Cleveland Mortgage Rates

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  • Trends
  • Rates vs. Fees
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  • Time on Market/Property Size
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Cleveland averaged 5.95% for the week of 2022-06-23, compared to the national average of 5.81% for the same period.

    The average rate for the prior week (2022-06-16) was 5.82% and one month ago for the week of 2022-05-19, the average rate was 5.69%.

    Cleveland's average rate one year ago was 3.29%.

    For refis of the same type during the week of 2022-06-23, the average rate was 5.77%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2022-06-23 5.81%
    Cleveland 30 Year Fixed Rate 2022-06-23 5.95%
    Cleveland 30 Year Fixed Rate Refi 2022-06-23 5.77%
    Cleveland 15 Year Fixed Rate 2022-06-23 5.61%
    Cleveland 15 Year Fixed Rate Refi 2022-06-23 5.53%
    Cleveland 30 Year FHA 2022-06-23 -0.04%
    Cleveland 30 Year FHA Refi 2022-06-23 -0.06%
    Cleveland 30 Year USDA 2022-06-23 0.15%
    Cleveland 30 Year USDA Refi 2022-06-23 -0.41%
    Cleveland 30 Year VA 2022-06-23 0.42%
    Cleveland 30 Year VA Refi 2022-06-23 -0.37%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Cleveland, MS.

    Cleveland Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lendor, for only loans originated in the Cleveland, MS 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 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Baxter Credit Union 17 3.10% $2,864
    QUICKEN LOANS, LLC 17 3.15% $4,433
    CRESCENT MORTGAGE COMPANY 14 3.04% $4,894
    BancorpSouth Bank 10 3.38% $3,804
    Regions Bank 8 3.23% $3,284
    FIDELITY BANK 5 2.95% $3,571
    Wells Fargo Bank 5 3.03% $3,267
    Renasant Bank 5 3.22% $2,801
    BankPlus 5 3.13% $2,843
    Citizens Bank 4 2.97% $3,572
    LOANDEPOT.COM, LLC 4 2.84% $4,180
    Magnolia Bank 3 3.04% $4,702
    NAVY FEDERAL CREDIT UNION 3 3.92% $4,978
    Community Bank of Mississippi 3 3.08% $3,528
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.08% $3,070
    Trustmark National Bank 2 3.25% $3,019
    BETTER MORTGAGE CORPORATION 2 2.69% $1,140
    InterContinental Capital Group, Inc 1 3.63% $4,942
    BROKER SOLUTIONS, INC. 1 2.99% $3,937
    CB&S Bank, Inc. 1 4.07% $5,103
    COMMUNITY MORTGAGE CORPORATION 1 2.87% $4,493
    CORNERSTONE HOME LENDING, INC. 1 3.38% $4,056
    HOMESIDE FINANCIAL, LLC 1 2.63% $3,301
    AMERISAVE MORTGAGE CORPORATION 1 2.75% $5,767
    Mr. Cooper ( Nationstar Mortgage ) 1 3.50% $1,517
    Reliant Bank 1 7.34% $3,017
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.38% $2,375
    SPRING EQ, LLC 1 3.13% $0
    UNITED WHOLESALE MORTGAGE, LLC 1 2.69% $4,207
    U.S. Bank 1 2.75% $3,215

    Cleveland, MS's 30 lenders originated 457 loans during 2021. The total origination value was $71,805,000, with an average loan value of $157,123.

    The top Cleveland lender as defined by loan originations is Baxter Credit Union, with 17 loans originated. Their average total fees are $2,864, which is $1,569 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cleveland lenders (with over 10 loans originated) are Baxter Credit Union ($2,864), BancorpSouth Bank ($3,804), QUICKEN LOANS, LLC ($4,433), CRESCENT MORTGAGE COMPANY ($4,894) and .

    The lowest rate Cleveland lenders (with over 10 loans originated) are CRESCENT MORTGAGE COMPANY (3.04%), Baxter Credit Union (3.10%), QUICKEN LOANS, LLC (3.15%), BancorpSouth Bank (3.38%) and .

