Fort Payne Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fort Payne averaged
6.91%
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
6.89% and
one month ago for the week of 2024-03-14, the
average rate was 6.85%.
Fort Payne's average rate one year ago was 6.48%.
For refis of the same type during the week of 2024-04-18, the average rate
was 7.2%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-04-18 | 7.1% |
| Fort Payne 30 Year Fixed Rate | 2024-04-18 | 6.91% |
| Fort Payne 30 Year Fixed Rate Refi | 2024-04-18 | 7.2% |
| Fort Payne 15 Year Fixed Rate | 2024-04-18 | 6.59% |
| Fort Payne 15 Year Fixed Rate Refi | 2024-04-18 | 6.39% |
| Fort Payne 30 Year FHA | 2024-04-18 | 6.58% |
| Fort Payne 30 Year FHA Refi | 2024-04-18 | 6.86% |
| Fort Payne 30 Year USDA | 2024-04-18 | 7.06% |
| Fort Payne 30 Year USDA Refi | 2024-04-18 | 7.06% |
| Fort Payne 30 Year VA | 2024-04-18 | 6.86% |
| Fort Payne 30 Year VA Refi | 2024-04-18 | 6.96% |
Fort Payne 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 Fort Payne, AL 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.).
Fort Payne Average Closing Costs & Other Stats
Fort Payne, AL's 74 lenders originated 892
loans during 2023. The total origination value was $145,310,000, with an average loan value of
$162,904.
Fort Payne's average closing costs are $4,763.
The top Fort Payne lender as defined by loan originations is QUICKEN LOANS, LLC, with
22 loans originated. Their average total fees are
$6,284, which is $2,106
higher than the next largest lender,
Regions Bank.
The lowest fee Fort Payne lenders (with over 10 loans originated) are
Regions Bank ($4,178), MORTGAGE INVESTORS GROUP, INC. ($4,286), Renasant Bank ($4,977), UNITED WHOLESALE MORTGAGE, LLC ($5,790) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,878).
The lowest rate Fort Payne lenders (with over 10 loans originated) are
MORTGAGE INVESTORS GROUP, INC. (4.01%), Regions Bank (6.33%), Renasant Bank (6.76%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.90%) and QUICKEN LOANS, LLC (6.95%).
Fort Payne, AL 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 |
|---|---|---|---|---|
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $15,255,000 | $13,065,000 | -14.4% | 9.0% |
| QUICKEN LOANS, LLC | $18,570,000 | $10,505,000 | -43.4% | 7.2% |
| Regions Bank | $9,035,000 | $7,610,000 | -15.8% | 5.2% |
| UNITED WHOLESALE MORTGAGE, LLC | $5,690,000 | $6,060,000 | 6.5% | 4.2% |
| CROSSCOUNTRY MORTGAGE, LLC | $495,000 | $5,550,000 | 1,021.2% | 3.8% |
| Renasant Bank | $5,905,000 | $5,180,000 | -12.3% | 3.6% |
| Liberty Bank | $5,415,000 | $5,140,000 | -5.1% | 3.5% |
| Victorian Finance, LLC | $315,000 | $4,505,000 | 1,330.2% | 3.1% |
| GUARANTEED RATE, INC. | $895,000 | $4,015,000 | 348.6% | 2.8% |
| MORTGAGE INVESTORS GROUP, INC. | $5,715,000 | $3,985,000 | -30.3% | 2.7% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $2,045,000 | $2,905,000 | 42.1% | 2.0% |
| Mortgage Research Center, LLC | $6,020,000 | $2,820,000 | -53.2% | 1.9% |
| FAMILY SAVINGS | $1,790,000 | $2,810,000 | 57.0% | 1.9% |
| First Federal Bank, A FSB | $2,100,000 | $2,805,000 | 33.6% | 1.9% |
