Fort Payne Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Fort Payne averaged
6.99%
for the week of 2023-03-16, compared to the national average of
6.6% for the same period.
The average rate for the prior week (2023-03-09) was
6.92% and
one month ago for the week of 2023-02-09, the
average rate was 6.21%.
Fort Payne's average rate one year ago was 3.86%.
For refis of the same type during the week of 2023-03-16, the average rate
was 6.85%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
| Fort Payne 30 Year Fixed Rate | 2023-03-16 | 6.99% |
| Fort Payne 30 Year Fixed Rate Refi | 2023-03-16 | 6.85% |
| Fort Payne 15 Year Fixed Rate | 2023-03-16 | 6.65% |
| Fort Payne 15 Year Fixed Rate Refi | 2023-03-16 | 6.44% |
| Fort Payne 30 Year FHA | 2023-03-16 | 6.24% |
| Fort Payne 30 Year FHA Refi | 2023-03-16 | 6.11% |
| Fort Payne 30 Year USDA | 2023-03-16 | 6.29% |
| Fort Payne 30 Year USDA Refi | 2023-03-16 | 6.08% |
| Fort Payne 30 Year VA | 2023-03-16 | 6.26% |
| Fort Payne 30 Year VA Refi | 2023-03-16 | 5.86% |
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 77 lenders originated 1,042
loans during 2022. The total origination value was $170,860,000, with an average loan value of
$163,973.
Fort Payne's average closing costs are $4,452.
The top Fort Payne lender as defined by loan originations is QUICKEN LOANS, LLC, with
38 loans originated. Their average total fees are
$6,455, which is $2,904
higher than the next largest lender,
MORTGAGE INVESTORS GROUP, INC..
The lowest fee Fort Payne lenders (with over 10 loans originated) are
REDSTONE Federal Credit Union ($2,982), MORTGAGE INVESTORS GROUP, INC. ($3,550), Regions Bank ($3,926), Renasant Bank ($4,376) and UNITED WHOLESALE MORTGAGE, LLC ($4,445).
The lowest rate Fort Payne lenders (with over 10 loans originated) are
Renasant Bank (4.72%), Regions Bank (4.85%), REDSTONE Federal Credit Union (4.98%), UNITED WHOLESALE MORTGAGE, LLC (5.11%) and MORTGAGE INVESTORS GROUP, INC. (5.26%).
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| QUICKEN LOANS, LLC | $26,160,000 | $18,570,000 | -29.0% | 10.9% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $17,170,000 | $15,255,000 | -11.2% | 8.9% |
| Regions Bank | $20,650,000 | $9,035,000 | -56.2% | 5.3% |
| Mortgage Research Center, LLC | $6,345,000 | $6,020,000 | -5.1% | 3.5% |
| Renasant Bank | $17,655,000 | $5,905,000 | -66.6% | 3.5% |
| MORTGAGE INVESTORS GROUP, INC. | $8,610,000 | $5,715,000 | -33.6% | 3.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,825,000 | $5,690,000 | 48.8% | 3.3% |
| Liberty Bank | $3,530,000 | $5,415,000 | 53.4% | 3.2% |
| LOANDEPOT.COM, LLC | $6,085,000 | $5,335,000 | -12.3% | 3.1% |
| FirstBank | $4,850,000 | $4,245,000 | -12.5% | 2.5% |
| CERTAINTY HOME LOANS, LLC | $6,130,000 | $4,085,000 | -33.4% | 2.4% |
| REDSTONE Federal Credit Union | $3,525,000 | $3,605,000 | 2.3% | 2.1% |
| TJC Mortgage, Inc. | $2,130,000 | $3,080,000 | 44.6% | 1.8% |
| NAVY FEDERAL CREDIT UNION | $820,000 | $2,990,000 | 264.6% | 1.7% |
| PENNYMAC LOAN SERVICES, LLC | $2,810,000 | $2,805,000 | -0.2% | 1.6% |
| PNC Bank | $340,000 | $2,515,000 | 639.7% | 1.5% |
| ALABAMA TEACHERS | $2,530,000 | $2,455,000 | -3.0% | 1.4% |
| SECURITYNATIONAL MORTGAGE COMPANY | $2,440,000 | n/a | 1.4% | |
