Grand Rapids Mortgage Rates
30 Year Fixed Rate mortgages in Grand Rapids averaged
6.15%
for the week of 2022-06-23, compared to the national average of
5.81% for the same period.
The average rate for the prior week (2022-06-16) was
5.92% and
one month ago for the week of 2022-05-19, the
average rate was 5.19%.
Grand Rapids's average rate one year ago was 3%.
For refis of the same type during the week of 2022-06-23, the average rate
was 5.73%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2022-06-23 | 5.81% |
| Grand Rapids 30 Year Fixed Rate | 2022-06-23 | 6.15% |
| Grand Rapids 30 Year Fixed Rate Refi | 2022-06-23 | 5.73% |
| Grand Rapids 15 Year Fixed Rate | 2022-06-23 | 5.44% |
| Grand Rapids 15 Year Fixed Rate Refi | 2022-06-23 | 5.54% |
| Grand Rapids 30 Year FHA | 2022-06-23 | 0.23% |
| Grand Rapids 30 Year FHA Refi | 2022-06-23 | -0.14% |
| Grand Rapids 30 Year USDA | 2022-06-23 | 0.05% |
| Grand Rapids 30 Year USDA Refi | 2022-06-23 | 0.24% |
| Grand Rapids 30 Year VA | 2022-06-23 | 0.13% |
| Grand Rapids 30 Year VA Refi | 2022-06-23 | -0.15% |
Grand Rapids Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lendor, 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.).
Grand Rapids, MN's 112 lenders originated 1,886
loans during 2021. The total origination value was $355,110,000, with an average loan value of
$188,287.
The top Grand Rapids lender as defined by loan originations is AFFINITY PLUS, with
99 loans originated. Their average total fees are
$3,763, which is $48
lower than the next largest lender,
MEMBERS COOPERATIVE.
The lowest fee Grand Rapids lenders (with over 10 loans originated) are
U.S. Bank ($2,552), FIRST STATE MORTGAGE SERVICES, LLC ($3,039), Wells Fargo Bank ($3,316), Flagstar Bank, FSB ($3,336) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,378).
The lowest rate Grand Rapids lenders (with over 10 loans originated) are
American Bank of the North (2.73%), Deerwood Bank (2.81%), FIRST STATE MORTGAGE SERVICES, LLC (2.95%), UNITED WHOLESALE MORTGAGE, LLC (3.04%) and AFFINITY PLUS (3.07%).
Grand Rapids, MN Lender 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| AFFINITY PLUS | $47,230,000 | $49,115,000 | 4.0% | 13.8% |
| Wells Fargo Bank | $22,460,000 | $26,565,000 | 18.3% | 7.5% |
| QUICKEN LOANS, LLC | $18,855,000 | $24,190,000 | 28.3% | 6.8% |
| MEMBERS COOPERATIVE | $22,660,000 | $23,290,000 | 2.8% | 6.6% |
| Deerwood Bank | $36,405,000 | $19,760,000 | -45.7% | 5.6% |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $16,600,000 | $15,285,000 | -7.9% | 4.3% |
| Flagstar Bank, FSB | $6,705,000 | $12,965,000 | 93.4% | 3.7% |
| CROSSCOUNTRY MORTGAGE, LLC | $1,285,000 | $10,610,000 | 725.7% | 3.0% |
| U.S. Bank | $9,715,000 | $9,770,000 | 0.6% | 2.8% |
| Northview Bank | $10,175,000 | $8,640,000 | -15.1% | 2.4% |
| LOANDEPOT.COM, LLC | $1,850,000 | $7,100,000 | 283.8% | 2.0% |
| FIRST STATE MORTGAGE SERVICES, LLC | $11,790,000 | $7,055,000 | -40.2% | 2.0% |
| FREEDOM MORTGAGE CORPORATION | $6,325,000 | $5,965,000 | -5.7% | 1.7% |
| PENNYMAC LOAN SERVICES, LLC | $1,480,000 | $5,675,000 | 283.4% | 1.6% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,945,000 | $5,560,000 | 40.9% | 1.6% |
