Fergus Falls Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fergus Falls averaged
6.25%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
6.35% and
one month ago for the week of 2024-09-05, the
average rate was 6.18%.
Fergus Falls's average rate one year ago was 7.32%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.82%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
| Fergus Falls 30 Year Fixed Rate | 2024-10-10 | 6.25% |
| Fergus Falls 30 Year Fixed Rate Refi | 2024-10-10 | 6.82% |
| Fergus Falls 15 Year Fixed Rate | 2024-10-10 | 5.21% |
| Fergus Falls 15 Year Fixed Rate Refi | 2024-10-10 | 5.71% |
| Fergus Falls 30 Year FHA | 2024-10-10 | 6.2% |
| Fergus Falls 30 Year FHA Refi | 2024-10-10 | 6.3% |
| Fergus Falls 30 Year USDA | 2024-10-10 | 5.88% |
| Fergus Falls 30 Year USDA Refi | 2024-10-10 | 6.28% |
| Fergus Falls 30 Year VA | 2024-10-10 | 5.75% |
| Fergus Falls 30 Year VA Refi | 2024-10-10 | 5.75% |
Fergus Falls 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 Fergus Falls, 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.).
Fergus Falls Average Closing Costs & Other Stats
Fergus Falls, MN's 74 lenders originated 1,072
loans during 2023. The total origination value was $218,410,000, with an average loan value of
$203,741.
Fergus Falls's average closing costs are $4,602.
The top Fergus Falls lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
51 loans originated. Their average total fees are
$5,438, which is $174
lower than the next largest lender,
Gate City Bank.
The lowest fee Fergus Falls lenders (with over 10 loans originated) are
CENTRAL MINNESOTA Credit Union ($2,768), AFFINITY PLUS ($4,174), Tradition Mortgage, LLC ($4,591), UNITED WHOLESALE MORTGAGE, LLC ($5,438) and QUICKEN LOANS, LLC ($5,599).
The lowest rate Fergus Falls lenders (with over 10 loans originated) are
Gate City Bank (6.45%), Tradition Mortgage, LLC (6.57%), AFFINITY PLUS (6.61%), CENTRAL MINNESOTA Credit Union (6.71%) and Bremer Bank (6.73%).
Fergus Falls, 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 | $32,035,000 | $30,090,000 | -6.1% | 13.8% |
| Gate City Bank | $35,030,000 | $23,520,000 | -32.9% | 10.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $18,975,000 | $16,700,000 | -12.0% | 7.6% |
| Bremer Bank | $26,785,000 | $15,470,000 | -42.2% | 7.1% |
| Tradition Mortgage, LLC | $10,415,000 | $7,520,000 | -27.8% | 3.4% |
| First International Bank & Trust | $5,645,000 | $7,400,000 | 31.1% | 3.4% |
| QUICKEN LOANS, LLC | $10,035,000 | $6,845,000 | -31.8% | 3.1% |
| AFFINITY PLUS | $6,985,000 | $6,655,000 | -4.7% | 3.0% |
| American Federal Bank | $4,150,000 | $6,125,000 | 47.6% | 2.8% |
| U.S. Bank | $10,960,000 | $5,355,000 | -51.1% | 2.5% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $4,880,000 | $4,755,000 | -2.6% | 2.2% |
| Midwest Bank | $4,660,000 | $4,145,000 | -11.1% | 1.9% |
| CENTRAL MINNESOTA Credit Union | $4,345,000 | $3,750,000 | -13.7% | 1.7% |
| Mortgage Research Center, LLC | $2,510,000 | $3,455,000 | 37.6% | 1.6% |
| Wells Fargo Bank | $11,465,000 | $2,935,000 | -74.4% | 1.3% |
| First Western Bank & Trust | $3,115,000 | $2,840,000 | -8.8% | 1.3% |
