Fairmont Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Fairmont averaged 7.07% for the week of 2024-06-20, compared to the national average of 6.87% for the same period.

The average rate for the prior week (2024-06-13) was 6.85% and one month ago for the week of 2024-05-16, the average rate was 7.22%.

Fairmont's average rate one year ago was 6.79%.

For refis of the same type during the week of 2024-06-20, the average rate was 7.27%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-06-20 6.87%
Fairmont 30 Year Fixed Rate 2024-06-20 7.07%
Fairmont 30 Year Fixed Rate Refi 2024-06-20 7.27%
Fairmont 15 Year Fixed Rate 2024-06-20 6.33%
Fairmont 15 Year Fixed Rate Refi 2024-06-20 6.23%
Fairmont 30 Year FHA 2024-06-20 0%
Fairmont 30 Year FHA Refi 2024-06-20 0.3%
Fairmont 30 Year USDA 2024-06-20 0%
Fairmont 30 Year USDA Refi 2024-06-20 0%
Fairmont 30 Year VA 2024-06-20 -0.1%
Fairmont 30 Year VA Refi 2024-06-20 0.1%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Fairmont, MN.

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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
IOWA BANKERS MORTGAGE CORPORATION 29 6.53% $4,001
QUICKEN LOANS, LLC 10 6.99% $6,584
UNITED WHOLESALE MORTGAGE, LLC 9 7.36% $7,118
NEWREZ LLC 9 5.97% $4,126
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 7.48% $3,776
Citizens Community Federal 6 6.10% $2,880
U.S. Bank 5 7.03% $3,985
Wells Fargo Bank 4 7.38% $3,863
EVERETT FINANCIAL, INC. 3 7.00% $3,711
Northwest Bank 3 6.67% $4,311
Bell Bank 2 6.31% $5,218
ROYAL UNITED MORTGAGE LLC 2 6.63% $7,545
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.88% $4,225
COMPEER FINANCIAL, FLCA 1 7.50% $2,402
JPMorgan Chase Bank 1 6.88% $2,991
MASON MCDUFFIE MORTGAGE CORPORATION 1 6.63% $5,378
Mr. Cooper ( Nationstar Mortgage ) 1 6.99% $6,679
Cambria Financial Group, LLC 1 6.38% $3,900
Plains Commerce Bank 1 6.63% $6,549
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.63% $5,349
BROKER SOLUTIONS, INC. 1 7.50% $3,487
Royal Credit Union 1 7.50% $7,645
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 7.63% $3,053
Bremer Bank 1 7.88% $7,653
DRAPER AND KRAMER MORTGAGE CORP. 1 7.50% $5,240
Bank of America 1 7.50% $2,396
CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $4,189
First Dakota National Bank 1 6.50% $3,415
GUARANTEED RATE, INC. 1 7.63% $4,626

Fairmont Average Closing Costs & Other Stats

Fairmont, MN's 29 lenders originated 249 loans during 2023. The total origination value was $36,785,000, with an average loan value of $147,731.

Fairmont's average closing costs are $4,113.

The top Fairmont lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with 29 loans originated. Their average total fees are $4,001, which is $2,583 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Fairmont lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION ($4,001), QUICKEN LOANS, LLC ($6,584), .

The lowest rate Fairmont lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION (6.53%), QUICKEN LOANS, LLC (6.99%), .

