Grand Rapids Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Grand Rapids averaged 6.25% for the week of 2024-10-03, compared to the national average of 6.12% for the same period.

The average rate for the prior week (2024-09-26) was 6.31% and one month ago for the week of 2024-08-29, the average rate was 6.28%.

Grand Rapids's average rate one year ago was 7.14%.

For refis of the same type during the week of 2024-10-03, the average rate was 6.32%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-10-03 6.12%
Grand Rapids 30 Year Fixed Rate 2024-10-03 6.25%
Grand Rapids 30 Year Fixed Rate Refi 2024-10-03 6.32%
Grand Rapids 15 Year Fixed Rate 2024-10-03 5.15%
Grand Rapids 15 Year Fixed Rate Refi 2024-10-03 5.35%
Grand Rapids 30 Year FHA 2024-10-03 5.79%
Grand Rapids 30 Year FHA Refi 2024-10-03 5.99%
Grand Rapids 30 Year USDA 2024-10-03 6.07%
Grand Rapids 30 Year USDA Refi 2024-10-03 5.87%
Grand Rapids 30 Year VA 2024-10-03 5.5%
Grand Rapids 30 Year VA Refi 2024-10-03 5.8%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Grand Rapids, MN.

Grand Rapids 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 Grand Rapids, 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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
MEMBERS COOPERATIVE 54 6.96% $4,600
AFFINITY PLUS 30 6.61% $4,084
CROSSCOUNTRY MORTGAGE, LLC 21 7.00% $5,499
Flagstar Bank, FSB 20 6.75% $3,974
PREMIER MORTGAGE RESOURCES, L.L.C. 19 6.93% $7,092
QUICKEN LOANS, LLC 15 6.77% $6,405
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 7.31% $4,249
UNITED WHOLESALE MORTGAGE, LLC 10 7.43% $9,323
Wells Fargo Bank 9 7.31% $3,964
U.S. Bank 9 6.79% $6,870
Park State Bank 8 6.61% $4,472
Deerwood Bank 6 7.44% $6,626
MANN FINANCIAL INC. 6 7.15% $4,793
Northview Bank 6 6.69% $3,964
GUARANTEED RATE, INC. 5 6.74% $4,579
National Bank of Commerce 5 6.75% $3,865
Bell Bank 4 6.91% $4,698
WINGS FINANCIAL 4 5.41% $3,773
Frandsen Bank & Trust 3 6.46% $2,814
North Shore Bank of Commerce 3 6.04% $7,744
Servion, Inc. 3 6.96% $4,628
HIWAY 3 6.29% $3,142
CRESCENT MORTGAGE COMPANY 3 7.17% $6,373
Associated Bank 2 6.19% $4,645
First Western Bank & Trust 2 5.75% $3,146
Mortgages Unlimited Inc. 2 6.38% $4,827
American Mortgage & Equity Consultants, Inc. 2 6.50% $5,692
Mortgage Research Center, LLC 2 6.88% $2,446
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 8.25% $6,778
Bank Forward 2 6.00% $6,199
Gate City Bank 2 6.44% $5,921
Cambria Financial Group, LLC 2 7.12% $3,749
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.13% $2,298
Summit Mortgage Corporation 1 6.38% $5,098
The Huntington National Bank 1 7.50% $6,117
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 7.63% $5,398
UNION HOME MORTGAGE CORP. 1 8.63% $6,092
VALLEY MORTGAGE, INC. 1 6.38% $4,862
SUPERIOR CHOICE 1 6.88% $3,196
Alerus Financial 1 8.00% $6,761
AMERISAVE MORTGAGE CORPORATION 1 5.38% $9,718
Bank of America 1 6.88% $5,968
BAY EQUITY LLC 1 6.75% $15,036
BOKF 1 7.00% $4,023
BROKER SOLUTIONS, INC. 1 7.75% $6,909
Carrington Mortgage Services, LLC 1 6.88% $6,447
Citadel Servicing Corporation 1 11.00% $9,633
Citizens Community Federal 1 6.00% $5,308
CMG MORTGAGE, INC. 1 6.75% $4,082
COMPASS MORTGAGE, INC. 1 6.63% $3,275
DATA MORTGAGE, INC. 1 7.13% $7,080
EVERETT FINANCIAL, INC. 1 7.38% $4,419
First Bank & Trust 1 6.50% $5,233
FIRST COLONY MORTGAGE CORPORATION 1 7.50% $6,858
FREEDOM MORTGAGE CORPORATION 1 7.63% $7,133
GUILD MORTGAGE COMPANY 1 6.38% $3,500
IDEAL 1 5.63% $3,859
Ixonia Bank 1 6.75% $5,367
JPMorgan Chase Bank 1 5.49% $17,028
Leader Bank 1 7.13% $5,387
LOANDEPOT.COM, LLC 1 6.99% $9,263
Mr. Cooper ( Nationstar Mortgage ) 1 6.49% $7,017
NAVY FEDERAL CREDIT UNION 1 5.75% $4,160
NBKC BANK 1 6.63% $3,046
Neighborhood Loans, Inc. 1 7.63% $6,954
North Shore Federal Credit Union 1 6.00% $3,789
PENNYMAC LOAN SERVICES, LLC 1 7.63% $12,013
PLAZA HOME MORTGAGE, INC. 1 7.25% $3,506
Royal Credit Union 1 6.75% $0
ROYAL UNITED MORTGAGE LLC 1 6.88% $11,101
ST. CLOUD FINANCIAL 1 7.25% $3,506

