Grand Rapids Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Grand Rapids averaged
6.95%
for the week of 2025-05-22, compared to the national average of
6.86% for the same period.
The average rate for the prior week (2025-05-15) was
6.9% and
one month ago for the week of 2025-04-17, the
average rate was 6.82%.
Grand Rapids's average rate one year ago was 7.31%.
For refis of the same type during the week of 2025-05-22, the average rate
was 7.06%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-05-22 | 6.86% |
| Grand Rapids 30 Year Fixed Rate | 2025-05-22 | 6.95% |
| Grand Rapids 30 Year Fixed Rate Refi | 2025-05-22 | 7.06% |
| Grand Rapids 15 Year Fixed Rate | 2025-05-22 | 6.21% |
| Grand Rapids 15 Year Fixed Rate Refi | 2025-05-22 | 6.31% |
| Grand Rapids 30 Year FHA | 2025-05-22 | 6.81% |
| Grand Rapids 30 Year FHA Refi | 2025-05-22 | 6.81% |
| Grand Rapids 30 Year USDA | 2025-05-22 | 6.53% |
| Grand Rapids 30 Year USDA Refi | 2025-05-22 | 6.23% |
| Grand Rapids 30 Year VA | 2025-05-22 | 6.72% |
| Grand Rapids 30 Year VA Refi | 2025-05-22 | 6.62% |
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 74 lenders originated 955
loans during 2024. The total origination value was $168,785,000, with an average loan value of
$176,738.
Grand Rapids's average closing costs are $4,802.
The top Grand Rapids lender as defined by loan originations is North Shore Bank of Commerce, with
31 loans originated. Their average total fees are
$5,618, which is $1,122
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Grand Rapids lenders (with over 10 loans originated) are
AFFINITY PLUS ($4,047), Flagstar Bank, FSB ($4,286), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,827), MEMBERS COOPERATIVE ($4,948) and U.S. Bank ($4,981).
The lowest rate Grand Rapids lenders (with over 10 loans originated) are
AFFINITY PLUS (6.46%), Deerwood Bank (6.58%), MEMBERS COOPERATIVE (6.62%), Flagstar Bank, FSB (6.71%) and U.S. Bank (6.71%).
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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| AFFINITY PLUS | $16,260,000 | $17,305,000 | 6.4% | 10.3% |
| QUICKEN LOANS, LLC | $4,270,000 | $10,955,000 | 156.6% | 6.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $9,755,000 | $9,930,000 | 1.8% | 5.9% |
| Deerwood Bank | $8,335,000 | $8,885,000 | 6.6% | 5.3% |
| North Shore Bank of Commerce | $1,480,000 | $8,600,000 | 481.1% | 5.1% |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $7,855,000 | $7,640,000 | -2.7% | 4.5% |
| Flagstar Bank, FSB | $6,390,000 | $6,870,000 | 7.5% | 4.1% |
| U.S. Bank | $4,715,000 | $6,465,000 | 37.1% | 3.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,430,000 | $6,460,000 | 165.8% | 3.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $4,055,000 | $5,680,000 | 40.1% | 3.4% |
| Northview Bank | $2,235,000 | $3,735,000 | 67.1% | 2.2% |
| MEMBERS COOPERATIVE | $13,085,000 | $3,650,000 | -72.1% | 2.2% |
| Mortgage Research Center, LLC | $3,495,000 | $3,240,000 | -7.3% | 1.9% |
| Park State Bank | $2,785,000 | $3,220,000 | 15.6% | 1.9% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $740,000 | $3,180,000 | 329.7% | 1.9% |
| GUARANTEED RATE, INC. | $1,175,000 | $2,950,000 | 151.1% | 1.7% |
| PENNYMAC LOAN SERVICES, LLC | $2,460,000 | $2,875,000 | 16.9% | 1.7% |
| Bell Bank | $1,250,000 | $2,540,000 | 103.2% | 1.5% |
| Wells Fargo Bank | $1,770,000 | $2,535,000 | 43.2% | 1.5% |
| The Huntington National Bank | $115,000 | $2,170,000 | 1,787.0% | 1.3% |
| BROKER SOLUTIONS, INC. | $730,000 | $1,390,000 | 90.4% | 0.8% |
| WINGS FINANCIAL | $1,690,000 | $1,390,000 | -17.8% | 0.8% |
| NEW DAY FINANCIAL, LLC | $870,000 | $1,365,000 | 56.9% | 0.8% |
| SPIRE Credit Union | $1,360,000 | n/a | 0.8% | |
| NEWREZ LLC | $225,000 | $1,320,000 | 486.7% | 0.8% |
| GUILD MORTGAGE COMPANY | $145,000 | $1,265,000 | 772.4% | 0.7% |
