Brownsville Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Brownsville averaged
7.01%
for the week of 2023-03-23, compared to the national average of
6.42% for the same period.
The average rate for the prior week (2023-03-16) was
6.99% and
one month ago for the week of 2023-02-16, the
average rate was 6.51%.
Brownsville's average rate one year ago was 4.22%.
For refis of the same type during the week of 2023-03-23, the average rate
was 7%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-23 | 6.42% |
| Brownsville 30 Year Fixed Rate | 2023-03-23 | 7.01% |
| Brownsville 30 Year Fixed Rate Refi | 2023-03-23 | 7% |
| Brownsville 15 Year Fixed Rate | 2023-03-23 | 6.8% |
| Brownsville 15 Year Fixed Rate Refi | 2023-03-23 | 6.61% |
| Brownsville 30 Year FHA | 2023-03-23 | 6.22% |
| Brownsville 30 Year FHA Refi | 2023-03-23 | 6.26% |
| Brownsville 30 Year USDA | 2023-03-23 | 6.36% |
| Brownsville 30 Year USDA Refi | 2023-03-23 | 2.28% |
| Brownsville 30 Year VA | 2023-03-23 | 6.32% |
| Brownsville 30 Year VA Refi | 2023-03-23 | 5.7% |
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.).
Brownsville Average Closing Costs & Other Stats
Brownsville, TN's 27 lenders originated 258
loans during 2022. The total origination value was $41,240,000, with an average loan value of
$159,845.
Brownsville's average closing costs are $4,515.
The top Brownsville lender as defined by loan originations is QUICKEN LOANS, LLC, with
6 loans originated. Their average total fees are
$5,474, which is $3,395
higher than the next largest lender,
EVERETT FINANCIAL, INC..
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| INSOUTH Bank | $2,580,000 | $9,510,000 | 268.6% | 23.1% |
| EVERETT FINANCIAL, INC. | $1,115,000 | $4,290,000 | 284.8% | 10.4% |
| QUICKEN LOANS, LLC | $4,320,000 | $2,675,000 | -38.1% | 6.5% |
| FIRST COMMUNITY MORTGAGE, INC. | $2,415,000 | $2,495,000 | 3.3% | 6.0% |
| Mortgage Research Center, LLC | $2,375,000 | $2,240,000 | -5.7% | 5.4% |
| MORTGAGE INVESTORS GROUP, INC. | $1,195,000 | $1,940,000 | 62.3% | 4.7% |
| Regions Bank | $2,155,000 | $1,530,000 | -29.0% | 3.7% |
| Leaders Credit Union | $3,290,000 | $1,260,000 | -61.7% | 3.1% |
| Simmons Bank | $1,750,000 | $960,000 | -45.1% | 2.3% |
| Mr. Cooper ( Nationstar Mortgage ) | $770,000 | $915,000 | 18.8% | 2.2% |
| Trustmark National Bank | $80,000 | $875,000 | 993.8% | 2.1% |
| LOANDEPOT.COM, LLC | $605,000 | $835,000 | 38.0% | 2.0% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $325,000 | $825,000 | 153.8% | 2.0% |
| NEW DAY FINANCIAL, LLC | $720,000 | n/a | 1.7% | |
| PENNYMAC LOAN SERVICES, LLC | $425,000 | $610,000 | 43.5% | 1.5% |
| Patriot Bank | $635,000 | $585,000 | -7.9% | 1.4% |
| BancorpSouth Bank | $745,000 | $560,000 | -24.8% | 1.4% |
| AMERISAVE MORTGAGE CORPORATION | $520,000 | n/a | 1.3% | |
| Paramount Residential Mortgage Group, Inc. | $405,000 | $380,000 | -6.2% | 0.9% |
| Evolve Bank & Trust | $95,000 | $350,000 | 268.4% | 0.8% |
| CALIBER HOME LOANS, INC. | $580,000 | $340,000 | -41.4% | 0.8% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $185,000 | $325,000 | 75.7% | 0.8% |
| Wells Fargo Bank | $795,000 | $325,000 | -59.1% | 0.8% |
| Commercial Bank & Trust Co. | $510,000 | $305,000 | -40.2% | 0.7% |
| Farm Credit Mid-America, ACA | $235,000 | $305,000 | 29.8% | 0.7% |
| First Citizens National Bank | $360,000 | $305,000 | -15.3% | 0.7% |
| PENTAGON FEDERAL CREDIT UNION | $285,000 | n/a | 0.7% | |
| FREEDOM MORTGAGE CORPORATION | $2,145,000 | $265,000 | -87.6% | 0.6% |
| SOUTHWEST STAGE FUNDING, LLC | $165,000 | $265,000 | 60.6% | 0.6% |
| HOMESTAR FINANCIAL CORPORATION | $360,000 | $245,000 | -31.9% | 0.6% |
| Centennial Bank | $35,000 | $240,000 | 585.7% | 0.6% |
| The Bank of Fayette County | $405,000 | $235,000 | -42.0% | 0.6% |
