Forest City Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Forest City averaged
6.56%
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
6.79% and
one month ago for the week of 2024-10-03, the
average rate was 6.09%.
Forest City's average rate one year ago was 7.63%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.29%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Forest City 30 Year Fixed Rate | 2024-11-07 | 6.56% |
| Forest City 30 Year Fixed Rate Refi | 2024-11-07 | 7.29% |
| Forest City 15 Year Fixed Rate | 2024-11-07 | 6% |
| Forest City 15 Year Fixed Rate Refi | 2024-11-07 | 6% |
| Forest City 30 Year FHA | 2024-11-07 | 6.43% |
| Forest City 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Forest City 30 Year USDA | 2024-11-07 | 6.58% |
| Forest City 30 Year USDA Refi | 2024-11-07 | 6.48% |
| Forest City 30 Year VA | 2024-11-07 | 6.24% |
| Forest City 30 Year VA Refi | 2024-11-07 | 6.54% |
Forest City 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 Forest City, NC 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.).
Forest City Average Closing Costs & Other Stats
Forest City, NC's 96 lenders originated 1,279
loans during 2023. The total origination value was $238,155,000, with an average loan value of
$186,204.
Forest City's average closing costs are $4,749.
The top Forest City lender as defined by loan originations is STATE EMPLOYEES', with
98 loans originated. Their average total fees are
$3,905, which is $1,828
lower than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Forest City lenders (with over 10 loans originated) are
LOCAL GOVERNMENT FEDERAL CREDIT UNION ($3,813), STATE EMPLOYEES' ($3,905), First-Citizens Bank & Trust Company ($5,190), MOVEMENT MORTGAGE, LLC ($5,733) and Wells Fargo Bank ($6,031).
The lowest rate Forest City lenders (with over 10 loans originated) are
STATE EMPLOYEES' (5.98%), First-Citizens Bank & Trust Company (6.42%), LOCAL GOVERNMENT FEDERAL CREDIT UNION (6.62%), QUICKEN LOANS, LLC (6.68%) and Wells Fargo Bank (6.73%).
Forest City, NC 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 |
|---|---|---|---|---|
| STATE EMPLOYEES' | $58,360,000 | $34,725,000 | -40.5% | 14.6% |
| MOVEMENT MORTGAGE, LLC | $21,275,000 | $17,985,000 | -15.5% | 7.6% |
| QUICKEN LOANS, LLC | $23,420,000 | $13,090,000 | -44.1% | 5.5% |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $15,955,000 | $11,790,000 | -26.1% | 5.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $5,015,000 | $7,800,000 | 55.5% | 3.3% |
| First-Citizens Bank & Trust Company | $10,775,000 | $7,000,000 | -35.0% | 2.9% |
| HomeTrust Bank | $9,290,000 | $6,960,000 | -25.1% | 2.9% |
| LOCAL GOVERNMENT FEDERAL CREDIT UNION | $11,380,000 | $6,195,000 | -45.6% | 2.6% |
| Mortgage Research Center, LLC | $8,110,000 | $6,085,000 | -25.0% | 2.6% |
| PNC Bank | $8,150,000 | $4,890,000 | -40.0% | 2.1% |
| HOMESTAR FINANCIAL CORPORATION | $6,865,000 | $4,750,000 | -30.8% | 2.0% |
| Truist | $8,635,000 | $4,640,000 | -46.3% | 1.9% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $5,685,000 | $3,915,000 | -31.1% | 1.6% |
| AgFirst Farm Credit Bank | $2,295,000 | $3,830,000 | 66.9% | 1.6% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $4,525,000 | $3,695,000 | -18.3% | 1.6% |
| LOANDEPOT.COM, LLC | $3,170,000 | $2,680,000 | -15.5% | 1.1% |
| Bank of America | $3,670,000 | $2,560,000 | -30.2% | 1.1% |
| UNITED | $3,690,000 | $2,345,000 | -36.4% | 1.0% |
| Wells Fargo Bank | $5,200,000 | $2,320,000 | -55.4% | 1.0% |
| The Fidelity Bank | $1,545,000 | $2,280,000 | 47.6% | 1.0% |
| CHARLOTTE METRO FEDERAL CREDIT UNION | $1,420,000 | $2,260,000 | 59.2% | 0.9% |