| UNITED WHOLESALE MORTGAGE, LLC | $2,785,000 | $5,105,000 | 83.3% | 1.4% |
| JPMorgan Chase Bank | $640,000 | $4,405,000 | 588.3% | 1.2% |
| Bell Bank | $5,885,000 | $4,335,000 | -26.3% | 1.2% |
| Mortgage Research Center, LLC | $3,030,000 | $4,090,000 | 35.0% | 1.2% |
| American Bank of the North | $15,500,000 | $4,005,000 | -74.2% | 1.1% |
| Tradition Mortgage, LLC | $2,220,000 | $3,345,000 | 50.7% | 0.9% |
| Servion, Inc. | $1,460,000 | $3,315,000 | 127.1% | 0.9% |
| AMERISAVE MORTGAGE CORPORATION | $1,410,000 | $2,605,000 | 84.8% | 0.7% |
| BROKER SOLUTIONS, INC. | $2,620,000 | $2,480,000 | -5.3% | 0.7% |
| WINGS FINANCIAL | $1,705,000 | $2,480,000 | 45.5% | 0.7% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $1,690,000 | $2,470,000 | 46.2% | 0.7% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $1,135,000 | $2,275,000 | 100.4% | 0.6% |
| Alerus Financial | $2,180,000 | $2,190,000 | 0.5% | 0.6% |
| Frandsen Bank & Trust | $2,860,000 | $1,720,000 | -39.9% | 0.5% |
| CMG MORTGAGE, INC. | $720,000 | $1,645,000 | 128.5% | 0.5% |
| GUARANTEED RATE, INC. | $1,820,000 | $1,570,000 | -13.7% | 0.4% |
| NAVY FEDERAL CREDIT UNION | $315,000 | $1,530,000 | 385.7% | 0.4% |
| Cambria Financial Group, LLC | $2,620,000 | $1,490,000 | -43.1% | 0.4% |
| Bremer Bank | $1,515,000 | $1,450,000 | -4.3% | 0.4% |
| HIWAY | $1,425,000 | n/a | 0.4% | |
| MANN FINANCIAL INC. | $540,000 | $1,425,000 | 163.9% | 0.4% |
| COMPEER FINANCIAL, FLCA | $795,000 | $1,385,000 | 74.2% | 0.4% |
| BAY EQUITY LLC | $400,000 | $1,345,000 | 236.3% | 0.4% |
| LAKEVIEW LOAN SERVICING, LLC | $1,210,000 | $1,310,000 | 8.3% | 0.4% |
| NEWREZ LLC | $535,000 | $1,310,000 | 144.9% | 0.4% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,150,000 | $1,255,000 | 9.1% | 0.4% |
| National Bank of Commerce | $1,640,000 | $1,230,000 | -25.0% | 0.3% |
| Barrington Bank & Trust Company, N.A. | $420,000 | $1,215,000 | 189.3% | 0.3% |
| Morgan Stanley Private Bank | $1,210,000 | n/a | 0.3% | |
| CRESCENT MORTGAGE COMPANY | $1,075,000 | $1,195,000 | 11.2% | 0.3% |
| Citibank | $1,185,000 | n/a | 0.3% | |
| Lend Smart Mortgage, LLC | $1,185,000 | $1,185,000 | 0.0% | 0.3% |
| Hometown Lenders, Inc. | $1,095,000 | n/a | 0.3% | |
| LEADERONE FINANCIAL CORPORATION | $2,720,000 | $1,095,000 | -59.7% | 0.3% |
| Baxter Credit Union | $460,000 | $1,080,000 | 134.8% | 0.3% |
| Merchants Bank | $910,000 | $1,080,000 | 18.7% | 0.3% |
| North Shore Bank of Commerce | $650,000 | $1,050,000 | 61.5% | 0.3% |
| CALIBER HOME LOANS, INC. | $865,000 | $1,045,000 | 20.8% | 0.3% |
| American Mortgage & Equity Consultants, Inc. | $3,785,000 | $1,030,000 | -72.8% | 0.3% |
| AMERICAN FINANCIAL NETWORK, INC. | $1,585,000 | $1,020,000 | -35.6% | 0.3% |
| NORTH STAR CREDIT UNION | $860,000 | $1,020,000 | 18.6% | 0.3% |
| GUARANTY HOME MORTGAGE CORPORATION | $1,015,000 | n/a | 0.3% | |
| First Bank & Trust | $1,010,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $770,000 | $995,000 | 29.2% | 0.3% |
| GUILD MORTGAGE COMPANY | $135,000 | $980,000 | 625.9% | 0.3% |
| Prosperity Home Mortgage, LLC | $1,125,000 | $895,000 | -20.4% | 0.3% |
| NEW DAY FINANCIAL, LLC | $2,035,000 | $885,000 | -56.5% | 0.2% |
