Carroll Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Carroll averaged
7.08%
for the week of 2024-04-11, compared to the national average of
6.88% for the same period.
The average rate for the prior week (2024-04-04) was
7.02% and
one month ago for the week of 2024-03-07, the
average rate was 6.98%.
Carroll's average rate one year ago was 6.48%.
For refis of the same type during the week of 2024-04-11, the average rate
was 7.48%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-04-11 | 6.88% |
| Carroll 30 Year Fixed Rate | 2024-04-11 | 7.08% |
| Carroll 30 Year Fixed Rate Refi | 2024-04-11 | 7.48% |
| Carroll 15 Year Fixed Rate | 2024-04-11 | 6.16% |
| Carroll 15 Year Fixed Rate Refi | 2024-04-11 | 6.36% |
| Carroll 30 Year FHA | 2024-04-11 | 6.64% |
| Carroll 30 Year FHA Refi | 2024-04-11 | 6.94% |
| Carroll 30 Year USDA | 2024-04-11 | 6.61% |
| Carroll 30 Year USDA Refi | 2024-04-11 | 6.71% |
| Carroll 30 Year VA | 2024-04-11 | 6.77% |
| Carroll 30 Year VA Refi | 2024-04-11 | 6.57% |
Carroll 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 Carroll, 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.).
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| DUPACO COMMUNITY | 14 | 6.16% | $2,197 |
| United Bank of Iowa | 8 | 6.72% | $2,273 |
| IOWA BANKERS MORTGAGE CORPORATION | 7 | 6.75% | $2,826 |
| QUICKEN LOANS, LLC | 6 | 6.56% | $3,331 |
| Bankers' Bank | 6 | 6.52% | $4,289 |
| FLAT BRANCH MORTGAGE, INC. | 1 | 6.99% | $5,438 |
| GREENSTATE CREDIT UNION | 1 | 6.75% | $1,837 |
| Midwest Heritage Bank FSB | 1 | 7.00% | $2,979 |
| Mortgage Research Center, LLC | 1 | 7.13% | $4,028 |
| PREMIA MORTGAGE, LLC | 1 | 6.13% | $1,680 |
| U.S. Bank | 1 | 6.99% | $3,440 |
| VERIDIAN CREDIT UNION | 1 | 6.88% | $1,793 |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | 1 | 7.00% | $665 |
| Wells Fargo Bank | 1 | 6.13% | $3,497 |
| Bank Iowa | 1 | 6.38% | $2,132 |
| Barrington Bank & Trust Company, N.A. | 1 | 6.38% | $3,069 |
| Deere Employees Credit Union | 1 | 5.63% | $3,638 |
| First National Bank of Omaha | 1 | 8.00% | $4,197 |
Carroll Average Closing Costs & Other Stats
Carroll, IA's 18 lenders originated 206
loans during 2023. The total origination value was $30,590,000, with an average loan value of
$148,495.
Carroll's average closing costs are $3,678.
The top Carroll lender as defined by loan originations is DUPACO COMMUNITY, with
14 loans originated. Their average total fees are
$2,197, which is $77
lower than the next largest lender,
United Bank of Iowa.
The lowest fee Carroll lenders (with over 10 loans originated) are
DUPACO COMMUNITY ($2,197), .
The lowest rate Carroll lenders (with over 10 loans originated) are
DUPACO COMMUNITY (6.16%), .
Carroll, 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 |
|---|---|---|---|---|
| DUPACO COMMUNITY | $6,645,000 | $4,540,000 | -31.7% | 14.8% |
| Availa Bank | $1,905,000 | $2,700,000 | 41.7% | 8.8% |
| FOX COMMUNITIES | $2,505,000 | n/a | 8.2% | |
| United Bank of Iowa | $4,440,000 | $2,235,000 | -49.7% | 7.3% |
| IOWA BANKERS MORTGAGE CORPORATION | $7,320,000 | $1,535,000 | -79.0% | 5.0% |
| QUICKEN LOANS, LLC | $4,205,000 | $1,235,000 | -70.6% | 4.0% |
| Bankers' Bank | $3,250,000 | $1,065,000 | -67.2% | 3.5% |
| AMCAP MORTGAGE, LTD. | $570,000 | $715,000 | 25.4% | 2.3% |
| Mortgage Research Center, LLC | $1,505,000 | $610,000 | -59.5% | 2.0% |
| PENNYMAC LOAN SERVICES, LLC | $435,000 | $585,000 | 34.5% | 1.9% |
| Deere Employees Credit Union | $515,000 | n/a | 1.7% | |
| Lincoln Savings Bank | $200,000 | $470,000 | 135.0% | 1.5% |
| BMO Harris Bank | $430,000 | n/a | 1.4% | |
| NBKC BANK | $415,000 | n/a | 1.4% | |
| AMERICAN FINANCING CORPORATION | $55,000 | $395,000 | 618.2% | 1.3% |
| GERSHMAN INVESTMENT CORP. | $365,000 | n/a | 1.2% | |
| USAA Federal Savings Bank | $350,000 | n/a | 1.1% | |
| Core Bank | $320,000 | n/a | 1.0% | |
| Bank Iowa | $1,000,000 | $315,000 | -68.5% | 1.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $485,000 | $275,000 | -43.3% | 0.9% |
