Fairmont Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fairmont averaged
6.47%
for the week of 2023-03-23, compared to the national average of
6.42% for the same period.
The average rate for the prior week (2023-03-16) was
6.65% and
one month ago for the week of 2023-02-16, the
average rate was 6.37%.
Fairmont's average rate one year ago was 4.03%.
For refis of the same type during the week of 2023-03-23, the average rate
was 7.11%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-23 | 6.42% |
| Fairmont 30 Year Fixed Rate | 2023-03-23 | 6.47% |
| Fairmont 30 Year Fixed Rate Refi | 2023-03-23 | 7.11% |
| Fairmont 15 Year Fixed Rate | 2023-03-23 | 5.73% |
| Fairmont 15 Year Fixed Rate Refi | 2023-03-23 | 6.23% |
| Fairmont 30 Year FHA | 2023-03-23 | 6.19% |
| Fairmont 30 Year FHA Refi | 2023-03-23 | 6.5% |
| Fairmont 30 Year USDA | 2023-03-23 | 6.07% |
| Fairmont 30 Year USDA Refi | 2023-03-23 | 6.28% |
| Fairmont 30 Year VA | 2023-03-23 | 6.2% |
| Fairmont 30 Year VA Refi | 2023-03-23 | 6.02% |
Fairmont 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 Fairmont, MN 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.).
Fairmont Average Closing Costs & Other Stats
Fairmont, MN's 35 lenders originated 309
loans during 2022. The total origination value was $45,555,000, with an average loan value of
$147,427.
Fairmont's average closing costs are $3,971.
The top Fairmont lender as defined by loan originations is Bank Midwest, with
34 loans originated. Their average total fees are
$3,598, which is $1,087
lower than the next largest lender,
IOWA BANKERS MORTGAGE CORPORATION.
The lowest fee Fairmont lenders (with over 10 loans originated) are
Bank Midwest ($3,598), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,888), IOWA BANKERS MORTGAGE CORPORATION ($4,685), UNITED WHOLESALE MORTGAGE, LLC ($5,892) and .
The lowest rate Fairmont lenders (with over 10 loans originated) are
FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.53%), UNITED WHOLESALE MORTGAGE, LLC (4.78%), IOWA BANKERS MORTGAGE CORPORATION (5.02%), Bank Midwest (5.11%) and .
Fairmont, MN 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 |
|---|---|---|---|---|
| Bank Midwest | $9,105,000 | $7,405,000 | -18.7% | 16.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,315,000 | $4,200,000 | 26.7% | 9.2% |
| IOWA BANKERS MORTGAGE CORPORATION | $2,385,000 | $3,785,000 | 58.7% | 8.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $8,470,000 | $2,740,000 | -67.7% | 6.0% |
| NEWREZ LLC | $95,000 | $2,020,000 | 2,026.3% | 4.4% |
| U.S. Bank | $6,360,000 | $2,005,000 | -68.5% | 4.4% |
| Citizens Community Federal | $1,960,000 | $1,910,000 | -2.6% | 4.2% |
| HomeTown Bank | $2,110,000 | $1,560,000 | -26.1% | 3.4% |
| Wells Fargo Bank | $2,550,000 | $1,360,000 | -46.7% | 3.0% |
| Mortgage Research Center, LLC | $555,000 | $1,255,000 | 126.1% | 2.8% |
| COMPEER FINANCIAL, FLCA | $4,370,000 | $1,175,000 | -73.1% | 2.6% |
| EVERETT FINANCIAL, INC. | $375,000 | $1,035,000 | 176.0% | 2.3% |
| QUICKEN LOANS, LLC | $5,705,000 | $920,000 | -83.9% | 2.0% |
| GUARANTEED RATE, INC. | $85,000 | $885,000 | 941.2% | 1.9% |
| Citizens Alliance Bank | $770,000 | n/a | 1.7% | |
| BROKER SOLUTIONS, INC. | $180,000 | $700,000 | 288.9% | 1.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $680,000 | $700,000 | 2.9% | 1.5% |
| NEW DAY FINANCIAL, LLC | $685,000 | n/a | 1.5% | |
| Minnwest Bank | $585,000 | n/a | 1.3% | |
| Plains Commerce Bank | $10,140,000 | $575,000 | -94.3% | 1.3% |
| Great Southern Bank | $475,000 | n/a | 1.0% | |
| SOUTHPOINT FINANCIAL | $65,000 | $410,000 | 530.8% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $1,095,000 | $395,000 | -63.9% | 0.9% |
| The Huntington National Bank | $25,000 | $395,000 | 1,480.0% | 0.9% |
| SPRING EQ, LLC | $385,000 | n/a | 0.8% | |
| LOANDEPOT.COM, LLC | $1,005,000 | $360,000 | -64.2% | 0.8% |
| CAPITAL CREDIT UNION | $325,000 | n/a | 0.7% | |
| CROSSCOUNTRY MORTGAGE, LLC | $940,000 | $315,000 | -66.5% | 0.7% |
| Frandsen Bank & Trust | $195,000 | $305,000 | 56.4% | 0.7% |
| First Dakota National Bank | $560,000 | $295,000 | -47.3% | 0.6% |
| Prosperity Home Mortgage, LLC | $270,000 | n/a | 0.6% | |
| BAY EQUITY LLC | $265,000 | n/a | 0.6% | |
