Grand Rapids Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Grand Rapids averaged
7.01%
for the week of 2024-11-14, compared to the national average of
6.78% for the same period.
The average rate for the prior week (2024-11-07) was
6.82% and
one month ago for the week of 2024-10-10, the
average rate was 6.15%.
Grand Rapids's average rate one year ago was 7.43%.
For refis of the same type during the week of 2024-11-14, the average rate
was 7.18%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-14 | 6.78% |
| Grand Rapids 30 Year Fixed Rate | 2024-11-14 | 7.01% |
| Grand Rapids 30 Year Fixed Rate Refi | 2024-11-14 | 7.18% |
| Grand Rapids 15 Year Fixed Rate | 2024-11-14 | 6.09% |
| Grand Rapids 15 Year Fixed Rate Refi | 2024-11-14 | 6.29% |
| Grand Rapids 30 Year FHA | 2024-11-14 | 0.1% |
| Grand Rapids 30 Year FHA Refi | 2024-11-14 | 0.1% |
| Grand Rapids 30 Year USDA | 2024-11-14 | -0.2% |
| Grand Rapids 30 Year USDA Refi | 2024-11-14 | -0.1% |
| Grand Rapids 30 Year VA | 2024-11-14 | -0.2% |
| Grand Rapids 30 Year VA Refi | 2024-11-14 | -0.2% |
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 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.