Brownsville Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Brownsville averaged
7.3%
for the week of 2024-04-18, compared to the national average of
7.1% for the same period.
The average rate for the prior week (2024-04-11) was
6.68% and
one month ago for the week of 2024-03-14, the
average rate was 6.64%.
Brownsville's average rate one year ago was 6.27%.
For refis of the same type during the week of 2024-04-18, the average rate
was 7.5%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-04-18 | 7.1% |
| Brownsville 30 Year Fixed Rate | 2024-04-18 | 7.3% |
| Brownsville 30 Year Fixed Rate Refi | 2024-04-18 | 7.5% |
| Brownsville 15 Year Fixed Rate | 2024-04-18 | 6.19% |
| Brownsville 15 Year Fixed Rate Refi | 2024-04-18 | 6.49% |
| Brownsville 30 Year FHA | 2024-04-18 | 6.96% |
| Brownsville 30 Year FHA Refi | 2024-04-18 | 6.86% |
| Brownsville 30 Year USDA | 2024-04-18 | 6.86% |
| Brownsville 30 Year USDA Refi | 2024-04-18 | 6.76% |
| Brownsville 30 Year VA | 2024-04-18 | 6.66% |
| Brownsville 30 Year VA Refi | 2024-04-18 | 6.66% |
Brownsville 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 Brownsville, TN 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 | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| QUICKEN LOANS, LLC | 6 | 6.54% | $7,312 |
| Regions Bank | 3 | 6.46% | $3,703 |
| Simmons Bank | 3 | 6.83% | $2,893 |
| First Option Mortgage, LLC | 2 | 8.13% | $6,231 |
| Farm Credit Mid-America, ACA | 2 | 7.06% | $7,380 |
| FIRST COMMUNITY MORTGAGE, INC. | 2 | 6.63% | $8,700 |
| GENISYS | 1 | 6.50% | $3,131 |
| Independent Bank | 1 | 6.25% | $3,206 |
| JPMorgan Chase Bank | 1 | 7.13% | $4,592 |
| Leaders Credit Union | 1 | 7.63% | $3,885 |
| MORTGAGE INVESTORS GROUP, INC. | 1 | 6.13% | $3,344 |
| Mr. Cooper ( Nationstar Mortgage ) | 1 | 7.13% | $4,420 |
| NAVY FEDERAL CREDIT UNION | 1 | 7.50% | $1,820 |
| Patriot Bank | 1 | 6.63% | $3,907 |
| Royal Credit Union | 1 | 5.50% | $3,489 |
| SIRVA MORTGAGE, INC. | 1 | 6.25% | $0 |
| U.S. Bank | 1 | 7.50% | $3,929 |
| BancorpSouth | 1 | 7.88% | $2,769 |
| VANDERBILT MORTGAGE AND FINANCE, INC. | 1 | 8.25% | $6,900 |
| BAY-VALLEY MORTGAGE GROUP | 1 | 6.50% | $9,526 |
| Carrington Mortgage Services, LLC | 1 | 5.75% | $5,241 |
| COMPASS MORTGAGE, INC. | 1 | 6.99% | $4,149 |
| Deere Employees Credit Union | 1 | 5.88% | $2,636 |
| EVERETT FINANCIAL, INC. | 1 | 6.88% | $3,617 |
Brownsville Average Closing Costs & Other Stats
Brownsville, TN's 24 lenders originated 234
loans during 2023. The total origination value was $35,300,000, with an average loan value of
$150,855.
Brownsville's average closing costs are $4,877.
The top Brownsville lender as defined by loan originations is QUICKEN LOANS, LLC, with
6 loans originated. Their average total fees are
$7,312, which is $3,609
higher than the next largest lender,
Regions Bank.
The lowest fee Brownsville lenders (with over 10 loans originated) are
.
The lowest rate Brownsville lenders (with over 10 loans originated) are
.