| GoPrime Mortgage, Inc. | $1,990,000 | $2,200,000 | 10.6% | 0.9% |
| CARDINAL FINANCIAL | $4,320,000 | $2,170,000 | -49.8% | 0.9% |
| BROKER SOLUTIONS, INC. | $2,925,000 | $1,960,000 | -33.0% | 0.8% |
| TD Bank | $4,035,000 | $1,960,000 | -51.4% | 0.8% |
| Fifth Third Bank | $4,610,000 | $1,955,000 | -57.6% | 0.8% |
| NAVY FEDERAL CREDIT UNION | $4,145,000 | $1,915,000 | -53.8% | 0.8% |
| Ameris Bank | $1,915,000 | $1,885,000 | -1.6% | 0.8% |
| First Bank | $1,490,000 | $1,830,000 | 22.8% | 0.8% |
| United Bank | $3,030,000 | $1,730,000 | -42.9% | 0.7% |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $1,575,000 | n/a | 0.7% | |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $2,250,000 | $1,540,000 | -31.6% | 0.6% |
| U.S. Bank | $1,680,000 | $1,475,000 | -12.2% | 0.6% |
| USAA Federal Savings Bank | $1,735,000 | $1,465,000 | -15.6% | 0.6% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,580,000 | $1,445,000 | -44.0% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $2,195,000 | $1,395,000 | -36.4% | 0.6% |
| The Huntington National Bank | $870,000 | $1,390,000 | 59.8% | 0.6% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,720,000 | $1,365,000 | -49.8% | 0.6% |
| Truliant Federal Credit Union | $805,000 | $1,345,000 | 67.1% | 0.6% |
| HOMESIDE FINANCIAL, LLC | $1,920,000 | $1,325,000 | -31.0% | 0.6% |
| ServisFirst Bank | $1,285,000 | n/a | 0.5% | |
| Champion Credit Union | $695,000 | $1,250,000 | 79.9% | 0.5% |
| PENNYMAC LOAN SERVICES, LLC | $2,990,000 | $1,220,000 | -59.2% | 0.5% |
| CMG MORTGAGE, INC. | $1,085,000 | n/a | 0.5% | |
| Pinnacle Bank | $2,210,000 | $1,035,000 | -53.2% | 0.4% |
| First Community Bank | $1,020,000 | n/a | 0.4% | |
| ZILLOW HOME LOANS, LLC | $1,020,000 | n/a | 0.4% | |
| NEW DAY FINANCIAL, LLC | $310,000 | $1,010,000 | 225.8% | 0.4% |
| Uwharrie Bank | $1,010,000 | $995,000 | -1.5% | 0.4% |
| T2 FINANCIAL LLC | $3,530,000 | $990,000 | -72.0% | 0.4% |
| UNION HOME MORTGAGE CORP. | $1,335,000 | $990,000 | -25.8% | 0.4% |
| Regions Bank | $1,925,000 | $985,000 | -48.8% | 0.4% |
| American Security Mortgage Corp. | $1,720,000 | $965,000 | -43.9% | 0.4% |
| ON Q FINANCIAL, INC. | $145,000 | $950,000 | 555.2% | 0.4% |
| The Federal Savings Bank | $1,325,000 | $945,000 | -28.7% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $2,335,000 | $935,000 | -60.0% | 0.4% |
| GUILD MORTGAGE COMPANY | $1,670,000 | $870,000 | -47.9% | 0.4% |
| JPMorgan Chase Bank | $2,245,000 | $870,000 | -61.2% | 0.4% |
| COASTAL Federal Credit Union | $465,000 | $860,000 | 84.9% | 0.4% |
| PENTAGON FEDERAL CREDIT UNION | $725,000 | $815,000 | 12.4% | 0.3% |
| Citibank | $385,000 | $795,000 | 106.5% | 0.3% |
| SeaTrust Mortgage Company | $175,000 | $795,000 | 354.3% | 0.3% |
| The Park National Bank | $2,715,000 | $775,000 | -71.5% | 0.3% |
| First Federal Bank | $345,000 | $765,000 | 121.7% | 0.3% |
| RELIANCE FIRST CAPITAL, LLC | $425,000 | $765,000 | 80.0% | 0.3% |
| EVERETT FINANCIAL, INC. | $195,000 | $760,000 | 289.7% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $760,000 | $760,000 | 0.0% | 0.3% |
| First National Bank of Pennsylvania | $1,300,000 | $755,000 | -41.9% | 0.3% |
| AMERICAN FINANCING CORPORATION | $535,000 | $735,000 | 37.4% | 0.3% |
| FOUNDERS FEDERAL CREDIT UNION | $1,045,000 | $695,000 | -33.5% | 0.3% |
| First Heritage Mortgage, LLC | $665,000 | n/a | 0.3% | |
| South State Bank | $2,620,000 | $660,000 | -74.8% | 0.3% |
| INTERCOASTAL MORTGAGE COMPANY | $1,115,000 | $620,000 | -44.4% | 0.3% |
| FINANCE OF AMERICA REVERSE LLC | $75,000 | $555,000 | 640.0% | 0.2% |
| Flagstar Bank, FSB | $1,605,000 | $540,000 | -66.4% | 0.2% |
