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 6.5% for the week of 2024-12-12, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2024-12-05) was 6.49% and one month ago for the week of 2024-11-07, the average rate was 6.99%.

    Cleveland's average rate one year ago was 7.13%.

    For refis of the same type during the week of 2024-12-12, the average rate was 6.6%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-12-12 6.6%
    Cleveland 30 Year Fixed Rate 2024-12-12 6.5%
    Cleveland 30 Year Fixed Rate Refi 2024-12-12 6.6%
    Cleveland 15 Year Fixed Rate 2024-12-12 5.84%
    Cleveland 15 Year Fixed Rate Refi 2024-12-12 6.04%
    Cleveland 30 Year FHA 2024-12-12 6.48%
    Cleveland 30 Year FHA Refi 2024-12-12 6.58%
    Cleveland 30 Year USDA 2024-12-12 6.5%
    Cleveland 30 Year USDA Refi 2024-12-12 6.3%
    Cleveland 30 Year VA 2024-12-12 6.08%
    Cleveland 30 Year VA Refi 2024-12-12 5.98%
    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    BancorpSouth 16 6.69% $4,501
    QUICKEN LOANS, LLC 7 6.85% $8,204
    EUSTIS AND AMERICAN MORTGAGE COMPANY 4 6.69% $3,647
    Baxter Credit Union 3 6.58% $3,643
    UNITED WHOLESALE MORTGAGE, LLC 2 7.18% $4,353
    Bank of England 2 7.06% $3,785
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $4,304
    FIDELITY BANK 2 6.94% $6,062
    PENNYMAC LOAN SERVICES, LLC 2 5.87% $4,218
    Regions Bank 2 6.81% $4,649
    Renasant Bank 2 7.19% $3,750
    Hawthorn Bank 1 6.38% $3,270
    JPMorgan Chase Bank 1 6.88% $3,671
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.88% $6,867
    NAVY FEDERAL CREDIT UNION 1 8.00% $2,722
    Origin Bank 1 7.63% $2,795
    STOCKTON MORTGAGE CORPORATION 1 7.13% $9,486
    Beeline Loans, Inc. 1 7.13% $4,642
    Community Bank of Mississippi 1 6.00% $5,390
    Centennial Bank 1 7.63% $3,674
    Trustmark National Bank 1 7.00% $4,328
    BankPlus 1 7.13% $3,514
    FIRST COMMUNITY MORTGAGE, INC. 1 6.88% $5,065

    Cleveland Average Closing Costs & Other Stats

    Cleveland, MS's 23 lenders originated 266 loans during 2023. The total origination value was $36,730,000, with an average loan value of $138,083.

    Cleveland's average closing costs are $4,643.

    The top Cleveland lender as defined by loan originations is BancorpSouth, with 16 loans originated. Their average total fees are $4,501, which is $3,703 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cleveland lenders (with over 10 loans originated) are BancorpSouth ($4,501), .

    The lowest rate Cleveland lenders (with over 10 loans originated) are BancorpSouth (6.69%), .

