Craig Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Craig averaged
6.87%
for the week of 2024-07-18, compared to the national average of
6.77% for the same period.
The average rate for the prior week (2024-07-11) was
6.89% and
one month ago for the week of 2024-06-13, the
average rate was 7.05%.
Craig's average rate one year ago was 6.76%.
For refis of the same type during the week of 2024-07-18, the average rate
was 7.27%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Craig 30 Year Fixed Rate | 2024-07-18 | 6.87% |
| Craig 30 Year Fixed Rate Refi | 2024-07-18 | 7.27% |
| Craig 15 Year Fixed Rate | 2024-07-18 | 6.05% |
| Craig 15 Year Fixed Rate Refi | 2024-07-18 | 5.95% |
| Craig 30 Year FHA | 2024-07-18 | 6.8% |
| Craig 30 Year FHA Refi | 2024-07-18 | 6.49% |
| Craig 30 Year USDA | 2024-07-18 | 6.43% |
| Craig 30 Year USDA Refi | 2024-07-18 | 6.63% |
| Craig 30 Year VA | 2024-07-18 | 6.4% |
| Craig 30 Year VA Refi | 2024-07-18 | 6.5% |
Craig 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 Craig, CO 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.).
Craig Average Closing Costs & Other Stats
Craig, CO's 29 lenders originated 238
loans during 2023. The total origination value was $51,320,000, with an average loan value of
$215,630.
Craig's average closing costs are $5,402.
The top Craig lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
11 loans originated. Their average total fees are
$4,851, which is $959
lower than the next largest lender,
NFM, INC..
The lowest fee Craig lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC ($4,851), NFM, INC. ($5,810), QUICKEN LOANS, LLC ($7,284), .
The lowest rate Craig lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (6.91%), QUICKEN LOANS, LLC (6.95%), NFM, INC. (7.06%), .
Craig, CO 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 |
|---|---|---|---|---|
| NFM, INC. | $4,905,000 | $10,380,000 | 111.6% | 20.2% |
| UNITED WHOLESALE MORTGAGE, LLC | $9,195,000 | $6,970,000 | -24.2% | 13.6% |
| QUICKEN LOANS, LLC | $5,955,000 | $4,755,000 | -20.2% | 9.3% |
| Bank of Colorado | $5,630,000 | $3,965,000 | -29.6% | 7.7% |
| Mortgage Research Center, LLC | $2,040,000 | $1,830,000 | -10.3% | 3.6% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $1,525,000 | n/a | 3.0% | |
| BROKER SOLUTIONS, INC. | $1,305,000 | $1,525,000 | 16.9% | 3.0% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,855,000 | $1,515,000 | -46.9% | 3.0% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $345,000 | $1,505,000 | 336.2% | 2.9% |
| Ent Credit Union | $910,000 | n/a | 1.8% | |
| AMERICAN FINANCING CORPORATION | $1,955,000 | $790,000 | -59.6% | 1.5% |
| ACADEMY MORTGAGE CORPORATION | $2,905,000 | $755,000 | -74.0% | 1.5% |
| GUILD MORTGAGE COMPANY | $1,880,000 | $750,000 | -60.1% | 1.5% |
| BAY EQUITY LLC | $810,000 | $740,000 | -8.6% | 1.4% |
| Bank of America | $185,000 | $605,000 | 227.0% | 1.2% |
| PENNYMAC LOAN SERVICES, LLC | $775,000 | $585,000 | -24.5% | 1.1% |
| Wells Fargo Bank | $1,075,000 | $540,000 | -49.8% | 1.1% |
| Glacier Bank | $3,755,000 | $505,000 | -86.6% | 1.0% |
| GUARANTEED RATE, INC. | $345,000 | $500,000 | 44.9% | 1.0% |
| NAVY FEDERAL CREDIT UNION | $885,000 | $495,000 | -44.1% | 1.0% |
| AMCAP MORTGAGE, LTD. | $5,125,000 | $465,000 | -90.9% | 0.9% |
| U.S. Bank | $490,000 | $420,000 | -14.3% | 0.8% |
| Loan Simple, Inc. | $375,000 | $410,000 | 9.3% | 0.8% |
| BMO Harris Bank | $395,000 | n/a | 0.8% | |
| FREEDOM MORTGAGE CORPORATION | $1,205,000 | $390,000 | -67.6% | 0.8% |
| CHURCHILL MORTGAGE CORPORATION | $235,000 | $385,000 | 63.8% | 0.8% |
| PENTAGON FEDERAL CREDIT UNION | $35,000 | $385,000 | 1,000.0% | 0.8% |
| Stifel Bank and Trust | $455,000 | $375,000 | -17.6% | 0.7% |
| Alpine Bank | $805,000 | $365,000 | -54.7% | 0.7% |
| UNIVERSAL LENDING CORPORATION | $580,000 | $365,000 | -37.1% | 0.7% |