| The Huntington National Bank | $880,000 | n/a | 0.2% | |
| BETTER MORTGAGE CORPORATION | $830,000 | n/a | 0.2% | |
| TCF National Bank | $185,000 | $755,000 | 308.1% | 0.2% |
| SPIRE Credit Union | $750,000 | n/a | 0.2% | |
| AmeriHome Mortgage Company, LLC | $145,000 | $720,000 | 396.6% | 0.2% |
| HOME POINT FINANCIAL CORPORATION | $630,000 | $715,000 | 13.5% | 0.2% |
| CHERRY CREEK MORTGAGE, LLC | $160,000 | $705,000 | 340.6% | 0.2% |
| KS StateBank | $730,000 | $705,000 | -3.4% | 0.2% |
| Stifel Bank and Trust | $800,000 | $700,000 | -12.5% | 0.2% |
| CORTRUST MORTGAGE, INC. | $680,000 | n/a | 0.2% | |
| AMERICAN FINANCING CORPORATION | $705,000 | $660,000 | -6.4% | 0.2% |
| Associated Bank | $660,000 | n/a | 0.2% | |
| CHURCHILL MORTGAGE CORPORATION | $580,000 | $655,000 | 12.9% | 0.2% |
| Royal Credit Union | $320,000 | $640,000 | 100.0% | 0.2% |
| Strong Home Mortgage, LLC | $600,000 | n/a | 0.2% | |
| Summit Mortgage Corporation | $345,000 | $565,000 | 63.8% | 0.2% |
| EVERETT FINANCIAL, INC. | $7,905,000 | $560,000 | -92.9% | 0.2% |
| ALTRA | $550,000 | n/a | 0.2% | |
| Carrington Mortgage Services, LLC | $610,000 | $550,000 | -9.8% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $125,000 | $545,000 | 336.0% | 0.2% |
| NOVATION CREDIT UNION | $545,000 | n/a | 0.2% | |
| STEARNS LENDING, LLC | $420,000 | $545,000 | 29.8% | 0.2% |
| Harbor Pointe Credit Union | $55,000 | $540,000 | 881.8% | 0.2% |
| Citizens Bank | $245,000 | $535,000 | 118.4% | 0.2% |
| American National Bank of Minnesota | $1,355,000 | $520,000 | -61.6% | 0.1% |
| HANCOCK MORTGAGE PARTNERS, LLC | $390,000 | $520,000 | 33.3% | 0.1% |
| Goldwater Bank, N.A. | $1,005,000 | $515,000 | -48.8% | 0.1% |
| SOFI LENDING CORP. | $515,000 | n/a | 0.1% | |
| The Miners National Bank of Eveleth | $370,000 | $515,000 | 39.2% | 0.1% |
| First State Bank and Trust | $185,000 | $510,000 | 175.7% | 0.1% |
| Lake Area Bank | $645,000 | $505,000 | -21.7% | 0.1% |
| First Guaranty Mortgage Corporation | $505,000 | $500,000 | -1.0% | 0.1% |
| InterContinental Capital Group, Inc | $460,000 | n/a | 0.1% | |
| VILLAGE CAPITAL & INVESTMENT LLC | $105,000 | $440,000 | 319.0% | 0.1% |
| First Federal Bank | $400,000 | $435,000 | 8.8% | 0.1% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $255,000 | $430,000 | 68.6% | 0.1% |
| IOWA BANKERS MORTGAGE CORPORATION | $365,000 | $425,000 | 16.4% | 0.1% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $420,000 | $400,000 | -4.8% | 0.1% |
| AMERICAN INTERNET MORTGAGE, INC. | $390,000 | n/a | 0.1% | |
| AXIA FINANCIAL, LLC | $390,000 | n/a | 0.1% | |
| UNION HOME MORTGAGE CORP. | $390,000 | n/a | 0.1% | |
| ST. CLOUD FINANCIAL | $370,000 | n/a | 0.1% | |
| TOTAL MORTGAGE SERVICES, LLC | $355,000 | n/a | 0.1% | |
| Waterstone Mortgage Corporation | $350,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $330,000 | n/a | 0.1% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $320,000 | n/a | 0.1% | |
| CONTOUR MORTGAGE CORPORATION | $315,000 | n/a | 0.1% | |
| Paramount Residential Mortgage Group, Inc. | $315,000 | n/a | 0.1% | |
| Bank of America | $310,000 | n/a | 0.1% | |
| American Heritage National Bank | $305,000 | n/a | 0.1% | |
| Columbia State Bank | $305,000 | n/a | 0.1% | |