| American National Bank of Minnesota | $2,670,000 | $2,830,000 | 6.0% | 1.3% |
| GUARANTEED RATE, INC. | $1,865,000 | $2,500,000 | 34.0% | 1.1% |
| BMO Harris Bank | $2,470,000 | n/a | 1.1% | |
| FIRST COMMUNITY CREDIT UNION | $2,175,000 | $2,225,000 | 2.3% | 1.0% |
| The Huntington National Bank | $65,000 | $1,835,000 | 2,723.1% | 0.8% |
| Choice Financial Group | $1,345,000 | $1,775,000 | 32.0% | 0.8% |
| Merchants Bank | $10,800,000 | $1,645,000 | -84.8% | 0.8% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $1,440,000 | $1,535,000 | 6.6% | 0.7% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $1,100,000 | $1,530,000 | 39.1% | 0.7% |
| AgCountry Farm Credit Services, FLCA | $1,880,000 | $1,510,000 | -19.7% | 0.7% |
| Nations Lending Corporation | $85,000 | $1,450,000 | 1,605.9% | 0.7% |
| GUARANTEED RATE AFFINITY, LLC | $1,370,000 | n/a | 0.6% | |
| PENNYMAC LOAN SERVICES, LLC | $3,010,000 | $1,300,000 | -56.8% | 0.6% |
| NEWREZ LLC | $1,435,000 | $1,280,000 | -10.8% | 0.6% |
| NAVY FEDERAL CREDIT UNION | $1,270,000 | n/a | 0.6% | |
| CAPITAL CREDIT UNION | $1,020,000 | $1,245,000 | 22.1% | 0.6% |
| BROKER SOLUTIONS, INC. | $1,230,000 | $1,230,000 | 0.0% | 0.6% |
| Western State Bank | $1,340,000 | $1,230,000 | -8.2% | 0.6% |
| Star Bank | $1,215,000 | n/a | 0.6% | |
| Deerwood Bank | $620,000 | $1,125,000 | 81.5% | 0.5% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,085,000 | $1,095,000 | -47.5% | 0.5% |
| Paramount Residential Mortgage Group, Inc. | $1,565,000 | $965,000 | -38.3% | 0.4% |
| VILLAGE CAPITAL MORTGAGE | $950,000 | n/a | 0.4% | |
| Royal Credit Union | $960,000 | $930,000 | -3.1% | 0.4% |
| HIWAY | $170,000 | $915,000 | 438.2% | 0.4% |
| Alerus Financial | $2,750,000 | $890,000 | -67.6% | 0.4% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $265,000 | $885,000 | 234.0% | 0.4% |
| TOWN AND COUNTRY Credit Union | $680,000 | $810,000 | 19.1% | 0.4% |
| Flagstar Bank, FSB | $2,310,000 | $760,000 | -67.1% | 0.3% |
| First State Bank Nebraska | $755,000 | n/a | 0.3% | |
| Exchange State Bank | $735,000 | n/a | 0.3% | |
| Bank Forward | $235,000 | $730,000 | 210.6% | 0.3% |
| Prosperity Home Mortgage, LLC | $695,000 | $715,000 | 2.9% | 0.3% |
| Unison Bank | $705,000 | n/a | 0.3% | |
| Starion Bank | $1,200,000 | $700,000 | -41.7% | 0.3% |
| VISIONBank | $1,855,000 | $700,000 | -62.3% | 0.3% |
| RiverWood Bank | $2,625,000 | $695,000 | -73.5% | 0.3% |
| VALLEY MORTGAGE, INC. | $960,000 | $690,000 | -28.1% | 0.3% |
| NBKC BANK | $905,000 | $680,000 | -24.9% | 0.3% |
| Farmers & Merchants Savings Bank | $645,000 | n/a | 0.3% | |
| Old National Bank | $645,000 | n/a | 0.3% | |
| EVERETT FINANCIAL, INC. | $445,000 | $640,000 | 43.8% | 0.3% |
| LOANDEPOT.COM, LLC | $2,395,000 | $630,000 | -73.7% | 0.3% |
| Minnwest Bank | $415,000 | $575,000 | 38.6% | 0.3% |
| Plains Commerce Bank | $895,000 | $560,000 | -37.4% | 0.3% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $175,000 | $555,000 | 217.1% | 0.3% |
| First State Bank | $555,000 | n/a | 0.3% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $105,000 | $550,000 | 423.8% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $880,000 | $545,000 | -38.1% | 0.2% |