    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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    Planters Bank & Trust Company $8,060,000 $7,350,000 -8.8% 20.0%
    BancorpSouth $4,930,000 $6,605,000 34.0% 18.0%
    QUICKEN LOANS, LLC $3,970,000 $3,235,000 -18.5% 8.8%
    Regions Bank $610,000 $1,950,000 219.7% 5.3%
    Renasant Bank $3,450,000 $1,880,000 -45.5% 5.1%
    BankPlus $1,690,000 $1,580,000 -6.5% 4.3%
    Mortgage Research Center, LLC $660,000 $1,435,000 117.4% 3.9%
    Southern Bancorp Bank $1,065,000 $1,175,000 10.3% 3.2%
    Baxter Credit Union $935,000 $1,165,000 24.6% 3.2%
    Guaranty Bank and Trust Company $6,380,000 $1,045,000 -83.6% 2.8%
    EUSTIS AND AMERICAN MORTGAGE COMPANY $860,000 n/a 2.3%
    USAA Federal Savings Bank $115,000 $765,000 565.2% 2.1%
    FIDELITY BANK $955,000 $755,000 -20.9% 2.1%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $715,000 $685,000 -4.2% 1.9%
    FIRST COMMUNITY MORTGAGE, INC. $505,000 n/a 1.4%
    Citizens Bank $2,050,000 $410,000 -80.0% 1.1%
    PriorityOne Bank $1,170,000 $330,000 -71.8% 0.9%
    UNITED WHOLESALE MORTGAGE, LLC $145,000 $310,000 113.8% 0.8%
    Flagstar Bank, FSB $125,000 $300,000 140.0% 0.8%
    STOCKTON MORTGAGE CORPORATION $265,000 n/a 0.7%
    Bank of England $260,000 n/a 0.7%
    Community Bank of Mississippi $525,000 $255,000 -51.4% 0.7%
    BROKER SOLUTIONS, INC. $235,000 n/a 0.6%
    TRIAD FINANCIAL SERVICES, INC. $140,000 $235,000 67.9% 0.6%
    PENNYMAC LOAN SERVICES, LLC $300,000 $230,000 -23.3% 0.6%
    MYCUMORTGAGE, LLC $215,000 n/a 0.6%
    Nations Lending Corporation $190,000 $190,000 0.0% 0.5%
    NAVY FEDERAL CREDIT UNION $185,000 n/a 0.5%
    Peoples Bank $185,000 n/a 0.5%
    SWBC MORTGAGE CORPORATION $175,000 n/a 0.5%
    COMMUNITY MORTGAGE CORPORATION $165,000 n/a 0.4%
    Troy Bank and Trust Company $165,000 n/a 0.4%
    COUNTRYPLACE MORTGAGE, LTD. $125,000 $145,000 16.0% 0.4%
    GMFS LLC $350,000 $145,000 -58.6% 0.4%
    Hawthorn Bank $145,000 n/a 0.4%
    Bank of America $105,000 $135,000 28.6% 0.4%
    CIS Financial Services, Inc. $125,000 $135,000 8.0% 0.4%
    ROYAL UNITED MORTGAGE LLC $105,000 n/a 0.3%
    UNION HOME MORTGAGE CORP. $105,000 n/a 0.3%
    Beeline Loans, Inc. $95,000 n/a 0.3%
    Trustmark National Bank $255,000 $90,000 -64.7% 0.2%
    MUTUAL OF OMAHA MORTGAGE, INC. $85,000 n/a 0.2%
    CB&S Bank, Inc. $75,000 n/a 0.2%
    Origin Bank $75,000 n/a 0.2%
    United Community Bank $85,000 $75,000 -11.8% 0.2%
    Centennial Bank $65,000 n/a 0.2%
    JPMorgan Chase Bank $540,000 $55,000 -89.8% 0.1%
    VANDERBILT MORTGAGE AND FINANCE, INC. $315,000 $55,000 -82.5% 0.1%
    CSL Financial, LLC $45,000 n/a 0.1%

