Columbus Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Columbus averaged
6.52%
for the week of 2023-09-14, compared to the national average of
7.18% for the same period.
The average rate for the prior week (2023-09-07) was
6.86% and
one month ago for the week of 2023-08-10, the
average rate was 6.5%.
Columbus's average rate one year ago was 5.33%.
For refis of the same type during the week of 2023-09-14, the average rate
was 7.08%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
Columbus 30 Year Fixed Rate | 2023-09-14 | 6.52% |
Columbus 30 Year Fixed Rate Refi | 2023-09-14 | 7.08% |
Columbus 15 Year Fixed Rate | 2023-09-14 | 6.61% |
Columbus 15 Year Fixed Rate Refi | 2023-09-14 | 6.81% |
Columbus 30 Year FHA | 2023-09-14 | 6.55% |
Columbus 30 Year FHA Refi | 2023-09-14 | 6.89% |
Columbus 30 Year USDA | 2023-09-14 | 6.54% |
Columbus 30 Year USDA Refi | 2023-09-14 | 7.18% |
Columbus 30 Year VA | 2023-09-14 | 6.55% |
Columbus 30 Year VA Refi | 2023-09-14 | 6.71% |
Columbus 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 Columbus, 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.).
Columbus Average Closing Costs & Other Stats
Columbus, MS's 52 lenders originated 1,154
loans during 2022. The total origination value was $206,500,000, with an average loan value of
$178,943.
Columbus's average closing costs are $4,974.
The top Columbus lender as defined by loan originations is BancorpSouth, with
30 loans originated. Their average total fees are
$3,982, which is $1,585
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Columbus lenders (with over 10 loans originated) are
Trustmark National Bank ($3,441), BancorpSouth ($3,982), Regions Bank ($4,420), Renasant Bank ($4,588) and QUICKEN LOANS, LLC ($5,567).
The lowest rate Columbus lenders (with over 10 loans originated) are
BancorpSouth (4.62%), Trustmark National Bank (4.70%), Regions Bank (4.78%), QUICKEN LOANS, LLC (5.10%) and Renasant Bank (5.10%).
Columbus, 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 |
---|---|---|---|---|
BankFirst Financial Services | $21,365,000 | $23,085,000 | 8.1% | 11.2% |
BancorpSouth Bank | $30,745,000 | $17,970,000 | -41.6% | 8.7% |
Renasant Bank | $31,095,000 | $16,685,000 | -46.3% | 8.1% |
Trustmark National Bank | $18,995,000 | $14,265,000 | -24.9% | 6.9% |
Mortgage Research Center, LLC | $15,050,000 | $13,680,000 | -9.1% | 6.6% |
QUICKEN LOANS, LLC | $25,685,000 | $11,820,000 | -54.0% | 5.7% |
The Citizens National Bank of Meridian | $5,015,000 | $7,030,000 | 40.2% | 3.4% |
Flagstar Bank, FSB | $4,005,000 | $6,935,000 | 73.2% | 3.4% |
FIRST COMMUNITY MORTGAGE, INC. | $8,260,000 | $6,505,000 | -21.2% | 3.2% |
USAA Federal Savings Bank | $4,055,000 | $5,305,000 | 30.8% | 2.6% |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $905,000 | $5,100,000 | 463.5% | 2.5% |
Regions Bank | $11,165,000 | $5,070,000 | -54.6% | 2.5% |
