Central City Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Central City averaged
6.37%
for the week of 2023-05-25, compared to the national average of
6.57% for the same period.
The average rate for the prior week (2023-05-18) was
6.49% and
one month ago for the week of 2023-04-20, the
average rate was 6.39%.
Central City's average rate one year ago was 5.05%.
For refis of the same type during the week of 2023-05-25, the average rate
was 6.67%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-05-25 | 6.57% |
| Central City 30 Year Fixed Rate | 2023-05-25 | 6.37% |
| Central City 30 Year Fixed Rate Refi | 2023-05-25 | 6.67% |
| Central City 15 Year Fixed Rate | 2023-05-25 | 6.17% |
| Central City 15 Year Fixed Rate Refi | 2023-05-25 | 6.17% |
| Central City 30 Year FHA | 2023-05-25 | 6.61% |
| Central City 30 Year FHA Refi | 2023-05-25 | 6.51% |
| Central City 30 Year USDA | 2023-05-25 | 6.53% |
| Central City 30 Year USDA Refi | 2023-05-25 | 6.83% |
| Central City 30 Year VA | 2023-05-25 | 6.21% |
| Central City 30 Year VA Refi | 2023-05-25 | 6.31% |
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 38 lenders originated 610
loans during 2022. The total origination value was $76,020,000, with an average loan value of
$124,623.
Central City's average closing costs are $3,946.
The top Central City lender as defined by loan originations is Old National Bank, with
15 loans originated. Their average total fees are
$2,178, which is $1,429
lower than the next largest lender,
STOCKTON MORTGAGE CORPORATION.
The lowest fee Central City lenders (with over 10 loans originated) are
Old National Bank ($2,178), STOCKTON MORTGAGE CORPORATION ($3,608), .
The lowest rate Central City lenders (with over 10 loans originated) are
Old National Bank (4.37%), STOCKTON MORTGAGE CORPORATION (4.50%), .
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Farmers Bank and Trust Company | $11,805,000 | $13,540,000 | 14.7% | 17.8% |
| First Southern National Bank | $7,020,000 | $13,300,000 | 89.5% | 17.5% |
| Old National Bank | $13,915,000 | $7,390,000 | -46.9% | 9.7% |
| Mortgage Research Center, LLC | $1,705,000 | $3,935,000 | 130.8% | 5.2% |
| QUICKEN LOANS, LLC | $7,325,000 | $3,930,000 | -46.3% | 5.2% |
| STOCKTON MORTGAGE CORPORATION | $7,570,000 | $2,885,000 | -61.9% | 3.8% |
| EVERETT FINANCIAL, INC. | $265,000 | $2,355,000 | 788.7% | 3.1% |
| EVANSVILLE TEACHERS | $3,380,000 | $1,845,000 | -45.4% | 2.4% |
| 21ST MORTGAGE CORPORATION | $1,240,000 | $1,325,000 | 6.9% | 1.7% |
| JPMorgan Chase Bank | $705,000 | $1,055,000 | 49.6% | 1.4% |
| AMERICAN MORTGAGE SERVICE COMPANY | $2,350,000 | $1,025,000 | -56.4% | 1.3% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $550,000 | $980,000 | 78.2% | 1.3% |
| Century Mortgage Company DBA Century Lending Company | $905,000 | n/a | 1.2% | |
| CALIBER HOME LOANS, INC. | $1,455,000 | $865,000 | -40.5% | 1.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $615,000 | $855,000 | 39.0% | 1.1% |
| Farm Credit Mid-America, ACA | $950,000 | $850,000 | -10.5% | 1.1% |
