Grand Rapids Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Grand Rapids averaged
7.25%
for the week of 2023-11-22, compared to the national average of
7.29% for the same period.
The average rate for the prior week (2023-11-16) was
7.3% and
one month ago for the week of 2023-10-19, the
average rate was 7.39%.
Grand Rapids's average rate one year ago was 6.67%.
For refis of the same type during the week of 2023-11-22, the average rate
was 7.19%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-11-22 | 7.29% |
| Grand Rapids 30 Year Fixed Rate | 2023-11-22 | 7.25% |
| Grand Rapids 30 Year Fixed Rate Refi | 2023-11-22 | 7.19% |
| Grand Rapids 15 Year Fixed Rate | 2023-11-22 | 6.87% |
| Grand Rapids 15 Year Fixed Rate Refi | 2023-11-22 | 6.97% |
| Grand Rapids 30 Year FHA | 2023-11-22 | 0.1% |
| Grand Rapids 30 Year FHA Refi | 2023-11-22 | -0.1% |
| Grand Rapids 30 Year USDA | 2023-11-22 | -0.2% |
| Grand Rapids 30 Year USDA Refi | 2023-11-22 | -0.2% |
| Grand Rapids 30 Year VA | 2023-11-22 | -0.1% |
| Grand Rapids 30 Year VA Refi | 2023-11-22 | -0.1% |
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.).
Grand Rapids Average Closing Costs & Other Stats
Grand Rapids, MN's 92 lenders originated 1,132
loans during 2022. The total origination value was $202,360,000, with an average loan value of
$178,763.
Grand Rapids's average closing costs are $4,454.
The top Grand Rapids lender as defined by loan originations is MEMBERS COOPERATIVE, with
82 loans originated. Their average total fees are
$4,483, which is $623
higher than the next largest lender,
Flagstar Bank, FSB.
The lowest fee Grand Rapids lenders (with over 10 loans originated) are
AFFINITY PLUS ($3,765), Flagstar Bank, FSB ($3,860), U.S. Bank ($4,104), Wells Fargo Bank ($4,130) and Deerwood Bank ($4,170).
The lowest rate Grand Rapids lenders (with over 10 loans originated) are
AFFINITY PLUS (4.36%), Deerwood Bank (4.46%), Flagstar Bank, FSB (4.61%), QUICKEN LOANS, LLC (4.94%) and U.S. Bank (5.03%).
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| MEMBERS COOPERATIVE | $23,290,000 | $20,100,000 | -13.7% | 9.9% |
| AFFINITY PLUS | $49,115,000 | $19,750,000 | -59.8% | 9.8% |
| Deerwood Bank | $19,760,000 | $11,855,000 | -40.0% | 5.9% |
| National Bank of Commerce | $1,230,000 | $10,525,000 | 755.7% | 5.2% |
| QUICKEN LOANS, LLC | $24,190,000 | $10,090,000 | -58.3% | 5.0% |
| Flagstar Bank, FSB | $12,965,000 | $9,390,000 | -27.6% | 4.6% |
| Wells Fargo Bank | $26,565,000 | $9,060,000 | -65.9% | 4.5% |
| U.S. Bank | $9,770,000 | $7,745,000 | -20.7% | 3.8% |
| CROSSCOUNTRY MORTGAGE, LLC | $10,610,000 | $7,625,000 | -28.1% | 3.8% |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $15,285,000 | $6,520,000 | -57.3% | 3.2% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $5,560,000 | $4,795,000 | -13.8% | 2.4% |
| Bell Bank | $4,335,000 | $3,715,000 | -14.3% | 1.8% |
| Mortgage Research Center, LLC | $4,090,000 | $3,350,000 | -18.1% | 1.7% |
| MANN FINANCIAL INC. | $1,425,000 | $3,295,000 | 131.2% | 1.6% |
| Northview Bank | $8,640,000 | $3,250,000 | -62.4% | 1.6% |
| LOANDEPOT.COM, LLC | $7,100,000 | $2,920,000 | -58.9% | 1.4% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $2,470,000 | $2,720,000 | 10.1% | 1.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $5,105,000 | $2,595,000 | -49.2% | 1.3% |
| PENNYMAC LOAN SERVICES, LLC | $5,675,000 | $2,535,000 | -55.3% | 1.3% |