| Magnolia Bank | $245,000 | n/a | 0.5% | |
| CALIBER HOME LOANS, INC. | $1,470,000 | $220,000 | -85.0% | 0.5% |
| MinnStar Bank N.A. | $205,000 | n/a | 0.5% | |
| Union State Bank of Fargo | $200,000 | n/a | 0.4% | |
| AFFINITY PLUS | $670,000 | $175,000 | -73.9% | 0.4% |
| REVERSE MORTGAGE FUNDING LLC | $175,000 | n/a | 0.4% | |
| Citizens Bank Minnesota | $170,000 | $170,000 | 0.0% | 0.4% |
| Bell Bank | $795,000 | $165,000 | -79.2% | 0.4% |
| Central Bank | $165,000 | n/a | 0.4% | |
| DIGITAL Federal Credit Union | $165,000 | n/a | 0.4% | |
| FREEDOM MORTGAGE CORPORATION | $5,005,000 | $155,000 | -96.9% | 0.3% |
| HIWAY | $225,000 | $155,000 | -31.1% | 0.3% |
| SIRVA MORTGAGE, INC. | $115,000 | $155,000 | 34.8% | 0.3% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $145,000 | n/a | 0.3% | |
| LAND HOME FINANCIAL SERVICES, INC. | $105,000 | $145,000 | 38.1% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $145,000 | n/a | 0.3% | |
| PHH Mortgage Corporation | $145,000 | n/a | 0.3% | |
| Bank of England | $75,000 | $135,000 | 80.0% | 0.3% |
| First PREMIER Bank | $445,000 | $135,000 | -69.7% | 0.3% |
| American Mortgage & Equity Consultants, Inc. | $125,000 | n/a | 0.3% | |
| Colonial Savings, F.A. | $125,000 | n/a | 0.3% | |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $125,000 | n/a | 0.3% | |
| Northwest Bank | $15,000 | $125,000 | 733.3% | 0.3% |
| Merchants Bank | $695,000 | $110,000 | -84.2% | 0.2% |
| Flagstar Bank, FSB | $175,000 | $105,000 | -40.0% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $95,000 | $105,000 | 10.5% | 0.2% |
| HOME POINT FINANCIAL CORPORATION | $165,000 | $95,000 | -42.4% | 0.2% |
| TOWNE MORTGAGE COMPANY | $95,000 | n/a | 0.2% | |
| Community Bank Mankato | $125,000 | $85,000 | -32.0% | 0.2% |
| Alliance Bank | $290,000 | $80,000 | -72.4% | 0.2% |
| Bremer Bank | $195,000 | $75,000 | -61.5% | 0.2% |
| Carrington Mortgage Services, LLC | $85,000 | $75,000 | -11.8% | 0.2% |
| LOANPAL, LLC | $75,000 | n/a | 0.2% | |
| Think Mutual Bank | $55,000 | n/a | 0.1% | |
| AMERICAN ADVISORS GROUP | $45,000 | n/a | 0.1% | |
| CENTRAL MINNESOTA Credit Union | $65,000 | $30,000 | -53.8% | 0.1% |
Fairmont's top lender by overall market share is Bank Midwest, with 16.3% market share. In second place, with 9.2%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $4,200,000 in loans. In third place, with 8.3%, is IOWA BANKERS MORTGAGE CORPORATION, having originated $3,785,000 in loans. In fourth place, with 6.0%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $2,740,000 in loans. In fifth place, with 4.4%, is NEWREZ LLC, having originated $2,020,000 in loans.
Fairmont, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 198 | $30,360,000 | $153,333 |
| Cash Out Refi | 56 | $7,960,000 | $142,143 |
| Refi | 40 | $5,540,000 | $138,500 |
| Home Improvement | 11 | $1,525,000 | $138,636 |
| Other | 4 | $170,000 | $42,500 |
Fairmont's most frequently cited loan purpose was Home Purchase, with 198 originations. The 2nd most popular reason was Cash Out Refi, with 56 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 80 | $11,630,000 | $145,375 |
| 3-4% | 71 | $11,745,000 | $165,423 |
| 4-5% | 62 | $9,100,000 | $146,774 |
| 6-7% | 44 | $5,910,000 | $134,318 |
| 2.5-3% | 21 | $2,805,000 | $133,571 |
| <2.5% | 9 | $1,755,000 | $195,000 |
| 7-8% | 8 | $820,000 | $102,500 |
| Over 8% | 3 | $295,000 | $98,333 |
During 2022, Fairmont's most frequently originated rate bucket was 5-6%, with 80 originations.
Loan Sizing (Fairmont, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 144 | $20,880,000 | $145,000 |
| $100,000 or less | 109 | $7,115,000 | $65,275 |
| $200k-400k | 49 | $14,095,000 | $287,653 |
| $400k-600k | 7 | $3,465,000 | $495,000 |
Fairmont's loan sizing saw the bucket of loans from $100k-200k with 144 originations, totaling $20,880,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 158 | $24,360,000 | $154,177 |
| 60-80% | 72 | $12,630,000 | $175,417 |
| 40-60% | 32 | $4,520,000 | $141,250 |
| 20-40% | 27 | $1,995,000 | $73,889 |
| Under 20% | 10 | $220,000 | $22,000 |
| Over 100% | 2 | $360,000 | $180,000 |
Fairmont's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 158 originations, totaling $24,360,000 in origination value.