| REDSTONE Federal Credit Union | $3,605,000 | $2,790,000 | -22.6% | 1.9% |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $1,820,000 | $2,375,000 | 30.5% | 1.6% |
| ALABAMA TEACHERS | $2,455,000 | $2,185,000 | -11.0% | 1.5% |
| FREEDOM MORTGAGE CORPORATION | $1,070,000 | $2,125,000 | 98.6% | 1.5% |
| TJC Mortgage, Inc. | $3,080,000 | $2,020,000 | -34.4% | 1.4% |
| Citizens Bank & Trust, Inc. | $1,415,000 | $1,925,000 | 36.0% | 1.3% |
| PNC Bank | $2,515,000 | $1,920,000 | -23.7% | 1.3% |
| BancorpSouth | $1,565,000 | $1,870,000 | 19.5% | 1.3% |
| MOVEMENT MORTGAGE, LLC | $970,000 | $1,825,000 | 88.1% | 1.3% |
| PENNYMAC LOAN SERVICES, LLC | $2,805,000 | $1,750,000 | -37.6% | 1.2% |
| LOANDEPOT.COM, LLC | $5,335,000 | $1,610,000 | -69.8% | 1.1% |
| GMFS LLC | $1,395,000 | $1,575,000 | 12.9% | 1.1% |
| FirstBank | $4,245,000 | $1,400,000 | -67.0% | 1.0% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,780,000 | $1,255,000 | -29.5% | 0.9% |
| First Southern Bank | $2,040,000 | $1,235,000 | -39.5% | 0.8% |
| 21ST MORTGAGE CORPORATION | $1,470,000 | $1,215,000 | -17.3% | 0.8% |
| AMERISAVE MORTGAGE CORPORATION | $1,985,000 | $1,160,000 | -41.6% | 0.8% |
| ACOPIA, LLC | $430,000 | $1,115,000 | 159.3% | 0.8% |
| River Bank & Trust | $540,000 | $1,065,000 | 97.2% | 0.7% |
| Bank of Dade | $1,020,000 | n/a | 0.7% | |
| Wells Fargo Bank | $2,135,000 | $1,015,000 | -52.5% | 0.7% |
| First Jackson Bank, Inc. | $1,085,000 | $1,010,000 | -6.9% | 0.7% |
| Trustmark National Bank | $500,000 | $1,005,000 | 101.0% | 0.7% |
| MILEND, INC. | $975,000 | n/a | 0.7% | |
| STOCKTON MORTGAGE CORPORATION | $935,000 | n/a | 0.6% | |
| NAVY FEDERAL CREDIT UNION | $2,990,000 | $915,000 | -69.4% | 0.6% |
| SOUTHWEST STAGE FUNDING, LLC | $620,000 | $900,000 | 45.2% | 0.6% |
| Consumer First Mortgage, Inc. | $565,000 | $875,000 | 54.9% | 0.6% |
| SouthPoint Bank | $250,000 | $850,000 | 240.0% | 0.6% |
| CARDINAL FINANCIAL | $135,000 | $820,000 | 507.4% | 0.6% |
| SUMMIT FUNDING, INC. | $790,000 | n/a | 0.5% | |
| VILLAGE CAPITAL MORTGAGE | $680,000 | n/a | 0.5% | |
| CMG MORTGAGE, INC. | $440,000 | $660,000 | 50.0% | 0.5% |
| LAKEVIEW LOAN SERVICING, LLC | $460,000 | $635,000 | 38.0% | 0.4% |
| HOMESTAR FINANCIAL CORPORATION | $1,435,000 | $625,000 | -56.4% | 0.4% |
| Southern States Bank | $615,000 | n/a | 0.4% | |
| NEW DAY FINANCIAL, LLC | $885,000 | $575,000 | -35.0% | 0.4% |
| ROYAL UNITED MORTGAGE LLC | $265,000 | $555,000 | 109.4% | 0.4% |
| Truist | $630,000 | $545,000 | -13.5% | 0.4% |
| Morgan Stanley Private Bank | $515,000 | n/a | 0.4% | |
| GUILD MORTGAGE COMPANY | $390,000 | $470,000 | 20.5% | 0.3% |
| PLANET HOME LENDING, LLC | $340,000 | $470,000 | 38.2% | 0.3% |
| Associated Credit Union | $460,000 | n/a | 0.3% | |
| Peoples Independent Bank | $455,000 | n/a | 0.3% | |
| UNION HOME MORTGAGE CORP. | $530,000 | $450,000 | -15.1% | 0.3% |
| AMERICAN FINANCIAL NETWORK, INC. | $425,000 | n/a | 0.3% | |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $405,000 | n/a | 0.3% | |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $400,000 | n/a | 0.3% | |
| Century Mortgage Company DBA Century Lending Company | $390,000 | n/a | 0.3% | |
| A&D Mortgage LLC | $385,000 | n/a | 0.3% | |
