Cleveland Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Cleveland averaged
7.01%
for the week of 2025-06-18, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2025-06-12) was
6.64% and
one month ago for the week of 2025-05-15, the
average rate was 7.01%.
Cleveland's average rate one year ago was 6.75%.
For refis of the same type during the week of 2025-06-18, the average rate
was 7.31%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Cleveland 30 Year Fixed Rate | 2025-06-18 | 7.01% |
| Cleveland 30 Year Fixed Rate Refi | 2025-06-18 | 7.31% |
| Cleveland 15 Year Fixed Rate | 2025-06-18 | 5.76% |
| Cleveland 15 Year Fixed Rate Refi | 2025-06-18 | 6.46% |
| Cleveland 30 Year FHA | 2025-06-18 | 0.2% |
| Cleveland 30 Year FHA Refi | 2025-06-18 | 0.1% |
| Cleveland 30 Year USDA | 2025-06-18 | 0% |
| Cleveland 30 Year USDA Refi | 2025-06-18 | -0.2% |
| Cleveland 30 Year VA | 2025-06-18 | 0.2% |
| Cleveland 30 Year VA Refi | 2025-06-18 | -0.1% |
Cleveland 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 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 | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
|---|---|---|---|
| BancorpSouth | 11 | 6.76% | $3,936 |
| EUSTIS AND AMERICAN MORTGAGE COMPANY | 5 | 7.04% | $4,322 |
| Baxter Credit Union | 4 | 7.00% | $3,004 |
| FIDELITY BANK | 3 | 6.71% | $4,787 |
| JPMorgan Chase Bank | 3 | 6.33% | $5,232 |
| Mr. Cooper ( Nationstar Mortgage ) | 2 | 7.19% | $5,472 |
| FIRST COMMUNITY MORTGAGE, INC. | 2 | 6.50% | $3,206 |
| GUILD MORTGAGE COMPANY | 1 | 7.63% | $4,443 |
| HOPE FEDERAL CREDIT UNION | 1 | 6.50% | $3,342 |
| Nations Lending Corporation | 1 | 6.63% | $3,656 |
| QUICKEN LOANS, LLC | 1 | 6.99% | $5,208 |
| Regions Bank | 1 | 6.75% | $4,438 |
| Renasant Bank | 1 | 6.63% | $4,052 |
| SouthPoint Bank | 1 | 7.00% | $7,836 |
| Trustmark National Bank | 1 | 6.13% | $6,651 |
| ACOPIA, LLC | 1 | 7.13% | $4,524 |
| UNION HOME MORTGAGE CORP. | 1 | 6.38% | $6,374 |
| BankPlus | 1 | 5.88% | $4,522 |
| BROKER SOLUTIONS, INC. | 1 | 7.63% | $6,124 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.13% | $4,547 |
| FIRST COLONY MORTGAGE CORPORATION | 1 | 6.63% | $3,418 |
| First Horizon Bank | 1 | 6.75% | $4,710 |
| GUARANTEED RATE, INC. | 1 | 6.50% | $5,179 |
Cleveland Average Closing Costs & Other Stats
Cleveland, MS's 23 lenders originated 261
loans during 2024. The total origination value was $35,165,000, with an average loan value of
$134,732.
Cleveland's average closing costs are $4,834.
The top Cleveland lender as defined by loan originations is BancorpSouth, with
11 loans originated. Their average total fees are
$3,936, which is $386
lower than the next largest lender,
EUSTIS AND AMERICAN MORTGAGE COMPANY.
The lowest fee Cleveland lenders (with over 10 loans originated) are
BancorpSouth ($3,936), .
The lowest rate Cleveland lenders (with over 10 loans originated) are
BancorpSouth (6.76%), .
