Fairmont Mortgage Rates

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

30 Year Fixed Rate mortgages in Fairmont averaged 6.05% for the week of 2022-06-23, compared to the national average of 5.81% for the same period.

The average rate for the prior week (2022-06-16) was 5.92% and one month ago for the week of 2022-05-19, the average rate was 5.49%.

Fairmont's average rate one year ago was 3.08%.

For refis of the same type during the week of 2022-06-23, the average rate was 6.24%.

Loan Type Date Rate
US 30 Year Fixed Rate 2022-06-23 5.81%
Fairmont 30 Year Fixed Rate 2022-06-23 6.05%
Fairmont 30 Year Fixed Rate Refi 2022-06-23 6.24%
Fairmont 15 Year Fixed Rate 2022-06-23 4.75%
Fairmont 15 Year Fixed Rate Refi 2022-06-23 5.35%
Fairmont 30 Year FHA 2022-06-23 0.37%
Fairmont 30 Year FHA Refi 2022-06-23 -0.04%
Fairmont 30 Year USDA 2022-06-23 -0.04%
Fairmont 30 Year USDA Refi 2022-06-23 3.7%
Fairmont 30 Year VA 2022-06-23 0.44%
Fairmont 30 Year VA Refi 2022-06-23 -0.16%
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 lendor, 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 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Bank Midwest 33 3.22% $3,644
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 3.50% $3,695
Plains Commerce Bank 28 2.98% $4,350
FREEDOM MORTGAGE CORPORATION 16 2.98% $3,773
QUICKEN LOANS, LLC 15 3.11% $4,646
U.S. Bank 12 3.04% $3,011
UNITED WHOLESALE MORTGAGE, LLC 11 3.05% $3,364
COMPEER FINANCIAL, FLCA 11 3.75% $3,671
IOWA BANKERS MORTGAGE CORPORATION 10 3.00% $4,462
Wells Fargo Bank 9 3.15% $2,844
HomeTown Bank 8 3.03% $3,985
Citizens Community Federal 8 2.98% $2,376
LOANDEPOT.COM, LLC 5 3.00% $5,211
CROSSCOUNTRY MORTGAGE, LLC 4 2.88% $3,848
Merchants Bank 3 2.98% $3,146
HIWAY 2 3.00% $4,370
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 4.38% $5,324
Bell Bank 2 3.00% $3,538
PENNYMAC LOAN SERVICES, LLC 2 3.00% $2,917
GUARANTEED RATE, INC. 1 2.99% $1,279
Home Federal Savings Bank 1 3.00% $3,247
HOME POINT FINANCIAL CORPORATION 1 3.00% $870
JPMorgan Chase Bank 1 3.25% $2,786
NBKC BANK 1 2.63% $3,761
NETWORK CAPITAL FUNDING CORPORATION 1 2.75% $1,230
Old National Bank 1 3.25% $2,686
SIRVA MORTGAGE, INC. 1 2.88% $2,186
STEARNS LENDING, LLC 1 3.25% $1,955
The Central Trust Bank 1 3.25% $1,964
THRIVENT Federal Credit Union 1 3.25% $3,754
AFFINITY PLUS 1 3.13% $2,608
WINGS FINANCIAL 1 2.88% $2,565
Alerus Financial 1 3.38% $2,325
ALTRA 1 2.98% $2,255
AMERICAN FINANCING CORPORATION 1 2.99% $4,738
AMERICAN INTERNET MORTGAGE, INC. 1 2.75% $2,331
AmeriHome Mortgage Company, LLC 1 3.38% $2,390
Bank of England 1 3.75% $3,463
Bremer Bank 1 3.00% $3,281
BROKER SOLUTIONS, INC. 1 3.50% $4,428
CALIBER HOME LOANS, INC. 1 2.99% $4,046
Cambria Financial Group, LLC 1 3.38% $3,812
Citizens Bank Minnesota 1 2.88% $2,272
Equity Prime Mortgage LLC 1 3.88% $5,686
EVERETT FINANCIAL, INC. 1 3.25% $2,230
First Federal Bank 1 3.13% $4,543
First PREMIER Bank 1 2.75% $3,127
Flagstar Bank, FSB 1 3.19% $1,529
Frandsen Bank & Trust 1 2.88% $2,526
Goldwater Bank, N.A. 1 3.38% $3,842

Fairmont, MN's 50 lenders originated 580 loans during 2021. The total origination value was $82,320,000, with an average loan value of $141,931.

The top Fairmont lender as defined by loan originations is Bank Midwest, with 33 loans originated. Their average total fees are $3,644, which is $51 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Fairmont lenders (with over 10 loans originated) are U.S. Bank ($3,011), UNITED WHOLESALE MORTGAGE, LLC ($3,364), Bank Midwest ($3,644), COMPEER FINANCIAL, FLCA ($3,671) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,695).

