Faribault - Northfield Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Faribault - Northfield averaged
6.75%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.48% and
one month ago for the week of 2024-10-03, the
average rate was 5.78%.
Faribault - Northfield's average rate one year ago was 7.72%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.39%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Faribault - Northfield 30 Year Fixed Rate | 2024-11-07 | 6.75% |
| Faribault - Northfield 30 Year Fixed Rate Refi | 2024-11-07 | 7.39% |
| Faribault - Northfield 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Faribault - Northfield 15 Year Fixed Rate Refi | 2024-11-07 | 6.1% |
| Faribault - Northfield 30 Year FHA | 2024-11-07 | 6.54% |
| Faribault - Northfield 30 Year FHA Refi | 2024-11-07 | 6.53% |
| Faribault - Northfield 30 Year USDA | 2024-11-07 | 6.38% |
| Faribault - Northfield 30 Year USDA Refi | 2024-11-07 | 6.68% |
| Faribault - Northfield 30 Year VA | 2024-11-07 | 6.24% |
| Faribault - Northfield 30 Year VA Refi | 2024-11-07 | 6.44% |
Faribault - Northfield 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 Faribault-Northfield, 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.).
Faribault - Northfield Average Closing Costs & Other Stats
Faribault-Northfield, MN's 80 lenders originated 1,047
loans during 2023. The total origination value was $225,355,000, with an average loan value of
$215,239.
Faribault - Northfield's average closing costs are $5,046.
The top Faribault - Northfield lender as defined by loan originations is GUARANTEED RATE, INC., with
32 loans originated. Their average total fees are
$5,510, which is $571
lower than the next largest lender,
Bell Bank.
The lowest fee Faribault - Northfield lenders (with over 10 loans originated) are
WINGS FINANCIAL ($3,879), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,626), Frandsen Bank & Trust ($4,710), Merchants Bank ($4,755) and Wells Fargo Bank ($4,838).
The lowest rate Faribault - Northfield lenders (with over 10 loans originated) are
WINGS FINANCIAL (5.97%), Merchants Bank (6.44%), GUARANTEED RATE, INC. (6.50%), Frandsen Bank & Trust (6.62%) and Bell Bank (6.67%).
Faribault-Northfield, 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 |
|---|---|---|---|---|
| Bell Bank | $13,235,000 | $13,705,000 | 3.6% | 6.1% |
| GUARANTEED RATE, INC. | $15,235,000 | $11,395,000 | -25.2% | 5.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $18,030,000 | $11,175,000 | -38.0% | 5.0% |
| Merchants Bank | $28,650,000 | $10,725,000 | -62.6% | 4.8% |
| Wells Fargo Bank | $24,150,000 | $10,060,000 | -58.3% | 4.5% |
| UNITED WHOLESALE MORTGAGE, LLC | $6,845,000 | $9,215,000 | 34.6% | 4.1% |
| Prosperity Home Mortgage, LLC | $8,615,000 | $9,080,000 | 5.4% | 4.0% |
| Frandsen Bank & Trust | $11,725,000 | $8,950,000 | -23.7% | 4.0% |
| The State Bank of Faribault | $10,210,000 | $8,365,000 | -18.1% | 3.7% |
| QUICKEN LOANS, LLC | $14,485,000 | $7,680,000 | -47.0% | 3.4% |
| American Mortgage & Equity Consultants, Inc. | $6,950,000 | $6,315,000 | -9.1% | 2.8% |
| AFFINITY PLUS | $9,910,000 | $5,890,000 | -40.6% | 2.6% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $6,590,000 | $5,510,000 | -16.4% | 2.4% |
| PENNYMAC LOAN SERVICES, LLC | $7,780,000 | $5,420,000 | -30.3% | 2.4% |