| FAY SERVICING, LLC | $305,000 | n/a | 0.1% | |
| HomeTown Bank | $135,000 | $305,000 | 125.9% | 0.1% |
| NBKC BANK | $895,000 | $305,000 | -65.9% | 0.1% |
| HOMESTEAD FUNDING CORP. | $285,000 | n/a | 0.1% | |
| Magnolia Bank | $455,000 | $285,000 | -37.4% | 0.1% |
| PHH Mortgage Corporation | $165,000 | $275,000 | 66.7% | 0.1% |
| ACCELERATE MORTGAGE, LLC | $265,000 | n/a | 0.1% | |
| Choice Financial Group | $425,000 | $265,000 | -37.6% | 0.1% |
| Liberty Bank Minnesota | $155,000 | $265,000 | 71.0% | 0.1% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $85,000 | $260,000 | 205.9% | 0.1% |
| NBH Bank | $255,000 | n/a | 0.1% | |
| Woodlands National Bank | $445,000 | $250,000 | -43.8% | 0.1% |
| ACADEMY MORTGAGE CORPORATION | $205,000 | $245,000 | 19.5% | 0.1% |
| Axos Bank | $245,000 | n/a | 0.1% | |
| INTELLILOAN, INC. | $245,000 | n/a | 0.1% | |
| St. Paul Federal Credit Union | $195,000 | $245,000 | 25.6% | 0.1% |
| First International Bank & Trust | $325,000 | $235,000 | -27.7% | 0.1% |
| MidWestOne Bank | $235,000 | n/a | 0.1% | |
| North American Savings Bank, F.S.B. | $235,000 | n/a | 0.1% | |
| SOUTHPOINT FINANCIAL | $235,000 | n/a | 0.1% | |
| Sunrise Banks | $285,000 | $235,000 | -17.5% | 0.1% |
| EMBRACE HOME LOANS, INC. | $230,000 | n/a | 0.1% | |
| First Western Bank & Trust | $115,000 | $225,000 | 95.7% | 0.1% |
| VALLEY MORTGAGE, INC. | $215,000 | n/a | 0.1% | |
| THRIVENT Federal Credit Union | $205,000 | n/a | 0.1% | |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $200,000 | n/a | 0.1% | |
| Citizens Alliance Bank | $125,000 | $195,000 | 56.0% | 0.1% |
| GUARANTEED RATE AFFINITY, LLC | $195,000 | $195,000 | 0.0% | 0.1% |
| Ixonia Bank | $195,000 | n/a | 0.1% | |
| Liberty Savings Bank, F.S.B. | $515,000 | $195,000 | -62.1% | 0.1% |
| Nations Lending Corporation | $195,000 | n/a | 0.1% | |
| The Union Bank Company | $195,000 | n/a | 0.1% | |
| CoVantage Credit Union | $185,000 | n/a | 0.1% | |
| Gate City Bank | $185,000 | $185,000 | 0.0% | 0.1% |
| Neighborhood National Bank | $55,000 | $185,000 | 236.4% | 0.1% |
| BLUELEAF LENDING, LLC | $175,000 | n/a | 0.0% | |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $165,000 | n/a | 0.0% | |
| MEGASTAR FINANCIAL CORP. | $115,000 | $165,000 | 43.5% | 0.0% |
| RESULTS MORTGAGE, LLC | $385,000 | $165,000 | -57.1% | 0.0% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $155,000 | n/a | 0.0% | |
| Community State Bank | $155,000 | n/a | 0.0% | |
| First Federal Bank of Kansas City | $225,000 | $155,000 | -31.1% | 0.0% |
| Old National Bank | $115,000 | $155,000 | 34.8% | 0.0% |
| South Metro Federal Credit Union | $155,000 | n/a | 0.0% | |
| SUN WEST MORTGAGE COMPANY, INC. | $350,000 | $155,000 | -55.7% | 0.0% |
| TOWNE MORTGAGE COMPANY | $175,000 | $155,000 | -11.4% | 0.0% |
| PNC Bank | $965,000 | $140,000 | -85.5% | 0.0% |
| COMPASS MORTGAGE, INC. | $135,000 | n/a | 0.0% | |
| Manufacturers and Traders Trust Company | $135,000 | n/a | 0.0% | |
| Manufacturers Bank & Trust Company | $135,000 | n/a | 0.0% | |
| ROYAL UNITED MORTGAGE LLC | $170,000 | $130,000 | -23.5% | 0.0% |
| Bank of Springfield | $125,000 | n/a | 0.0% | |