| The Sacramento Deposit Bank | $815,000 | n/a | 1.1% | |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $1,860,000 | $800,000 | -57.0% | 1.1% |
| NAVY FEDERAL CREDIT UNION | $1,300,000 | $710,000 | -45.4% | 0.9% |
| U.S. Bank | $1,445,000 | $690,000 | -52.2% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $980,000 | $660,000 | -32.7% | 0.9% |
| FirstBank | $65,000 | $615,000 | 846.2% | 0.8% |
| Wells Fargo Bank | $520,000 | $605,000 | 16.3% | 0.8% |
| Independence Bank of Kentucky | $720,000 | $510,000 | -29.2% | 0.7% |
| Morgantown Bank & Trust Company, Incorporated | $300,000 | $510,000 | 70.0% | 0.7% |
| The Farmers Bank | $500,000 | n/a | 0.7% | |
| RUOFF MORTGAGE COMPANY, INC. | $1,635,000 | $495,000 | -69.7% | 0.7% |
| First Federal Savings Bank | $465,000 | n/a | 0.6% | |
| SOFI LENDING CORP. | $460,000 | n/a | 0.6% | |
| North American Savings Bank, F.S.B. | $455,000 | n/a | 0.6% | |
| Bank of England | $540,000 | $435,000 | -19.4% | 0.6% |
| Barrington Bank & Trust Company, N.A. | $420,000 | n/a | 0.6% | |
| Carrington Mortgage Services, LLC | $725,000 | $405,000 | -44.1% | 0.5% |
| MOVEMENT MORTGAGE, LLC | $550,000 | $375,000 | -31.8% | 0.5% |
| Magnolia Bank | $410,000 | $355,000 | -13.4% | 0.5% |
| CHURCHILL MORTGAGE CORPORATION | $125,000 | $350,000 | 180.0% | 0.5% |
| CapStar Bank | $345,000 | n/a | 0.5% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $560,000 | $340,000 | -39.3% | 0.4% |
| LOANDEPOT.COM, LLC | $1,305,000 | $330,000 | -74.7% | 0.4% |
| GERSHMAN INVESTMENT CORP. | $1,585,000 | $310,000 | -80.4% | 0.4% |
| Fifth Third Bank | $470,000 | $300,000 | -36.2% | 0.4% |
| The Federal Savings Bank | $295,000 | n/a | 0.4% | |
| GUARANTEED RATE, INC. | $275,000 | n/a | 0.4% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $265,000 | n/a | 0.3% | |
| First Financial Bank | $25,000 | $255,000 | 920.0% | 0.3% |
| THRIVE MORTGAGE, LLC | $155,000 | $230,000 | 48.4% | 0.3% |
| Truist | $90,000 | $190,000 | 111.1% | 0.2% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $585,000 | $185,000 | -68.4% | 0.2% |
| PNC Bank | $180,000 | n/a | 0.2% | |
| AMERICAN ADVISORS GROUP | $175,000 | n/a | 0.2% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $175,000 | n/a | 0.2% | |
| ENDEAVOR CAPITAL, LLC. | $175,000 | n/a | 0.2% | |
| PENTAGON FEDERAL CREDIT UNION | $175,000 | n/a | 0.2% | |
| Citizens Bank | $465,000 | $170,000 | -63.4% | 0.2% |
| CLEARPATH LENDING | $155,000 | n/a | 0.2% | |
| FIRST COMMUNITY MORTGAGE, INC. | $355,000 | $155,000 | -56.3% | 0.2% |
| FREEDOM MORTGAGE CORPORATION | $2,040,000 | $155,000 | -92.4% | 0.2% |
| United Community Bank | $155,000 | n/a | 0.2% | |
| SWBC MORTGAGE CORPORATION | $195,000 | $150,000 | -23.1% | 0.2% |
| Waterstone Mortgage Corporation | $145,000 | n/a | 0.2% | |
| Flagstar Bank, FSB | $820,000 | $125,000 | -84.8% | 0.2% |
| Planters Bank, Inc. | $125,000 | n/a | 0.2% | |
| NEWREZ LLC | $45,000 | $115,000 | 155.6% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $115,000 | n/a | 0.2% | |
| The Fisher National Bank | $115,000 | n/a | 0.2% | |
| USAA Federal Savings Bank | $255,000 | $115,000 | -54.9% | 0.2% |
