Elkins Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Elkins 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
7.09% and
one month ago for the week of 2024-06-13, the
average rate was 6.75%.
Elkins's average rate one year ago was 6.96%.
For refis of the same type during the week of 2024-07-18, the average rate
was 6.77%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Elkins 30 Year Fixed Rate | 2024-07-18 | 6.87% |
| Elkins 30 Year Fixed Rate Refi | 2024-07-18 | 6.77% |
| Elkins 15 Year Fixed Rate | 2024-07-18 | 6.05% |
| Elkins 15 Year Fixed Rate Refi | 2024-07-18 | 6.25% |
| Elkins 30 Year FHA | 2024-07-18 | 6.59% |
| Elkins 30 Year FHA Refi | 2024-07-18 | 6.89% |
| Elkins 30 Year USDA | 2024-07-18 | 6.53% |
| Elkins 30 Year USDA Refi | 2024-07-18 | 6.73% |
| Elkins 30 Year VA | 2024-07-18 | 6.3% |
| Elkins 30 Year VA Refi | 2024-07-18 | 6.3% |
Elkins 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 Elkins, WV 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 |
|---|---|---|---|
| QUICKEN LOANS, LLC | 10 | 7.08% | $7,174 |
| The Huntington National Bank | 8 | 6.34% | $3,432 |
| MOVEMENT MORTGAGE, LLC | 6 | 7.24% | $4,324 |
| VANDERBILT MORTGAGE AND FINANCE, INC. | 4 | 8.19% | $4,963 |
| UNITED WHOLESALE MORTGAGE, LLC | 3 | 6.86% | $5,068 |
| The United Federal Credit Union | 3 | 4.00% | $2,800 |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | 2 | 7.31% | $5,308 |
| JPMorgan Chase Bank | 1 | 8.13% | $5,359 |
| LOANDEPOT.COM, LLC | 1 | 6.38% | $3,153 |
| NEWREZ LLC | 1 | 7.88% | $6,423 |
| Northpointe Bank | 1 | 8.00% | $3,726 |
| Summit Community Bank, Inc. | 1 | 6.69% | $3,610 |
| Truist | 1 | 7.13% | $8,599 |
| U.S. Bank | 1 | 5.88% | $3,351 |
| AMERICAN FINANCING CORPORATION | 1 | 6.38% | $6,186 |
| WesBanco | 1 | 5.32% | $4,166 |
| American Mortgage & Equity Consultants, Inc. | 1 | 6.88% | $7,427 |
| CHURCHILL MORTGAGE CORPORATION | 1 | 7.50% | $5,728 |
| City National Bank of West Virginia | 1 | 5.85% | $2,394 |
| Clear Mountain Bank | 1 | 6.88% | $3,846 |
| GUARANTEED RATE, INC. | 1 | 6.88% | $4,889 |
| INTERCOASTAL MORTGAGE COMPANY | 1 | 5.98% | $6,312 |
Elkins Average Closing Costs & Other Stats
Elkins, WV's 22 lenders originated 187
loans during 2023. The total origination value was $45,315,000, with an average loan value of
$242,326.
Elkins's average closing costs are $4,632.
The top Elkins lender as defined by loan originations is QUICKEN LOANS, LLC, with
10 loans originated. Their average total fees are
$7,174, which is $3,741
higher than the next largest lender,
The Huntington National Bank.
The lowest fee Elkins lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC ($7,174), .
The lowest rate Elkins lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (7.08%), .
Elkins, WV 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 |
|---|---|---|---|---|
| Barings Multifamily Capital | $16,205,000 | n/a | 35.8% | |
| The Huntington National Bank | $5,895,000 | $4,175,000 | -29.2% | 9.2% |
| QUICKEN LOANS, LLC | $4,735,000 | $3,850,000 | -18.7% | 8.5% |
| MOVEMENT MORTGAGE, LLC | $3,590,000 | $2,285,000 | -36.4% | 5.0% |
| Presidential Bank, FSB | $1,995,000 | n/a | 4.4% | |
| Mortgage Research Center, LLC | $1,080,000 | $1,920,000 | 77.8% | 4.2% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $1,165,000 | $1,900,000 | 63.1% | 4.2% |
| The United Federal Credit Union | $2,915,000 | $1,895,000 | -35.0% | 4.2% |
| UNITED WHOLESALE MORTGAGE, LLC | $495,000 | $1,555,000 | 214.1% | 3.4% |
| The Grant County Bank | $1,965,000 | $1,015,000 | -48.3% | 2.2% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $550,000 | $595,000 | 8.2% | 1.3% |
| Clear Mountain Bank | $135,000 | $505,000 | 274.1% | 1.1% |
| City National Bank of West Virginia | $540,000 | $430,000 | -20.4% | 0.9% |
| INTERCOASTAL MORTGAGE COMPANY | $635,000 | $395,000 | -37.8% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $85,000 | $390,000 | 358.8% | 0.9% |
| Truist | $835,000 | $380,000 | -54.5% | 0.8% |
| Flagstar Bank, FSB | $430,000 | $345,000 | -19.8% | 0.8% |