Grand Rapids Average Closing Costs & Other Stats

Grand Rapids, MN's 71 lenders originated 839 loans during 2023. The total origination value was $134,515,000, with an average loan value of $160,328.

Grand Rapids's average closing costs are $4,624.

The top Grand Rapids lender as defined by loan originations is MEMBERS COOPERATIVE, with 54 loans originated. Their average total fees are $4,600, which is $516 higher than the next largest lender, AFFINITY PLUS.

The lowest fee Grand Rapids lenders (with over 10 loans originated) are Flagstar Bank, FSB ($3,974), AFFINITY PLUS ($4,084), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,249), MEMBERS COOPERATIVE ($4,600) and CROSSCOUNTRY MORTGAGE, LLC ($5,499).

The lowest rate Grand Rapids lenders (with over 10 loans originated) are AFFINITY PLUS (6.61%), Flagstar Bank, FSB (6.75%), QUICKEN LOANS, LLC (6.77%), PREMIER MORTGAGE RESOURCES, L.L.C. (6.93%) and MEMBERS COOPERATIVE (6.96%).

Grand Rapids, 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
AFFINITY PLUS $19,750,000 $16,260,000 -17.7% 12.1%
MEMBERS COOPERATIVE $20,100,000 $13,085,000 -34.9% 9.7%
CROSSCOUNTRY MORTGAGE, LLC $7,625,000 $9,755,000 27.9% 7.3%
Deerwood Bank $11,855,000 $8,335,000 -29.7% 6.2%
PREMIER MORTGAGE RESOURCES, L.L.C. $6,520,000 $7,855,000 20.5% 5.8%
Flagstar Bank, FSB $9,390,000 $6,390,000 -31.9% 4.8%
U.S. Bank $7,745,000 $4,715,000 -39.1% 3.5%
QUICKEN LOANS, LLC $10,090,000 $4,270,000 -57.7% 3.2%
UNITED WHOLESALE MORTGAGE, LLC $2,595,000 $4,055,000 56.3% 3.0%
Mortgage Research Center, LLC $3,350,000 $3,495,000 4.3% 2.6%
Park State Bank $2,785,000 n/a 2.1%
PENNYMAC LOAN SERVICES, LLC $2,535,000 $2,460,000 -3.0% 1.8%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $4,795,000 $2,430,000 -49.3% 1.8%
Northview Bank $3,250,000 $2,235,000 -31.2% 1.7%
MANN FINANCIAL INC. $3,295,000 $1,985,000 -39.8% 1.5%
National Bank of Commerce $10,525,000 $1,920,000 -81.8% 1.4%
Wells Fargo Bank $9,060,000 $1,770,000 -80.5% 1.3%
WINGS FINANCIAL $1,975,000 $1,690,000 -14.4% 1.3%
North Shore Bank of Commerce $85,000 $1,480,000 1,641.2% 1.1%
Bell Bank $3,715,000 $1,250,000 -66.4% 0.9%
GUARANTEED RATE, INC. $995,000 $1,175,000 18.1% 0.9%
NAVY FEDERAL CREDIT UNION $1,485,000 $1,050,000 -29.3% 0.8%
LOANDEPOT.COM, LLC $2,920,000 $1,010,000 -65.4% 0.8%
CRESCENT MORTGAGE COMPANY $380,000 $975,000 156.6% 0.7%
Servion, Inc. $1,100,000 $900,000 -18.2% 0.7%
NEW DAY FINANCIAL, LLC $340,000 $870,000 155.9% 0.6%
HIWAY $185,000 $855,000 362.2% 0.6%
TRUSTONE FINANCIAL FEDERAL CREDIT UNION $2,720,000 $740,000 -72.8% 0.6%
BROKER SOLUTIONS, INC. $1,240,000 $730,000 -41.1% 0.5%
MID AMERICA MORTGAGE, INC. $105,000 $685,000 552.4% 0.5%
Associated Bank $645,000 $680,000 5.4% 0.5%
American Mortgage & Equity Consultants, Inc. $1,100,000 $665,000 -39.5% 0.5%
Frandsen Bank & Trust $715,000 $665,000 -7.0% 0.5%
SUPERIOR CHOICE $635,000 n/a 0.5%
Bank Forward $630,000 n/a 0.5%
First Western Bank & Trust $485,000 $625,000 28.9% 0.5%
Cambria Financial Group, LLC $970,000 $585,000 -39.7% 0.4%
Alerus Financial $95,000 $580,000 510.5% 0.4%
Northern State Bank of Virginia $545,000 n/a 0.4%
PLANET HOME LENDING, LLC $535,000 n/a 0.4%
BAY EQUITY LLC $585,000 $525,000 -10.3% 0.4%
Bremer Bank $2,495,000 $525,000 -79.0% 0.4%
JPMorgan Chase Bank $970,000 $520,000 -46.4% 0.4%
Gate City Bank $175,000 $510,000 191.4% 0.4%
Sentry Bank $505,000 n/a 0.4%
RESIDENTIAL BANCORP $445,000 n/a 0.3%
Farmers Bank & Trust $435,000 n/a 0.3%
Sunrise Banks $405,000 n/a 0.3%
NBKC BANK $395,000 n/a 0.3%