    Cleveland's top lender by overall market share is Planters Bank & Trust Company, with 20.0% market share. In second place, with 18.0%, is BancorpSouth, having originated $6,605,000 in loans. In third place, with 8.8%, is QUICKEN LOANS, LLC, having originated $3,235,000 in loans. In fourth place, with 5.3%, is Regions Bank, having originated $1,950,000 in loans. In fifth place, with 5.1%, is Renasant Bank, having originated $1,880,000 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 $145,750 (4.5%) $168,263 (-4.5%) 0.00 67
    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 $141,750 (8.0%) $179,136 (13.9%) 0.00 44
    2020-02-01 $137,500 (1.4%) $174,756 (9.4%) 0.00 45
    2020-03-01 $140,500 (1.3%) $186,754 (18.6%) 0.00 47
    2020-04-01 $143,875 (6.4%) $182,801 (19.1%) 0.00 47
    2020-05-01 $137,750 (-5.5%) $177,932 (5.8%) 0.00 42
    2020-06-01 $157,475 (10.1%) $196,240 (19.5%) 0.00 42
    2020-07-01 $157,250 (9.6%) $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 (-2.5%) $181,367 (1.3%) 0.00 37
    2021-02-01 $162,450 (18.2%) $218,629 (25.1%) 0.00 34
    2021-03-01 $188,000 (33.8%) $249,712 (33.7%) 0.00 30
    2021-04-01 $192,125 (33.5%) $249,233 (36.3%) 0.00 28
    2021-05-01 $195,000 (41.6%) $232,038 (30.4%) 0.00 24
    2021-06-01 $177,475 (12.7%) $229,092 (16.7%) 0.00 24
    2021-07-01 $165,000 (4.9%) $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 $164,950 (1.5%) $199,370 (-8.8%) 0.00 39
    2022-03-01 $154,975 (-17.6%) $205,066 (-17.9%) 0.00 42
    2022-04-01 $149,500 (-22.2%) $206,295 (-17.2%) 0.00 37
    2022-05-01 $149,875 (-23.1%) $190,928 (-17.7%) 0.00 39
    2022-06-01 $147,500 (-16.9%) $178,301 (-22.2%) 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 (21.5%) 0.00 35
    2023-03-01 $190,000 (22.6%) $249,749 (21.8%) 0.00 36
    2023-04-01 $190,000 (27.1%) $254,049 (23.2%) 0.00 43
    2023-05-01 $194,550 (29.8%) $253,380 (32.7%) 0.00 41
    2023-06-01 $206,625 (40.1%) $250,891 (40.7%) 0.00 42
    2023-07-01 $215,000 (37.8%) $243,890 (23.0%) 0.00 43
    2023-08-01 $192,000 (15.0%) $223,071 (10.7%) 0.00 46
    2023-09-01 $158,500 (-6.5%) $191,828 (-5.9%) 0.00 59
    2023-10-01 $166,250 (-5.0%) $184,096 (-12.7%) 0.00 57
    2023-11-01 $152,000 (-13.1%) $173,457 (-14.3%) 0.00 55
    2023-12-01 $150,000 (-16.6%) $176,570 (-15.1%) 0.00 54
    2024-01-01 $145,000 (-17.1%) $175,261 (-18.8%) 0.00 56
    2024-02-01 $147,500 (-22.4%) $180,385 (-25.6%) 0.00 50
    2024-03-01 $150,000 (-21.1%) $188,707 (-24.4%) 0.00 54
    2024-04-01 $157,500 (-17.1%) $193,260 (-23.9%) 0.00 58
    2024-05-01 $176,875 (-9.1%) $194,287 (-23.3%) 0.00 65
    2024-06-01 $169,200 (-18.1%) $191,858 (-23.5%) 0.00 64
    2024-07-01 $168,500 (-21.6%) $210,685 (-13.6%) 0.00 61
    2024-08-01 $172,500 (-10.2%) $212,008 (-5.0%) 0.00 64
    2024-09-01 $175,000 (10.4%) $218,677 (14.0%) 0.00 65
    2024-10-01 $176,350 (6.1%) $219,542 (19.3%) 0.00 75
    2024-11-01 $179,900 (18.4%) $227,776 (31.3%) 0.00 73
    Cleveland's median listing price for 2024-11-01 was $179,900, a difference of $27,900 (18.4%) versus the prior year and $3,550 versus the prior month.

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

    Cleveland's average listing price for 2024-11-01 was $227,776, a difference of $54,319 (31.3%) versus the prior year and $8,234 versus the prior month.