| BNC National Bank | $375,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $1,305,000 | $360,000 | -72.4% | 0.2% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $355,000 | n/a | 0.2% | |
| JPMorgan Chase Bank | $995,000 | $350,000 | -64.8% | 0.2% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $345,000 | n/a | 0.2% | |
| TENNESSEE VALLEY | $700,000 | $345,000 | -50.7% | 0.2% |
| FIRST COMMUNITY MORTGAGE, INC. | $95,000 | $340,000 | 257.9% | 0.2% |
| AmeriHome Mortgage Company, LLC | $335,000 | n/a | 0.2% | |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $460,000 | $330,000 | -28.3% | 0.2% |
| CB&S Bank, Inc. | $320,000 | n/a | 0.2% | |
| Total Media Management, LLC | $315,000 | n/a | 0.2% | |
| LEADERONE FINANCIAL CORPORATION | $310,000 | n/a | 0.2% | |
| Pinnacle Bank | $310,000 | n/a | 0.2% | |
| CANOPY MORTGAGE, LLC | $305,000 | n/a | 0.2% | |
| RUOFF MORTGAGE COMPANY, INC. | $305,000 | n/a | 0.2% | |
| CHURCHILL MORTGAGE CORPORATION | $300,000 | n/a | 0.2% | |
| MAX Credit Union | $300,000 | n/a | 0.2% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $275,000 | $295,000 | 7.3% | 0.2% |
| The Hometown Bank of Alabama | $570,000 | $295,000 | -48.2% | 0.2% |
| Carrington Mortgage Services, LLC | $455,000 | $290,000 | -36.3% | 0.2% |
| LGE COMMUNITY | $275,000 | n/a | 0.2% | |
| United Community Bank | $240,000 | $265,000 | 10.4% | 0.2% |
| TRIAD FINANCIAL SERVICES, INC. | $995,000 | $260,000 | -73.9% | 0.2% |
| First Horizon Bank | $380,000 | $255,000 | -32.9% | 0.2% |
| EvaBank | $795,000 | $250,000 | -68.6% | 0.2% |
| Hometown Equity Mortgage, LLC | $245,000 | n/a | 0.2% | |
| Synovus Bank | $155,000 | $240,000 | 54.8% | 0.2% |
| Equity Prime Mortgage LLC | $225,000 | n/a | 0.2% | |
| PLAZA HOME MORTGAGE, INC. | $215,000 | n/a | 0.1% | |
| EASTMAN | $205,000 | n/a | 0.1% | |
| MICHIGAN MUTUAL, INC. | $205,000 | n/a | 0.1% | |
| Ameris Bank | $460,000 | $195,000 | -57.6% | 0.1% |
| DAS Acquisition Company, LLC | $195,000 | n/a | 0.1% | |
| U.S. Bank | $85,000 | $195,000 | 129.4% | 0.1% |
| M&T Bank | $95,000 | $185,000 | 94.7% | 0.1% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $145,000 | $185,000 | 27.6% | 0.1% |
| THRIVE MORTGAGE, LLC | $185,000 | n/a | 0.1% | |
| RELIANCE FIRST CAPITAL, LLC | $360,000 | $170,000 | -52.8% | 0.1% |
| Centennial Bank | $165,000 | n/a | 0.1% | |
| DELTA COMMUNITY CREDIT UNION | $85,000 | $165,000 | 94.1% | 0.1% |
| Gateway First Bank | $165,000 | n/a | 0.1% | |
| Plains Commerce Bank | $165,000 | n/a | 0.1% | |
| Family Security Credit Union | $270,000 | $155,000 | -42.6% | 0.1% |
| PANORAMA MORTGAGE GROUP, LLC | $155,000 | n/a | 0.1% | |
| The Exchange Bank of Alabama | $155,000 | n/a | 0.1% | |
| Discover Bank | $150,000 | n/a | 0.1% | |
| Old National Bank | $145,000 | n/a | 0.1% | |
| Coastal Community Bank | $135,000 | n/a | 0.1% | |
| EASTERN SAVINGS BANK | $135,000 | n/a | 0.1% | |
| FLAT BRANCH MORTGAGE, INC. | $135,000 | n/a | 0.1% | |
| 1ST SIGNATURE LENDING, LLC | $255,000 | $125,000 | -51.0% | 0.1% |
| GTE Federal Credit Union | $125,000 | n/a | 0.1% | |
| GUARANTY HOME MORTGAGE CORPORATION | $125,000 | n/a | 0.1% | |
| SPRING EQ, LLC | $125,000 | n/a | 0.1% | |