Cleveland, MS 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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| BancorpSouth | $6,605,000 | $4,300,000 | -34.9% | 12.2% |
| Planters Bank & Trust Company | $7,350,000 | $4,150,000 | -43.5% | 11.8% |
| Guaranty Bank and Trust Company | $1,045,000 | $2,550,000 | 144.0% | 7.3% |
| QUICKEN LOANS, LLC | $3,235,000 | $1,770,000 | -45.3% | 5.0% |
| BankPlus | $1,580,000 | $1,680,000 | 6.3% | 4.8% |
| FIDELITY BANK | $755,000 | $1,365,000 | 80.8% | 3.9% |
| EUSTIS AND AMERICAN MORTGAGE COMPANY | $860,000 | $1,075,000 | 25.0% | 3.1% |
| FIRST COMMUNITY MORTGAGE, INC. | $505,000 | $1,050,000 | 107.9% | 3.0% |
| Trustmark National Bank | $90,000 | $1,035,000 | 1,050.0% | 2.9% |
| GUILD MORTGAGE COMPANY | $825,000 | n/a | 2.3% | |
| Baxter Credit Union | $1,165,000 | $805,000 | -30.9% | 2.3% |
| JPMorgan Chase Bank | $55,000 | $795,000 | 1,345.5% | 2.3% |
| Mortgage Research Center, LLC | $1,435,000 | $780,000 | -45.6% | 2.2% |
| Renasant Bank | $1,880,000 | $715,000 | -62.0% | 2.0% |
| Flagstar Bank, FSB | $300,000 | $615,000 | 105.0% | 1.7% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $85,000 | $575,000 | 576.5% | 1.6% |
| Regions Bank | $1,950,000 | $560,000 | -71.3% | 1.6% |
| Southern Bancorp Bank | $1,175,000 | $555,000 | -52.8% | 1.6% |
| UNION HOME MORTGAGE CORP. | $105,000 | $525,000 | 400.0% | 1.5% |
| Community Bank of Mississippi | $255,000 | $490,000 | 92.2% | 1.4% |
| ACOPIA, LLC | $465,000 | n/a | 1.3% | |
| First Horizon Bank | $455,000 | n/a | 1.3% | |
| CROSSCOUNTRY MORTGAGE, LLC | $425,000 | n/a | 1.2% | |
| Mr. Cooper ( Nationstar Mortgage ) | $390,000 | n/a | 1.1% | |
| SouthPoint Bank | $355,000 | n/a | 1.0% | |
| North American Savings Bank, F.S.B. | $325,000 | n/a | 0.9% | |
| STOCKTON MORTGAGE CORPORATION | $265,000 | $300,000 | 13.2% | 0.9% |
| FREEDOM MORTGAGE CORPORATION | $290,000 | n/a | 0.8% | |
| Bank of England | $260,000 | $280,000 | 7.7% | 0.8% |
| Nations Lending Corporation | $190,000 | $280,000 | 47.4% | 0.8% |
| NEW DAY FINANCIAL, LLC | $270,000 | n/a | 0.8% | |
| MYCUMORTGAGE, LLC | $215,000 | $255,000 | 18.6% | 0.7% |
| TOWNE MORTGAGE COMPANY | $255,000 | n/a | 0.7% | |
| NAVY FEDERAL CREDIT UNION | $185,000 | $245,000 | 32.4% | 0.7% |
| CARDINAL FINANCIAL | $225,000 | n/a | 0.6% | |
| PLANET HOME LENDING, LLC | $225,000 | n/a | 0.6% | |
| GUARANTEED RATE, INC. | $215,000 | n/a | 0.6% | |
| Origin Bank | $75,000 | $205,000 | 173.3% | 0.6% |
| Paragon Bank | $195,000 | n/a | 0.6% | |
| UNITED WHOLESALE MORTGAGE, LLC | $310,000 | $185,000 | -40.3% | 0.5% |
| ZILLOW HOME LOANS, LLC | $185,000 | n/a | 0.5% | |
| TRIAD FINANCIAL SERVICES, INC. | $235,000 | $180,000 | -23.4% | 0.5% |
| MORTGAGE INVESTORS GROUP, INC. | $175,000 | n/a | 0.5% | |
| The Citizens National Bank of Meridian | $175,000 | n/a | 0.5% | |
| FIRST COLONY MORTGAGE CORPORATION | $165,000 | n/a | 0.5% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $155,000 | n/a | 0.4% | |