| EMBRACE HOME LOANS, INC. | $105,000 | n/a | 0.1% | |
| PLANET HOME LENDING, LLC | $95,000 | $85,000 | -10.5% | 0.1% |
| AMERICAN FINANCING CORPORATION | $105,000 | $75,000 | -28.6% | 0.1% |
| Bank of America | $295,000 | $65,000 | -78.0% | 0.1% |
| DAS Acquisition Company, LLC | $65,000 | n/a | 0.1% | |
| HOMESIDE FINANCIAL, LLC | $270,000 | $65,000 | -75.9% | 0.1% |
| Limestone Bank, Inc. | $65,000 | n/a | 0.1% | |
| M&T Bank | $65,000 | n/a | 0.1% | |
| SOUTH CENTRAL BANK, INC. | $430,000 | $65,000 | -84.9% | 0.1% |
| United Southern Bank | $65,000 | n/a | 0.1% | |
| Fortera Federal Credit Union | $55,000 | n/a | 0.1% | |
| UNIVERSITY OF KENTUCKY | $55,000 | n/a | 0.1% | |
| American Bank & Trust Company, Inc. | $385,000 | $45,000 | -88.3% | 0.1% |
| German American Bank | $35,000 | n/a | 0.0% | |
| Transportation Federal Credit Union | $35,000 | n/a | 0.0% | |
| The Huntington National Bank | $55,000 | $15,000 | -72.7% | 0.0% |
Central City's top lender by overall market share is Farmers Bank and Trust Company, with 17.8% market share. In second place, with 17.5%, is First Southern National Bank, having originated $13,300,000 in loans. In third place, with 9.7%, is Old National Bank, having originated $7,390,000 in loans. In fourth place, with 5.2%, is Mortgage Research Center, LLC, having originated $3,935,000 in loans. In fifth place, with 5.2%, is QUICKEN LOANS, LLC, having originated $3,930,000 in loans.
Central City, KY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 300 | $42,480,000 | $141,600 |
| Refi | 192 | $23,920,000 | $124,583 |
| Cash Out Refi | 45 | $6,475,000 | $143,889 |
| Other | 40 | $1,880,000 | $47,000 |
| Home Improvement | 33 | $1,265,000 | $38,333 |
Central City's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Refi, with 192 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 137 | $18,235,000 | $133,102 |
| 5-6% | 120 | $15,840,000 | $132,000 |
| 4-5% | 106 | $12,750,000 | $120,283 |
| 6-7% | 46 | $5,240,000 | $113,913 |
| 2.5-3% | 28 | $3,370,000 | $120,357 |
| 7-8% | 26 | $2,700,000 | $103,846 |
| Over 8% | 16 | $1,630,000 | $101,875 |
| <2.5% | 14 | $1,160,000 | $82,857 |
During 2022, Central City's most frequently originated rate bucket was 3-4%, with 137 originations.
Loan Sizing (Central City, KY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 288 | $16,010,000 | $55,590 |
| $100k-200k | 228 | $32,320,000 | $141,754 |
| $200k-400k | 82 | $22,100,000 | $269,512 |
| $400k-600k | 11 | $4,905,000 | $445,909 |
| $600k-1000k | 1 | $685,000 | $685,000 |
Central City's loan sizing saw the bucket of loans from $100,000 or less with 288 originations, totaling $16,010,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 198 | $31,080,000 | $156,970 |
| 60-80% | 133 | $18,305,000 | $137,632 |
| 40-60% | 55 | $5,325,000 | $96,818 |
| 20-40% | 54 | $3,000,000 | $55,556 |
| Under 20% | 38 | $800,000 | $21,053 |
| Over 100% | 6 | $1,220,000 | $203,333 |
Central City's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 198 originations, totaling $31,080,000 in origination value.