The lowest rate Fairmont lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.98%), Plains Commerce Bank (2.98%), IOWA BANKERS MORTGAGE CORPORATION (3.00%), U.S. Bank (3.04%) and UNITED WHOLESALE MORTGAGE, LLC (3.05%).

Fairmont, MN Lender 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 2020 Loan Value 2021 Loan Value % Change 2021 Market Share
Plains Commerce Bank $7,045,000 $10,140,000 43.9% 12.3%
Bank Midwest $9,175,000 $9,105,000 -0.8% 11.1%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,860,000 $8,470,000 355.4% 10.3%
U.S. Bank $5,295,000 $6,360,000 20.1% 7.7%
QUICKEN LOANS, LLC $5,060,000 $5,705,000 12.7% 6.9%
FREEDOM MORTGAGE CORPORATION $1,160,000 $5,005,000 331.5% 6.1%
COMPEER FINANCIAL, FLCA $4,790,000 $4,370,000 -8.8% 5.3%
UNITED WHOLESALE MORTGAGE, LLC $2,040,000 $3,315,000 62.5% 4.0%
Wells Fargo Bank $1,165,000 $2,550,000 118.9% 3.1%
IOWA BANKERS MORTGAGE CORPORATION $6,735,000 $2,385,000 -64.6% 2.9%
HomeTown Bank $6,410,000 $2,110,000 -67.1% 2.6%
Citizens Community Federal $3,650,000 $1,960,000 -46.3% 2.4%
CALIBER HOME LOANS, INC. $2,765,000 $1,470,000 -46.8% 1.8%
PENNYMAC LOAN SERVICES, LLC $325,000 $1,095,000 236.9% 1.3%
LOANDEPOT.COM, LLC $360,000 $1,005,000 179.2% 1.2%
CROSSCOUNTRY MORTGAGE, LLC $145,000 $940,000 548.3% 1.1%
Bell Bank $285,000 $795,000 178.9% 1.0%
Merchants Bank $1,095,000 $695,000 -36.5% 0.8%
Mr. Cooper ( Nationstar Mortgage ) $480,000 $680,000 41.7% 0.8%
AFFINITY PLUS $975,000 $670,000 -31.3% 0.8%
First Federal Bank $255,000 $665,000 160.8% 0.8%
Pioneer Bank $370,000 $650,000 75.7% 0.8%
First Dakota National Bank $560,000 n/a 0.7%
Mortgage Research Center, LLC $1,010,000 $555,000 -45.0% 0.7%
Servion, Inc. $575,000 $475,000 -17.4% 0.6%
NBKC BANK $465,000 n/a 0.6%
AMERICAN INTERNET MORTGAGE, INC. $455,000 n/a 0.6%
First PREMIER Bank $445,000 n/a 0.5%
LAKEVIEW LOAN SERVICING, LLC $135,000 $410,000 203.7% 0.5%
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $265,000 $400,000 50.9% 0.5%
EVERETT FINANCIAL, INC. $9,730,000 $375,000 -96.1% 0.5%
Roundbank $15,000 $300,000 1,900.0% 0.4%
Alliance Bank $1,060,000 $290,000 -72.6% 0.4%
JPMorgan Chase Bank $275,000 $280,000 1.8% 0.3%
NETWORK CAPITAL FUNDING CORPORATION $275,000 n/a 0.3%
The Central Trust Bank $275,000 n/a 0.3%
Goldwater Bank, N.A. $240,000 n/a 0.3%
Barrington Bank & Trust Company, N.A. $225,000 n/a 0.3%
Great Western Bank $225,000 n/a 0.3%
HIWAY $225,000 n/a 0.3%
ALTRA $220,000 n/a 0.3%
Minnesota Valley Federal Credit Union $290,000 $220,000 -24.1% 0.3%
THRIVENT Federal Credit Union $105,000 $220,000 109.5% 0.3%
TRUSTONE FINANCIAL FEDERAL CREDIT UNION $205,000 n/a 0.2%
Bremer Bank $275,000 $195,000 -29.1% 0.2%
Frandsen Bank & Trust $975,000 $195,000 -80.0% 0.2%
HOMEBRIDGE FINANCIAL SERVICES, INC. $195,000 n/a 0.2%
Equity Prime Mortgage LLC $185,000 n/a 0.2%
WINGS FINANCIAL $125,000 $185,000 48.0% 0.2%
BROKER SOLUTIONS, INC. $700,000 $180,000 -74.3% 0.2%
Flagstar Bank, FSB $235,000 $175,000 -25.5% 0.2%
Flanagan State Bank $115,000 $175,000 52.2% 0.2%
Citizens Bank Minnesota $385,000 $170,000 -55.8% 0.2%
AmeriHome Mortgage Company, LLC $145,000 $165,000 13.8% 0.2%
HOME POINT FINANCIAL CORPORATION $165,000 n/a 0.2%
Manufacturers Bank & Trust Company $285,000 $165,000 -42.1% 0.2%
Alerus Financial $125,000 $155,000 24.0% 0.2%
AXIA FINANCIAL, LLC $150,000 n/a 0.2%
AMERISAVE MORTGAGE CORPORATION $250,000 $125,000 -50.0% 0.2%
Community Bank Mankato $535,000 $125,000 -76.6% 0.2%
Manufacturers and Traders Trust Company $115,000 n/a 0.1%
Old National Bank $115,000 n/a 0.1%
SIRVA MORTGAGE, INC. $105,000 $115,000 9.5% 0.1%
First Guaranty Mortgage Corporation $105,000 n/a 0.1%
Home Federal Savings Bank $310,000 $105,000 -66.1% 0.1%
LAND HOME FINANCIAL SERVICES, INC. $105,000 n/a 0.1%
Mortgages Unlimited Inc. $95,000 n/a 0.1%
NEWREZ LLC $200,000 $95,000 -52.5% 0.1%
ROYAL UNITED MORTGAGE LLC $140,000 $95,000 -32.1% 0.1%
AMERICAN FINANCING CORPORATION $85,000 n/a 0.1%
Carrington Mortgage Services, LLC $135,000 $85,000 -37.0% 0.1%
GUARANTEED RATE, INC. $85,000 n/a 0.1%
STEARNS LENDING, LLC $85,000 n/a 0.1%
TCF National Bank $425,000 $85,000 -80.0% 0.1%
Bank of America $310,000 $75,000 -75.8% 0.1%
Bank of England $75,000 n/a 0.1%
Cambria Financial Group, LLC $85,000 $75,000 -11.8% 0.1%
CRESCENT MORTGAGE COMPANY $200,000 $75,000 -62.5% 0.1%
PLAZA HOME MORTGAGE, INC. $75,000 n/a 0.1%
ST. CLOUD FINANCIAL $75,000 n/a 0.1%
BMO Harris Bank $65,000 n/a 0.1%
CENTRAL MINNESOTA Credit Union $65,000 n/a 0.1%
SOUTHPOINT FINANCIAL $200,000 $65,000 -67.5% 0.1%
Figure Lending LLC $45,000 n/a 0.1%
Discover Bank $35,000 $35,000 0.0% 0.0%
The Huntington National Bank $25,000 n/a 0.0%
Northwest Bank $390,000 $15,000 -96.2% 0.0%