| LENDINGHOME FUNDING CORPORATION | $765,000 | $540,000 | -29.4% | 0.2% |
| PHH Mortgage Corporation | $320,000 | $540,000 | 68.8% | 0.2% |
| FBC MORTGAGE, LLC | $525,000 | n/a | 0.2% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $890,000 | $515,000 | -42.1% | 0.2% |
| TOP FLITE FINANCIAL, INC. | $505,000 | n/a | 0.2% | |
| Equity Prime Mortgage LLC | $630,000 | $495,000 | -21.4% | 0.2% |
| TOLLESON PRIVATE BANK | $475,000 | n/a | 0.2% | |
| NATIONWIDE MORTGAGE BANKERS, INC. | $470,000 | n/a | 0.2% | |
| Stifel Bank and Trust | $465,000 | n/a | 0.2% | |
| Dollar Bank, Federal Savings Bank | $690,000 | $460,000 | -33.3% | 0.2% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $495,000 | $425,000 | -14.1% | 0.2% |
| NEWREZ LLC | $650,000 | $425,000 | -34.6% | 0.2% |
| Encompass Lending Group, LP | $405,000 | n/a | 0.2% | |
| Greenbox Loans, Inc. | $405,000 | n/a | 0.2% | |
| ALLEGACY FEDERAL CREDIT UNION | $65,000 | $400,000 | 515.4% | 0.2% |
| SOUTHWEST STAGE FUNDING, LLC | $595,000 | $400,000 | -32.8% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $390,000 | n/a | 0.2% | |
| CONTOUR MORTGAGE CORPORATION | $385,000 | n/a | 0.2% | |
| GUARANTEED RATE, INC. | $3,365,000 | $385,000 | -88.6% | 0.2% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $385,000 | n/a | 0.2% | |
| NBKC BANK | $480,000 | $385,000 | -19.8% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $440,000 | $385,000 | -12.5% | 0.2% |
| The Bank of Marion | $345,000 | n/a | 0.1% | |
| UBS Bank USA | $755,000 | $345,000 | -54.3% | 0.1% |
| AMCAP MORTGAGE, LTD. | $335,000 | n/a | 0.1% | |
| Morgan Stanley Private Bank | $335,000 | n/a | 0.1% | |
| BETTER MORTGAGE CORPORATION | $795,000 | $325,000 | -59.1% | 0.1% |
| Figure Lending LLC | $380,000 | $320,000 | -15.8% | 0.1% |
| Coastal Bank & Trust | $315,000 | n/a | 0.1% | |
| Union Savings Bank | $305,000 | n/a | 0.1% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $470,000 | $300,000 | -36.2% | 0.1% |
| TOWER | $295,000 | n/a | 0.1% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $145,000 | $265,000 | 82.8% | 0.1% |
| Bank of England | $3,080,000 | $265,000 | -91.4% | 0.1% |
| MIDLAND MORTGAGE CORPORATION | $545,000 | $265,000 | -51.4% | 0.1% |
| North American Savings Bank, F.S.B. | $155,000 | $265,000 | 71.0% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $170,000 | $265,000 | 55.9% | 0.1% |
| 1ST SIGNATURE LENDING, LLC | $470,000 | $255,000 | -45.7% | 0.1% |
| DEEPHAVEN MORTGAGE LLC | $255,000 | n/a | 0.1% | |
| CALCON MUTUAL MORTGAGE LLC | $245,000 | n/a | 0.1% | |
| LAND HOME FINANCIAL SERVICES, INC. | $345,000 | $245,000 | -29.0% | 0.1% |
| MY MORTGAGE, INC. | $245,000 | n/a | 0.1% | |
| SIRVA MORTGAGE, INC. | $245,000 | n/a | 0.1% | |
| Wyndham Capital Mortgage, Inc. | $1,385,000 | $235,000 | -83.0% | 0.1% |
| Bank OZK | $460,000 | $220,000 | -52.2% | 0.1% |
| RAPID MORTGAGE COMPANY | $745,000 | $215,000 | -71.1% | 0.1% |
| VELOCITY COMMERCIAL CAPITAL, LLC | $215,000 | n/a | 0.1% | |
| CHURCHILL MORTGAGE CORPORATION | $215,000 | $205,000 | -4.7% | 0.1% |
| Gateway First Bank | $200,000 | n/a | 0.1% | |
| Third Federal Savings and Loan Association of Cleveland | $190,000 | n/a | 0.1% | |
| AMERICAN FINANCIAL NETWORK, INC. | $185,000 | n/a | 0.1% | |
| CREDIT HUMAN FEDERAL CREDIT UNION | $175,000 | n/a | 0.1% | |
| EMM LOANS LLC | $670,000 | $175,000 | -73.9% | 0.1% |
| First Option Mortgage, LLC | $175,000 | n/a | 0.1% | |
| RESOURCE FINANCIAL SERVICES, INC. | $1,240,000 | $175,000 | -85.9% | 0.1% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $1,145,000 | $170,000 | -85.2% | 0.1% |
| CORNING | $205,000 | $165,000 | -19.5% | 0.1% |