| Bremer Bank | $1,450,000 | $2,495,000 | 72.1% | 1.2% |
| AMERISAVE MORTGAGE CORPORATION | $2,605,000 | $2,350,000 | -9.8% | 1.2% |
| WINGS FINANCIAL | $2,480,000 | $1,975,000 | -20.4% | 1.0% |
| Tradition Mortgage, LLC | $3,345,000 | $1,950,000 | -41.7% | 1.0% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,255,000 | $1,550,000 | 23.5% | 0.8% |
| NAVY FEDERAL CREDIT UNION | $1,530,000 | $1,485,000 | -2.9% | 0.7% |
| NORTH STAR CREDIT UNION | $1,020,000 | $1,470,000 | 44.1% | 0.7% |
| FREEDOM MORTGAGE CORPORATION | $5,965,000 | $1,310,000 | -78.0% | 0.6% |
| BROKER SOLUTIONS, INC. | $2,480,000 | $1,240,000 | -50.0% | 0.6% |
| USAA Federal Savings Bank | $995,000 | $1,140,000 | 14.6% | 0.6% |
| American Mortgage & Equity Consultants, Inc. | $1,030,000 | $1,100,000 | 6.8% | 0.5% |
| Servion, Inc. | $3,315,000 | $1,100,000 | -66.8% | 0.5% |
| The Miners National Bank of Eveleth | $515,000 | $1,090,000 | 111.7% | 0.5% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $155,000 | $1,080,000 | 596.8% | 0.5% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $1,075,000 | n/a | 0.5% | |
| GUARANTEED RATE, INC. | $1,570,000 | $995,000 | -36.6% | 0.5% |
| EVERETT FINANCIAL, INC. | $560,000 | $990,000 | 76.8% | 0.5% |
| Lend Smart Mortgage, LLC | $1,185,000 | $975,000 | -17.7% | 0.5% |
| Cambria Financial Group, LLC | $1,490,000 | $970,000 | -34.9% | 0.5% |
| JPMorgan Chase Bank | $4,405,000 | $970,000 | -78.0% | 0.5% |
| American National Bank of Minnesota | $520,000 | $955,000 | 83.7% | 0.5% |
| Royal Credit Union | $640,000 | $895,000 | 39.8% | 0.4% |
| HOME POINT FINANCIAL CORPORATION | $715,000 | $865,000 | 21.0% | 0.4% |
| MEGASTAR FINANCIAL CORP. | $165,000 | $865,000 | 424.2% | 0.4% |
| Bank of America | $310,000 | $820,000 | 164.5% | 0.4% |
| Summit Mortgage Corporation | $565,000 | $815,000 | 44.2% | 0.4% |
| Prosperity Home Mortgage, LLC | $895,000 | $755,000 | -15.6% | 0.4% |
| Frandsen Bank & Trust | $1,720,000 | $715,000 | -58.4% | 0.4% |
| CENTRAL MINNESOTA Credit Union | $115,000 | $665,000 | 478.3% | 0.3% |
| Associated Bank | $660,000 | $645,000 | -2.3% | 0.3% |
| GSF Mortgage Corporation | $645,000 | n/a | 0.3% | |
| Goldwater Bank, N.A. | $515,000 | $640,000 | 24.3% | 0.3% |
| Morgan Stanley Private Bank | $1,210,000 | $635,000 | -47.5% | 0.3% |
| HANCOCK MORTGAGE PARTNERS, LLC | $520,000 | $610,000 | 17.3% | 0.3% |
| NEWREZ LLC | $1,310,000 | $605,000 | -53.8% | 0.3% |
| BAY EQUITY LLC | $1,345,000 | $585,000 | -56.5% | 0.3% |
| Merchants Bank | $1,080,000 | $585,000 | -45.8% | 0.3% |
| Union State Bank of Fargo | $550,000 | n/a | 0.3% | |
| Home Federal Savings Bank | $535,000 | n/a | 0.3% | |
| AXIA FINANCIAL, LLC | $390,000 | $500,000 | 28.2% | 0.2% |
| Armed Forces Bank | $485,000 | n/a | 0.2% | |
| First Western Bank & Trust | $225,000 | $485,000 | 115.6% | 0.2% |
| LEADERONE FINANCIAL CORPORATION | $1,095,000 | $465,000 | -57.5% | 0.2% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $2,275,000 | $450,000 | -80.2% | 0.2% |
| CMG MORTGAGE, INC. | $1,645,000 | $430,000 | -73.9% | 0.2% |
| FINANCE OF AMERICA REVERSE LLC | $430,000 | n/a | 0.2% | |
| GUARANTEED RATE AFFINITY, LLC | $195,000 | $430,000 | 120.5% | 0.2% |
| MORIA DEVELOPMENT, INC. | $430,000 | n/a | 0.2% | |
| CITYWIDE HOME LOANS, LLC | $425,000 | n/a | 0.2% | |
| Ally Bank | $410,000 | n/a | 0.2% | |