UNITED WHOLESALE MORTGAGE, LLC | $900,000 | $4,760,000 | 428.9% | 2.3% |
Magnolia Bank | $3,600,000 | $4,685,000 | 30.1% | 2.3% |
MOVEMENT MORTGAGE, LLC | $3,510,000 | n/a | 1.7% | |
LEADERONE FINANCIAL CORPORATION | $7,535,000 | $3,105,000 | -58.8% | 1.5% |
NAVY FEDERAL CREDIT UNION | $3,210,000 | $2,805,000 | -12.6% | 1.4% |
NBKC BANK | $3,010,000 | $2,485,000 | -17.4% | 1.2% |
21ST MORTGAGE CORPORATION | $2,070,000 | $2,165,000 | 4.6% | 1.0% |
PENNYMAC LOAN SERVICES, LLC | $3,860,000 | $1,920,000 | -50.3% | 0.9% |
TOWNE MORTGAGE COMPANY | $3,135,000 | $1,790,000 | -42.9% | 0.9% |
Citizens Bank | $710,000 | $1,785,000 | 151.4% | 0.9% |
JPMorgan Chase Bank | $575,000 | $1,750,000 | 204.3% | 0.8% |
GUARANTY HOME MORTGAGE CORPORATION | $6,825,000 | $1,665,000 | -75.6% | 0.8% |
NEW DAY FINANCIAL, LLC | $630,000 | $1,600,000 | 154.0% | 0.8% |
AMERISAVE MORTGAGE CORPORATION | $1,885,000 | $1,580,000 | -16.2% | 0.8% |
FREEDOM MORTGAGE CORPORATION | $6,310,000 | $1,565,000 | -75.2% | 0.8% |
STOCKTON MORTGAGE CORPORATION | $125,000 | $1,445,000 | 1,056.0% | 0.7% |
COMMUNITY MORTGAGE CORPORATION | $1,405,000 | n/a | 0.7% | |
U.S. Bank | $3,650,000 | $1,405,000 | -61.5% | 0.7% |
Wells Fargo Bank | $3,760,000 | $1,260,000 | -66.5% | 0.6% |
Planters Bank & Trust Company | $1,120,000 | n/a | 0.5% | |
Community Bank of Mississippi | $275,000 | $1,090,000 | 296.4% | 0.5% |
Mr. Cooper ( Nationstar Mortgage ) | $2,255,000 | $1,040,000 | -53.9% | 0.5% |
CMG MORTGAGE, INC. | $850,000 | $985,000 | 15.9% | 0.5% |
CROSSCOUNTRY MORTGAGE, LLC | $95,000 | $985,000 | 936.8% | 0.5% |
GMFS LLC | $3,320,000 | $940,000 | -71.7% | 0.5% |
West Alabama Bank & Trust | $1,605,000 | $885,000 | -44.9% | 0.4% |
PENTAGON FEDERAL CREDIT UNION | $400,000 | $880,000 | 120.0% | 0.4% |
LOANDEPOT.COM, LLC | $3,335,000 | $875,000 | -73.8% | 0.4% |
ZILLOW HOME LOANS, LLC | $920,000 | $810,000 | -12.0% | 0.4% |
Stifel Bank and Trust | $1,565,000 | $785,000 | -49.8% | 0.4% |
HOMESTAR FINANCIAL CORPORATION | $705,000 | n/a | 0.3% | |
BankPlus | $330,000 | $680,000 | 106.1% | 0.3% |
HOME POINT FINANCIAL CORPORATION | $1,670,000 | $580,000 | -65.3% | 0.3% |
Guaranty Bank and Trust Company | $545,000 | n/a | 0.3% | |
Barrington Bank & Trust Company, N.A. | $585,000 | $530,000 | -9.4% | 0.3% |
Mid-Continent Funding, Inc. | $235,000 | $530,000 | 125.5% | 0.3% |
North American Savings Bank, F.S.B. | $820,000 | $530,000 | -35.4% | 0.3% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,540,000 | $470,000 | -69.5% | 0.2% |
United Community Bank | $455,000 | n/a | 0.2% | |
Paramount Residential Mortgage Group, Inc. | $445,000 | n/a | 0.2% | |
Bank of England | $370,000 | $400,000 | 8.1% | 0.2% |
Paramount Bank | $995,000 | $395,000 | -60.3% | 0.2% |
The Federal Savings Bank | $1,225,000 | $390,000 | -68.2% | 0.2% |
BROKER SOLUTIONS, INC. | $520,000 | $380,000 | -26.9% | 0.2% |
CHURCHILL MORTGAGE CORPORATION | $370,000 | n/a | 0.2% | |