Brownsville, TN 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 |
|---|---|---|---|---|
| INSOUTH Bank | $9,510,000 | $5,100,000 | -46.4% | 14.4% |
| EVERETT FINANCIAL, INC. | $4,290,000 | $3,470,000 | -19.1% | 9.8% |
| QUICKEN LOANS, LLC | $2,675,000 | $3,200,000 | 19.6% | 9.1% |
| FIRST COMMUNITY MORTGAGE, INC. | $2,495,000 | $2,725,000 | 9.2% | 7.7% |
| Decatur County Bank | $2,070,000 | n/a | 5.9% | |
| Leaders Credit Union | $1,260,000 | $1,495,000 | 18.7% | 4.2% |
| Regions Bank | $1,530,000 | $1,315,000 | -14.1% | 3.7% |
| Mortgage Research Center, LLC | $2,240,000 | $1,095,000 | -51.1% | 3.1% |
| Farm Credit Mid-America, ACA | $305,000 | $945,000 | 209.8% | 2.7% |
| BANK OF CROCKETT | $925,000 | n/a | 2.6% | |
| 21ST MORTGAGE CORPORATION | $165,000 | $805,000 | 387.9% | 2.3% |
| BankTennessee | $65,000 | $710,000 | 992.3% | 2.0% |
| Simmons Bank | $960,000 | $665,000 | -30.7% | 1.9% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $825,000 | $580,000 | -29.7% | 1.6% |
| Carroll Bank and Trust | $560,000 | n/a | 1.6% | |
| PENNYMAC LOAN SERVICES, LLC | $610,000 | $465,000 | -23.8% | 1.3% |
| NAVY FEDERAL CREDIT UNION | $45,000 | $435,000 | 866.7% | 1.2% |
| Patriot Bank | $585,000 | $415,000 | -29.1% | 1.2% |
| Renasant Bank | $85,000 | $405,000 | 376.5% | 1.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $915,000 | $370,000 | -59.6% | 1.0% |
| The Federal Savings Bank | $355,000 | n/a | 1.0% | |
| The Bank of Fayette County | $235,000 | $305,000 | 29.8% | 0.9% |
| LOANDEPOT.COM, LLC | $835,000 | $300,000 | -64.1% | 0.8% |
| U.S. Bank | $275,000 | n/a | 0.8% | |
| US MORTGAGE CORPORATION | $275,000 | n/a | 0.8% | |
| UNITED WHOLESALE MORTGAGE, LLC | $135,000 | $260,000 | 92.6% | 0.7% |
| MID AMERICA MORTGAGE, INC. | $255,000 | n/a | 0.7% | |
| SILVER HILL FUNDING, LLC | $250,000 | n/a | 0.7% | |
| BAY-VALLEY MORTGAGE GROUP | $245,000 | n/a | 0.7% | |
| Paramount Residential Mortgage Group, Inc. | $380,000 | $245,000 | -35.5% | 0.7% |
| AMERICAN FINANCIAL RESOURCES, INC. | $205,000 | $235,000 | 14.6% | 0.7% |
| First Option Mortgage, LLC | $230,000 | n/a | 0.7% | |
| Orion Federal Credit Union | $205,000 | $230,000 | 12.2% | 0.7% |
| JPMorgan Chase Bank | $225,000 | n/a | 0.6% | |
| BancorpSouth | $560,000 | $205,000 | -63.4% | 0.6% |
| Independent Bank | $205,000 | n/a | 0.6% | |
| MORTGAGE INVESTORS GROUP, INC. | $1,940,000 | $205,000 | -89.4% | 0.6% |
| Deere Employees Credit Union | $200,000 | n/a | 0.6% | |
| COMPASS MORTGAGE, INC. | $195,000 | n/a | 0.6% | |
| SIRVA MORTGAGE, INC. | $195,000 | n/a | 0.6% | |
| GENISYS | $185,000 | n/a | 0.5% | |
| BROKER SOLUTIONS, INC. | $175,000 | n/a | 0.5% | |
| EMM LOANS LLC | $175,000 | n/a | 0.5% | |
| NEW DAY FINANCIAL, LLC | $720,000 | $155,000 | -78.5% | 0.4% |
| Royal Credit Union | $155,000 | n/a | 0.4% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $145,000 | n/a | 0.4% | |
| NEWREZ LLC | $135,000 | n/a | 0.4% | |