| Wells Fargo Bank | $3,470,000 | $2,135,000 | -38.5% | 1.2% |
| First Federal Bank, A FSB | $1,905,000 | $2,100,000 | 10.2% | 1.2% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $3,050,000 | $2,045,000 | -33.0% | 1.2% |
| First Southern Bank | $2,040,000 | n/a | 1.2% | |
| AMERISAVE MORTGAGE CORPORATION | $2,010,000 | $1,985,000 | -1.2% | 1.2% |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $1,545,000 | $1,820,000 | 17.8% | 1.1% |
| FAMILY SAVINGS | $555,000 | $1,790,000 | 222.5% | 1.0% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,620,000 | $1,780,000 | 9.9% | 1.0% |
| Goldwater Bank, N.A. | $1,885,000 | $1,680,000 | -10.9% | 1.0% |
| BancorpSouth Bank | $1,290,000 | $1,565,000 | 21.3% | 0.9% |
| 21ST MORTGAGE CORPORATION | $1,095,000 | $1,470,000 | 34.2% | 0.9% |
| BROKER SOLUTIONS, INC. | $1,865,000 | $1,465,000 | -21.4% | 0.9% |
| HOMESTAR FINANCIAL CORPORATION | $590,000 | $1,435,000 | 143.2% | 0.8% |
| Citizens Bank & Trust, Inc. | $2,720,000 | $1,415,000 | -48.0% | 0.8% |
| GMFS LLC | $5,310,000 | $1,395,000 | -73.7% | 0.8% |
| USAA Federal Savings Bank | $950,000 | $1,305,000 | 37.4% | 0.8% |
| CALIBER HOME LOANS, INC. | $3,400,000 | $1,270,000 | -62.6% | 0.7% |
| Hometown Lenders, Inc. | $1,755,000 | $1,130,000 | -35.6% | 0.7% |
| BETTER MORTGAGE CORPORATION | $1,020,000 | $1,110,000 | 8.8% | 0.6% |
| First Jackson Bank, Inc. | $370,000 | $1,085,000 | 193.2% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $5,690,000 | $1,070,000 | -81.2% | 0.6% |
| JPMorgan Chase Bank | $1,410,000 | $995,000 | -29.4% | 0.6% |
| TRIAD FINANCIAL SERVICES, INC. | $280,000 | $995,000 | 255.4% | 0.6% |
| MOVEMENT MORTGAGE, LLC | $1,120,000 | $970,000 | -13.4% | 0.6% |
| GUARANTEED RATE, INC. | $310,000 | $895,000 | 188.7% | 0.5% |
| NEW DAY FINANCIAL, LLC | $1,130,000 | $885,000 | -21.7% | 0.5% |
| EvaBank | $495,000 | $795,000 | 60.6% | 0.5% |
| Nations Lending Corporation | $235,000 | $765,000 | 225.5% | 0.4% |
| ServisFirst Bank | $345,000 | $705,000 | 104.3% | 0.4% |
| TENNESSEE VALLEY | $360,000 | $700,000 | 94.4% | 0.4% |
| Truist | $660,000 | $630,000 | -4.5% | 0.4% |
| ANGEL OAK HOME LOANS LLC | $625,000 | n/a | 0.4% | |
| SOUTHWEST STAGE FUNDING, LLC | $515,000 | $620,000 | 20.4% | 0.4% |
| The Hometown Bank of Alabama | $340,000 | $570,000 | 67.6% | 0.3% |
| Consumer First Mortgage, Inc. | $1,095,000 | $565,000 | -48.4% | 0.3% |
| Mid-Continent Funding, Inc. | $155,000 | $540,000 | 248.4% | 0.3% |
| River Bank & Trust | $270,000 | $540,000 | 100.0% | 0.3% |
| UNION HOME MORTGAGE CORP. | $530,000 | n/a | 0.3% | |
| Trustmark National Bank | $2,220,000 | $500,000 | -77.5% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $215,000 | $495,000 | 130.2% | 0.3% |
| First Guaranty Mortgage Corporation | $240,000 | $495,000 | 106.3% | 0.3% |
| HOME POINT FINANCIAL CORPORATION | $2,805,000 | $495,000 | -82.4% | 0.3% |
| Metro City Bank | $155,000 | $475,000 | 206.5% | 0.3% |
| Ameris Bank | $640,000 | $460,000 | -28.1% | 0.3% |
| LAKEVIEW LOAN SERVICING, LLC | $1,395,000 | $460,000 | -67.0% | 0.3% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $265,000 | $460,000 | 73.6% | 0.3% |
| Carrington Mortgage Services, LLC | $220,000 | $455,000 | 106.8% | 0.3% |
| North American Savings Bank, F.S.B. | $265,000 | $445,000 | 67.9% | 0.3% |