| MINNCO CREDIT UNION | $125,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $125,000 | n/a | 0.0% | |
| CENTRAL MINNESOTA Credit Union | $4,240,000 | $115,000 | -97.3% | 0.0% |
| RELIANCE FIRST CAPITAL, LLC | $115,000 | n/a | 0.0% | |
| Bank of England | $620,000 | $105,000 | -83.1% | 0.0% |
| CCM Finance, LLC | $105,000 | n/a | 0.0% | |
| PLAZA HOME MORTGAGE, INC. | $195,000 | $105,000 | -46.2% | 0.0% |
| Northpointe Bank | $235,000 | $95,000 | -59.6% | 0.0% |
| Figure Lending LLC | $35,000 | $90,000 | 157.1% | 0.0% |
| LENOX FINANCIAL MORTGAGE CORPORATION | $85,000 | n/a | 0.0% | |
| Low VA Rates, LLC | $85,000 | n/a | 0.0% | |
| Bank Forward | $360,000 | $75,000 | -79.2% | 0.0% |
| Discover Bank | $65,000 | n/a | 0.0% | |
| NORTHWOODS | $65,000 | n/a | 0.0% | |
| QUORUM FEDERAL CREDIT UNION | $65,000 | n/a | 0.0% | |
| Sierra Pacific Mortgage Company, Inc. | $65,000 | n/a | 0.0% | |
| BMO Harris Bank | $370,000 | $25,000 | -93.2% | 0.0% |
| Home Loan Investment Bank, F.S.B. | $25,000 | n/a | 0.0% |
Grand Rapids's top lender by overall market share is AFFINITY PLUS, with 13.8% market share. In second place, with 7.5%, is Wells Fargo Bank, having originated $26,565,000 in loans. In third place, with 6.8%, is QUICKEN LOANS, LLC, having originated $24,190,000 in loans. In third place, with 6.6%, is MEMBERS COOPERATIVE, having originated $23,290,000 in loans. In third place, with 5.6%, is Deerwood Bank, having originated $19,760,000 in loans.
Grand Rapids, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 668 | $141,910,000 | $212,440 |
| Refi | 609 | $118,605,000 | $194,754 |
| Cash Out Refi | 556 | $86,320,000 | $155,252 |
| Home Improvement | 31 | $3,345,000 | $107,903 |
| Other | 22 | $4,930,000 | $224,091 |
Grand Rapids's most frequently cited loan purpose was Home Purchase, with 668 originations. The 2nd most popular reason was Refi, with 609 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 652 | $136,900,000 | $209,969 |
| 3-4% | 598 | $119,530,000 | $199,883 |
| <2.5% | 496 | $82,620,000 | $166,573 |
| 4-5% | 64 | $8,110,000 | $126,719 |
| 5-6% | 29 | $2,075,000 | $71,552 |
| 7-8% | 10 | $520,000 | $52,000 |
| 6-7% | 3 | $245,000 | $81,667 |
| Over 8% | 3 | $195,000 | $65,000 |
During 2021, Grand Rapids's most frequently originated rate bucket was 2.5-3%, with 652 originations.
Loan Sizing (Grand Rapids, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 806 | $120,590,000 | $149,615 |
| $200k-400k | 564 | $150,130,000 | $266,188 |
| $100,000 or less | 417 | $26,995,000 | $64,736 |
| $400k-600k | 78 | $36,950,000 | $473,718 |
| $600k-1000k | 14 | $11,050,000 | $789,286 |
| $Over $1MM | 7 | $9,395,000 | $1,342,143 |
Grand Rapids's loan sizing saw the bucket of loans from $100k-200k with 806 originations, totaling $120,590,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 639 | $134,775,000 | $210,915 |
| 60-80% | 612 | $133,630,000 | $218,350 |
| 40-60% | 288 | $49,560,000 | $172,083 |
| 20-40% | 152 | $15,210,000 | $100,066 |
| Under 20% | 101 | $3,985,000 | $39,455 |
| Over 100% | 19 | $5,125,000 | $269,737 |
Grand Rapids's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 639 originations, totaling $134,775,000 in origination value.