    Cleveland, MS Lender 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 2020 Loan Value 2021 Loan Value % Change 2021 Market Share
    QUICKEN LOANS, LLC $3,685,000 $8,010,000 117.4% 11.2%
    Planters Bank & Trust Company $6,005,000 $7,880,000 31.2% 11.0%
    BancorpSouth Bank $6,595,000 $5,835,000 -11.5% 8.1%
    CRESCENT MORTGAGE COMPANY $2,715,000 $4,220,000 55.4% 5.9%
    Baxter Credit Union $2,630,000 $4,200,000 59.7% 5.8%
    PriorityOne Bank $4,790,000 $3,605,000 -24.7% 5.0%
    Guaranty Bank and Trust Company $2,425,000 $3,455,000 42.5% 4.8%
    Renasant Bank $4,095,000 $3,015,000 -26.4% 4.2%
    Regions Bank $2,845,000 $2,605,000 -8.4% 3.6%
    BankPlus $765,000 $2,570,000 235.9% 3.6%
    Trustmark National Bank $1,430,000 $2,395,000 67.5% 3.3%
    FIDELITY BANK $2,715,000 $1,795,000 -33.9% 2.5%
    Community Bank of Mississippi $640,000 $1,730,000 170.3% 2.4%
    Wells Fargo Bank $465,000 $1,730,000 272.0% 2.4%
    Citizens Bank $920,000 $1,690,000 83.7% 2.4%
    Magnolia Bank $1,420,000 $1,350,000 -4.9% 1.9%
    LOANDEPOT.COM, LLC $450,000 $1,335,000 196.7% 1.9%
    CB&S Bank, Inc. $220,000 $1,245,000 465.9% 1.7%
    Southern Bancorp Bank $725,000 $1,020,000 40.7% 1.4%
    UNITED WHOLESALE MORTGAGE, LLC $265,000 $775,000 192.5% 1.1%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $625,000 $675,000 8.0% 0.9%
    Mr. Cooper ( Nationstar Mortgage ) $875,000 $660,000 -24.6% 0.9%
    INTERLINC MORTGAGE SERVICES, LLC $655,000 n/a 0.9%
    NAVY FEDERAL CREDIT UNION $45,000 $615,000 1,266.7% 0.9%
    PENNYMAC LOAN SERVICES, LLC $565,000 n/a 0.8%
    U.S. Bank $395,000 n/a 0.6%
    NEWREZ LLC $385,000 n/a 0.5%
    BETTER MORTGAGE CORPORATION $370,000 n/a 0.5%
    COMMUNITY MORTGAGE CORPORATION $370,000 n/a 0.5%
    Bank of England $1,200,000 $305,000 -74.6% 0.4%
    ROYAL UNITED MORTGAGE LLC $65,000 $285,000 338.5% 0.4%
    TRIAD FINANCIAL SERVICES, INC. $95,000 $285,000 200.0% 0.4%
    Merchants & Marine Bank $275,000 n/a 0.4%
    21ST MORTGAGE CORPORATION $645,000 $265,000 -58.9% 0.4%
    Manufacturers and Traders Trust Company $260,000 n/a 0.4%
    Flagstar Bank, FSB $255,000 n/a 0.4%
    ROUNDPOINT MORTGAGE SERVICING CORPORATION $255,000 n/a 0.4%
    FREEDOM MORTGAGE CORPORATION $675,000 $230,000 -65.9% 0.3%
    Colonial Savings, F.A. $205,000 n/a 0.3%
    LAKEVIEW LOAN SERVICING, LLC $165,000 $205,000 24.2% 0.3%
    SPRING EQ, LLC $195,000 n/a 0.3%
    USAA Federal Savings Bank $135,000 $195,000 44.4% 0.3%
    Reliant Bank $215,000 $190,000 -11.6% 0.3%
    Independent Bank $285,000 $185,000 -35.1% 0.3%
    SOUTHWEST FUNDING, LP $185,000 n/a 0.3%
    AMERISAVE MORTGAGE CORPORATION $155,000 $180,000 16.1% 0.3%
    BROKER SOLUTIONS, INC. $175,000 n/a 0.2%
    STATEWIDE FEDERAL CREDIT UNION $285,000 $175,000 -38.6% 0.2%
    Barrington Bank & Trust Company, N.A. $570,000 $165,000 -71.1% 0.2%
    CALIBER HOME LOANS, INC. $165,000 n/a 0.2%
    PNC Bank $165,000 n/a 0.2%
    VILLAGE CAPITAL & INVESTMENT LLC $155,000 n/a 0.2%
    InterContinental Capital Group, Inc $145,000 n/a 0.2%
    VANDERBILT MORTGAGE AND FINANCE, INC. $100,000 $145,000 45.0% 0.2%
    CSL Financial, LLC $90,000 $140,000 55.6% 0.2%
    Bank of America $595,000 $135,000 -77.3% 0.2%
    First Federal Bank $215,000 $135,000 -37.2% 0.2%
    Carrington Mortgage Services, LLC $260,000 $125,000 -51.9% 0.2%
    RIVERLAND FEDERAL CREDIT UNION $125,000 n/a 0.2%
    JPMorgan Chase Bank $190,000 $115,000 -39.5% 0.2%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $195,000 $115,000 -41.0% 0.2%
    CORNERSTONE HOME LENDING, INC. $75,000 $105,000 40.0% 0.1%
    First Security Bank $105,000 n/a 0.1%
    HOMESIDE FINANCIAL, LLC $105,000 n/a 0.1%
    NEW DAY FINANCIAL, LLC $155,000 $75,000 -51.6% 0.1%
    FirstBank $180,000 $65,000 -63.9% 0.1%
    MORIA DEVELOPMENT, INC. $65,000 n/a 0.1%