| WINGS FINANCIAL | $17,135,000 | $5,165,000 | -69.9% | 2.3% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $7,050,000 | $4,785,000 | -32.1% | 2.1% |
| LOANDEPOT.COM, LLC | $10,665,000 | $4,555,000 | -57.3% | 2.0% |
| COMPEER FINANCIAL, FLCA | $3,350,000 | $3,765,000 | 12.4% | 1.7% |
| Community Resource Bank | $6,600,000 | $3,645,000 | -44.8% | 1.6% |
| U.S. Bank | $7,745,000 | $3,175,000 | -59.0% | 1.4% |
| Mortgage Research Center, LLC | $2,450,000 | $2,670,000 | 9.0% | 1.2% |
| Think Mutual Bank | $120,000 | $2,650,000 | 2,108.3% | 1.2% |
| BAY EQUITY LLC | $1,800,000 | $2,405,000 | 33.6% | 1.1% |
| GUARANTEED RATE AFFINITY, LLC | $895,000 | $2,355,000 | 163.1% | 1.0% |
| BROKER SOLUTIONS, INC. | $4,230,000 | $2,285,000 | -46.0% | 1.0% |
| Minnwest Bank | $3,380,000 | $2,235,000 | -33.9% | 1.0% |
| Bremer Bank | $2,170,000 | $2,225,000 | 2.5% | 1.0% |
| Flagstar Bank, FSB | $3,315,000 | $1,925,000 | -41.9% | 0.9% |
| Royal Credit Union | $1,365,000 | $1,860,000 | 36.3% | 0.8% |
| Summit Mortgage Corporation | $2,315,000 | $1,725,000 | -25.5% | 0.8% |
| TOWNE MORTGAGE COMPANY | $3,255,000 | $1,665,000 | -48.8% | 0.7% |
| CMG MORTGAGE, INC. | $645,000 | $1,565,000 | 142.6% | 0.7% |
| NEWREZ LLC | $2,045,000 | $1,555,000 | -24.0% | 0.7% |
| The First National Bank of Le Center | $1,070,000 | $1,510,000 | 41.1% | 0.7% |
| Tradition Mortgage, LLC | $2,580,000 | $1,280,000 | -50.4% | 0.6% |
| Profinium Inc. | $1,255,000 | n/a | 0.6% | |
| EVERETT FINANCIAL, INC. | $1,230,000 | $1,240,000 | 0.8% | 0.6% |
| CARDINAL FINANCIAL | $1,170,000 | $1,230,000 | 5.1% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,110,000 | $1,215,000 | -42.4% | 0.5% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $1,320,000 | $1,125,000 | -14.8% | 0.5% |
| First Bank & Trust | $1,345,000 | $1,110,000 | -17.5% | 0.5% |
| PLAZA HOME MORTGAGE, INC. | $1,640,000 | $1,060,000 | -35.4% | 0.5% |
| Cambria Financial Group, LLC | $2,750,000 | $985,000 | -64.2% | 0.4% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $3,360,000 | $980,000 | -70.8% | 0.4% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $945,000 | n/a | 0.4% | |
| The Huntington National Bank | $775,000 | $850,000 | 9.7% | 0.4% |
| HomeTown Bank | $440,000 | $795,000 | 80.7% | 0.4% |
| Castle Rock Bank | $785,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $805,000 | $780,000 | -3.1% | 0.3% |
| Sunrise Banks | $750,000 | n/a | 0.3% | |
| FREEDOM MORTGAGE CORPORATION | $2,400,000 | $725,000 | -69.8% | 0.3% |
| CorTrust Bank | $715,000 | n/a | 0.3% | |
| Park State Bank | $680,000 | n/a | 0.3% | |
| NEW DAY FINANCIAL, LLC | $245,000 | $640,000 | 161.2% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $350,000 | $625,000 | 78.6% | 0.3% |
| ZILLOW HOME LOANS, LLC | $215,000 | $600,000 | 179.1% | 0.3% |
| JPMorgan Chase Bank | $2,095,000 | $540,000 | -74.2% | 0.2% |
| Barrington Bank & Trust Company, N.A. | $1,470,000 | $530,000 | -63.9% | 0.2% |
| First Federal Bank | $490,000 | $525,000 | 7.1% | 0.2% |
| First National Bank | $620,000 | $525,000 | -15.3% | 0.2% |
| First National Bank Minnesota | $510,000 | n/a | 0.2% | |
| Financial Federal Bank | $505,000 | n/a | 0.2% | |
| MOVEMENT MORTGAGE, LLC | $1,330,000 | $505,000 | -62.0% | 0.2% |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $485,000 | n/a | 0.2% | |