| NETWORK CAPITAL FUNDING CORPORATION | $525,000 | $165,000 | -68.6% | 0.1% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $715,000 | $165,000 | -76.9% | 0.1% |
| RUOFF MORTGAGE COMPANY, INC. | $430,000 | $160,000 | -62.8% | 0.1% |
| Corporate Investors Mortgage Group, Inc. | $565,000 | $155,000 | -72.6% | 0.1% |
| Nations Lending Corporation | $675,000 | $155,000 | -77.0% | 0.1% |
| RADIUS FINANCIAL GROUP INC. | $460,000 | $155,000 | -66.3% | 0.1% |
| AMERICAN HERITAGE LENDING, INC. | $145,000 | n/a | 0.1% | |
| Plains Commerce Bank | $145,000 | n/a | 0.1% | |
| 21ST MORTGAGE CORPORATION | $405,000 | $135,000 | -66.7% | 0.1% |
| Magnolia Bank | $265,000 | $135,000 | -49.1% | 0.1% |
| Discover Bank | $270,000 | $115,000 | -57.4% | 0.0% |
| Alcova Mortgage LLC | $725,000 | $105,000 | -85.5% | 0.0% |
| Ally Bank | $105,000 | n/a | 0.0% | |
| Citizens Bank | $3,185,000 | $100,000 | -96.9% | 0.0% |
| CALIBER HOME LOANS, INC. | $740,000 | $95,000 | -87.2% | 0.0% |
| Apple Federal Credit Union | $55,000 | n/a | 0.0% | |
| CAROLINA FOOTHILLS | $55,000 | n/a | 0.0% | |
| CPM Federal Credit Union | $55,000 | n/a | 0.0% | |
| Clearview Federal Credit Union | $45,000 | n/a | 0.0% | |
| DIGITAL Federal Credit Union | $45,000 | n/a | 0.0% | |
| QUORUM FEDERAL CREDIT UNION | $45,000 | n/a | 0.0% | |
| Lakeview Community Capital, LLC | $35,000 | n/a | 0.0% | |
| PLANET HOME LENDING, LLC | $125,000 | $35,000 | -72.0% | 0.0% |
Forest City's top lender by overall market share is STATE EMPLOYEES', with 14.6% market share. In second place, with 7.6%, is MOVEMENT MORTGAGE, LLC, having originated $17,985,000 in loans. In third place, with 5.5%, is QUICKEN LOANS, LLC, having originated $13,090,000 in loans. In fourth place, with 5.0%, is ATLANTIC BAY MORTGAGE GROUP, L.L.C., having originated $11,790,000 in loans. In fifth place, with 3.3%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $7,800,000 in loans.
Forest City, NC Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 707 | $167,705,000 | $237,207 |
| Other | 152 | $13,070,000 | $85,987 |
| Cash Out Refi | 146 | $25,770,000 | $176,507 |
| Refi | 140 | $21,650,000 | $154,643 |
| Home Improvement | 134 | $9,960,000 | $74,328 |
Forest City's most frequently cited loan purpose was Home Purchase, with 707 originations. The 2nd most popular reason was Other, with 152 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 370 | $69,910,000 | $188,946 |
| 6-7% | 365 | $83,575,000 | $228,973 |
| Over 8% | 212 | $26,200,000 | $123,585 |
| 5-6% | 203 | $47,375,000 | $233,374 |
| 4-5% | 91 | $9,715,000 | $106,758 |
| <2.5% | 30 | $440,000 | $14,667 |
| 3-4% | 1 | $205,000 | $205,000 |
During 2023, Forest City's most frequently originated rate bucket was 7-8%, with 370 originations.
Loan Sizing (Forest City, NC MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 440 | $65,200,000 | $148,182 |
| $100,000 or less | 376 | $19,440,000 | $51,702 |
| $200k-400k | 375 | $102,475,000 | $273,267 |
| $400k-600k | 62 | $29,210,000 | $471,129 |
| $600k-1000k | 20 | $14,250,000 | $712,500 |
| $Over $1MM | 6 | $7,580,000 | $1,263,333 |
Forest City's loan sizing saw the bucket of loans from $100k-200k with 440 originations, totaling $65,200,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 463 | $107,915,000 | $233,078 |
| 60-80% | 253 | $69,815,000 | $275,949 |
| Under 20% | 228 | $9,900,000 | $43,421 |
| 20-40% | 158 | $16,600,000 | $105,063 |
| 40-60% | 152 | $27,920,000 | $183,684 |
| Over 100% | 21 | $4,735,000 | $225,476 |
Forest City's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 463 originations, totaling $107,915,000 in origination value.