| SECURITYNATIONAL MORTGAGE COMPANY | $305,000 | $345,000 | 13.1% | 0.7% |
| Ixonia Bank | $325,000 | n/a | 0.6% | |
| NBH Bank | $415,000 | $315,000 | -24.1% | 0.6% |
| Platte Valley Bank | $305,000 | n/a | 0.6% | |
| SUN WEST MORTGAGE COMPANY, INC. | $305,000 | n/a | 0.6% | |
| GROUP MORTGAGE, LLC | $285,000 | n/a | 0.6% | |
| USAA Federal Savings Bank | $285,000 | n/a | 0.6% | |
| JPMorgan Chase Bank | $275,000 | n/a | 0.5% | |
| NEWREZ LLC | $1,180,000 | $275,000 | -76.7% | 0.5% |
| 21ST MORTGAGE CORPORATION | $310,000 | $255,000 | -17.7% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,415,000 | $240,000 | -83.0% | 0.5% |
| Figure Lending LLC | $130,000 | $205,000 | 57.7% | 0.4% |
| The Federal Savings Bank | $185,000 | n/a | 0.4% | |
| LAKEVIEW LOAN SERVICING, LLC | $555,000 | $175,000 | -68.5% | 0.3% |
| LOANDEPOT.COM, LLC | $1,365,000 | $165,000 | -87.9% | 0.3% |
| Elevations Credit Union | $155,000 | n/a | 0.3% | |
| Zions Bank | $45,000 | $155,000 | 244.4% | 0.3% |
| CHERRY CREEK MORTGAGE, LLC | $625,000 | $125,000 | -80.0% | 0.2% |
| TRIAD FINANCIAL SERVICES, INC. | $125,000 | n/a | 0.2% | |
| CANVAS CREDIT UNION | $115,000 | n/a | 0.2% | |
| NEXERA HOLDING LLC | $115,000 | n/a | 0.2% | |
| Ally Bank | $105,000 | n/a | 0.2% | |
| Flagstar Bank, FSB | $205,000 | $105,000 | -48.8% | 0.2% |
| Third Federal Savings and Loan Association of Cleveland | $55,000 | $105,000 | 90.9% | 0.2% |
| CREDIT UNION OF COLORADO, A FEDERAL CREDIT UNION | $405,000 | $100,000 | -75.3% | 0.2% |
| Coastal Community Bank | $90,000 | n/a | 0.2% | |
| Centier Bank | $85,000 | n/a | 0.2% | |
| SECURITY SERVICE | $65,000 | $85,000 | 30.8% | 0.2% |
| Sooper Credit Union | $55,000 | $75,000 | 36.4% | 0.1% |
| Discover Bank | $45,000 | n/a | 0.1% |
Craig's top lender by overall market share is NFM, INC., with 20.2% market share. In second place, with 13.6%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $6,970,000 in loans. In third place, with 9.3%, is QUICKEN LOANS, LLC, having originated $4,755,000 in loans. In fourth place, with 7.7%, is Bank of Colorado, having originated $3,965,000 in loans. In fifth place, with 3.6%, is Mortgage Research Center, LLC, having originated $1,830,000 in loans.
Craig, CO Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 166 | $41,700,000 | $251,205 |
| Cash Out Refi | 33 | $5,255,000 | $159,242 |
| Other | 14 | $1,330,000 | $95,000 |
| Refi | 13 | $1,975,000 | $151,923 |
| Home Improvement | 12 | $1,060,000 | $88,333 |
Craig's most frequently cited loan purpose was Home Purchase, with 166 originations. The 2nd most popular reason was Cash Out Refi, with 33 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 107 | $26,565,000 | $248,271 |
| 7-8% | 55 | $13,965,000 | $253,909 |
| Over 8% | 43 | $3,595,000 | $83,605 |
| 5-6% | 19 | $5,395,000 | $283,947 |
| <2.5% | 5 | $35,000 | $7,000 |
| 4-5% | 5 | $1,005,000 | $201,000 |
During 2023, Craig's most frequently originated rate bucket was 6-7%, with 107 originations.
Loan Sizing (Craig, CO MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 119 | $34,965,000 | $293,824 |
| $100k-200k | 57 | $8,485,000 | $148,860 |
| $100,000 or less | 51 | $2,455,000 | $48,137 |
| $400k-600k | 10 | $4,810,000 | $481,000 |
| $600k-1000k | 1 | $605,000 | $605,000 |
Craig's loan sizing saw the bucket of loans from $200k-400k with 119 originations, totaling $34,965,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 132 | $34,730,000 | $263,106 |
| 60-80% | 36 | $9,160,000 | $254,444 |
| Under 20% | 30 | $1,310,000 | $43,667 |
| 20-40% | 22 | $1,940,000 | $88,182 |
| 40-60% | 13 | $2,595,000 | $199,615 |
| Over 100% | 2 | $830,000 | $415,000 |
Craig's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 132 originations, totaling $34,730,000 in origination value.