Elk City Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Elk City averaged
6.42%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
6.12% and
one month ago for the week of 2024-09-05, the
average rate was 6.35%.
Elk City's average rate one year ago was 7.49%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.52%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
| Elk City 30 Year Fixed Rate | 2024-10-10 | 6.42% |
| Elk City 30 Year Fixed Rate Refi | 2024-10-10 | 6.52% |
| Elk City 15 Year Fixed Rate | 2024-10-10 | 5.21% |
| Elk City 15 Year Fixed Rate Refi | 2024-10-10 | 6.01% |
| Elk City 30 Year FHA | 2024-10-10 | 5.9% |
| Elk City 30 Year FHA Refi | 2024-10-10 | 6.3% |
| Elk City 30 Year USDA | 2024-10-10 | 5.88% |
| Elk City 30 Year USDA Refi | 2024-10-10 | 6.08% |
| Elk City 30 Year VA | 2024-10-10 | 5.85% |
| Elk City 30 Year VA Refi | 2024-10-10 | 5.75% |
Elk City 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 Elk City, OK 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 |
|---|---|---|---|
| INTERLINC MORTGAGE SERVICES, LLC | 10 | 6.76% | $4,847 |
| InterBank | 9 | 7.79% | $2,334 |
| QUICKEN LOANS, LLC | 7 | 6.82% | $8,500 |
| BancFirst | 3 | 7.33% | $3,781 |
| SUN WEST MORTGAGE COMPANY, INC. | 2 | 6.68% | $6,325 |
| Great Plains National Bank | 2 | 7.13% | $4,759 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 6.50% | $4,237 |
| Arvest Bank | 2 | 7.38% | $4,543 |
| AMERISAVE MORTGAGE CORPORATION | 2 | 6.63% | $5,124 |
| NAVY FEDERAL CREDIT UNION | 1 | 6.13% | $2,664 |
| OKLAHOMA'S | 1 | 5.88% | $3,149 |
| PENNYMAC LOAN SERVICES, LLC | 1 | 7.63% | $4,966 |
| Truity Federal Credit Union | 1 | 6.50% | $3,943 |
| Unify Home Lending Inc. | 1 | 6.75% | $1,335 |
| USAA Federal Savings Bank | 1 | 7.25% | $5,358 |
| U.S. Bank | 1 | 7.13% | $8,598 |
| ASSOCIATED MORTGAGE CORPORATION | 1 | 6.63% | $4,469 |
| BOKF | 1 | 6.63% | $4,070 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 6.20% | $6,364 |
| FREEDOM MORTGAGE CORPORATION | 1 | 6.75% | $6,180 |
| Gateway First Bank | 1 | 7.38% | $8,488 |
| LOANPEOPLE, LLC | 1 | 8.50% | $7,502 |
| Mortgage Research Center, LLC | 1 | 6.50% | $7,493 |
| MUTUAL OF OMAHA MORTGAGE, INC. | 1 | 6.50% | $5,662 |
Elk City Average Closing Costs & Other Stats
Elk City, OK's 24 lenders originated 242
loans during 2023. The total origination value was $41,310,000, with an average loan value of
$170,702.
Elk City's average closing costs are $4,669.
The top Elk City lender as defined by loan originations is INTERLINC MORTGAGE SERVICES, LLC, with
10 loans originated. Their average total fees are
$4,847, which is $2,513
higher than the next largest lender,
InterBank.
The lowest fee Elk City lenders (with over 10 loans originated) are
INTERLINC MORTGAGE SERVICES, LLC ($4,847), .
The lowest rate Elk City lenders (with over 10 loans originated) are
INTERLINC MORTGAGE SERVICES, LLC (6.76%), .
Elk City, OK 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 |
|---|---|---|---|---|
| INTERLINC MORTGAGE SERVICES, LLC | $11,785,000 | $8,325,000 | -29.4% | 20.2% |
| Great Plains National Bank | $8,355,000 | $3,980,000 | -52.4% | 9.6% |
| SUN WEST MORTGAGE COMPANY, INC. | $625,000 | $3,765,000 | 502.4% | 9.1% |
| InterBank | $2,820,000 | $3,065,000 | 8.7% | 7.4% |
| QUICKEN LOANS, LLC | $4,365,000 | $1,760,000 | -59.7% | 4.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,990,000 | $1,645,000 | -17.3% | 4.0% |
| Mortgage Research Center, LLC | $1,755,000 | $1,610,000 | -8.3% | 3.9% |
| Unify Home Lending Inc. | $1,280,000 | n/a | 3.1% | |
| BMO Harris Bank | $1,205,000 | n/a | 2.9% | |
| USAA Federal Savings Bank | $1,145,000 | n/a | 2.8% | |
| BancFirst | $420,000 | $1,010,000 | 140.5% | 2.4% |
| CROSSCOUNTRY MORTGAGE, LLC | $665,000 | $790,000 | 18.8% | 1.9% |
| FINANCIAL CONCEPTS MORTGAGE, LLC | $610,000 | $780,000 | 27.9% | 1.9% |
| GUARANTEED RATE, INC. | $460,000 | $720,000 | 56.5% | 1.7% |
| Arvest Bank | $150,000 | $625,000 | 316.7% | 1.5% |
| AMERISAVE MORTGAGE CORPORATION | $400,000 | $615,000 | 53.8% | 1.5% |
| BROKER SOLUTIONS, INC. | $195,000 | $530,000 | 171.8% | 1.3% |
| BOKF | $145,000 | $510,000 | 251.7% | 1.2% |
| Truity Federal Credit Union | $465,000 | n/a | 1.1% | |
| The Federal Savings Bank | $435,000 | n/a | 1.1% | |
| NATIONWIDE MORTGAGE BANKERS, INC. | $425,000 | n/a | 1.0% | |