NORTH STAR CREDIT UNION $1,470,000 $395,000 -73.1% 0.3%
IDEAL $145,000 $390,000 169.0% 0.3%
SUN WEST MORTGAGE COMPANY, INC. $385,000 n/a 0.3%
PLAZA HOME MORTGAGE, INC. $370,000 n/a 0.3%
Citizens Community Federal $365,000 n/a 0.3%
FREEDOM MORTGAGE CORPORATION $1,310,000 $350,000 -73.3% 0.3%
Prosperity Home Mortgage, LLC $755,000 $345,000 -54.3% 0.3%
BOKF $335,000 n/a 0.2%
FNB Moose Lake $335,000 n/a 0.2%
Mr. Cooper ( Nationstar Mortgage ) $1,550,000 $320,000 -79.4% 0.2%
Johnson Bank $345,000 $305,000 -11.6% 0.2%
Mortgages Unlimited Inc. $185,000 $300,000 62.2% 0.2%
Stifel Bank and Trust $295,000 n/a 0.2%
HOMEBRIDGE FINANCIAL SERVICES, INC. $285,000 n/a 0.2%
HomeTown Bank $285,000 n/a 0.2%
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $105,000 $280,000 166.7% 0.2%
Citadel Servicing Corporation $275,000 n/a 0.2%
Tradition Mortgage, LLC $1,950,000 $275,000 -85.9% 0.2%
Western National Bank $275,000 n/a 0.2%
AMERISAVE MORTGAGE CORPORATION $2,350,000 $270,000 -88.5% 0.2%
Neighborhood National Bank $265,000 $265,000 0.0% 0.2%
First Bank & Trust $255,000 n/a 0.2%
Plains Commerce Bank $255,000 n/a 0.2%
CMG MORTGAGE, INC. $430,000 $245,000 -43.0% 0.2%
North Shore Federal Credit Union $240,000 n/a 0.2%
UNION HOME MORTGAGE CORP. $240,000 n/a 0.2%
COMPEER FINANCIAL, FLCA $360,000 $225,000 -37.5% 0.2%
NEWREZ LLC $605,000 $225,000 -62.8% 0.2%
Ixonia Bank $215,000 n/a 0.2%
Leader Bank $215,000 n/a 0.2%
The Federal Savings Bank $255,000 $215,000 -15.7% 0.2%
CALIBER HOME LOANS, INC. $195,000 n/a 0.1%
PENTAGON FEDERAL CREDIT UNION $195,000 n/a 0.1%
ROYAL UNITED MORTGAGE LLC $195,000 n/a 0.1%
AMERICAN FINANCIAL NETWORK, INC. $185,000 n/a 0.1%
DATA MORTGAGE, INC. $135,000 $185,000 37.0% 0.1%
LONGBRIDGE FINANCIAL, LLC $185,000 n/a 0.1%
Bank of America $820,000 $180,000 -78.0% 0.1%
BankVista $145,000 $175,000 20.7% 0.1%
Neighborhood Loans, Inc. $225,000 $175,000 -22.2% 0.1%
PRIMELENDING, A PLAINSCAPITAL COMPANY $175,000 n/a 0.1%
CENTRICITY Credit Union $165,000 n/a 0.1%
FIRST COLONY MORTGAGE CORPORATION $165,000 n/a 0.1%
Summit Mortgage Corporation $815,000 $165,000 -79.8% 0.1%
Citizens Bank $65,000 $160,000 146.2% 0.1%
CORNERSTONE HOME LENDING, INC. $160,000 n/a 0.1%
VALLEY MORTGAGE, INC. $155,000 n/a 0.1%
AMERICAN PACIFIC MORTGAGE CORPORATION $1,080,000 $150,000 -86.1% 0.1%
GUILD MORTGAGE COMPANY $105,000 $145,000 38.1% 0.1%
ST. CLOUD FINANCIAL $230,000 $145,000 -37.0% 0.1%
Manufacturers Bank & Trust Company $75,000 $140,000 86.7% 0.1%
Bank First, N.A. $130,000 n/a 0.1%
American National Bank of Minnesota $955,000 $125,000 -86.9% 0.1%
Carrington Mortgage Services, LLC $345,000 $115,000 -66.7% 0.1%
Minnesota Power Employees Credit Union $115,000 n/a 0.1%
The Huntington National Bank $105,000 $115,000 9.5% 0.1%
AgCountry Farm Credit Services, FLCA $105,000 n/a 0.1%
Discover Bank $100,000 $105,000 5.0% 0.1%
Figure Lending LLC $25,000 $100,000 300.0% 0.1%
Lake Central Bank $95,000 n/a 0.1%
MUTUAL OF OMAHA MORTGAGE, INC. $1,075,000 $95,000 -91.2% 0.1%
TRIAD FINANCIAL SERVICES, INC. $95,000 n/a 0.1%
MINNCO CREDIT UNION $120,000 $80,000 -33.3% 0.1%
Royal Credit Union $895,000 $80,000 -91.1% 0.1%
COMPASS MORTGAGE, INC. $65,000 n/a 0.0%
CENTRAL MINNESOTA Credit Union $665,000 $55,000 -91.7% 0.0%
Coastal Community Bank $55,000 n/a 0.0%
EVERETT FINANCIAL, INC. $990,000 $55,000 -94.4% 0.0%
The Miners National Bank of Eveleth $1,090,000 $55,000 -95.0% 0.0%
THRIVENT Federal Credit Union $185,000 $45,000 -75.7% 0.0%
NORTHWOODS $95,000 $35,000 -63.2% 0.0%
VERIDIAN CREDIT UNION $35,000 n/a 0.0%

