Fairmont Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fairmont averaged
7%
for the week of 2024-04-18, compared to the national average of
7.1% for the same period.
The average rate for the prior week (2024-04-11) was
7.08% and
one month ago for the week of 2024-03-14, the
average rate was 6.84%.
Fairmont's average rate one year ago was 6.17%.
For refis of the same type during the week of 2024-04-18, the average rate
was 7.1%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-04-18 | 7.1% |
| Fairmont 30 Year Fixed Rate | 2024-04-18 | 7% |
| Fairmont 30 Year Fixed Rate Refi | 2024-04-18 | 7.1% |
| Fairmont 15 Year Fixed Rate | 2024-04-18 | 6.39% |
| Fairmont 15 Year Fixed Rate Refi | 2024-04-18 | 7.09% |
| Fairmont 30 Year FHA | 2024-04-18 | 7.06% |
| Fairmont 30 Year FHA Refi | 2024-04-18 | 7.06% |
| Fairmont 30 Year USDA | 2024-04-18 | 7.06% |
| Fairmont 30 Year USDA Refi | 2024-04-18 | 6.96% |
| Fairmont 30 Year VA | 2024-04-18 | 6.56% |
| Fairmont 30 Year VA Refi | 2024-04-18 | 6.86% |
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 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.