| CMG MORTGAGE, INC. | $155,000 | $440,000 | 183.9% | 0.3% |
| ACOPIA, LLC | $1,700,000 | $430,000 | -74.7% | 0.3% |
| GUILD MORTGAGE COMPANY | $195,000 | $390,000 | 100.0% | 0.2% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $385,000 | n/a | 0.2% | |
| First Horizon Bank | $185,000 | $380,000 | 105.4% | 0.2% |
| NEWREZ LLC | $675,000 | $370,000 | -45.2% | 0.2% |
| RELIANCE FIRST CAPITAL, LLC | $215,000 | $360,000 | 67.4% | 0.2% |
| Metro Bank | $355,000 | n/a | 0.2% | |
| Hamilton Mortgage Corporation | $345,000 | n/a | 0.2% | |
| PLANET HOME LENDING, LLC | $365,000 | $340,000 | -6.8% | 0.2% |
| Bank of England | $410,000 | $330,000 | -19.5% | 0.2% |
| INTERCAP LENDING INC. | $325,000 | n/a | 0.2% | |
| Victorian Finance, LLC | $315,000 | n/a | 0.2% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $185,000 | $310,000 | 67.6% | 0.2% |
| FINANCE OF AMERICA MORTGAGE LLC | $305,000 | n/a | 0.2% | |
| Bank of America | $1,085,000 | $295,000 | -72.8% | 0.2% |
| ZILLOW HOME LOANS, LLC | $345,000 | $280,000 | -18.8% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $165,000 | $275,000 | 66.7% | 0.2% |
| Family Security Credit Union | $265,000 | $270,000 | 1.9% | 0.2% |
| First National Bank of Pulaski | $265,000 | n/a | 0.2% | |
| ROYAL UNITED MORTGAGE LLC | $320,000 | $265,000 | -17.2% | 0.2% |
| Citizens Bank & Trust | $475,000 | $260,000 | -45.3% | 0.2% |
| 1ST SIGNATURE LENDING, LLC | $255,000 | n/a | 0.1% | |
| SouthPoint Bank | $220,000 | $250,000 | 13.6% | 0.1% |
| ISERVE RESIDENTIAL LENDING, LLC | $340,000 | $245,000 | -27.9% | 0.1% |
| Peoples Bank of Alabama | $270,000 | $245,000 | -9.3% | 0.1% |
| PHH Mortgage Corporation | $240,000 | n/a | 0.1% | |
| United Community Bank | $155,000 | $240,000 | 54.8% | 0.1% |
| NBKC BANK | $165,000 | $235,000 | 42.4% | 0.1% |
| AMERIFIRST FINANCIAL CORPORATION | $365,000 | $230,000 | -37.0% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $575,000 | $220,000 | -61.7% | 0.1% |
| ATLANTA POSTAL | $215,000 | n/a | 0.1% | |
| COUNTRYPLACE MORTGAGE, LTD. | $210,000 | n/a | 0.1% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $290,000 | $205,000 | -29.3% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $205,000 | n/a | 0.1% | |
| Planters Bank & Trust Company | $195,000 | n/a | 0.1% | |
| Progress Bank and Trust | $195,000 | n/a | 0.1% | |
| Alcova Mortgage LLC | $185,000 | n/a | 0.1% | |
| AOD Federal Credit Union | $175,000 | n/a | 0.1% | |
| EVERETT FINANCIAL, INC. | $175,000 | n/a | 0.1% | |
| First Federal Bank | $345,000 | $165,000 | -52.2% | 0.1% |
| MILLENNIUM BANK | $165,000 | n/a | 0.1% | |
| NATIONS DIRECT MORTGAGE, LLC | $165,000 | n/a | 0.1% | |
| CSL Financial, LLC | $410,000 | $160,000 | -61.0% | 0.1% |
| HOMESIDE FINANCIAL, LLC | $750,000 | $155,000 | -79.3% | 0.1% |
| Synovus Bank | $540,000 | $155,000 | -71.3% | 0.1% |
| Ally Bank | $570,000 | $145,000 | -74.6% | 0.1% |
| ENVOY MORTGAGE, LTD | $145,000 | n/a | 0.1% | |
| First South Farm Credit, ACA | $145,000 | n/a | 0.1% | |
| Legends Bank | $145,000 | n/a | 0.1% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $765,000 | $145,000 | -81.0% | 0.1% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $1,415,000 | $135,000 | -90.5% | 0.1% |
| CU COMMUNITY, LLC | $135,000 | n/a | 0.1% | |