    Cleveland's top lender by overall market share is QUICKEN LOANS, LLC, with 11.2% market share. In second place, with 11.0%, is Planters Bank & Trust Company, having originated $7,880,000 in loans. In third place, with 8.1%, is BancorpSouth Bank, having originated $5,835,000 in loans. In third place, with 5.9%, is CRESCENT MORTGAGE COMPANY, having originated $4,220,000 in loans. In third place, with 5.8%, is Baxter Credit Union, having originated $4,200,000 in loans.

    Cleveland, MS Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 218 $34,780,000 $159,541
    Refi 161 $27,135,000 $168,540
    Cash Out Refi 61 $8,485,000 $139,098
    Other 10 $1,210,000 $121,000
    Home Improvement 7 $195,000 $27,857

    Cleveland's most frequently cited loan purpose was Home Purchase, with 218 originations. The 2nd most popular reason was Refi, with 161 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    2.5-3% 166 $26,410,000 $159,096
    3-4% 130 $24,060,000 $185,077
    <2.5% 73 $11,415,000 $156,370
    4-5% 43 $3,865,000 $89,884
    5-6% 13 $985,000 $75,769
    6-7% 5 $365,000 $73,000
    7-8% 5 $385,000 $77,000
    Over 8% 4 $310,000 $77,500

    During 2021, Cleveland's most frequently originated rate bucket was 2.5-3%, with 166 originations.

    Loan Sizing (Cleveland, MS MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 216 $31,090,000 $143,935
    $100,000 or less 141 $8,435,000 $59,823
    $200k-400k 94 $24,770,000 $263,511
    $Over $1MM 4 $6,510,000 $1,627,500
    $400k-600k 2 $1,000,000 $500,000

    Cleveland's loan sizing saw the bucket of loans from $100k-200k with 216 originations, totaling $31,090,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 197 $33,765,000 $171,396
    60-80% 137 $23,745,000 $173,321
    40-60% 53 $6,585,000 $124,245
    20-40% 30 $2,010,000 $67,000
    Under 20% 14 $340,000 $24,286
    Over 100% 2 $750,000 $375,000

    Cleveland's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 197 originations, totaling $33,765,000 in origination value.