| Bell Bank | $230,000 | n/a | 0.6% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $205,000 | n/a | 0.5% | |
| Orion Federal Credit Union | $205,000 | n/a | 0.5% | |
| RUOFF MORTGAGE COMPANY, INC. | $200,000 | $205,000 | 2.5% | 0.5% |
| FINANCE OF AMERICA MORTGAGE LLC | $195,000 | n/a | 0.5% | |
| Kimberly Clark Credit Union | $195,000 | n/a | 0.5% | |
| FirstBank | $290,000 | $190,000 | -34.5% | 0.5% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $185,000 | n/a | 0.4% | |
| Wilson Bank And Trust | $175,000 | n/a | 0.4% | |
| 21ST MORTGAGE CORPORATION | $300,000 | $165,000 | -45.0% | 0.4% |
| Pinnacle Bank | $105,000 | $160,000 | 52.4% | 0.4% |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $35,000 | $145,000 | 314.3% | 0.4% |
| LAKEVIEW LOAN SERVICING, LLC | $165,000 | $145,000 | -12.1% | 0.4% |
| M&T Bank | $145,000 | n/a | 0.4% | |
| UNITED WHOLESALE MORTGAGE, LLC | $500,000 | $135,000 | -73.0% | 0.3% |
| CONTOUR MORTGAGE CORPORATION | $125,000 | n/a | 0.3% | |
| Brighton Bank | $65,000 | $105,000 | 61.5% | 0.3% |
| FEDEX EMPLOYEES CREDIT ASSOCIATION | $175,000 | $105,000 | -40.0% | 0.3% |
| LAND HOME FINANCIAL SERVICES, INC. | $95,000 | n/a | 0.2% | |
| Renasant Bank | $380,000 | $85,000 | -77.6% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $450,000 | $85,000 | -81.1% | 0.2% |
| BankTennessee | $35,000 | $65,000 | 85.7% | 0.2% |
| Baxter Credit Union | $65,000 | n/a | 0.2% | |
| FIRST SOUTH FINANCIAL | $65,000 | n/a | 0.2% | |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $145,000 | $55,000 | -62.1% | 0.1% |
| Discover Bank | $105,000 | $45,000 | -57.1% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $45,000 | n/a | 0.1% |
Brownsville's top lender by overall market share is INSOUTH Bank, with 23.1% market share. In second place, with 10.4%, is EVERETT FINANCIAL, INC., having originated $4,290,000 in loans. In third place, with 6.5%, is QUICKEN LOANS, LLC, having originated $2,675,000 in loans. In fourth place, with 6.0%, is FIRST COMMUNITY MORTGAGE, INC., having originated $2,495,000 in loans. In fifth place, with 5.4%, is Mortgage Research Center, LLC, having originated $2,240,000 in loans.
Brownsville, TN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 130 | $25,010,000 | $192,385 |
| Refi | 52 | $6,280,000 | $120,769 |
| Cash Out Refi | 46 | $7,570,000 | $164,565 |
| Home Improvement | 16 | $1,450,000 | $90,625 |
| Other | 14 | $930,000 | $66,429 |
Brownsville's most frequently cited loan purpose was Home Purchase, with 130 originations. The 2nd most popular reason was Refi, with 52 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 52 | $8,920,000 | $171,538 |
| 4-5% | 44 | $7,320,000 | $166,364 |
| 3-4% | 38 | $5,860,000 | $154,211 |
| 6-7% | 28 | $4,530,000 | $161,786 |
| 7-8% | 14 | $2,010,000 | $143,571 |
| 2.5-3% | 9 | $1,465,000 | $162,778 |
| <2.5% | 8 | $260,000 | $32,500 |
| Over 8% | 6 | $480,000 | $80,000 |
During 2022, Brownsville's most frequently originated rate bucket was 5-6%, with 52 originations.
Loan Sizing (Brownsville, TN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 110 | $16,110,000 | $146,455 |
| $100,000 or less | 93 | $5,415,000 | $58,226 |
| $200k-400k | 44 | $11,690,000 | $265,682 |
| $400k-600k | 6 | $2,670,000 | $445,000 |
| $600k-1000k | 4 | $3,140,000 | $785,000 |
| $Over $1MM | 1 | $2,215,000 | $2,215,000 |
Brownsville's loan sizing saw the bucket of loans from $100k-200k with 110 originations, totaling $16,110,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 106 | $20,220,000 | $190,755 |
| 60-80% | 42 | $6,020,000 | $143,333 |
| 40-60% | 19 | $2,645,000 | $139,211 |
| Under 20% | 16 | $450,000 | $28,125 |
| 20-40% | 13 | $995,000 | $76,538 |
| Over 100% | 2 | $440,000 | $220,000 |
Brownsville's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 106 originations, totaling $20,220,000 in origination value.