    For the 2024-11-01 period, Cleveland had 73 MLS listings, a difference of -2 listings (-3%) versus the prior month and 18 listings (33%) 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 1,920 sqft
    2018-02-01 0 days 1,691 sqft
    2018-03-01 0 days 1,693 sqft
    2018-04-01 0 days 1,693 sqft
    2018-05-01 0 days 1,760 sqft
    2018-06-01 0 days 1,887 sqft
    2018-07-01 0 days 1,828 sqft
    2018-08-01 0 days 1,763 sqft
    2018-09-01 0 days 1,765 sqft
    2018-10-01 0 days 1,824 sqft
    2018-11-01 0 days 1,748 sqft
    2018-12-01 0 days 1,624 sqft
    2019-01-01 0 days 1,605 sqft
    2019-02-01 0 days 1,683 sqft
    2019-03-01 0 days 1,742 sqft
    2019-04-01 0 days 1,756 sqft
    2019-05-01 0 days 1,767 sqft
    2019-06-01 0 days 1,769 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 1,712 sqft
    2020-02-01 0 days 1,723 sqft
    2020-03-01 0 days 1,793 sqft
    2020-04-01 0 days 1,795 sqft
    2020-05-01 0 days 1,764 sqft
    2020-06-01 0 days 1,920 sqft
    2020-07-01 0 days 1,965 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 2,047 sqft
    2021-04-01 0 days 2,097 sqft
    2021-05-01 0 days 1,963 sqft
    2021-06-01 0 days 1,871 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 1,938 sqft
    2022-03-01 0 days 1,961 sqft
    2022-04-01 0 days 1,938 sqft
    2022-05-01 0 days 1,789 sqft
    2022-06-01 0 days 1,831 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
    2023-03-01 0 days 1,944 sqft
    2023-04-01 0 days 1,952 sqft
    2023-05-01 0 days 2,000 sqft
    2023-06-01 0 days 2,090 sqft
    2023-07-01 0 days 2,151 sqft
    2023-08-01 0 days 1,994 sqft
    2023-09-01 0 days 1,763 sqft
    2023-10-01 0 days 1,778 sqft
    2023-11-01 0 days 1,654 sqft
    2023-12-01 0 days 1,664 sqft
    2024-01-01 0 days 1,525 sqft
    2024-02-01 0 days 1,500 sqft
    2024-03-01 0 days 1,549 sqft
    2024-04-01 0 days 1,624 sqft
    2024-05-01 0 days 1,660 sqft
    2024-06-01 0 days 1,593 sqft
    2024-07-01 0 days 1,708 sqft
    2024-08-01 0 days 1,711 sqft
    2024-09-01 0 days 1,757 sqft
    2024-10-01 0 days 1,722 sqft
    2024-11-01 0 days 1,857 sqft
    Cleveland's median listing age (time on market) for 2024-11-01 was 0 days.

    Cleveland's median square footage for active listings during the 2024-11-01 period was 1,857 sqft. One year prior, the average listing was 1,654 sqft.

    Cleveland, MS Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 158 $27,000,000 $170,886
    Refi 67 $6,885,000 $102,761
    Home Improvement 19 $965,000 $50,789
    Other 12 $560,000 $46,667
    Cash Out Refi 10 $1,320,000 $132,000

    Cleveland's most frequently cited loan purpose was Home Purchase, with 158 originations. The 2nd most popular reason was Refi, with 67 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 79 $11,865,000 $150,190
    Over 8% 74 $6,930,000 $93,649
    7-8% 60 $8,110,000 $135,167
    5-6% 34 $7,960,000 $234,118
    <2.5% 4 $80,000 $20,000
    4-5% 4 $480,000 $120,000

    During 2023, Cleveland's most frequently originated rate bucket was 6-7%, with 79 originations.

    Loan Sizing (Cleveland, MS MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 116 $6,040,000 $52,069
    $100k-200k 100 $14,790,000 $147,900
    $200k-400k 44 $11,630,000 $264,318
    $600k-1000k 3 $2,285,000 $761,667
    $400k-600k 2 $950,000 $475,000
    $Over $1MM 1 $1,035,000 $1,035,000

    Cleveland's loan sizing saw the bucket of loans from $100,000 or less with 116 originations, totaling $6,040,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 116 $21,700,000 $187,069
    60-80% 45 $7,175,000 $159,444
    20-40% 37 $2,385,000 $64,459
    40-60% 32 $2,800,000 $87,500
    Under 20% 21 $555,000 $26,429
    Over 100% 3 $765,000 $255,000

    Cleveland's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 116 originations, totaling $21,700,000 in origination value.