| UBS Bank USA | $525,000 | n/a | 0.2% | |
| The Federal Savings Bank | $520,000 | n/a | 0.2% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $390,000 | $510,000 | 30.8% | 0.2% |
| CARDINAL FINANCIAL | $1,345,000 | $490,000 | -63.6% | 0.2% |
| Discover Bank | $45,000 | $485,000 | 977.8% | 0.2% |
| USAA Federal Savings Bank | $245,000 | $470,000 | 91.8% | 0.2% |
| BAY EQUITY LLC | $280,000 | $460,000 | 64.3% | 0.2% |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $430,000 | n/a | 0.2% | |
| FREEDOM MORTGAGE CORPORATION | $1,615,000 | $415,000 | -74.3% | 0.2% |
| Deere Employees Credit Union | $245,000 | $405,000 | 65.3% | 0.2% |
| First State Bank of Le Center | $385,000 | n/a | 0.2% | |
| ZILLOW HOME LOANS, LLC | $380,000 | n/a | 0.2% | |
| CHURCHILL MORTGAGE CORPORATION | $145,000 | $355,000 | 144.8% | 0.2% |
| Home Federal Savings Bank | $355,000 | n/a | 0.2% | |
| Liberty Bank Minnesota | $755,000 | $350,000 | -53.6% | 0.2% |
| PLANET HOME LENDING, LLC | $105,000 | $350,000 | 233.3% | 0.2% |
| Commerce Home Mortgage, Inc. | $345,000 | n/a | 0.2% | |
| COMPEER FINANCIAL, FLCA | $930,000 | $345,000 | -62.9% | 0.2% |
| Morgan Stanley Private Bank | $375,000 | $345,000 | -8.0% | 0.2% |
| Frandsen Bank & Trust | $835,000 | $340,000 | -59.3% | 0.2% |
| Cornerstone Bank | $1,010,000 | $335,000 | -66.8% | 0.2% |
| Figure Lending LLC | $140,000 | $315,000 | 125.0% | 0.1% |
| American Heritage National Bank | $285,000 | n/a | 0.1% | |
| Citizens Bank | $105,000 | $270,000 | 157.1% | 0.1% |
| S1L, Inc. | $255,000 | n/a | 0.1% | |
| Equity Prime Mortgage LLC | $245,000 | n/a | 0.1% | |
| Security Bank & Trust Company | $245,000 | n/a | 0.1% | |
| WINGS FINANCIAL | $1,480,000 | $245,000 | -83.4% | 0.1% |
| CHEVRON | $235,000 | n/a | 0.1% | |
| TOPLINE FEDERAL CREDIT UNION | $225,000 | n/a | 0.1% | |
| Central Bank | $215,000 | n/a | 0.1% | |
| Citizens Alliance Bank | $215,000 | n/a | 0.1% | |
| First National Bank of Omaha | $195,000 | n/a | 0.1% | |
| First PREMIER Bank | $325,000 | $185,000 | -43.1% | 0.1% |
| First Savings Bank | $185,000 | n/a | 0.1% | |
| Bank of the West | $2,750,000 | $180,000 | -93.5% | 0.1% |
| Century Mortgage Company DBA Century Lending Company | $405,000 | $180,000 | -55.6% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $210,000 | $180,000 | -14.3% | 0.1% |
| EMM LOANS LLC | $165,000 | n/a | 0.1% | |
| Northview Bank | $185,000 | $165,000 | -10.8% | 0.1% |
| Reliabank Dakota | $165,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $165,000 | n/a | 0.1% | |
| American Mortgage & Equity Consultants, Inc. | $1,070,000 | $155,000 | -85.5% | 0.1% |
| Summit Mortgage Corporation | $150,000 | n/a | 0.1% | |
| First Bank & Trust | $395,000 | $145,000 | -63.3% | 0.1% |
| First Resource Bank | $145,000 | n/a | 0.1% | |
| Green Belt Bank & Trust | $120,000 | $145,000 | 20.8% | 0.1% |
| LONGBRIDGE FINANCIAL, LLC | $105,000 | $145,000 | 38.1% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $1,490,000 | $145,000 | -90.3% | 0.1% |
| Unity Bank | $145,000 | n/a | 0.1% | |
| AMERISAVE MORTGAGE CORPORATION | $545,000 | $135,000 | -75.2% | 0.1% |
