Cleveland Mortgage Rates & Closing Costs

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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Cleveland averaged 6.76% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 6.89% and one month ago for the week of 2023-02-09, the average rate was 6.48%.

    Cleveland's average rate one year ago was 3.7%.

    For refis of the same type during the week of 2023-03-16, the average rate was 6.76%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Cleveland 30 Year Fixed Rate 2023-03-16 6.76%
    Cleveland 30 Year Fixed Rate Refi 2023-03-16 6.76%
    Cleveland 15 Year Fixed Rate 2023-03-16 6.68%
    Cleveland 15 Year Fixed Rate Refi 2023-03-16 6.5%
    Cleveland 30 Year FHA 2023-03-16 6.07%
    Cleveland 30 Year FHA Refi 2023-03-16 6.25%
    Cleveland 30 Year USDA 2023-03-16 6.57%
    Cleveland 30 Year USDA Refi 2023-03-16 3.86%
    Cleveland 30 Year VA 2023-03-16 5.87%
    Cleveland 30 Year VA Refi 2023-03-16 5.87%
    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 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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Renasant Bank 11 4.68% $4,092
    BancorpSouth Bank 8 5.73% $4,593
    QUICKEN LOANS, LLC 7 5.21% $6,568
    CRESCENT MORTGAGE COMPANY 6 4.19% $4,873
    FIDELITY BANK 3 5.58% $5,874
    Citizens Bank 3 5.58% $5,636
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 4.25% $3,638
    Baxter Credit Union 3 4.17% $3,612
    Community Bank of Mississippi 2 4.19% $3,215
    LOANDEPOT.COM, LLC 2 4.12% $4,517
    JPMorgan Chase Bank 2 5.13% $3,021
    Regions Bank 1 4.13% $3,261
    Trustmark National Bank 1 3.88% $3,227
    UNITED WHOLESALE MORTGAGE, LLC 1 5.42% $3,510
    USAA Federal Savings Bank 1 5.00% $5,505
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 7.00% $4,124
    BETTER MORTGAGE CORPORATION 1 2.88% $6,576
    CALIBER HOME LOANS, INC. 1 6.13% $2,439
    DELMAR FINANCIAL COMPANY 1 3.63% $3,617
    EVERETT FINANCIAL, INC. 1 6.38% $2,424
    First Guaranty Mortgage Corporation 1 3.38% $4,625
    GMFS LLC 1 6.63% $1,990
    HOPE FEDERAL CREDIT UNION 1 5.25% $3,789
    MORTGAGE INVESTORS GROUP, INC. 1 3.25% $4,315
    Mortgage Research Center, LLC 1 7.13% $1,511
    NBKC BANK 1 3.50% $4,501

    Cleveland Average Closing Costs & Other Stats

    Cleveland, MS's 26 lenders originated 330 loans during 2022. The total origination value was $48,930,000, with an average loan value of $148,273.

    Cleveland's average closing costs are $4,397.

    The top Cleveland lender as defined by loan originations is Renasant Bank, with 11 loans originated. Their average total fees are $4,092, which is $500 lower than the next largest lender, BancorpSouth Bank.

    The lowest fee Cleveland lenders (with over 10 loans originated) are Renasant Bank ($4,092), .

    The lowest rate Cleveland lenders (with over 10 loans originated) are Renasant Bank (4.68%), .

