Fairmont Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fairmont averaged
6.93%
for the week of 2025-05-22, compared to the national average of
6.86% for the same period.
The average rate for the prior week (2025-05-15) was
6.88% and
one month ago for the week of 2025-04-17, the
average rate was 6.8%.
Fairmont's average rate one year ago was 7.29%.
For refis of the same type during the week of 2025-05-22, the average rate
was 6.96%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-05-22 | 6.86% |
| Fairmont 30 Year Fixed Rate | 2025-05-22 | 6.93% |
| Fairmont 30 Year Fixed Rate Refi | 2025-05-22 | 6.96% |
| Fairmont 15 Year Fixed Rate | 2025-05-22 | 5.91% |
| Fairmont 15 Year Fixed Rate Refi | 2025-05-22 | 6.41% |
| Fairmont 30 Year FHA | 2025-05-22 | 6.51% |
| Fairmont 30 Year FHA Refi | 2025-05-22 | 6.71% |
| Fairmont 30 Year USDA | 2025-05-22 | 6.23% |
| Fairmont 30 Year USDA Refi | 2025-05-22 | 6.23% |
| Fairmont 30 Year VA | 2025-05-22 | 6.32% |
| Fairmont 30 Year VA Refi | 2025-05-22 | 6.72% |
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 36 lenders originated 286
loans during 2024. The total origination value was $43,230,000, with an average loan value of
$151,154.
Fairmont's average closing costs are $4,275.
The top Fairmont lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with
28 loans originated. Their average total fees are
$4,450, which is $489
lower than the next largest lender,
EVERETT FINANCIAL, INC..
The lowest fee Fairmont lenders (with over 10 loans originated) are
IOWA BANKERS MORTGAGE CORPORATION ($4,450), EVERETT FINANCIAL, INC. ($4,939), .
The lowest rate Fairmont lenders (with over 10 loans originated) are
IOWA BANKERS MORTGAGE CORPORATION (6.42%), EVERETT FINANCIAL, INC. (7.45%), .
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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| IOWA BANKERS MORTGAGE CORPORATION | $4,825,000 | $4,795,000 | -0.6% | 11.1% |
| COMPEER FINANCIAL, FLCA | $1,320,000 | $4,060,000 | 207.6% | 9.4% |
| EVERETT FINANCIAL, INC. | $940,000 | $3,475,000 | 269.7% | 8.0% |
| Bank Midwest | $3,850,000 | $3,150,000 | -18.2% | 7.3% |
| QUICKEN LOANS, LLC | $2,240,000 | $2,925,000 | 30.6% | 6.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,920,000 | $2,775,000 | -29.2% | 6.4% |
| U.S. Bank | $2,205,000 | $2,495,000 | 13.2% | 5.8% |
| Profinium Inc. | $1,155,000 | $1,485,000 | 28.6% | 3.4% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,950,000 | $1,290,000 | -33.8% | 3.0% |
| NEWREZ LLC | $1,550,000 | $1,010,000 | -34.8% | 2.3% |
| HomeTown Bank | $685,000 | $860,000 | 25.5% | 2.0% |
| Pioneer Bank | $310,000 | $795,000 | 156.5% | 1.8% |
| CROSSCOUNTRY MORTGAGE, LLC | $600,000 | $760,000 | 26.7% | 1.8% |
| Plains Commerce Bank | $155,000 | $735,000 | 374.2% | 1.7% |
| The Huntington National Bank | $715,000 | n/a | 1.7% | |
| Bremer Bank | $350,000 | $700,000 | 100.0% | 1.6% |
| LOANDEPOT.COM, LLC | $695,000 | n/a | 1.6% | |
| FREEDOM MORTGAGE CORPORATION | $685,000 | $485,000 | -29.2% | 1.1% |
| Prosperity Home Mortgage, LLC | $425,000 | n/a | 1.0% | |
| Waterstone Mortgage Corporation | $415,000 | n/a | 1.0% | |
| Citizens Community Federal | $845,000 | $405,000 | -52.1% | 0.9% |
| V.I.P. MORTGAGE, INC. | $405,000 | n/a | 0.9% | |
| SOUTHPOINT FINANCIAL | $855,000 | $385,000 | -55.0% | 0.9% |
| Stifel Bank and Trust | $365,000 | n/a | 0.8% | |
| Equity Prime Mortgage LLC | $175,000 | $330,000 | 88.6% | 0.8% |
| First Dakota National Bank | $235,000 | $325,000 | 38.3% | 0.8% |
| Flanagan State Bank | $320,000 | n/a | 0.7% | |
| BLACK HILLS FEDERAL CREDIT UNION | $315,000 | n/a | 0.7% | |
| Servion, Inc. | $310,000 | n/a | 0.7% | |
| Wells Fargo Bank | $440,000 | $300,000 | -31.8% | 0.7% |
| Cambria Financial Group, LLC | $75,000 | $295,000 | 293.3% | 0.7% |
| BROKER SOLUTIONS, INC. | $255,000 | $280,000 | 9.8% | 0.6% |
| PENNYMAC LOAN SERVICES, LLC | $270,000 | n/a | 0.6% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $285,000 | $265,000 | -7.0% | 0.6% |