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $132,250 (5.8%) $206,386 (22.4%) 0.00 49
    2018-02-01 $127,950 (1.2%) $179,814 (3.2%) 0.00 58
    2018-03-01 $128,900 (-6.3%) $173,453 (2.5%) 0.00 54
    2018-04-01 $128,750 (-13.3%) $166,800 (-7.4%) 0.00 62
    2018-05-01 $140,000 (-3.5%) $174,739 (-3.0%) 0.00 64
    2018-06-01 $160,000 (6.7%) $182,743 (-2.1%) 0.00 64
    2018-07-01 $155,500 (-2.2%) $179,056 (-10.2%) 0.00 68
    2018-08-01 $153,750 (2.7%) $176,102 (-19.3%) 0.00 67
    2018-09-01 $155,500 (7.3%) $180,188 (-15.5%) 0.00 60
    2018-10-01 $152,000 (3.1%) $180,653 (-14.4%) 0.00 62
    2018-11-01 $142,450 (-1.4%) $169,574 (-19.0%) 0.00 63
    2018-12-01 $139,900 (3.6%) $169,998 (-17.2%) 0.00 66
    2019-01-01 $135,000 (2.1%) $161,488 (-21.8%) 0.00 72
    2019-02-01 $139,900 (9.3%) $162,958 (-9.4%) 0.00 73
    2019-03-01 $141,100 (9.5%) $159,575 (-8.0%) 0.00 73
    2019-04-01 $136,350 (5.9%) $153,843 (-7.8%) 0.00 68
    2019-05-01 $146,250 (4.5%) $167,439 (-4.2%) 0.00 68
    2019-06-01 $143,000 (-10.6%) $166,136 (-9.1%) 0.00 61
    2019-07-01 $144,000 (-7.4%) $176,713 (-1.3%) 0.00 51
    2019-08-01 $147,800 (-3.9%) $180,993 (2.8%) 0.00 50
    2019-09-01 $142,500 (-8.4%) $172,449 (-4.3%) 0.00 46
    2019-10-01 $130,950 (-13.9%) $163,067 (-9.7%) 0.00 48
    2019-11-01 $140,000 (-1.7%) $171,763 (1.3%) 0.00 47
    2019-12-01 $143,750 (2.8%) $178,635 (5.1%) 0.00 51
    2020-01-01 $141,250 (4.6%) $176,056 (9.0%) 0.00 44
    2020-02-01 $135,000 (-3.5%) $172,193 (5.7%) 0.00 45
    2020-03-01 $141,750 (0.5%) $189,722 (18.9%) 0.00 46
    2020-04-01 $144,250 (5.8%) $185,877 (20.8%) 0.00 45
    2020-05-01 $140,000 (-4.3%) $181,070 (8.1%) 0.00 40
    2020-06-01 $162,750 (13.8%) $201,755 (21.4%) 0.00 41
    2020-07-01 $162,000 (12.5%) $186,461 (5.5%) 0.00 44
    2020-08-01 $167,000 (13.0%) $199,189 (10.1%) 0.00 35
    2020-09-01 $150,250 (5.4%) $187,122 (8.5%) 0.00 33
    2020-10-01 $147,500 (12.6%) $188,116 (15.4%) 0.00 39
    2020-11-01 $153,700 (9.8%) $183,171 (6.6%) 0.00 50
    2020-12-01 $161,200 (12.1%) $188,861 (5.7%) 0.00 45
    2021-01-01 $136,500 (-3.4%) $185,419 (5.3%) 0.00 37
    2021-02-01 $164,950 (22.2%) $216,806 (25.9%) 0.00 34
    2021-03-01 $181,000 (27.7%) $243,326 (28.3%) 0.00 31
    2021-04-01 $187,250 (29.8%) $245,196 (31.9%) 0.00 28
    2021-05-01 $199,000 (42.1%) $231,593 (27.9%) 0.00 25
    2021-06-01 $180,000 (10.6%) $226,085 (12.1%) 0.00 25
    2021-07-01 $196,000 (21.0%) $217,935 (16.9%) 0.00 22
    2021-08-01 $160,000 (-4.2%) $202,270 (1.6%) 0.00 28
    2021-09-01 $164,750 (9.7%) $245,316 (31.1%) 0.00 30
    2021-10-01 $169,900 (15.2%) $258,946 (37.7%) 0.00 24
    2021-11-01 $167,250 (8.8%) $198,114 (8.2%) 0.00 29
    2021-12-01 $154,950 (-3.9%) $191,731 (1.5%) 0.00 30
    2022-01-01 $164,900 (20.8%) $205,570 (10.9%) 0.00 26
    2022-02-01 $167,500 (1.6%) $203,630 (-6.1%) 0.00 38
    2022-03-01 $164,900 (-8.9%) $209,406 (-13.9%) 0.00 41
    2022-04-01 $156,560 (-16.4%) $209,990 (-14.4%) 0.00 37
    2022-05-01 $155,000 (-22.1%) $199,451 (-13.9%) 0.00 39
    Cleveland's median listing price for 2022-05-01 was $155,000, a difference of $-44,000 (-22.1%) versus the prior year and $-1,560 versus the prior month.