Fairmont's top lender by overall market share is Plains Commerce Bank, with 12.3% market share. In second place, with 11.1%, is Bank Midwest, having originated $9,105,000 in loans. In third place, with 10.3%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $8,470,000 in loans. In third place, with 7.7%, is U.S. Bank, having originated $6,360,000 in loans. In third place, with 6.9%, is QUICKEN LOANS, LLC, having originated $5,705,000 in loans.


Fairmont, MN Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 227 $33,125,000 $145,925
Refi 181 $25,405,000 $140,359
Cash Out Refi 151 $21,975,000 $145,530
Other 13 $1,335,000 $102,692
Home Improvement 8 $480,000 $60,000

Fairmont's most frequently cited loan purpose was Home Purchase, with 227 originations. The 2nd most popular reason was Refi, with 181 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
2.5-3% 229 $32,975,000 $143,996
3-4% 194 $27,640,000 $142,474
<2.5% 111 $17,165,000 $154,640
4-5% 25 $2,945,000 $117,800
5-6% 6 $380,000 $63,333
7-8% 2 $80,000 $40,000
6-7% 1 $55,000 $55,000

During 2021, Fairmont's most frequently originated rate bucket was 2.5-3%, with 229 originations.

Loan Sizing (Fairmont, MN MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 251 $35,465,000 $141,295
$100,000 or less 213 $14,475,000 $67,958
$200k-400k 104 $26,810,000 $257,788
$400k-600k 12 $5,570,000 $464,167

Fairmont's loan sizing saw the bucket of loans from $100k-200k with 251 originations, totaling $35,465,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 221 $34,035,000 $154,005
60-80% 196 $31,290,000 $159,643
40-60% 84 $10,100,000 $120,238
20-40% 37 $2,855,000 $77,162
Under 20% 19 $455,000 $23,947
Over 100% 1 $155,000 $155,000

Fairmont's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 221 originations, totaling $34,035,000 in origination value.