| 21ST MORTGAGE CORPORATION | $205,000 | $410,000 | 100.0% | 1.0% |
| PENNYMAC LOAN SERVICES, LLC | $260,000 | $395,000 | 51.9% | 1.0% |
| U.S. Bank | $555,000 | $395,000 | -28.8% | 1.0% |
| NEWREZ LLC | $95,000 | $325,000 | 242.1% | 0.8% |
| LOANDEPOT.COM, LLC | $915,000 | $315,000 | -65.6% | 0.8% |
| NFM, INC. | $205,000 | $305,000 | 48.8% | 0.7% |
| POLARIS HOME FUNDING CORP. | $295,000 | n/a | 0.7% | |
| LOANPEOPLE, LLC | $275,000 | n/a | 0.7% | |
| Equity Prime Mortgage LLC | $135,000 | $265,000 | 96.3% | 0.6% |
| Gateway First Bank | $235,000 | n/a | 0.6% | |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $225,000 | n/a | 0.5% | |
| AMERICAN FINANCING CORPORATION | $105,000 | $215,000 | 104.8% | 0.5% |
| LIBERTY HOME MORTGAGE CORPORATION | $205,000 | n/a | 0.5% | |
| AMERICAN FINANCIAL NETWORK, INC. | $195,000 | n/a | 0.5% | |
| Carrington Mortgage Services, LLC | $330,000 | $195,000 | -40.9% | 0.5% |
| Legacy Bank | $245,000 | $195,000 | -20.4% | 0.5% |
| BETTER MORTGAGE CORPORATION | $185,000 | n/a | 0.4% | |
| OKLAHOMA'S | $185,000 | n/a | 0.4% | |
| LOANPAL, LLC | $55,000 | $165,000 | 200.0% | 0.4% |
| PLAZA HOME MORTGAGE, INC. | $145,000 | n/a | 0.4% | |
| GUILD MORTGAGE COMPANY | $135,000 | n/a | 0.3% | |
| Signature Federal Credit Union | $135,000 | n/a | 0.3% | |
| ASSOCIATED MORTGAGE CORPORATION | $125,000 | n/a | 0.3% | |
| Mortgage Investment Services Corporation | $125,000 | n/a | 0.3% | |
| CMG MORTGAGE, INC. | $115,000 | n/a | 0.3% | |
| Wells Fargo Bank | $1,155,000 | $105,000 | -90.9% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $425,000 | $95,000 | -77.6% | 0.2% |
| SOUTHWEST STAGE FUNDING, LLC | $95,000 | n/a | 0.2% | |
| COUNTRYPLACE MORTGAGE, LTD. | $85,000 | n/a | 0.2% | |
| FREEDOM MORTGAGE CORPORATION | $425,000 | $85,000 | -80.0% | 0.2% |
| FNB Community Bank | $75,000 | n/a | 0.2% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $125,000 | $75,000 | -40.0% | 0.2% |
| First National Bank and Trust Company | $65,000 | n/a | 0.2% | |
| RUOFF MORTGAGE COMPANY, INC. | $65,000 | n/a | 0.2% | |
| LIMA ONE CAPITAL, LLC | $45,000 | n/a | 0.1% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $35,000 | n/a | 0.1% | |
| Southern Bank | $25,000 | n/a | 0.1% | |
| Coastal Community Bank | $15,000 | n/a | 0.0% |
Elk City's top lender by overall market share is INTERLINC MORTGAGE SERVICES, LLC, with 20.2% market share. In second place, with 9.6%, is Great Plains National Bank, having originated $3,980,000 in loans. In third place, with 9.1%, is SUN WEST MORTGAGE COMPANY, INC., having originated $3,765,000 in loans. In fourth place, with 7.4%, is InterBank, having originated $3,065,000 in loans. In fifth place, with 4.3%, is QUICKEN LOANS, LLC, having originated $1,760,000 in loans.
Elk City, OK Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 189 | $34,025,000 | $180,026 |
| Refi | 21 | $3,385,000 | $161,190 |
| Cash Out Refi | 13 | $2,375,000 | $182,692 |
| Other | 11 | $1,215,000 | $110,455 |
| Home Improvement | 8 | $310,000 | $38,750 |
Elk City's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Refi, with 21 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 102 | $20,400,000 | $200,000 |
| 7-8% | 66 | $11,960,000 | $181,212 |
| Over 8% | 52 | $5,730,000 | $110,192 |
| 5-6% | 13 | $2,645,000 | $203,462 |
| <2.5% | 1 | $5,000 | $5,000 |
| 4-5% | 1 | $105,000 | $105,000 |
| 3-4% | 1 | $195,000 | $195,000 |
During 2023, Elk City's most frequently originated rate bucket was 6-7%, with 102 originations.
Loan Sizing (Elk City, OK MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 93 | $13,985,000 | $150,376 |
| $100,000 or less | 78 | $4,840,000 | $62,051 |
| $200k-400k | 59 | $15,855,000 | $268,729 |
| $400k-600k | 8 | $3,490,000 | $436,250 |
| $600k-1000k | 3 | $1,935,000 | $645,000 |
| $Over $1MM | 1 | $1,205,000 | $1,205,000 |
Elk City's loan sizing saw the bucket of loans from $100k-200k with 93 originations, totaling $13,985,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 142 | $26,600,000 | $187,324 |
| 60-80% | 51 | $9,755,000 | $191,275 |
| 40-60% | 19 | $2,325,000 | $122,368 |
| 20-40% | 10 | $580,000 | $58,000 |
| Over 100% | 7 | $1,525,000 | $217,857 |
| Under 20% | 7 | $255,000 | $36,429 |
Elk City's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 142 originations, totaling $26,600,000 in origination value.