Carroll Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Carroll averaged
6.55%
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
6.93% and
one month ago for the week of 2023-02-16, the
average rate was 6.25%.
Carroll's average rate one year ago was 3.94%.
For refis of the same type during the week of 2023-03-23, the average rate
was 6.73%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-23 | 6.42% |
| Carroll 30 Year Fixed Rate | 2023-03-23 | 6.55% |
| Carroll 30 Year Fixed Rate Refi | 2023-03-23 | 6.73% |
| Carroll 15 Year Fixed Rate | 2023-03-23 | 5.89% |
| Carroll 15 Year Fixed Rate Refi | 2023-03-23 | 6.45% |
| Carroll 30 Year FHA | 2023-03-23 | 6.14% |
| Carroll 30 Year FHA Refi | 2023-03-23 | 6.1% |
| Carroll 30 Year USDA | 2023-03-23 | 6.46% |
| Carroll 30 Year VA | 2023-03-23 | 6.41% |
| Carroll 30 Year VA Refi | 2023-03-23 | 6.06% |
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.).
Carroll Average Closing Costs & Other Stats
Carroll, IA's 31 lenders originated 321
loans during 2022. The total origination value was $46,525,000, with an average loan value of
$144,938.
Carroll's average closing costs are $3,598.
The top Carroll lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with
32 loans originated. Their average total fees are
$3,144, which is $746
higher than the next largest lender,
DUPACO COMMUNITY.
The lowest fee Carroll lenders (with over 10 loans originated) are
DUPACO COMMUNITY ($2,398), United Bank of Iowa ($2,978), IOWA BANKERS MORTGAGE CORPORATION ($3,144), Bankers' Bank ($3,645) and .
The lowest rate Carroll lenders (with over 10 loans originated) are
IOWA BANKERS MORTGAGE CORPORATION (4.64%), DUPACO COMMUNITY (4.82%), Bankers' Bank (4.91%), United Bank of Iowa (4.99%) and .
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| IOWA BANKERS MORTGAGE CORPORATION | $13,415,000 | $7,320,000 | -45.4% | 15.7% |
| DUPACO COMMUNITY | $10,400,000 | $6,645,000 | -36.1% | 14.3% |
| United Bank of Iowa | $8,130,000 | $4,440,000 | -45.4% | 9.5% |
| QUICKEN LOANS, LLC | $4,695,000 | $4,205,000 | -10.4% | 9.0% |
| Bankers' Bank | $12,360,000 | $3,250,000 | -73.7% | 7.0% |
| Farm Credit Mid-America, ACA | $2,385,000 | $2,160,000 | -9.4% | 4.6% |
| Availa Bank | $3,925,000 | $1,905,000 | -51.5% | 4.1% |
| Mortgage Research Center, LLC | $1,320,000 | $1,505,000 | 14.0% | 3.2% |
| Wells Fargo Bank | $1,515,000 | $1,350,000 | -10.9% | 2.9% |
| Bank Iowa | $1,385,000 | $1,000,000 | -27.8% | 2.1% |
| City State Bank | $805,000 | n/a | 1.7% | |
| JPMorgan Chase Bank | $755,000 | n/a | 1.6% | |
| CITY FIRST MORTGAGE SERVICES, L.L.C. | $75,000 | $590,000 | 686.7% | 1.3% |
| GREENSTATE CREDIT UNION | $1,245,000 | $585,000 | -53.0% | 1.3% |
| AMCAP MORTGAGE, LTD. | $260,000 | $570,000 | 119.2% | 1.2% |
| Bank of the West | $905,000 | $530,000 | -41.4% | 1.1% |
| UNITED WHOLESALE MORTGAGE, LLC | $485,000 | n/a | 1.0% | |
| LOANDEPOT.COM, LLC | $440,000 | n/a | 0.9% | |
| PENNYMAC LOAN SERVICES, LLC | $435,000 | n/a | 0.9% | |
| LAND HOME FINANCIAL SERVICES, INC. | $430,000 | n/a | 0.9% | |
| Central Bank | $85,000 | $370,000 | 335.3% | 0.8% |
| Flagstar Bank, FSB | $355,000 | n/a | 0.8% | |
| U.S. Bank | $375,000 | $345,000 | -8.0% | 0.7% |
| Truist | $145,000 | $290,000 | 100.0% | 0.6% |
| GREATER IOWA CREDIT UNION | $285,000 | $260,000 | -8.8% | 0.6% |
| Hometown Equity Mortgage, LLC | $215,000 | $245,000 | 14.0% | 0.5% |
| Amarillo National Bank | $235,000 | n/a | 0.5% | |
| Chickasaw Community Bank | $115,000 | $235,000 | 104.3% | 0.5% |
| Low VA Rates, LLC | $235,000 | n/a | 0.5% | |
| COMMUNITY 1ST CREDIT UNION | $225,000 | n/a | 0.5% | |
| Lincoln Savings Bank | $360,000 | $200,000 | -44.4% | 0.4% |
| CHEVRON | $195,000 | n/a | 0.4% | |