| Mortgage Research Center, LLC | $670,000 | $260,000 | -61.2% | 0.6% |
| AFFINITY PLUS | $185,000 | $235,000 | 27.0% | 0.5% |
| PHH Mortgage Corporation | $235,000 | n/a | 0.5% | |
| Baxter Credit Union | $225,000 | n/a | 0.5% | |
| Century Mortgage Company DBA Century Lending Company | $225,000 | n/a | 0.5% | |
| CMG MORTGAGE, INC. | $215,000 | n/a | 0.5% | |
| GUARANTEED RATE, INC. | $125,000 | $205,000 | 64.0% | 0.5% |
| Paramount Residential Mortgage Group, Inc. | $185,000 | n/a | 0.4% | |
| Alerus Financial | $180,000 | n/a | 0.4% | |
| Citizens Bank Minnesota | $180,000 | n/a | 0.4% | |
| First National Bank Minnesota | $175,000 | n/a | 0.4% | |
| SUCCESS MORTGAGE PARTNERS, INC. | $175,000 | n/a | 0.4% | |
| CENTRAL MINNESOTA Credit Union | $155,000 | n/a | 0.4% | |
| Barrington Bank & Trust Company, N.A. | $135,000 | $145,000 | 7.4% | 0.3% |
| Granite Community Bank | $145,000 | n/a | 0.3% | |
| Think Mutual Bank | $145,000 | n/a | 0.3% | |
| Alliance Bank | $275,000 | $125,000 | -54.5% | 0.3% |
| American Mortgage & Equity Consultants, Inc. | $125,000 | n/a | 0.3% | |
| MICHIGAN MUTUAL, INC. | $125,000 | n/a | 0.3% | |
| CHURCHILL MORTGAGE CORPORATION | $105,000 | n/a | 0.2% | |
| BAY EQUITY LLC | $100,000 | n/a | 0.2% | |
| LOANPAL, LLC | $75,000 | n/a | 0.2% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $75,000 | n/a | 0.2% | |
| First State Bank of Le Center | $65,000 | n/a | 0.2% | |
| MidFirst Bank | $65,000 | n/a | 0.2% | |
| RUOFF MORTGAGE COMPANY, INC. | $65,000 | n/a | 0.2% | |
| Heartland Credit Union | $60,000 | n/a | 0.1% | |
| Figure Lending LLC | $90,000 | $50,000 | -44.4% | 0.1% |
| BankVista | $55,000 | $45,000 | -18.2% | 0.1% |
| Lincoln Savings Bank | $45,000 | n/a | 0.1% | |
| JPMorgan Chase Bank | $375,000 | $35,000 | -90.7% | 0.1% |
| Midwest Heritage Bank FSB | $35,000 | n/a | 0.1% | |
| SPRING EQ, LLC | $35,000 | n/a | 0.1% | |
| MARINE | $25,000 | n/a | 0.1% | |
| NAVY FEDERAL CREDIT UNION | $110,000 | $25,000 | -77.3% | 0.1% |
| ALTRA | $15,000 | n/a | 0.0% | |
| Coastal Community Bank | $15,000 | n/a | 0.0% |
Fairmont's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 11.1% market share. In second place, with 9.4%, is COMPEER FINANCIAL, FLCA, having originated $4,060,000 in loans. In third place, with 8.0%, is EVERETT FINANCIAL, INC., having originated $3,475,000 in loans. In fourth place, with 7.3%, is Bank Midwest, having originated $3,150,000 in loans. In fifth place, with 6.8%, is QUICKEN LOANS, LLC, having originated $2,925,000 in loans.
Fairmont, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 197 | $34,005,000 | $172,614 |
| Cash Out Refi | 38 | $5,070,000 | $133,421 |
| Home Improvement | 23 | $1,045,000 | $45,435 |
| Refi | 16 | $2,450,000 | $153,125 |
| Other | 12 | $660,000 | $55,000 |
Fairmont's most frequently cited loan purpose was Home Purchase, with 197 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 119 | $20,415,000 | $171,555 |
| 7-8% | 62 | $8,890,000 | $143,387 |
| Over 8% | 31 | $3,205,000 | $103,387 |
| 5-6% | 24 | $3,960,000 | $165,000 |
| <2.5% | 3 | $55,000 | $18,333 |
| 4-5% | 2 | $170,000 | $85,000 |
During 2024, Fairmont's most frequently originated rate bucket was 6-7%, with 119 originations.
Loan Sizing (Fairmont, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 113 | $16,105,000 | $142,522 |
| $100,000 or less | 102 | $5,500,000 | $53,922 |
| $200k-400k | 63 | $16,395,000 | $260,238 |
| $400k-600k | 5 | $2,435,000 | $487,000 |
| $600k-1000k | 2 | $1,460,000 | $730,000 |
| $Over $1MM | 1 | $1,335,000 | $1,335,000 |
Fairmont's loan sizing saw the bucket of loans from $100k-200k with 113 originations, totaling $16,105,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 127 | $22,485,000 | $177,047 |
| 60-80% | 52 | $9,870,000 | $189,808 |
| Under 20% | 25 | $655,000 | $26,200 |
| 20-40% | 19 | $1,315,000 | $69,211 |
| 40-60% | 17 | $2,035,000 | $119,706 |
| Over 100% | 1 | $175,000 | $175,000 |
Fairmont's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 127 originations, totaling $22,485,000 in origination value.