| BankVista | $135,000 | n/a | 0.1% | |
| SOUTHPOINT FINANCIAL | $135,000 | n/a | 0.1% | |
| Firstar Bank | $125,000 | n/a | 0.1% | |
| Freeport State Bank | $115,000 | n/a | 0.1% | |
| ROYAL UNITED MORTGAGE LLC | $95,000 | $115,000 | 21.1% | 0.1% |
| Carrington Mortgage Services, LLC | $335,000 | $105,000 | -68.7% | 0.0% |
| Coastal Community Bank | $105,000 | n/a | 0.0% | |
| Community Development Bank, FSB | $95,000 | n/a | 0.0% | |
| MEMBERS COOPERATIVE | $215,000 | $85,000 | -60.5% | 0.0% |
| Servion, Inc. | $1,160,000 | $85,000 | -92.7% | 0.0% |
| American Airlines Federal Credit Union | $55,000 | n/a | 0.0% | |
| Kensington Bank | $55,000 | n/a | 0.0% | |
| Mr. Cooper ( Nationstar Mortgage ) | $1,855,000 | $45,000 | -97.6% | 0.0% |
| Bank of America | $955,000 | $25,000 | -97.4% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $65,000 | $25,000 | -61.5% | 0.0% |
| NOVATION CREDIT UNION | $15,000 | n/a | 0.0% |
Fergus Falls's top lender by overall market share is Bell Bank, with 13.8% market share. In second place, with 10.8%, is Gate City Bank, having originated $23,520,000 in loans. In third place, with 7.6%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $16,700,000 in loans. In fourth place, with 7.1%, is Bremer Bank, having originated $15,470,000 in loans. In fifth place, with 3.4%, is Tradition Mortgage, LLC, having originated $7,520,000 in loans.
Fergus Falls, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 570 | $146,260,000 | $256,596 |
| Other | 165 | $19,905,000 | $120,636 |
| Home Improvement | 134 | $10,650,000 | $79,478 |
| Refi | 129 | $25,875,000 | $200,581 |
| Cash Out Refi | 74 | $15,720,000 | $212,432 |
Fergus Falls's most frequently cited loan purpose was Home Purchase, with 570 originations. The 2nd most popular reason was Other, with 165 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 372 | $81,400,000 | $218,817 |
| 7-8% | 263 | $56,605,000 | $215,228 |
| Over 8% | 197 | $23,805,000 | $120,838 |
| 5-6% | 114 | $26,750,000 | $234,649 |
| 4-5% | 11 | $3,225,000 | $293,182 |
| 3-4% | 7 | $2,705,000 | $386,429 |
| <2.5% | 6 | $80,000 | $13,333 |
| 2.5-3% | 1 | $1,905,000 | $1,905,000 |
During 2023, Fergus Falls's most frequently originated rate bucket was 6-7%, with 372 originations.
Loan Sizing (Fergus Falls, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 346 | $17,210,000 | $49,740 |
| $100k-200k | 320 | $46,260,000 | $144,563 |
| $200k-400k | 290 | $82,710,000 | $285,207 |
| $400k-600k | 65 | $30,545,000 | $469,923 |
| $600k-1000k | 44 | $32,120,000 | $730,000 |
| $Over $1MM | 7 | $9,565,000 | $1,366,429 |
Fergus Falls's loan sizing saw the bucket of loans from $100,000 or less with 346 originations, totaling $17,210,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 331 | $87,035,000 | $262,946 |
| Under 20% | 208 | $9,970,000 | $47,933 |
| 60-80% | 184 | $57,800,000 | $314,130 |
| 20-40% | 144 | $16,780,000 | $116,528 |
| 40-60% | 97 | $22,565,000 | $232,629 |
| Over 100% | 4 | $1,330,000 | $332,500 |
Fergus Falls's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 331 originations, totaling $87,035,000 in origination value.