Carrington Mortgage Services, LLC | $1,475,000 | $355,000 | -75.9% | 0.2% |
LIMA ONE CAPITAL, LLC | $210,000 | $355,000 | 69.0% | 0.2% |
VILLAGE CAPITAL MORTGAGE | $1,550,000 | $355,000 | -77.1% | 0.2% |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $1,055,000 | $345,000 | -67.3% | 0.2% |
First Federal Bank, A FSB | $390,000 | $335,000 | -14.1% | 0.2% |
S1L, Inc. | $325,000 | n/a | 0.2% | |
AMERICAN FINANCING CORPORATION | $175,000 | $310,000 | 77.1% | 0.2% |
Peoples Bank | $185,000 | $310,000 | 67.6% | 0.2% |
Strong Home Mortgage, LLC | $530,000 | $305,000 | -42.5% | 0.1% |
CIS Financial Services, Inc. | $300,000 | n/a | 0.1% | |
PNC Bank | $265,000 | n/a | 0.1% | |
SECURITYNATIONAL MORTGAGE COMPANY | $265,000 | n/a | 0.1% | |
SOUTHWEST FUNDING, LP | $265,000 | n/a | 0.1% | |
TJC Mortgage, Inc. | $265,000 | n/a | 0.1% | |
GSF Mortgage Corporation | $255,000 | n/a | 0.1% | |
Listerhill Credit Union | $255,000 | n/a | 0.1% | |
NFM, INC. | $255,000 | n/a | 0.1% | |
RUOFF MORTGAGE COMPANY, INC. | $255,000 | n/a | 0.1% | |
First Guaranty Mortgage Corporation | $560,000 | $245,000 | -56.3% | 0.1% |
PREMIA MORTGAGE, LLC | $205,000 | $245,000 | 19.5% | 0.1% |
Meridian Bank Corporation | $235,000 | n/a | 0.1% | |
MORTGAGE INVESTORS GROUP, INC. | $165,000 | $235,000 | 42.4% | 0.1% |
NUMARK CREDIT UNION | $235,000 | n/a | 0.1% | |
RELIANCE FIRST CAPITAL, LLC | $300,000 | $225,000 | -25.0% | 0.1% |
Service Federal Credit Union | $225,000 | n/a | 0.1% | |
HOMESIDE FINANCIAL, LLC | $180,000 | $220,000 | 22.2% | 0.1% |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $985,000 | $220,000 | -77.7% | 0.1% |
MORTGAGE SOLUTIONS OF COLORADO, LLC | $215,000 | n/a | 0.1% | |
CALIBER HOME LOANS, INC. | $1,275,000 | $210,000 | -83.5% | 0.1% |
Alabama One Credit Union | $470,000 | $205,000 | -56.4% | 0.1% |
GUARANTEED RATE, INC. | $205,000 | n/a | 0.1% | |
EUSTIS AND AMERICAN MORTGAGE COMPANY | $185,000 | $195,000 | 5.4% | 0.1% |
WRIGHT-PATT CREDIT UNION, INC. | $195,000 | n/a | 0.1% | |
GENEVA FINANCIAL, LLC | $185,000 | n/a | 0.1% | |
Low VA Rates, LLC | $760,000 | $185,000 | -75.7% | 0.1% |
FINANCE OF AMERICA MORTGAGE LLC | $165,000 | $180,000 | 9.1% | 0.1% |
Tyndall Federal Credit Union | $175,000 | n/a | 0.1% | |
M&T Bank | $85,000 | $165,000 | 94.1% | 0.1% |
First Internet Bank of Indiana | $245,000 | $155,000 | -36.7% | 0.1% |
SIRVA MORTGAGE, INC. | $155,000 | n/a | 0.1% | |
COUNTRYPLACE MORTGAGE, LTD. | $135,000 | $145,000 | 7.4% | 0.1% |
TRIAD FINANCIAL SERVICES, INC. | $495,000 | $145,000 | -70.7% | 0.1% |
SOUTHWEST STAGE FUNDING, LLC | $455,000 | $135,000 | -70.3% | 0.1% |
SUN WEST MORTGAGE COMPANY, INC. | $210,000 | $135,000 | -35.7% | 0.1% |
VANDERBILT MORTGAGE AND FINANCE, INC. | $115,000 | $130,000 | 13.0% | 0.1% |
CSL Financial, LLC | $125,000 | n/a | 0.1% | |
DAS Acquisition Company, LLC | $125,000 | n/a | 0.1% | |