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    Planters Bank & Trust Company $7,880,000 $8,060,000 2.3% 16.5%
    Guaranty Bank and Trust Company $3,455,000 $6,380,000 84.7% 13.0%
    BancorpSouth Bank $5,835,000 $4,930,000 -15.5% 10.1%
    QUICKEN LOANS, LLC $8,010,000 $3,970,000 -50.4% 8.1%
    Renasant Bank $3,015,000 $3,450,000 14.4% 7.1%
    Citizens Bank $1,690,000 $2,050,000 21.3% 4.2%
    BankPlus $2,570,000 $1,690,000 -34.2% 3.5%
    PriorityOne Bank $3,605,000 $1,170,000 -67.5% 2.4%
    Southern Bancorp Bank $1,020,000 $1,065,000 4.4% 2.2%
    CRESCENT MORTGAGE COMPANY $4,220,000 $1,010,000 -76.1% 2.1%
    FIDELITY BANK $1,795,000 $955,000 -46.8% 2.0%
    Baxter Credit Union $4,200,000 $935,000 -77.7% 1.9%
    21ST MORTGAGE CORPORATION $265,000 $915,000 245.3% 1.9%
    LOANDEPOT.COM, LLC $1,335,000 $780,000 -41.6% 1.6%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $675,000 $715,000 5.9% 1.5%
    Mortgage Research Center, LLC $660,000 n/a 1.3%
    Regions Bank $2,605,000 $610,000 -76.6% 1.2%
    JPMorgan Chase Bank $115,000 $540,000 369.6% 1.1%
    Community Bank of Mississippi $1,730,000 $525,000 -69.7% 1.1%
    GUARANTY HOME MORTGAGE CORPORATION $515,000 n/a 1.1%
    NBKC BANK $455,000 n/a 0.9%
    Magnolia Bank $1,350,000 $420,000 -68.9% 0.9%
    The First, A National Banking Association $420,000 n/a 0.9%
    Mr. Cooper ( Nationstar Mortgage ) $660,000 $410,000 -37.9% 0.8%
    Ally Bank $405,000 n/a 0.8%
    GMFS LLC $350,000 n/a 0.7%
    HOPE FEDERAL CREDIT UNION $340,000 n/a 0.7%
    VANDERBILT MORTGAGE AND FINANCE, INC. $145,000 $315,000 117.2% 0.6%
    PENNYMAC LOAN SERVICES, LLC $565,000 $300,000 -46.9% 0.6%
    EVERETT FINANCIAL, INC. $280,000 n/a 0.6%
    Trustmark National Bank $2,395,000 $255,000 -89.4% 0.5%
    BETTER MORTGAGE CORPORATION $370,000 $245,000 -33.8% 0.5%
    FINANCE OF AMERICA MORTGAGE LLC $220,000 n/a 0.4%
    CALIBER HOME LOANS, INC. $165,000 $200,000 21.2% 0.4%
    DELMAR FINANCIAL COMPANY $195,000 n/a 0.4%
    Nations Lending Corporation $190,000 n/a 0.4%
    Lakeview Community Capital, LLC $185,000 n/a 0.4%
    First Guaranty Mortgage Corporation $175,000 n/a 0.4%
    HOMESTAR FINANCIAL CORPORATION $175,000 n/a 0.4%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $115,000 $175,000 52.2% 0.4%
    MORTGAGE INVESTORS GROUP, INC. $165,000 n/a 0.3%
    Evolve Bank & Trust $155,000 n/a 0.3%
    FREEDOM MORTGAGE CORPORATION $230,000 $155,000 -32.6% 0.3%
    SOUTHWEST FUNDING, LP $185,000 $145,000 -21.6% 0.3%
    UNITED WHOLESALE MORTGAGE, LLC $775,000 $145,000 -81.3% 0.3%
    TRIAD FINANCIAL SERVICES, INC. $285,000 $140,000 -50.9% 0.3%
    Commercial Bank & Trust Co. $135,000 n/a 0.3%
    AMERISAVE MORTGAGE CORPORATION $180,000 $125,000 -30.6% 0.3%
    CIS Financial Services, Inc. $125,000 n/a 0.3%
    COUNTRYPLACE MORTGAGE, LTD. $125,000 n/a 0.3%
    Flagstar Bank, FSB $255,000 $125,000 -51.0% 0.3%
    First Community Bank $115,000 n/a 0.2%
    INTERLINC MORTGAGE SERVICES, LLC $655,000 $115,000 -82.4% 0.2%
    USAA Federal Savings Bank $195,000 $115,000 -41.0% 0.2%
    Bank of America $135,000 $105,000 -22.2% 0.2%
    NEWREZ LLC $385,000 $100,000 -74.0% 0.2%
    United Community Bank $85,000 n/a 0.2%
    RELIANCE FIRST CAPITAL, LLC $65,000 n/a 0.1%
    AMERICAN ADVISORS GROUP $55,000 n/a 0.1%