| HOMESIDE FINANCIAL, LLC | $145,000 | $195,000 | 34.5% | 0.4% |
| ZILLOW HOME LOANS, LLC | $185,000 | $195,000 | 5.4% | 0.4% |
| ROYAL UNITED MORTGAGE LLC | $145,000 | $190,000 | 31.0% | 0.4% |
| UNION HOME MORTGAGE CORP. | $185,000 | n/a | 0.4% | |
| HOME POINT FINANCIAL CORPORATION | $265,000 | $175,000 | -34.0% | 0.4% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $165,000 | n/a | 0.4% | |
| Midwest Heritage Bank FSB | $315,000 | $160,000 | -49.2% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $195,000 | $155,000 | -20.5% | 0.3% |
| The Central Trust Bank | $155,000 | n/a | 0.3% | |
| Collins Community Credit Union | $140,000 | n/a | 0.3% | |
| GUILD MORTGAGE COMPANY | $340,000 | $135,000 | -60.3% | 0.3% |
| VERIDIAN CREDIT UNION | $100,000 | $135,000 | 35.0% | 0.3% |
| Exchange Bank | $125,000 | n/a | 0.3% | |
| LAKEVIEW LOAN SERVICING, LLC | $125,000 | n/a | 0.3% | |
| Community Choice Credit Union | $120,000 | n/a | 0.3% | |
| AmeriHome Mortgage Company, LLC | $105,000 | n/a | 0.2% | |
| AMERISAVE MORTGAGE CORPORATION | $360,000 | $105,000 | -70.8% | 0.2% |
| CMG MORTGAGE, INC. | $95,000 | n/a | 0.2% | |
| VILLAGE CAPITAL MORTGAGE | $95,000 | n/a | 0.2% | |
| FREEDOM MORTGAGE CORPORATION | $995,000 | $85,000 | -91.5% | 0.2% |
| Bank Midwest | $310,000 | $75,000 | -75.8% | 0.2% |
| HOMESERVICES LENDING, LLC | $175,000 | $75,000 | -57.1% | 0.2% |
| PNC Bank | $75,000 | n/a | 0.2% | |
| ANDREWS FEDERAL CREDIT UNION | $65,000 | n/a | 0.1% | |
| AMERICAN FINANCING CORPORATION | $355,000 | $55,000 | -84.5% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $215,000 | $55,000 | -74.4% | 0.1% |
| NEW DAY FINANCIAL, LLC | $55,000 | n/a | 0.1% | |
| Peoples Bank | $140,000 | $35,000 | -75.0% | 0.1% |
Carroll's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 15.7% market share. In second place, with 14.3%, is DUPACO COMMUNITY, having originated $6,645,000 in loans. In third place, with 9.5%, is United Bank of Iowa, having originated $4,440,000 in loans. In fourth place, with 9.0%, is QUICKEN LOANS, LLC, having originated $4,205,000 in loans. In fifth place, with 7.0%, is Bankers' Bank, having originated $3,250,000 in loans.
Carroll, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 178 | $29,960,000 | $168,315 |
| Refi | 55 | $7,215,000 | $131,182 |
| Cash Out Refi | 49 | $7,215,000 | $147,245 |
| Other | 29 | $1,455,000 | $50,172 |
| Home Improvement | 10 | $680,000 | $68,000 |
Carroll's most frequently cited loan purpose was Home Purchase, with 178 originations. The 2nd most popular reason was Refi, with 55 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 81 | $11,005,000 | $135,864 |
| 3-4% | 76 | $10,270,000 | $135,132 |
| 4-5% | 68 | $10,370,000 | $152,500 |
| 2.5-3% | 28 | $4,850,000 | $173,214 |
| 6-7% | 26 | $3,570,000 | $137,308 |
| <2.5% | 14 | $1,900,000 | $135,714 |
| 7-8% | 12 | $1,250,000 | $104,167 |
During 2022, Carroll's most frequently originated rate bucket was 5-6%, with 81 originations.
Loan Sizing (Carroll, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 142 | $20,800,000 | $146,479 |
| $100,000 or less | 117 | $7,375,000 | $63,034 |
| $200k-400k | 54 | $14,090,000 | $260,926 |
| $400k-600k | 6 | $2,830,000 | $471,667 |
| $600k-1000k | 2 | $1,430,000 | $715,000 |
Carroll's loan sizing saw the bucket of loans from $100k-200k with 142 originations, totaling $20,800,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 136 | $21,160,000 | $155,588 |
| 60-80% | 90 | $15,680,000 | $174,222 |
| 40-60% | 27 | $2,905,000 | $107,593 |
| Under 20% | 25 | $1,145,000 | $45,800 |
| 20-40% | 23 | $1,715,000 | $74,565 |
| Over 100% | 2 | $410,000 | $205,000 |
Carroll's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 136 originations, totaling $21,160,000 in origination value.