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 7.15% for the week of 2023-09-14, compared to the national average of 7.18% for the same period.

The average rate for the prior week (2023-09-07) was 6.99% and one month ago for the week of 2023-08-10, the average rate was 6.63%.

Fairmont's average rate one year ago was 5.86%.

For refis of the same type during the week of 2023-09-14, the average rate was 7.18%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-09-14 7.18%
Fairmont 30 Year Fixed Rate 2023-09-14 7.15%
Fairmont 30 Year Fixed Rate Refi 2023-09-14 7.18%
Fairmont 15 Year Fixed Rate 2023-09-14 6.31%
Fairmont 15 Year Fixed Rate Refi 2023-09-14 6.61%
Fairmont 30 Year FHA 2023-09-14 7.19%
Fairmont 30 Year FHA Refi 2023-09-14 6.79%
Fairmont 30 Year USDA 2023-09-14 6.98%
Fairmont 30 Year USDA Refi 2023-09-14 6.98%
Fairmont 30 Year VA 2023-09-14 6.71%
Fairmont 30 Year VA Refi 2023-09-14 6.81%
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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Bank Midwest 34 5.11% $3,598
IOWA BANKERS MORTGAGE CORPORATION 23 5.02% $4,685
UNITED WHOLESALE MORTGAGE, LLC 14 4.78% $5,892
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 4.53% $3,888
HomeTown Bank 6 4.40% $4,533
Citizens Community Federal 6 4.09% $2,707
EVERETT FINANCIAL, INC. 5 5.70% $2,022
Wells Fargo Bank 4 4.47% $3,612
COMPEER FINANCIAL, FLCA 4 5.22% $2,989
U.S. Bank 3 4.87% $2,715
GUARANTEED RATE, INC. 3 6.75% $4,887
QUICKEN LOANS, LLC 2 4.88% $4,100
CROSSCOUNTRY MORTGAGE, LLC 2 4.88% $3,243
Plains Commerce Bank 2 4.81% $6,016
Mr. Cooper ( Nationstar Mortgage ) 2 4.56% $6,769
NEWREZ LLC 2 3.50% $3,479
Prosperity Home Mortgage, LLC 2 5.00% $4,661
The Huntington National Bank 1 6.63% $6,802
Great Southern Bank 1 5.63% $3,626
BAY EQUITY LLC 1 5.75% $8,882
Bell Bank 1 6.63% $5,528
Bremer Bank 1 6.13% $2,643
CALIBER HOME LOANS, INC. 1 5.50% $2,967
Carrington Mortgage Services, LLC 1 4.50% $4,073
CENTRAL MINNESOTA Credit Union 1 6.38% $2,880
DIGITAL Federal Credit Union 1 5.00% $2,607
First PREMIER Bank 1 2.88% $3,334
Flagstar Bank, FSB 1 3.35% $2,290
Frandsen Bank & Trust 1 4.75% $6,596
American Mortgage & Equity Consultants, Inc. 1 5.25% $3,537
HOME POINT FINANCIAL CORPORATION 1 5.50% $4,702
LOANDEPOT.COM, LLC 1 4.99% $8,554
PENNYMAC LOAN SERVICES, LLC 1 6.25% $4,613
PHH Mortgage Corporation 1 5.88% $6,022
ROYAL UNITED MORTGAGE LLC 1 6.50% $6,593

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.