| Bank of Ripley | $130,000 | n/a | 0.4% | |
| Bank of America | $125,000 | n/a | 0.4% | |
| CU COMMUNITY, LLC | $125,000 | n/a | 0.4% | |
| THRIVE MORTGAGE, LLC | $125,000 | n/a | 0.4% | |
| Brighton Bank | $105,000 | $105,000 | 0.0% | 0.3% |
| GENEVA FINANCIAL, LLC | $105,000 | n/a | 0.3% | |
| Carrington Mortgage Services, LLC | $85,000 | n/a | 0.2% | |
| SOUTHWEST STAGE FUNDING, LLC | $265,000 | $85,000 | -67.9% | 0.2% |
| First Citizens National Bank | $305,000 | $75,000 | -75.4% | 0.2% |
| McKenzie Banking Company | $75,000 | n/a | 0.2% | |
| LAKEVIEW LOAN SERVICING, LLC | $145,000 | $65,000 | -55.2% | 0.2% |
| THE PEOPLES BANK | $55,000 | n/a | 0.2% | |
| Commercial Bank & Trust Co. | $305,000 | $45,000 | -85.2% | 0.1% |
| PHH Mortgage Corporation | $45,000 | n/a | 0.1% | |
| Figure Lending LLC | $35,000 | n/a | 0.1% | |
| CB&S Bank, Inc. | $15,000 | n/a | 0.0% |
Brownsville's top lender by overall market share is INSOUTH Bank, with 14.4% market share. In second place, with 9.8%, is EVERETT FINANCIAL, INC., having originated $3,470,000 in loans. In third place, with 9.1%, is QUICKEN LOANS, LLC, having originated $3,200,000 in loans. In fourth place, with 7.7%, is FIRST COMMUNITY MORTGAGE, INC., having originated $2,725,000 in loans. In fifth place, with 5.9%, is Decatur County Bank, having originated $2,070,000 in loans.
Brownsville, TN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 118 | $19,920,000 | $168,814 |
| Refi | 46 | $7,800,000 | $169,565 |
| Cash Out Refi | 36 | $5,740,000 | $159,444 |
| Other | 18 | $1,070,000 | $59,444 |
| Home Improvement | 16 | $770,000 | $48,125 |
Brownsville's most frequently cited loan purpose was Home Purchase, with 118 originations. The 2nd most popular reason was Refi, with 46 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 76 | $12,750,000 | $167,763 |
| Over 8% | 36 | $3,210,000 | $89,167 |
| 7-8% | 31 | $5,345,000 | $172,419 |
| 5-6% | 22 | $3,570,000 | $162,273 |
| <2.5% | 9 | $45,000 | $5,000 |
| 4-5% | 2 | $590,000 | $295,000 |
During 2023, Brownsville's most frequently originated rate bucket was 6-7%, with 76 originations.
Loan Sizing (Brownsville, TN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 91 | $4,665,000 | $51,264 |
| $100k-200k | 87 | $12,705,000 | $146,034 |
| $200k-400k | 46 | $11,650,000 | $253,261 |
| $400k-600k | 7 | $3,195,000 | $456,429 |
| $600k-1000k | 2 | $1,380,000 | $690,000 |
| $Over $1MM | 1 | $1,705,000 | $1,705,000 |
Brownsville's loan sizing saw the bucket of loans from $100,000 or less with 91 originations, totaling $4,665,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 85 | $15,785,000 | $185,706 |
| 60-80% | 38 | $6,100,000 | $160,526 |
| Under 20% | 20 | $370,000 | $18,500 |
| 40-60% | 17 | $1,825,000 | $107,353 |
| 20-40% | 13 | $825,000 | $63,462 |
| Over 100% | 3 | $605,000 | $201,667 |
Brownsville's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 85 originations, totaling $15,785,000 in origination value.