| Plains Commerce Bank | $500,000 | $480,000 | -4.0% | 0.2% |
| Sierra Pacific Mortgage Company, Inc. | $480,000 | n/a | 0.2% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $380,000 | $475,000 | 25.0% | 0.2% |
| The Federal Savings Bank | $195,000 | $470,000 | 141.0% | 0.2% |
| Discover Bank | $400,000 | $465,000 | 16.3% | 0.2% |
| Citizens Bank | $870,000 | $410,000 | -52.9% | 0.2% |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $405,000 | n/a | 0.2% | |
| Alerus Financial | $2,925,000 | $400,000 | -86.3% | 0.2% |
| AMERISAVE MORTGAGE CORPORATION | $875,000 | $390,000 | -55.4% | 0.2% |
| AXIA FINANCIAL, LLC | $1,540,000 | $390,000 | -74.7% | 0.2% |
| PLUS RELOCATION MORTGAGE, LLC | $385,000 | n/a | 0.2% | |
| Associated Bank | $905,000 | $380,000 | -58.0% | 0.2% |
| Lakeview Bank | $380,000 | n/a | 0.2% | |
| Commerce Home Mortgage, Inc. | $375,000 | n/a | 0.2% | |
| Figure Lending LLC | $65,000 | $370,000 | 469.2% | 0.2% |
| Waterstone Mortgage Corporation | $365,000 | n/a | 0.2% | |
| Central Bank | $345,000 | n/a | 0.2% | |
| SOUTHPOINT FINANCIAL | $345,000 | n/a | 0.2% | |
| Chicago Mortgage Solutions LLC | $305,000 | $335,000 | 9.8% | 0.1% |
| TOPLINE FEDERAL CREDIT UNION | $140,000 | $330,000 | 135.7% | 0.1% |
| ALTRA | $770,000 | $315,000 | -59.1% | 0.1% |
| IDEAL | $315,000 | n/a | 0.1% | |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $315,000 | n/a | 0.1% | |
| Bank of America | $470,000 | $310,000 | -34.0% | 0.1% |
| TruHome Solutions, LLC | $305,000 | n/a | 0.1% | |
| Century Mortgage Company DBA Century Lending Company | $290,000 | n/a | 0.1% | |
| BankVista | $275,000 | n/a | 0.1% | |
| MEGASTAR FINANCIAL CORP. | $275,000 | n/a | 0.1% | |
| PENTAGON FEDERAL CREDIT UNION | $90,000 | $275,000 | 205.6% | 0.1% |
| Union Bank and Trust Company | $275,000 | n/a | 0.1% | |
| CHURCHILL MORTGAGE CORPORATION | $155,000 | $265,000 | 71.0% | 0.1% |
| Nations Lending Corporation | $260,000 | n/a | 0.1% | |
| Assurance Financial Group, L.L.C. | $205,000 | $255,000 | 24.4% | 0.1% |
| Coulee Bank | $660,000 | $255,000 | -61.4% | 0.1% |
| CoVantage Credit Union | $255,000 | n/a | 0.1% | |
| CRESCENT MORTGAGE COMPANY | $275,000 | $255,000 | -7.3% | 0.1% |
| Home Federal Savings Bank | $200,000 | $255,000 | 27.5% | 0.1% |
| VERIDIAN CREDIT UNION | $250,000 | n/a | 0.1% | |
| Equity Prime Mortgage LLC | $185,000 | $235,000 | 27.0% | 0.1% |
| SWBC MORTGAGE CORPORATION | $235,000 | n/a | 0.1% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $425,000 | $225,000 | -47.1% | 0.1% |
| CITY-COUNTY CREDIT UNION | $485,000 | $215,000 | -55.7% | 0.1% |
| Servion, Inc. | $760,000 | $215,000 | -71.7% | 0.1% |
| Mortgages Unlimited Inc. | $350,000 | $210,000 | -40.0% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $1,755,000 | $210,000 | -88.0% | 0.1% |
| Bank of England | $1,020,000 | $205,000 | -79.9% | 0.1% |
| RIVERLAND BANK | $205,000 | n/a | 0.1% | |
| Heartland Credit Union | $275,000 | $195,000 | -29.1% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $615,000 | $195,000 | -68.3% | 0.1% |
| Paramount Residential Mortgage Group, Inc. | $265,000 | $195,000 | -26.4% | 0.1% |
| Citizens Bank Minnesota | $1,295,000 | $185,000 | -85.7% | 0.1% |
| Community Bank Mankato | $1,010,000 | $170,000 | -83.2% | 0.1% |
| Deerwood Bank | $305,000 | $170,000 | -44.3% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $25,000 | $165,000 | 560.0% | 0.1% |