| North American Savings Bank, F.S.B. | $345,000 | n/a | 0.8% | |
| LOANDEPOT.COM, LLC | $1,495,000 | $340,000 | -77.3% | 0.8% |
| First Federal Bank of the Midwest | $850,000 | $325,000 | -61.8% | 0.7% |
| CROSSCOUNTRY MORTGAGE, LLC | $310,000 | n/a | 0.7% | |
| Summit Community Bank, Inc. | $260,000 | n/a | 0.6% | |
| U.S. Bank | $255,000 | n/a | 0.6% | |
| Northpointe Bank | $245,000 | n/a | 0.5% | |
| First Community Bank | $400,000 | $235,000 | -41.3% | 0.5% |
| NFM, INC. | $755,000 | $230,000 | -69.5% | 0.5% |
| American Mortgage & Equity Consultants, Inc. | $225,000 | n/a | 0.5% | |
| WesBanco | $210,000 | n/a | 0.5% | |
| LIBERTY HOME MORTGAGE CORPORATION | $205,000 | n/a | 0.5% | |
| TIDEWATER MORTGAGE SERVICES, INC. | $175,000 | n/a | 0.4% | |
| NAVY FEDERAL CREDIT UNION | $825,000 | $165,000 | -80.0% | 0.4% |
| NEWREZ LLC | $165,000 | n/a | 0.4% | |
| EVERETT FINANCIAL, INC. | $480,000 | $145,000 | -69.8% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $95,000 | $145,000 | 52.6% | 0.3% |
| DAS Acquisition Company, LLC | $135,000 | n/a | 0.3% | |
| GUARANTEED RATE, INC. | $325,000 | $135,000 | -58.5% | 0.3% |
| USAA Federal Savings Bank | $1,375,000 | $125,000 | -90.9% | 0.3% |
| JPMorgan Chase Bank | $620,000 | $105,000 | -83.1% | 0.2% |
| Paramount Residential Mortgage Group, Inc. | $105,000 | n/a | 0.2% | |
| 21ST MORTGAGE CORPORATION | $115,000 | $95,000 | -17.4% | 0.2% |
| AMERICAN FINANCING CORPORATION | $95,000 | n/a | 0.2% | |
| CHURCHILL MORTGAGE CORPORATION | $95,000 | n/a | 0.2% | |
| PENTAGON FEDERAL CREDIT UNION | $95,000 | n/a | 0.2% | |
| BROKER SOLUTIONS, INC. | $75,000 | n/a | 0.2% | |
| PNC Bank | $405,000 | $65,000 | -84.0% | 0.1% |
| Discover Bank | $55,000 | n/a | 0.1% | |
| ASHLAND Credit Union | $45,000 | n/a | 0.1% | |
| Carrington Mortgage Services, LLC | $45,000 | n/a | 0.1% | |
| Service Federal Credit Union | $45,000 | n/a | 0.1% |
Elkins's top lender by overall market share is Barings Multifamily Capital, with 35.8% market share. In second place, with 9.2%, is The Huntington National Bank, having originated $4,175,000 in loans. In third place, with 8.5%, is QUICKEN LOANS, LLC, having originated $3,850,000 in loans. In fourth place, with 5.0%, is MOVEMENT MORTGAGE, LLC, having originated $2,285,000 in loans. In fifth place, with 4.4%, is Presidential Bank, FSB, having originated $1,995,000 in loans.
Elkins, WV Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 107 | $19,115,000 | $178,645 |
| Cash Out Refi | 36 | $4,820,000 | $133,889 |
| Other | 19 | $2,665,000 | $140,263 |
| Refi | 15 | $18,155,000 | $1,210,333 |
| Home Improvement | 10 | $560,000 | $56,000 |
Elkins's most frequently cited loan purpose was Home Purchase, with 107 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 50 | $9,180,000 | $183,600 |
| 7-8% | 47 | $7,975,000 | $169,681 |
| Over 8% | 43 | $3,995,000 | $92,907 |
| 5-6% | 29 | $21,025,000 | $725,000 |
| 3-4% | 5 | $1,315,000 | $263,000 |
| 4-5% | 4 | $500,000 | $125,000 |
| <2.5% | 1 | $5,000 | $5,000 |
| 2.5-3% | 1 | $305,000 | $305,000 |
During 2023, Elkins's most frequently originated rate bucket was 6-7%, with 50 originations.
Loan Sizing (Elkins, WV MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 92 | $13,070,000 | $142,065 |
| $100,000 or less | 57 | $3,685,000 | $64,649 |
| $200k-400k | 34 | $9,070,000 | $266,765 |
| $Over $1MM | 2 | $18,200,000 | $9,100,000 |
| $400k-600k | 1 | $555,000 | $555,000 |
| $600k-1000k | 1 | $735,000 | $735,000 |
Elkins's loan sizing saw the bucket of loans from $100k-200k with 92 originations, totaling $13,070,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 89 | $14,395,000 | $161,742 |
| 60-80% | 34 | $24,470,000 | $719,706 |
| 40-60% | 24 | $2,780,000 | $115,833 |
| 20-40% | 23 | $1,815,000 | $78,913 |
| Under 20% | 8 | $420,000 | $52,500 |
| Over 100% | 2 | $420,000 | $210,000 |
Elkins's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 89 originations, totaling $14,395,000 in origination value.