| LAKEVIEW LOAN SERVICING, LLC | $1,310,000 | $400,000 | -69.5% | 0.2% |
| City National Bank | $395,000 | n/a | 0.2% | |
| FIRST STATE MORTGAGE SERVICES, LLC | $7,055,000 | $385,000 | -94.5% | 0.2% |
| CRESCENT MORTGAGE COMPANY | $1,195,000 | $380,000 | -68.2% | 0.2% |
| COMPEER FINANCIAL, FLCA | $1,385,000 | $360,000 | -74.0% | 0.2% |
| AmeriHome Mortgage Company, LLC | $720,000 | $355,000 | -50.7% | 0.2% |
| EMBRACE HOME LOANS, INC. | $230,000 | $355,000 | 54.3% | 0.2% |
| ENVOY MORTGAGE, LTD | $355,000 | n/a | 0.2% | |
| Carrington Mortgage Services, LLC | $550,000 | $345,000 | -37.3% | 0.2% |
| Johnson Bank | $345,000 | n/a | 0.2% | |
| CHURCHILL MORTGAGE CORPORATION | $655,000 | $340,000 | -48.1% | 0.2% |
| NEW DAY FINANCIAL, LLC | $885,000 | $340,000 | -61.6% | 0.2% |
| WESTconsin Credit Union | $305,000 | n/a | 0.2% | |
| MOVEMENT MORTGAGE, LLC | $545,000 | $295,000 | -45.9% | 0.1% |
| Deere Employees Credit Union | $285,000 | n/a | 0.1% | |
| RiverWood Bank | $285,000 | n/a | 0.1% | |
| SPIRE Credit Union | $750,000 | $285,000 | -62.0% | 0.1% |
| Mid-Continent Funding, Inc. | $275,000 | n/a | 0.1% | |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $200,000 | $270,000 | 35.0% | 0.1% |
| Neighborhood National Bank | $185,000 | $265,000 | 43.2% | 0.1% |
| GUARANTY HOME MORTGAGE CORPORATION | $1,015,000 | $260,000 | -74.4% | 0.1% |
| The Federal Savings Bank | $255,000 | n/a | 0.1% | |
| VILLAGE CAPITAL MORTGAGE | $440,000 | $245,000 | -44.3% | 0.1% |
| Amerifirst Financial, Inc. | $235,000 | n/a | 0.1% | |
| Star Choice Credit Union | $235,000 | n/a | 0.1% | |
| ST. CLOUD FINANCIAL | $370,000 | $230,000 | -37.8% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $1,215,000 | $225,000 | -81.5% | 0.1% |
| BNC National Bank | $225,000 | n/a | 0.1% | |
| Neighborhood Loans, Inc. | $225,000 | n/a | 0.1% | |
| AMERICAN ADVISORS GROUP | $220,000 | n/a | 0.1% | |
| CEDAR FALLS COMMUNITY CREDIT UNION | $215,000 | n/a | 0.1% | |
| Northern State Bank | $205,000 | n/a | 0.1% | |
| Providence Bank & Trust | $205,000 | n/a | 0.1% | |
| SIRVA MORTGAGE, INC. | $195,000 | n/a | 0.1% | |
| FINANCE OF AMERICA MORTGAGE LLC | $190,000 | n/a | 0.1% | |
| HIWAY | $1,425,000 | $185,000 | -87.0% | 0.1% |
| Mortgages Unlimited Inc. | $185,000 | n/a | 0.1% | |
| THRIVENT Federal Credit Union | $205,000 | $185,000 | -9.8% | 0.1% |
| Gate City Bank | $185,000 | $175,000 | -5.4% | 0.1% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $165,000 | n/a | 0.1% | |
| Waterstone Mortgage Corporation | $350,000 | $165,000 | -52.9% | 0.1% |
| St. Paul Federal Credit Union | $245,000 | $155,000 | -36.7% | 0.1% |
| BankVista | $145,000 | n/a | 0.1% | |
| IDEAL | $145,000 | n/a | 0.1% | |
| MidWestOne Bank | $235,000 | $145,000 | -38.3% | 0.1% |
| American National Bank | $135,000 | n/a | 0.1% | |
| Citizens Bank Minnesota | $135,000 | n/a | 0.1% | |
| DATA MORTGAGE, INC. | $135,000 | n/a | 0.1% | |
| Northpointe Bank | $95,000 | $135,000 | 42.1% | 0.1% |
| HOMESIDE FINANCIAL, LLC | $125,000 | n/a | 0.1% | |
| Regent Financial Group, Inc. | $125,000 | n/a | 0.1% | |
| MINNCO CREDIT UNION | $125,000 | $120,000 | -4.0% | 0.1% |
| 21ST MORTGAGE CORPORATION | $115,000 | n/a | 0.1% | |
| Alliance Bank | $105,000 | n/a | 0.1% | |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $260,000 | $105,000 | -59.6% | 0.1% |