| Highland Bank | $160,000 | n/a | 0.1% | |
| HIWAY | $1,525,000 | $155,000 | -89.8% | 0.1% |
| Carrington Mortgage Services, LLC | $1,320,000 | $145,000 | -89.0% | 0.1% |
| The First National Bank in Sioux Falls | $145,000 | n/a | 0.1% | |
| GATEWAY BANK | $135,000 | n/a | 0.1% | |
| MICHIGAN MUTUAL, INC. | $135,000 | n/a | 0.1% | |
| Associated Healthcare Credit Union | $130,000 | $130,000 | 0.0% | 0.1% |
| Coastal Community Bank | $125,000 | n/a | 0.1% | |
| BMO Harris Bank | $420,000 | $105,000 | -75.0% | 0.0% |
| MidWestOne Bank | $105,000 | n/a | 0.0% | |
| GREENSTATE CREDIT UNION | $85,000 | n/a | 0.0% | |
| PNC Bank | $200,000 | $85,000 | -57.5% | 0.0% |
| Third Federal Savings and Loan Association of Cleveland | $75,000 | n/a | 0.0% | |
| Baxter Credit Union | $55,000 | n/a | 0.0% | |
| SPIRE Credit Union | $3,820,000 | $55,000 | -98.6% | 0.0% |
| BUILDING TRADES FEDERAL CREDIT UNION | $140,000 | $35,000 | -75.0% | 0.0% |
| Star Choice Credit Union | $35,000 | n/a | 0.0% |
Faribault - Northfield's top lender by overall market share is Bell Bank, with 6.1% market share. In second place, with 5.1%, is GUARANTEED RATE, INC., having originated $11,395,000 in loans. In third place, with 5.0%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $11,175,000 in loans. In fourth place, with 4.8%, is Merchants Bank, having originated $10,725,000 in loans. In fifth place, with 4.5%, is Wells Fargo Bank, having originated $10,060,000 in loans.
Faribault-Northfield, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 647 | $180,205,000 | $278,524 |
| Home Improvement | 125 | $8,715,000 | $69,720 |
| Other | 125 | $9,035,000 | $72,280 |
| Cash Out Refi | 77 | $14,815,000 | $192,403 |
| Refi | 73 | $12,585,000 | $172,397 |
Faribault - Northfield's most frequently cited loan purpose was Home Purchase, with 647 originations. The 2nd most popular reason was Home Improvement, with 125 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 375 | $93,965,000 | $250,573 |
| 7-8% | 234 | $50,000,000 | $213,675 |
| 5-6% | 139 | $35,905,000 | $258,309 |
| Over 8% | 121 | $11,955,000 | $98,802 |
| 4-5% | 25 | $5,075,000 | $203,000 |
| <2.5% | 22 | $430,000 | $19,545 |
| 2.5-3% | 19 | $2,925,000 | $153,947 |
| 3-4% | 2 | $530,000 | $265,000 |
During 2023, Faribault - Northfield's most frequently originated rate bucket was 6-7%, with 375 originations.
Loan Sizing (Faribault-Northfield, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 419 | $119,025,000 | $284,069 |
| $100,000 or less | 304 | $14,300,000 | $47,039 |
| $100k-200k | 210 | $32,300,000 | $153,810 |
| $400k-600k | 94 | $43,920,000 | $467,234 |
| $600k-1000k | 18 | $12,780,000 | $710,000 |
| $Over $1MM | 2 | $3,030,000 | $1,515,000 |
Faribault - Northfield's loan sizing saw the bucket of loans from $200k-400k with 419 originations, totaling $119,025,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 386 | $115,880,000 | $300,207 |
| Under 20% | 233 | $9,985,000 | $42,854 |
| 60-80% | 145 | $41,635,000 | $287,138 |
| 20-40% | 102 | $14,040,000 | $137,647 |
| 40-60% | 59 | $12,935,000 | $219,237 |
| Over 100% | 14 | $6,020,000 | $430,000 |
Faribault - Northfield's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 386 originations, totaling $115,880,000 in origination value.