3%, is Northwest Bank, having originated $24,840,000 in loans. In third place, with 5.6%, is GUILD MORTGAGE COMPANY, having originated $22,015,000 in loans. In fourth place, with 4.5%, is GREENSTATE CREDIT UNION, having originated $17,895,000 in loans. In fifth place, with 3.7%, is GREATER IOWA CREDIT UNION, having originated $14,665,000 in loans.
AMES, IA Average Rent (2023)
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| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 50010 | Ames, IA HUD Metro FMR Area | $790 | $850 | $970 | $1,380 | $1,650 |
| 50011 | Ames, IA HUD Metro FMR Area | $800 | $860 | $980 | $1,390 | $1,670 |
| 50012 | Ames, IA HUD Metro FMR Area | $860 | $920 | $1,060 | $1,500 | $1,800 |
| 50013 | Ames, IA HUD Metro FMR Area | $800 | $860 | $980 | $1,390 | $1,670 |
| 50014 | Ames, IA HUD Metro FMR Area | $880 | $950 | $1,090 | $1,550 | $1,850 |
| 50046 | Ames, IA HUD Metro FMR Area | $810 | $880 | $1,010 | $1,430 | $1,670 |
| 50055 | Ames, IA HUD Metro FMR Area | $830 | $880 | $1,050 | $1,480 | $1,710 |
| 50056 | Ames, IA HUD Metro FMR Area | $800 | $860 | $980 | $1,390 | $1,670 |
| 50105 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50122 | Ames, IA HUD Metro FMR Area | $800 | $860 | $980 | $1,390 | $1,670 |
| 50124 | Ames, IA HUD Metro FMR Area | $720 | $770 | $880 | $1,250 | $1,500 |
| 50134 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50154 | Ames, IA HUD Metro FMR Area | $770 | $830 | $950 | $1,350 | $1,620 |
| 50156 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50161 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50201 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50206 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50226 | Ames, IA HUD Metro FMR Area | $970 | $1,090 | $1,320 | $1,810 | $1,840 |
| 50230 | Ames, IA HUD Metro FMR Area | $800 | $860 | $980 | $1,390 | $1,670 |
| 50236 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50239 | Ames, IA HUD Metro FMR Area | $800 | $860 | $980 | $1,390 | $1,670 |
| 50243 | Ames, IA HUD Metro FMR Area | $750 | $830 | $980 | $1,370 | $1,490 |
| 50244 | Ames, IA HUD Metro FMR Area | $710 | $740 | $850 | $1,210 | $1,430 |
| 50247 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
| 50248 | Ames, IA HUD Metro FMR Area | $710 | $730 | $850 | $1,210 | $1,430 |
| 50278 | Ames, IA HUD Metro FMR Area | $710 | $720 | $850 | $1,210 | $1,430 |
2022 Average & Median Rent Data Statistics
AMES, IA average 1BR rent: $812, median: $830
AMES, IA average 2BR rent: $944, median: $960
AMES, IA average 3BR rent: $1,337, median: $1,360
AMES, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,274 | $288,610,000 | $226,538 |
| Home Improvement | 246 | $18,700,000 | $76,016 |
| Other | 197 | $32,265,000 | $163,782 |
| Cash Out Refi | 180 | $26,850,000 | $149,167 |
| Refi | 152 | $28,560,000 | $187,895 |
Ames's most frequently cited loan purpose was Home Purchase, with 1,274 originations. The 2nd most popular reason was Home Improvement, with 246 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 754 | $171,420,000 | $227,347 |
| 7-8% | 378 | $69,730,000 | $184,471 |
| 5-6% | 280 | $64,370,000 | $229,893 |
| Over 8% | 215 | $20,615,000 | $95,884 |
| 3-4% | 41 | $4,405,000 | $107,439 |
| 4-5% | 19 | $7,095,000 | $373,421 |
| <2.5% | 18 | $400,000 | $22,222 |
During 2023, Ames's most frequently originated rate bucket was 6-7%, with 754 originations.
Loan Sizing (AMES, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 661 | $33,095,000 | $50,068 |
| $100k-200k | 635 | $95,425,000 | $150,276 |
| $200k-400k | 612 | $166,270,000 | $271,683 |
| $400k-600k | 93 | $43,325,000 | $465,860 |
| $600k-1000k | 42 | $30,230,000 | $719,762 |
| $Over $1MM | 6 | $26,640,000 | $4,440,000 |
AMES's loan sizing saw the bucket of loans from $100,000 or less with 661 originations, totaling $33,095,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 740 | $177,450,000 | $239,797 |
| 60-80% | 327 | $95,615,000 | $292,401 |
| Under 20% | 280 | $14,670,000 | $52,393 |
| 20-40% | 223 | $22,605,000 | $101,368 |
| 40-60% | 121 | $23,335,000 | $192,851 |
| Over 100% | 11 | $3,045,000 | $276,818 |
AMES's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 740 originations, totaling $177,450,000 in origination value.