| Farmers & Merchants Savings Bank | $105,000 | n/a | 0.1% | |
| GUILD MORTGAGE COMPANY | $980,000 | $105,000 | -89.3% | 0.1% |
| Liberty Bank Minnesota | $265,000 | $105,000 | -60.4% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $105,000 | n/a | 0.1% | |
| The Huntington National Bank | $880,000 | $105,000 | -88.1% | 0.1% |
| Discover Bank | $65,000 | $100,000 | 53.8% | 0.0% |
| Alerus Financial | $2,190,000 | $95,000 | -95.7% | 0.0% |
| NORTHWOODS | $65,000 | $95,000 | 46.2% | 0.0% |
| Nations Lending Corporation | $195,000 | $85,000 | -56.4% | 0.0% |
| North Shore Bank of Commerce | $1,050,000 | $85,000 | -91.9% | 0.0% |
| ARC HOME LLC | $75,000 | n/a | 0.0% | |
| Manufacturers Bank & Trust Company | $135,000 | $75,000 | -44.4% | 0.0% |
| Citizens Bank | $535,000 | $65,000 | -87.9% | 0.0% |
| Peoples State Bank of Plainview | $65,000 | n/a | 0.0% | |
| SPRING EQ, LLC | $65,000 | n/a | 0.0% | |
| MARINE | $45,000 | n/a | 0.0% | |
| Old National Bank | $155,000 | $45,000 | -71.0% | 0.0% |
| BMO Harris Bank | $25,000 | $35,000 | 40.0% | 0.0% |
| Figure Lending LLC | $90,000 | $25,000 | -72.2% | 0.0% |
| Think Mutual Bank | $25,000 | n/a | 0.0% |
Grand Rapids's top lender by overall market share is MEMBERS COOPERATIVE, with 9.9% market share. In second place, with 9.8%, is AFFINITY PLUS, having originated $19,750,000 in loans. In third place, with 5.9%, is Deerwood Bank, having originated $11,855,000 in loans. In fourth place, with 5.2%, is National Bank of Commerce, having originated $10,525,000 in loans. In fifth place, with 5.0%, is QUICKEN LOANS, LLC, having originated $10,090,000 in loans.
Grand Rapids, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 586 | $125,970,000 | $214,966 |
| Refi | 286 | $35,290,000 | $123,392 |
| Cash Out Refi | 179 | $32,275,000 | $180,307 |
| Other | 46 | $3,890,000 | $84,565 |
| Home Improvement | 35 | $4,935,000 | $141,000 |
Grand Rapids's most frequently cited loan purpose was Home Purchase, with 586 originations. The 2nd most popular reason was Refi, with 286 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 313 | $63,985,000 | $204,425 |
| 4-5% | 263 | $47,115,000 | $179,144 |
| 3-4% | 238 | $47,630,000 | $200,126 |
| 6-7% | 130 | $18,660,000 | $143,538 |
| 2.5-3% | 58 | $8,870,000 | $152,931 |
| <2.5% | 45 | $5,095,000 | $113,222 |
| 7-8% | 35 | $5,225,000 | $149,286 |
| Over 8% | 15 | $1,125,000 | $75,000 |
During 2022, Grand Rapids's most frequently originated rate bucket was 5-6%, with 313 originations.
Loan Sizing (Grand Rapids, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 392 | $56,760,000 | $144,796 |
| $100,000 or less | 378 | $21,210,000 | $56,111 |
| $200k-400k | 294 | $78,570,000 | $267,245 |
| $400k-600k | 49 | $23,925,000 | $488,265 |
| $600k-1000k | 18 | $12,720,000 | $706,667 |
| $Over $1MM | 1 | $9,175,000 | $9,175,000 |
Grand Rapids's loan sizing saw the bucket of loans from $100k-200k with 392 originations, totaling $56,760,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 400 | $86,210,000 | $215,525 |
| 60-80% | 296 | $66,090,000 | $223,277 |
| Under 20% | 159 | $6,385,000 | $40,157 |
| 20-40% | 123 | $19,775,000 | $160,772 |
| 40-60% | 116 | $16,430,000 | $141,638 |
| Over 100% | 5 | $2,415,000 | $483,000 |
Grand Rapids's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 400 originations, totaling $86,210,000 in origination value.