| GMFS LLC | $145,000 | $155,000 | 6.9% | 0.4% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $145,000 | n/a | 0.4% | |
| CIS Financial Services, Inc. | $135,000 | $125,000 | -7.4% | 0.4% |
| MUTUAL | $125,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $230,000 | $125,000 | -45.7% | 0.4% |
| FirstBank | $115,000 | n/a | 0.3% | |
| PriorityOne Bank | $330,000 | $115,000 | -65.2% | 0.3% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $55,000 | $115,000 | 109.1% | 0.3% |
| 21ST MORTGAGE CORPORATION | $105,000 | n/a | 0.3% | |
| First Security Bank | $105,000 | n/a | 0.3% | |
| LAND HOME FINANCIAL SERVICES, INC. | $105,000 | n/a | 0.3% | |
| Simmons Bank | $95,000 | n/a | 0.3% | |
| BROKER SOLUTIONS, INC. | $235,000 | $75,000 | -68.1% | 0.2% |
| NEWREZ LLC | $55,000 | n/a | 0.2% | |
| HOPE FEDERAL CREDIT UNION | $45,000 | n/a | 0.1% | |
| Discover Bank | $35,000 | n/a | 0.1% | |
| Figure Lending LLC | $35,000 | n/a | 0.1% |
Cleveland's top lender by overall market share is BancorpSouth, with 12.2% market share. In second place, with 11.8%, is Planters Bank & Trust Company, having originated $4,150,000 in loans. In third place, with 7.3%, is Guaranty Bank and Trust Company, having originated $2,550,000 in loans. In fourth place, with 5.0%, is QUICKEN LOANS, LLC, having originated $1,770,000 in loans. In fifth place, with 4.8%, is BankPlus, having originated $1,680,000 in loans.
Cleveland, MS Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 153 | $24,185,000 | $158,072 |
| Refi | 62 | $6,530,000 | $105,323 |
| Home Improvement | 17 | $1,225,000 | $72,059 |
| Other | 16 | $1,180,000 | $73,750 |
| Cash Out Refi | 13 | $2,045,000 | $157,308 |
Cleveland's most frequently cited loan purpose was Home Purchase, with 153 originations. The 2nd most popular reason was Refi, with 62 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 92 | $16,140,000 | $175,435 |
| Over 8% | 83 | $6,835,000 | $82,349 |
| 7-8% | 27 | $4,775,000 | $176,852 |
| 5-6% | 24 | $3,980,000 | $165,833 |
| <2.5% | 8 | $60,000 | $7,500 |
| 4-5% | 4 | $400,000 | $100,000 |
During 2024, Cleveland's most frequently originated rate bucket was 6-7%, with 92 originations.
Loan Sizing (Cleveland, MS MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 107 | $15,925,000 | $148,832 |
| $100,000 or less | 104 | $5,740,000 | $55,192 |
| $200k-400k | 45 | $11,295,000 | $251,000 |
| $400k-600k | 5 | $2,205,000 | $441,000 |
Cleveland's loan sizing saw the bucket of loans from $100k-200k with 107 originations, totaling $15,925,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 115 | $20,285,000 | $176,391 |
| 60-80% | 44 | $5,460,000 | $124,091 |
| 40-60% | 30 | $3,320,000 | $110,667 |
| 20-40% | 28 | $2,130,000 | $76,071 |
| Under 20% | 16 | $270,000 | $16,875 |
| Over 100% | 1 | $185,000 | $185,000 |
Cleveland's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 115 originations, totaling $20,285,000 in origination value.