Central City Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Central City averaged
7%
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
6.88% and
one month ago for the week of 2024-03-14, the
average rate was 6.54%.
Central City's average rate one year ago was 6.17%.
For refis of the same type during the week of 2024-04-18, the average rate
was 7.2%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-04-18 | 7.1% |
| Central City 30 Year Fixed Rate | 2024-04-18 | 7% |
| Central City 30 Year Fixed Rate Refi | 2024-04-18 | 7.2% |
| Central City 15 Year Fixed Rate | 2024-04-18 | 6.19% |
| Central City 15 Year Fixed Rate Refi | 2024-04-18 | 6.99% |
| Central City 30 Year FHA | 2024-04-18 | 6.96% |
| Central City 30 Year FHA Refi | 2024-04-18 | 6.86% |
| Central City 30 Year USDA | 2024-04-18 | 6.96% |
| Central City 30 Year USDA Refi | 2024-04-18 | 6.66% |
| Central City 30 Year VA | 2024-04-18 | 6.76% |
| Central City 30 Year VA Refi | 2024-04-18 | 6.76% |
Central City 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 Central City, KY 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.).
Central City Average Closing Costs & Other Stats
Central City, KY's 24 lenders originated 423
loans during 2023. The total origination value was $48,555,000, with an average loan value of
$114,787.
Central City's average closing costs are $4,185.
The top Central City lender as defined by loan originations is EVANSVILLE TEACHERS, with
8 loans originated. Their average total fees are
$2,961, which is $611
higher than the next largest lender,
Old National Bank.
The lowest fee Central City lenders (with over 10 loans originated) are
.
The lowest rate Central City lenders (with over 10 loans originated) are
.
Central City, KY 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 |
|---|---|---|---|---|
| First Southern National Bank | $13,300,000 | $6,440,000 | -51.6% | 13.3% |
| Farmers Bank and Trust Company | $13,540,000 | $4,775,000 | -64.7% | 9.8% |
| Old National Bank | $7,390,000 | $4,675,000 | -36.7% | 9.6% |
| QUICKEN LOANS, LLC | $3,930,000 | $3,130,000 | -20.4% | 6.4% |
| EVERETT FINANCIAL, INC. | $2,355,000 | $2,870,000 | 21.9% | 5.9% |
| Mortgage Research Center, LLC | $3,935,000 | $2,810,000 | -28.6% | 5.8% |
| The Sacramento Deposit Bank | $815,000 | $2,105,000 | 158.3% | 4.3% |
| EVANSVILLE TEACHERS | $1,845,000 | $1,920,000 | 4.1% | 4.0% |
| United Southern Bank | $65,000 | $1,900,000 | 2,823.1% | 3.9% |
| STOCKTON MORTGAGE CORPORATION | $2,885,000 | $1,640,000 | -43.2% | 3.4% |
| Farm Credit Mid-America, ACA | $850,000 | $1,030,000 | 21.2% | 2.1% |
| Magnolia Bank | $355,000 | $980,000 | 176.1% | 2.0% |
| RUOFF MORTGAGE COMPANY, INC. | $495,000 | $980,000 | 98.0% | 2.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $740,000 | n/a | 1.5% | |
| 21ST MORTGAGE CORPORATION | $1,325,000 | $735,000 | -44.5% | 1.5% |
| NAVY FEDERAL CREDIT UNION | $710,000 | $635,000 | -10.6% | 1.3% |
| U.S. Bank | $690,000 | $615,000 | -10.9% | 1.3% |
| LOANDEPOT.COM, LLC | $330,000 | $580,000 | 75.8% | 1.2% |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $800,000 | $520,000 | -35.0% | 1.1% |
| CRESCENT MORTGAGE COMPANY | $475,000 | n/a | 1.0% | |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $185,000 | $460,000 | 148.6% | 0.9% |
| USAA Federal Savings Bank | $115,000 | $455,000 | 295.7% | 0.9% |
| FIRST COMMUNITY MORTGAGE, INC. | $155,000 | $380,000 | 145.2% | 0.8% |
| Morgantown Bank & Trust Company, Incorporated | $510,000 | $375,000 | -26.5% | 0.8% |
| Century Mortgage Company DBA Century Lending Company | $905,000 | $370,000 | -59.1% | 0.8% |
| SUCCESS MORTGAGE PARTNERS, INC. | $355,000 | n/a | 0.7% | |
| Carrington Mortgage Services, LLC | $405,000 | $340,000 | -16.0% | 0.7% |
| CROSSCOUNTRY MORTGAGE, LLC | $325,000 | n/a | 0.7% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $290,000 | n/a | 0.6% | |
| GERSHMAN INVESTMENT CORP. | $310,000 | $275,000 | -11.3% | 0.6% |
| First Federal Bank | $255,000 | n/a | 0.5% | |
| Bank of America | $65,000 | $245,000 | 276.9% | 0.5% |
| CREDIT UNION MORTGAGE ASSOCIATION, INC. | $245,000 | n/a | 0.5% | |
| Northpointe Bank | $225,000 | n/a | 0.5% | |
| COMMONWEALTH | $205,000 | n/a | 0.4% | |