Equity Prime Mortgage LLC | $125,000 | n/a | 0.1% | |
Figure Lending LLC | $125,000 | n/a | 0.1% | |
NEWREZ LLC | $990,000 | $115,000 | -88.4% | 0.1% |
Discover Bank | $45,000 | $110,000 | 144.4% | 0.1% |
ROYAL UNITED MORTGAGE LLC | $230,000 | $95,000 | -58.7% | 0.0% |
STATEWIDE FEDERAL CREDIT UNION | $85,000 | n/a | 0.0% | |
Blue Ridge Bank | $75,000 | n/a | 0.0% | |
LAKEVIEW LOAN SERVICING, LLC | $1,665,000 | $75,000 | -95.5% | 0.0% |
MUTUAL | $240,000 | $75,000 | -68.8% | 0.0% |
Nations Lending Corporation | $270,000 | $75,000 | -72.2% | 0.0% |
REVERSE MORTGAGE FUNDING LLC | $75,000 | n/a | 0.0% | |
Bank of America | $240,000 | $55,000 | -77.1% | 0.0% |
Home Loan Investment Bank, F.S.B. | $25,000 | n/a | 0.0% |
Columbus's top lender by overall market share is BankFirst Financial Services, with 11.2% market share. In second place, with 8.7%, is BancorpSouth Bank, having originated $17,970,000 in loans. In third place, with 8.1%, is Renasant Bank, having originated $16,685,000 in loans. In fourth place, with 6.9%, is Trustmark National Bank, having originated $14,265,000 in loans. In fifth place, with 6.6%, is Mortgage Research Center, LLC, having originated $13,680,000 in loans.
Columbus, MS Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 700 | $145,850,000 | $208,357 |
Refi | 158 | $27,590,000 | $174,620 |
Cash Out Refi | 149 | $23,495,000 | $157,685 |
Other | 90 | $6,160,000 | $68,444 |
Home Improvement | 57 | $3,405,000 | $59,737 |
Columbus's most frequently cited loan purpose was Home Purchase, with 700 originations. The 2nd most popular reason was Refi, with 158 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 285 | $50,115,000 | $175,842 |
4-5% | 279 | $55,555,000 | $199,122 |
3-4% | 261 | $49,835,000 | $190,939 |
6-7% | 119 | $25,625,000 | $215,336 |
2.5-3% | 83 | $12,765,000 | $153,795 |
7-8% | 47 | $5,465,000 | $116,277 |
<2.5% | 45 | $3,425,000 | $76,111 |
Over 8% | 30 | $2,670,000 | $89,000 |
During 2022, Columbus's most frequently originated rate bucket was 5-6%, with 285 originations.
Loan Sizing (Columbus, MS MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 422 | $62,590,000 | $148,318 |
$200k-400k | 356 | $97,440,000 | $273,708 |
$100,000 or less | 339 | $19,005,000 | $56,062 |
$400k-600k | 28 | $12,890,000 | $460,357 |
$600k-1000k | 5 | $3,205,000 | $641,000 |
$Over $1MM | 4 | $11,370,000 | $2,842,500 |
Columbus's loan sizing saw the bucket of loans from $100k-200k with 422 originations, totaling $62,590,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 616 | $130,820,000 | $212,370 |
60-80% | 204 | $36,490,000 | $178,873 |
Under 20% | 108 | $3,450,000 | $31,944 |
40-60% | 89 | $15,255,000 | $171,404 |
20-40% | 78 | $5,510,000 | $70,641 |
Over 100% | 45 | $12,935,000 | $287,444 |
Columbus's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 616 originations, totaling $130,820,000 in origination value.