    Cleveland's top lender by overall market share is Planters Bank & Trust Company, with 16.5% market share. In second place, with 13.0%, is Guaranty Bank and Trust Company, having originated $6,380,000 in loans. In third place, with 10.1%, is BancorpSouth Bank, having originated $4,930,000 in loans. In fourth place, with 8.1%, is QUICKEN LOANS, LLC, having originated $3,970,000 in loans. In fifth place, with 7.1%, is Renasant Bank, having originated $3,450,000 in loans.

    Cleveland Housing Market Trends (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 $130,000 (4.2%) $198,390 (17.1%) 0.00 51
    2018-02-01 $126,500 (0.6%) $175,747 (0.3%) 0.00 59
    2018-03-01 $128,000 (-7.6%) $174,251 (-0.8%) 0.00 55
    2018-04-01 $128,750 (-13.6%) $168,317 (-10.0%) 0.00 60
    2018-05-01 $139,500 (-3.8%) $176,259 (-4.2%) 0.00 64
    2018-06-01 $160,000 (4.2%) $185,115 (-3.4%) 0.00 62
    2018-07-01 $150,475 (-5.4%) $173,085 (-14.1%) 0.00 71
    2018-08-01 $149,125 (1.2%) $170,846 (-21.3%) 0.00 68
    2018-09-01 $150,750 (11.7%) $174,215 (-16.2%) 0.00 60
    2018-10-01 $150,950 (6.1%) $176,390 (-14.4%) 0.00 62
    2018-11-01 $142,250 (4.5%) $168,158 (-17.2%) 0.00 63
    2018-12-01 $139,900 (7.6%) $167,827 (-14.8%) 0.00 67
    2019-01-01 $131,200 (0.9%) $157,319 (-20.7%) 0.00 75
    2019-02-01 $135,600 (7.2%) $159,755 (-9.1%) 0.00 76
    2019-03-01 $138,664 (8.3%) $157,491 (-9.6%) 0.00 74
    2019-04-01 $135,189 (5.0%) $153,512 (-8.8%) 0.00 68
    2019-05-01 $146,625 (5.1%) $168,565 (-4.4%) 0.00 68
    2019-06-01 $143,000 (-10.6%) $164,223 (-11.3%) 0.00 59
    2019-07-01 $143,500 (-4.6%) $174,870 (1.0%) 0.00 51
    2019-08-01 $145,905 (-2.2%) $178,925 (4.7%) 0.00 49
    2019-09-01 $139,911 (-7.2%) $170,755 (-2.0%) 0.00 49
    2019-10-01 $133,100 (-11.8%) $164,409 (-6.8%) 0.00 49
    2019-11-01 $140,000 (-1.6%) $174,268 (3.6%) 0.00 48
    2019-12-01 $143,750 (2.8%) $181,226 (8.0%) 0.00 51
    2020-01-01 $142,500 (8.6%) $180,474 (14.7%) 0.00 45
    2020-02-01 $140,000 (3.2%) $176,144 (10.3%) 0.00 46
    2020-03-01 $141,750 (2.2%) $187,808 (19.3%) 0.00 48