| NATIONWIDE MORTGAGE BANKERS, INC. | $205,000 | n/a | 0.4% | |
| American Bank & Trust Company, Inc. | $45,000 | $185,000 | 311.1% | 0.4% |
| TRIAD FINANCIAL SERVICES, INC. | $185,000 | n/a | 0.4% | |
| Wells Fargo Bank | $605,000 | $185,000 | -69.4% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $170,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $660,000 | $165,000 | -75.0% | 0.3% |
| Sierra Pacific Mortgage Company, Inc. | $165,000 | n/a | 0.3% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $155,000 | n/a | 0.3% | |
| Plains Commerce Bank | $155,000 | n/a | 0.3% | |
| CARDINAL FINANCIAL | $135,000 | n/a | 0.3% | |
| MORTGAGE INVESTORS GROUP, INC. | $135,000 | n/a | 0.3% | |
| TOP FLITE FINANCIAL, INC. | $135,000 | n/a | 0.3% | |
| Fifth Third Bank | $300,000 | $130,000 | -56.7% | 0.3% |
| Fortera Federal Credit Union | $55,000 | $120,000 | 118.2% | 0.2% |
| ENDEAVOR CAPITAL, LLC. | $175,000 | $105,000 | -40.0% | 0.2% |
| LIBERTY HOME MORTGAGE CORPORATION | $105,000 | n/a | 0.2% | |
| SOUTH CENTRAL BANK, INC. | $65,000 | $105,000 | 61.5% | 0.2% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $95,000 | n/a | 0.2% | |
| Mr. Cooper ( Nationstar Mortgage ) | $855,000 | $95,000 | -88.9% | 0.2% |
| SOUTHPOINT FINANCIAL SERVICES, INC. | $95,000 | n/a | 0.2% | |
| Independence Bank of Kentucky | $510,000 | $90,000 | -82.4% | 0.2% |
| German American Bank | $35,000 | $85,000 | 142.9% | 0.2% |
| NEW DAY FINANCIAL, LLC | $85,000 | n/a | 0.2% | |
| FREEDOM MORTGAGE CORPORATION | $155,000 | $75,000 | -51.6% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $375,000 | $75,000 | -80.0% | 0.2% |
| PLANET HOME LENDING, LLC | $85,000 | $75,000 | -11.8% | 0.2% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $265,000 | $75,000 | -71.7% | 0.2% |
| Planters Bank, Inc. | $125,000 | $70,000 | -44.0% | 0.1% |
| Citizens Bank | $170,000 | $65,000 | -61.8% | 0.1% |
| Discover Bank | $55,000 | n/a | 0.1% | |
| FirstBank | $615,000 | $40,000 | -93.5% | 0.1% |
| Coastal Community Bank | $35,000 | n/a | 0.1% | |
| Lakeview Community Capital, LLC | $35,000 | n/a | 0.1% | |
| Owensboro Federal Credit Union | $25,000 | n/a | 0.1% |
Central City's top lender by overall market share is First Southern National Bank, with 13.3% market share. In second place, with 9.8%, is Farmers Bank and Trust Company, having originated $4,775,000 in loans. In third place, with 9.6%, is Old National Bank, having originated $4,675,000 in loans. In fourth place, with 6.4%, is QUICKEN LOANS, LLC, having originated $3,130,000 in loans. In fifth place, with 5.9%, is EVERETT FINANCIAL, INC., having originated $2,870,000 in loans.
Central City, KY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 225 | $32,605,000 | $144,911 |
| Refi | 89 | $8,575,000 | $96,348 |
| Other | 41 | $2,335,000 | $56,951 |
| Home Improvement | 40 | $1,720,000 | $43,000 |
| Cash Out Refi | 28 | $3,320,000 | $118,571 |
Central City's most frequently cited loan purpose was Home Purchase, with 225 originations. The 2nd most popular reason was Refi, with 89 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 122 | $15,880,000 | $130,164 |
| 7-8% | 96 | $10,990,000 | $114,479 |
| Over 8% | 73 | $4,535,000 | $62,123 |
| 5-6% | 42 | $6,580,000 | $156,667 |
| 3-4% | 17 | $115,000 | $6,765 |
| 4-5% | 5 | $645,000 | $129,000 |
| <2.5% | 1 | $315,000 | $315,000 |
During 2023, Central City's most frequently originated rate bucket was 6-7%, with 122 originations.
Loan Sizing (Central City, KY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 232 | $11,260,000 | $48,534 |
| $100k-200k | 126 | $17,640,000 | $140,000 |
| $200k-400k | 56 | $14,540,000 | $259,643 |
| $400k-600k | 6 | $2,850,000 | $475,000 |
| $600k-1000k | 3 | $2,265,000 | $755,000 |
Central City's loan sizing saw the bucket of loans from $100,000 or less with 232 originations, totaling $11,260,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 136 | $21,500,000 | $158,088 |
| 20-40% | 59 | $3,125,000 | $52,966 |
| 60-80% | 58 | $7,840,000 | $135,172 |
| Under 20% | 54 | $1,400,000 | $25,926 |
| 40-60% | 44 | $4,300,000 | $97,727 |
| Over 100% | 5 | $895,000 | $179,000 |
Central City's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 136 originations, totaling $21,500,000 in origination value.