    Cleveland's median listing price comes in at 0% of the national average.

    Cleveland's average listing price for 2022-05-01 was $199,451, a difference of $-32,142 (-13.9%) versus the prior year and $-10,539 versus the prior month.

    For the 2022-05-01 period, Cleveland had 39 MLS listings, a difference of 2 listings (5%) versus the prior month and 14 listings (56%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,686 sqft
    2018-02-01 0 days 1,583 sqft
    2018-03-01 0 days 1,480 sqft
    2018-04-01 0 days 1,686 sqft
    2018-05-01 0 days 1,950 sqft
    2018-06-01 0 days 1,173 sqft
    2018-07-01 0 days 1,435 sqft
    2018-08-01 0 days 1,823 sqft
    2018-09-01 0 days 1,696 sqft
    2018-10-01 0 days 2,089 sqft
    2018-11-01 0 days 1,504 sqft
    2018-12-01 0 days 1,127 sqft
    2019-01-01 0 days 1,807 sqft
    2019-02-01 0 days 2,176 sqft
    2019-03-01 0 days 1,875 sqft
    2019-04-01 0 days 1,782 sqft
    2019-05-01 0 days 1,769 sqft
    2019-06-01 0 days 1,769 sqft
    2019-07-01 0 days 1,837 sqft
    2019-08-01 0 days 2,075 sqft
    2019-09-01 0 days 2,075 sqft
    2019-10-01 0 days 1,765 sqft
    2019-11-01 0 days 1,936 sqft
    2019-12-01 0 days 1,798 sqft
    2020-01-01 0 days 1,712 sqft
    2020-02-01 0 days 1,719 sqft
    2020-03-01 0 days 1,780 sqft
    2020-04-01 0 days 1,783 sqft
    2020-05-01 0 days 1,752 sqft
    2020-06-01 0 days 1,920 sqft
    2020-07-01 0 days 2,000 sqft
    2020-08-01 0 days 2,079 sqft
    2020-09-01 0 days 2,000 sqft
    2020-10-01 0 days 2,070 sqft
    2020-11-01 0 days 1,991 sqft
    2020-12-01 0 days 2,009 sqft
    2021-01-01 0 days 1,875 sqft
    2021-02-01 0 days 1,875 sqft
    2021-03-01 0 days 1,875 sqft
    2021-04-01 0 days 2,094 sqft
    2021-05-01 0 days 2,100 sqft
    2021-06-01 0 days 1,875 sqft
    2021-07-01 0 days 2,160 sqft
    2021-08-01 0 days 1,929 sqft
    2021-09-01 0 days 1,963 sqft
    2021-10-01 0 days 1,938 sqft
    2021-11-01 0 days 1,938 sqft
    2021-12-01 0 days 1,813 sqft
    2022-01-01 0 days 1,938 sqft
    2022-02-01 0 days 2,051 sqft
    2022-03-01 0 days 2,087 sqft
    2022-04-01 0 days 1,944 sqft
    2022-05-01 0 days 1,909 sqft
    Cleveland's median listing age (time on market) for 2022-05-01 was 0 days.

    Cleveland's median square footage for active listings during the 2022-05-01 period was 1,909 sqft. One year prior, the average listing was 2,100 sqft.