    2020-04-01 $144,625 (7.0%) $184,007 (19.9%) 0.00 48
    2020-05-01 $140,000 (-4.5%) $179,311 (6.4%) 0.00 43
    2020-06-01 $161,500 (12.9%) $197,201 (20.1%) 0.00 43
    2020-07-01 $158,500 (10.5%) $181,947 (4.1%) 0.00 43
    2020-08-01 $164,500 (12.7%) $194,438 (8.7%) 0.00 35
    2020-09-01 $150,100 (7.3%) $187,392 (9.7%) 0.00 33
    2020-10-01 $146,200 (9.8%) $188,116 (14.4%) 0.00 39
    2020-11-01 $156,800 (12.0%) $181,693 (4.3%) 0.00 51
    2020-12-01 $159,975 (11.3%) $188,247 (3.9%) 0.00 47
    2021-01-01 $138,200 (-3.0%) $181,367 (0.5%) 0.00 37
    2021-02-01 $162,450 (16.0%) $218,629 (24.1%) 0.00 34
    2021-03-01 $181,000 (27.7%) $225,136 (19.9%) 0.00 30
    2021-04-01 $187,250 (29.5%) $225,072 (22.3%) 0.00 27
    2021-05-01 $182,250 (30.2%) $211,324 (17.9%) 0.00 23
    2021-06-01 $172,425 (6.8%) $208,658 (5.8%) 0.00 24
    2021-07-01 $165,000 (4.1%) $202,586 (11.3%) 0.00 21
    2021-08-01 $159,925 (-2.8%) $197,425 (1.5%) 0.00 28
    2021-09-01 $159,925 (6.6%) $187,648 (0.1%) 0.00 28
    2021-10-01 $161,750 (10.6%) $185,722 (-1.3%) 0.00 23
    2021-11-01 $159,375 (1.6%) $193,332 (6.4%) 0.00 30
    2021-12-01 $141,625 (-11.5%) $187,144 (-0.6%) 0.00 30
    2022-01-01 $145,000 (4.9%) $200,334 (10.5%) 0.00 26
    2022-02-01 $164,975 (1.6%) $200,011 (-8.5%) 0.00 40
    2022-03-01 $162,450 (-10.3%) $205,518 (-8.7%) 0.00 43
    2022-04-01 $149,750 (-20.0%) $206,763 (-8.1%) 0.00 38
    2022-05-01 $152,500 (-16.3%) $191,802 (-9.2%) 0.00 40
    2022-06-01 $150,000 (-13.0%) $178,816 (-14.3%) 0.00 42
    2022-07-01 $156,000 (-5.5%) $198,349 (-2.1%) 0.00 45
    2022-08-01 $167,000 (4.4%) $201,537 (2.1%) 0.00 43
    2022-09-01 $169,500 (6.0%) $203,929 (8.7%) 0.00 46
    2022-10-01 $175,000 (8.2%) $210,944 (13.6%) 0.00 39
    2022-11-01 $175,000 (9.8%) $202,376 (4.7%) 0.00 37
    2022-12-01 $179,900 (27.0%) $207,988 (11.1%) 0.00 42
    2023-01-01 $175,000 (20.7%) $215,751 (7.7%) 0.00 36
    2023-02-01 $190,000 (15.2%) $242,315 (21.2%) 0.00 35
    Cleveland's median listing price for 2023-02-01 was $190,000, a difference of $25,025 (15.2%) versus the prior year and $15,000 versus the prior month.