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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
IOWA BANKERS MORTGAGE CORPORATION $3,785,000 $4,825,000 27.5% 13.1%
UNITED WHOLESALE MORTGAGE, LLC $4,200,000 $3,920,000 -6.7% 10.7%
Bank Midwest $7,405,000 $3,850,000 -48.0% 10.5%
QUICKEN LOANS, LLC $920,000 $2,240,000 143.5% 6.1%
U.S. Bank $2,005,000 $2,205,000 10.0% 6.0%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $2,740,000 $1,950,000 -28.8% 5.3%
NEWREZ LLC $2,020,000 $1,550,000 -23.3% 4.2%
COMPEER FINANCIAL, FLCA $1,175,000 $1,320,000 12.3% 3.6%
Northwest Bank $125,000 $1,265,000 912.0% 3.4%
Profinium Inc. $1,155,000 n/a 3.1%
EVERETT FINANCIAL, INC. $1,035,000 $940,000 -9.2% 2.6%
SOUTHPOINT FINANCIAL $410,000 $855,000 108.5% 2.3%
Citizens Community Federal $1,910,000 $845,000 -55.8% 2.3%
FREEDOM MORTGAGE CORPORATION $155,000 $685,000 341.9% 1.9%
HomeTown Bank $1,560,000 $685,000 -56.1% 1.9%
Mortgage Research Center, LLC $1,255,000 $670,000 -46.6% 1.8%
CROSSCOUNTRY MORTGAGE, LLC $315,000 $600,000 90.5% 1.6%
Bell Bank $165,000 $530,000 221.2% 1.4%
Wells Fargo Bank $1,360,000 $440,000 -67.6% 1.2%
JPMorgan Chase Bank $375,000 n/a 1.0%
Bremer Bank $75,000 $350,000 366.7% 1.0%
Frandsen Bank & Trust $305,000 $325,000 6.6% 0.9%
Pioneer Bank $310,000 n/a 0.8%
MAYO EMPLOYEES FEDERAL CREDIT UNION $125,000 $295,000 136.0% 0.8%
PRIMELENDING, A PLAINSCAPITAL COMPANY $285,000 n/a 0.8%
Alliance Bank $80,000 $275,000 243.8% 0.7%
BROKER SOLUTIONS, INC. $700,000 $255,000 -63.6% 0.7%
ROYAL UNITED MORTGAGE LLC $105,000 $240,000 128.6% 0.7%
First Dakota National Bank $295,000 $235,000 -20.3% 0.6%
WINGS FINANCIAL $215,000 n/a 0.6%
DRAPER AND KRAMER MORTGAGE CORP. $210,000 n/a 0.6%
Royal Credit Union $205,000 n/a 0.6%
AFFINITY PLUS $175,000 $185,000 5.7% 0.5%
Equity Prime Mortgage LLC $175,000 n/a 0.5%
USAA Federal Savings Bank $175,000 n/a 0.5%
Plains Commerce Bank $575,000 $155,000 -73.0% 0.4%
AMERISAVE MORTGAGE CORPORATION $145,000 n/a 0.4%
First Bank & Trust $140,000 n/a 0.4%
Barrington Bank & Trust Company, N.A. $135,000 n/a 0.4%
Mr. Cooper ( Nationstar Mortgage ) $700,000 $135,000 -80.7% 0.4%
HOMEOWNERS FINANCIAL GROUP USA, LLC $130,000 n/a 0.4%
GUARANTEED RATE, INC. $885,000 $125,000 -85.9% 0.3%
NAVY FEDERAL CREDIT UNION $145,000 $110,000 -24.1% 0.3%
21ST MORTGAGE CORPORATION $95,000 n/a 0.3%
Community Bank Mankato $85,000 $95,000 11.8% 0.3%
Flagship Banks Minnesota $95,000 n/a 0.3%
MASON MCDUFFIE MORTGAGE CORPORATION $95,000 n/a 0.3%
South Story Bank & Trust $95,000 n/a 0.3%
TRUSTONE FINANCIAL FEDERAL CREDIT UNION $95,000 n/a 0.3%
Figure Lending LLC $90,000 n/a 0.2%
Bank of America $75,000 n/a 0.2%
Cambria Financial Group, LLC $75,000 n/a 0.2%
BankVista $55,000 n/a 0.1%
Flagstar Bank, FSB $105,000 $55,000 -47.6% 0.1%
Citizens Alliance Bank $770,000 $45,000 -94.2% 0.1%
HIWAY $155,000 $45,000 -71.0% 0.1%
Anoka Hennepin Credit Union $25,000 n/a 0.1%

Fairmont's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 13.1% market share. In second place, with 10.7%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $3,920,000 in loans. In third place, with 10.5%, is Bank Midwest, having originated $3,850,000 in loans. In fourth place, with 6.1%, is QUICKEN LOANS, LLC, having originated $2,240,000 in loans. In fifth place, with 6.0%, is U.S. Bank, having originated $2,205,000 in loans.

Fairmont, MN Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 180 $29,150,000 $161,944
Cash Out Refi 26 $3,620,000 $139,231
Home Improvement 18 $1,320,000 $73,333
Refi 14 $2,230,000 $159,286
Other 11 $465,000 $42,273

Fairmont's most frequently cited loan purpose was Home Purchase, with 180 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 76 $13,090,000 $172,237
7-8% 59 $9,045,000 $153,305
5-6% 36 $4,730,000 $131,389
Over 8% 27 $2,415,000 $89,444
<2.5% 2 $30,000 $15,000
4-5% 1 $215,000 $215,000
3-4% 1 $25,000 $25,000

During 2023, Fairmont's most frequently originated rate bucket was 6-7%, with 76 originations.

Loan Sizing (Fairmont, MN MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 97 $6,195,000 $63,866
$100k-200k 92 $13,290,000 $144,457
$200k-400k 57 $15,755,000 $276,404
$400k-600k 2 $840,000 $420,000
$600k-1000k 1 $705,000 $705,000

Fairmont's loan sizing saw the bucket of loans from $100,000 or less with 97 originations, totaling $6,195,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 101 $17,715,000 $175,396
60-80% 51 $8,245,000 $161,667
Under 20% 21 $615,000 $29,286
20-40% 17 $1,325,000 $77,941
40-60% 15 $1,695,000 $113,000

Fairmont's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 101 originations, totaling $17,715,000 in origination value.