Grand Rapids's top lender by overall market share is AFFINITY PLUS, with 12.1% market share. In second place, with 9.7%, is MEMBERS COOPERATIVE, having originated $13,085,000 in loans. In third place, with 7.3%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $9,755,000 in loans. In fourth place, with 6.2%, is Deerwood Bank, having originated $8,335,000 in loans. In fifth place, with 5.8%, is PREMIER MORTGAGE RESOURCES, L.L.C., having originated $7,855,000 in loans.

Grand Rapids, MN Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 445 $96,965,000 $217,899
Other 128 $8,320,000 $65,000
Home Improvement 110 $6,800,000 $61,818
Cash Out Refi 84 $14,150,000 $168,452
Refi 72 $8,280,000 $115,000

Grand Rapids's most frequently cited loan purpose was Home Purchase, with 445 originations. The 2nd most popular reason was Other, with 128 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 344 $61,490,000 $178,750
7-8% 249 $38,315,000 $153,876
5-6% 117 $19,295,000 $164,915
Over 8% 89 $8,305,000 $93,315
4-5% 11 $1,435,000 $130,455
<2.5% 2 $10,000 $5,000

During 2023, Grand Rapids's most frequently originated rate bucket was 6-7%, with 344 originations.

Loan Sizing (Grand Rapids, MN MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 338 $18,200,000 $53,846
$100k-200k 264 $40,100,000 $151,894
$200k-400k 195 $51,695,000 $265,103
$400k-600k 31 $14,705,000 $474,355
$600k-1000k 8 $6,030,000 $753,750
$Over $1MM 3 $3,785,000 $1,261,667

Grand Rapids's loan sizing saw the bucket of loans from $100,000 or less with 338 originations, totaling $18,200,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 286 $60,640,000 $212,028
Under 20% 166 $7,250,000 $43,675
60-80% 147 $34,595,000 $235,340
20-40% 125 $11,365,000 $90,920
40-60% 86 $13,660,000 $158,837
Over 100% 4 $1,360,000 $340,000

Grand Rapids's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 286 originations, totaling $60,640,000 in origination value.