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

    Cleveland's average listing price for 2023-02-01 was $242,315, a difference of $42,304 (21.2%) versus the prior year and $26,564 versus the prior month.

    For the 2023-02-01 period, Cleveland had 35 MLS listings, a difference of -1 listings (-3%) versus the prior month and -5 listings (-13%) 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 1,860 sqft
    2018-02-01 0 days 1,693 sqft
    2018-03-01 0 days 1,700 sqft
    2018-04-01 0 days 1,717 sqft
    2018-05-01 0 days 1,760 sqft
    2018-06-01 0 days 1,883 sqft
    2018-07-01 0 days 1,856 sqft
    2018-08-01 0 days 1,791 sqft
    2018-09-01 0 days 1,763 sqft
    2018-10-01 0 days 1,795 sqft
    2018-11-01 0 days 1,748 sqft
    2018-12-01 0 days 1,510 sqft
    2019-01-01 0 days 1,605 sqft
    2019-02-01 0 days 1,684 sqft
    2019-03-01 0 days 1,704 sqft
    2019-04-01 0 days 1,756 sqft
    2019-05-01 0 days 1,788 sqft
    2019-06-01 0 days 1,782 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,887 sqft
    2019-09-01 0 days 1,804 sqft
    2019-10-01 0 days 1,761 sqft
    2019-11-01 0 days 1,865 sqft
    2019-12-01 0 days 1,798 sqft
    2020-01-01 0 days 1,715 sqft
    2020-02-01 0 days 1,727 sqft
    2020-03-01 0 days 1,806 sqft
    2020-04-01 0 days 1,819 sqft
    2020-05-01 0 days 1,775 sqft
    2020-06-01 0 days 1,947 sqft
    2020-07-01 0 days 1,982 sqft
    2020-08-01 0 days 2,078 sqft
    2020-09-01 0 days 2,000 sqft
    2020-10-01 0 days 2,035 sqft
    2020-11-01 0 days 1,875 sqft
    2020-12-01 0 days 1,996 sqft
    2021-01-01 0 days 1,780 sqft
    2021-02-01 0 days 1,873 sqft
    2021-03-01 0 days 1,992 sqft
    2021-04-01 0 days 2,094 sqft
    2021-05-01 0 days 1,875 sqft
    2021-06-01 0 days 1,830 sqft
    2021-07-01 0 days 1,964 sqft
    2021-08-01 0 days 1,790 sqft
    2021-09-01 0 days 1,825 sqft
    2021-10-01 0 days 1,790 sqft
    2021-11-01 0 days 1,652 sqft
    2021-12-01 0 days 1,645 sqft
    2022-01-01 0 days 1,751 sqft
    2022-02-01 0 days 1,941 sqft
    2022-03-01 0 days 1,980 sqft
    2022-04-01 0 days 1,941 sqft
    2022-05-01 0 days 1,802 sqft
    2022-06-01 0 days 1,846 sqft
    2022-07-01 0 days 1,793 sqft
    2022-08-01 0 days 1,856 sqft
    2022-09-01 0 days 1,826 sqft
    2022-10-01 0 days 1,851 sqft
    2022-11-01 0 days 1,948 sqft
    2022-12-01 0 days 1,948 sqft
    2023-01-01 0 days 1,882 sqft
    2023-02-01 0 days 2,046 sqft
    Cleveland's median listing age (time on market) for 2023-02-01 was 0 days.

    Cleveland's median square footage for active listings during the 2023-02-01 period was 2,046 sqft. One year prior, the average listing was 1,941 sqft.

    Cleveland, MS Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 181 $29,775,000 $164,503
    Refi 96 $13,160,000 $137,083
    Cash Out Refi 35 $4,845,000 $138,429
    Home Improvement 12 $590,000 $49,167
    Other 6 $560,000 $93,333

    Cleveland's most frequently cited loan purpose was Home Purchase, with 181 originations. The 2nd most popular reason was Refi, with 96 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 88 $12,620,000 $143,409
    4-5% 76 $11,020,000 $145,000
    3-4% 66 $11,410,000 $172,879
    6-7% 57 $7,695,000 $135,000
    2.5-3% 16 $2,980,000 $186,250
    7-8% 11 $1,685,000 $153,182
    Over 8% 10 $880,000 $88,000
    <2.5% 5 $505,000 $101,000

    During 2022, Cleveland's most frequently originated rate bucket was 5-6%, with 88 originations.

    Loan Sizing (Cleveland, MS MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 135 $19,315,000 $143,074
    $100,000 or less 126 $7,210,000 $57,222
    $200k-400k 55 $14,365,000 $261,182
    $400k-600k 10 $4,830,000 $483,000
    $600k-1000k 3 $2,175,000 $725,000
    $Over $1MM 1 $1,035,000 $1,035,000

    Cleveland's loan sizing saw the bucket of loans from $100k-200k with 135 originations, totaling $19,315,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 150 $24,770,000 $165,133
    60-80% 90 $13,730,000 $152,556
    40-60% 43 $6,385,000 $148,488
    20-40% 27 $1,955,000 $72,407
    Under 20% 15 $465,000 $31,000
    Over 100% 4 $1,490,000 $372,500

    Cleveland's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 150 originations, totaling $24,770,000 in origination value.