| Brighton Bank | $115,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $280,000 | $115,000 | -58.9% | 0.1% |
| MIDLAND MORTGAGE CORPORATION | $65,000 | $105,000 | 61.5% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $220,000 | $95,000 | -56.8% | 0.1% |
| CIS Financial Services, Inc. | $95,000 | n/a | 0.1% | |
| COUNTRYPLACE MORTGAGE, LTD. | $210,000 | $95,000 | -54.8% | 0.1% |
| HOMESPIRE MORTGAGE CORPORATION | $95,000 | n/a | 0.1% | |
| Metro Bank | $355,000 | $95,000 | -73.2% | 0.1% |
| TOP FLITE FINANCIAL, INC. | $75,000 | n/a | 0.1% | |
| AVADIAN | $65,000 | n/a | 0.0% | |
| Flagstar Bank, FSB | $65,000 | n/a | 0.0% | |
| FINANCE OF AMERICA REVERSE LLC | $55,000 | n/a | 0.0% | |
| First Bank of Alabama | $55,000 | n/a | 0.0% | |
| CSL Financial, LLC | $160,000 | $45,000 | -71.9% | 0.0% |
| Alabama One Credit Union | $35,000 | n/a | 0.0% | |
| Figure Lending LLC | $55,000 | $35,000 | -36.4% | 0.0% |
| Citizens Bank | $115,000 | $25,000 | -78.3% | 0.0% |
| First National Bank of America | $25,000 | n/a | 0.0% |
Fort Payne's top lender by overall market share is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 9.0% market share. In second place, with 7.2%, is QUICKEN LOANS, LLC, having originated $10,505,000 in loans. In third place, with 5.2%, is Regions Bank, having originated $7,610,000 in loans. In fourth place, with 4.2%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $6,060,000 in loans. In fifth place, with 3.8%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $5,550,000 in loans.
Fort Payne, AL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 524 | $99,410,000 | $189,714 |
| Refi | 154 | $21,490,000 | $139,545 |
| Cash Out Refi | 106 | $16,650,000 | $157,075 |
| Other | 57 | $4,085,000 | $71,667 |
| Home Improvement | 51 | $3,675,000 | $72,059 |
Fort Payne's most frequently cited loan purpose was Home Purchase, with 524 originations. The 2nd most popular reason was Refi, with 154 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 296 | $57,320,000 | $193,649 |
| 7-8% | 176 | $31,850,000 | $180,966 |
| Over 8% | 159 | $13,585,000 | $85,440 |
| 5-6% | 118 | $24,980,000 | $211,695 |
| <2.5% | 7 | $2,395,000 | $342,143 |
| 4-5% | 6 | $1,500,000 | $250,000 |
| 3-4% | 3 | $625,000 | $208,333 |
During 2023, Fort Payne's most frequently originated rate bucket was 6-7%, with 296 originations.
Loan Sizing (Fort Payne, AL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 371 | $55,115,000 | $148,558 |
| $100,000 or less | 270 | $15,200,000 | $56,296 |
| $200k-400k | 222 | $59,300,000 | $267,117 |
| $400k-600k | 21 | $9,605,000 | $457,381 |
| $600k-1000k | 6 | $3,940,000 | $656,667 |
| $Over $1MM | 2 | $2,150,000 | $1,075,000 |
Fort Payne's loan sizing saw the bucket of loans from $100k-200k with 371 originations, totaling $55,115,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 384 | $78,520,000 | $204,479 |
| 60-80% | 153 | $29,405,000 | $192,190 |
| 20-40% | 69 | $6,135,000 | $88,913 |
| Under 20% | 65 | $2,345,000 | $36,077 |
| 40-60% | 64 | $9,150,000 | $142,969 |
| Over 100% | 27 | $6,325,000 | $234,259 |
Fort Payne's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 384 originations, totaling $78,520,000 in origination value.