| Assurance Financial Group, L.L.C. | $445,000 | $125,000 | -71.9% | 0.1% |
| Citizens Bank | $425,000 | $115,000 | -72.9% | 0.1% |
| Magnolia Bank | $115,000 | n/a | 0.1% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $405,000 | $115,000 | -71.6% | 0.1% |
| ASCEND FEDERAL CREDIT UNION | $105,000 | n/a | 0.1% | |
| CREDIT HUMAN FEDERAL CREDIT UNION | $85,000 | $105,000 | 23.5% | 0.1% |
| VELOCITY COMMERCIAL CAPITAL, LLC | $105,000 | n/a | 0.1% | |
| FIRST COMMUNITY MORTGAGE, INC. | $530,000 | $95,000 | -82.1% | 0.1% |
| M&T Bank | $75,000 | $95,000 | 26.7% | 0.1% |
| BAYSHORE MORTGAGE FUNDING, LLC | $85,000 | n/a | 0.0% | |
| DELTA COMMUNITY CREDIT UNION | $85,000 | n/a | 0.0% | |
| SUN WEST MORTGAGE COMPANY, INC. | $85,000 | n/a | 0.0% | |
| U.S. Bank | $585,000 | $85,000 | -85.5% | 0.0% |
| CRESCENT MORTGAGE COMPANY | $75,000 | n/a | 0.0% | |
| MIDLAND MORTGAGE CORPORATION | $65,000 | n/a | 0.0% | |
| Figure Lending LLC | $55,000 | n/a | 0.0% | |
| AMERICAN ADVISORS GROUP | $145,000 | $45,000 | -69.0% | 0.0% |
| KEESLER | $45,000 | n/a | 0.0% | |
| 1st Franklin Financial Corporation | $130,000 | $5,000 | -96.2% | 0.0% |
Fort Payne's top lender by overall market share is QUICKEN LOANS, LLC, with 10.9% market share. In second place, with 8.9%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $15,255,000 in loans. In third place, with 5.3%, is Regions Bank, having originated $9,035,000 in loans. In fourth place, with 3.5%, is Mortgage Research Center, LLC, having originated $6,020,000 in loans. In fifth place, with 3.5%, is Renasant Bank, having originated $5,905,000 in loans.
Fort Payne, AL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 592 | $112,470,000 | $189,983 |
| Refi | 181 | $23,215,000 | $128,260 |
| Cash Out Refi | 179 | $29,185,000 | $163,045 |
| Home Improvement | 56 | $3,650,000 | $65,179 |
| Other | 34 | $2,340,000 | $68,824 |
Fort Payne's most frequently cited loan purpose was Home Purchase, with 592 originations. The 2nd most popular reason was Refi, with 181 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 260 | $45,610,000 | $175,423 |
| 3-4% | 197 | $34,825,000 | $176,777 |
| 4-5% | 196 | $37,460,000 | $191,122 |
| 6-7% | 126 | $22,020,000 | $174,762 |
| 2.5-3% | 48 | $7,550,000 | $157,292 |
| 7-8% | 38 | $5,100,000 | $134,211 |
| Over 8% | 33 | $3,815,000 | $115,606 |
| <2.5% | 14 | $1,870,000 | $133,571 |
During 2022, Fort Payne's most frequently originated rate bucket was 5-6%, with 260 originations.
Loan Sizing (Fort Payne, AL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 480 | $70,320,000 | $146,500 |
| $100,000 or less | 284 | $16,620,000 | $58,521 |
| $200k-400k | 240 | $63,560,000 | $264,833 |
| $400k-600k | 28 | $13,100,000 | $467,857 |
| $600k-1000k | 10 | $7,260,000 | $726,000 |
Fort Payne's loan sizing saw the bucket of loans from $100k-200k with 480 originations, totaling $70,320,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 482 | $94,340,000 | $195,726 |
| 60-80% | 212 | $38,620,000 | $182,170 |
| 40-60% | 101 | $13,855,000 | $137,178 |
| 20-40% | 51 | $4,395,000 | $86,176 |
| Under 20% | 41 | $1,315,000 | $32,073 |
| Over 100% | 20 | $5,030,000 | $251,500 |
Fort Payne's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 482 originations, totaling $94,340,000 in origination value.