| LAND HOME FINANCIAL SERVICES, INC. | $430,000 | $235,000 | -45.3% | 0.8% |
| CASTLE & COOKE MORTGAGE, LLC | $230,000 | n/a | 0.8% | |
| NAVY FEDERAL CREDIT UNION | $55,000 | $220,000 | 300.0% | 0.7% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $215,000 | n/a | 0.7% | |
| Midwest Heritage Bank FSB | $160,000 | $215,000 | 34.4% | 0.7% |
| FLAT BRANCH MORTGAGE, INC. | $195,000 | n/a | 0.6% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $155,000 | $195,000 | 25.8% | 0.6% |
| Flagstar Bank, FSB | $355,000 | $190,000 | -46.5% | 0.6% |
| Chelsea Savings Bank | $185,000 | n/a | 0.6% | |
| GREENSTATE CREDIT UNION | $585,000 | $175,000 | -70.1% | 0.6% |
| UNION HOME MORTGAGE CORP. | $185,000 | $175,000 | -5.4% | 0.6% |
| VERIDIAN CREDIT UNION | $135,000 | $170,000 | 25.9% | 0.6% |
| CARDINAL FINANCIAL | $165,000 | n/a | 0.5% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $160,000 | n/a | 0.5% | |
| EMM LOANS LLC | $155,000 | n/a | 0.5% | |
| PREMIA MORTGAGE, LLC | $155,000 | n/a | 0.5% | |
| Barrington Bank & Trust Company, N.A. | $145,000 | n/a | 0.5% | |
| ENDEAVOR CAPITAL, LLC. | $135,000 | n/a | 0.4% | |
| MID AMERICA MORTGAGE, INC. | $135,000 | n/a | 0.4% | |
| Premier Bank | $135,000 | n/a | 0.4% | |
| Wells Fargo Bank | $1,350,000 | $135,000 | -90.0% | 0.4% |
| First National Bank of Omaha | $125,000 | n/a | 0.4% | |
| Fortress Bank | $125,000 | n/a | 0.4% | |
| FREEDOM MORTGAGE CORPORATION | $85,000 | $115,000 | 35.3% | 0.4% |
| Guthrie County State Bank | $115,000 | n/a | 0.4% | |
| U.S. Bank | $345,000 | $105,000 | -69.6% | 0.3% |
| Peoples Bank | $35,000 | $100,000 | 185.7% | 0.3% |
| Chickasaw Community Bank | $235,000 | $85,000 | -63.8% | 0.3% |
| Farm Credit Mid-America, ACA | $2,160,000 | $85,000 | -96.1% | 0.3% |
| WINGS FINANCIAL | $75,000 | n/a | 0.2% | |
| GREATER IOWA CREDIT UNION | $260,000 | $45,000 | -82.7% | 0.1% |
| American National Bank | $15,000 | n/a | 0.0% | |
| Coastal Community Bank | $15,000 | n/a | 0.0% | |
| Farmers State Bank | $15,000 | n/a | 0.0% |
Carroll's top lender by overall market share is DUPACO COMMUNITY, with 14.8% market share. In second place, with 8.8%, is Availa Bank, having originated $2,700,000 in loans. In third place, with 8.2%, is FOX COMMUNITIES, having originated $2,505,000 in loans. In fourth place, with 7.3%, is United Bank of Iowa, having originated $2,235,000 in loans. In fifth place, with 5.0%, is IOWA BANKERS MORTGAGE CORPORATION, having originated $1,535,000 in loans.
Carroll, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 117 | $22,795,000 | $194,829 |
| Other | 38 | $1,860,000 | $48,947 |
| Refi | 21 | $2,555,000 | $121,667 |
| Cash Out Refi | 16 | $2,380,000 | $148,750 |
| Home Improvement | 14 | $1,000,000 | $71,429 |
Carroll's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Other, with 38 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 60 | $9,730,000 | $162,167 |
| 7-8% | 49 | $5,005,000 | $102,143 |
| 5-6% | 30 | $7,600,000 | $253,333 |
| Over 8% | 20 | $1,010,000 | $50,500 |
| <2.5% | 1 | $5,000 | $5,000 |
During 2023, Carroll's most frequently originated rate bucket was 6-7%, with 60 originations.
Loan Sizing (Carroll, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 91 | $13,315,000 | $146,319 |
| $100,000 or less | 80 | $4,000,000 | $50,000 |
| $200k-400k | 27 | $7,425,000 | $275,000 |
| $400k-600k | 6 | $2,690,000 | $448,333 |
| $600k-1000k | 1 | $655,000 | $655,000 |
| $Over $1MM | 1 | $2,505,000 | $2,505,000 |
Carroll's loan sizing saw the bucket of loans from $100k-200k with 91 originations, totaling $13,315,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 71 | $11,885,000 | $167,394 |
| 60-80% | 32 | $7,490,000 | $234,063 |
| Under 20% | 20 | $740,000 | $37,000 |
| 20-40% | 19 | $1,085,000 | $57,105 |
| 40-60% | 15 | $1,615,000 | $107,667 |
| Over 100% | 3 | $535,000 | $178,333 |
Carroll's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 71 originations, totaling $11,885,000 in origination value.