| Frandsen Bank & Trust | $665,000 | $1,170,000 | 75.9% | 0.7% |
| National Bank of Commerce | $1,920,000 | $1,165,000 | -39.3% | 0.7% |
| LENDINGHOME FUNDING CORPORATION | $1,115,000 | n/a | 0.7% | |
| UNION HOME MORTGAGE CORP. | $240,000 | $1,105,000 | 360.4% | 0.7% |
| Alerus Financial | $580,000 | $1,025,000 | 76.7% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $350,000 | $1,020,000 | 191.4% | 0.6% |
| Granite Community Bank | $955,000 | n/a | 0.6% | |
| CENTRAL MINNESOTA Credit Union | $55,000 | $950,000 | 1,627.3% | 0.6% |
| COMPEER FINANCIAL, FLCA | $225,000 | $935,000 | 315.6% | 0.6% |
| American Heritage National Bank | $925,000 | n/a | 0.5% | |
| Tradition Mortgage, LLC | $275,000 | $925,000 | 236.4% | 0.5% |
| EVERETT FINANCIAL, INC. | $55,000 | $910,000 | 1,554.5% | 0.5% |
| NAVY FEDERAL CREDIT UNION | $1,050,000 | $860,000 | -18.1% | 0.5% |
| CIBC Bank USA | $805,000 | n/a | 0.5% | |
| SUPERIOR CHOICE | $635,000 | $775,000 | 22.0% | 0.5% |
| Prosperity Home Mortgage, LLC | $345,000 | $765,000 | 121.7% | 0.5% |
| AMERISAVE MORTGAGE CORPORATION | $270,000 | $755,000 | 179.6% | 0.4% |
| American Mortgage & Equity Consultants, Inc. | $665,000 | $730,000 | 9.8% | 0.4% |
| CARDINAL FINANCIAL | $680,000 | n/a | 0.4% | |
| LOANDEPOT.COM, LLC | $1,010,000 | $675,000 | -33.2% | 0.4% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $150,000 | $665,000 | 343.3% | 0.4% |
| Bank Forward | $630,000 | $595,000 | -5.6% | 0.4% |
| Servion, Inc. | $900,000 | $590,000 | -34.4% | 0.3% |
| Regent Financial Group, Inc. | $585,000 | n/a | 0.3% | |
| Baxter Credit Union | $555,000 | n/a | 0.3% | |
| CMG MORTGAGE, INC. | $245,000 | $540,000 | 120.4% | 0.3% |
| Summit Mortgage Corporation | $165,000 | $535,000 | 224.2% | 0.3% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $175,000 | $525,000 | 200.0% | 0.3% |
| Bank of America | $180,000 | $495,000 | 175.0% | 0.3% |
| NORTH STAR CREDIT UNION | $395,000 | $490,000 | 24.1% | 0.3% |
| Royal Credit Union | $80,000 | $490,000 | 512.5% | 0.3% |
| USAA Federal Savings Bank | $480,000 | n/a | 0.3% | |
| NBKC BANK | $395,000 | $475,000 | 20.3% | 0.3% |
| Bremer Bank | $525,000 | $470,000 | -10.5% | 0.3% |
| Morgan Stanley Private Bank | $455,000 | n/a | 0.3% | |
| Barrington Bank & Trust Company, N.A. | $445,000 | n/a | 0.3% | |
| Highland Bank | $440,000 | n/a | 0.3% | |
| LAKEVIEW LOAN SERVICING, LLC | $440,000 | n/a | 0.3% | |
| FINANCE OF AMERICA REVERSE LLC | $425,000 | n/a | 0.3% | |
| Ally Bank | $405,000 | n/a | 0.2% | |
| PLAZA HOME MORTGAGE, INC. | $370,000 | $390,000 | 5.4% | 0.2% |
| Minnwest Bank | $380,000 | n/a | 0.2% | |
| TOPLINE FEDERAL CREDIT UNION | $370,000 | n/a | 0.2% | |
| Mr. Cooper ( Nationstar Mortgage ) | $320,000 | $365,000 | 14.1% | 0.2% |
| S1L, Inc. | $350,000 | n/a | 0.2% | |
| M&T Bank | $345,000 | n/a | 0.2% | |
| PLANET HOME LENDING, LLC | $535,000 | $345,000 | -35.5% | 0.2% |
| Bank of Colorado | $335,000 | n/a | 0.2% | |
| Sierra Pacific Mortgage Company, Inc. | $335,000 | n/a | 0.2% | |
| ALTRA | $325,000 | n/a | 0.2% | |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $320,000 | n/a | 0.2% | |
| SWBC MORTGAGE CORPORATION | $320,000 | n/a | 0.2% | |
| Great Southern Bank | $315,000 | n/a | 0.2% | |
| Ixonia Bank | $215,000 | $305,000 | 41.9% | 0.2% |
| AmeriHome Mortgage Company, LLC | $295,000 | n/a | 0.2% | |
| PHH Mortgage Corporation | $290,000 | n/a | 0.2% | |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $280,000 | $285,000 | 1.8% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $95,000 | $280,000 | 194.7% | 0.2% |
| Nations Lending Corporation | $265,000 | n/a | 0.2% | |
| Atlantic Union Bank | $255,000 | n/a | 0.2% | |
| Farmers & Merchants Savings Bank | $255,000 | n/a | 0.2% | |
| Merchants Bank | $255,000 | n/a | 0.2% | |
| American National Bank of Minnesota | $125,000 | $245,000 | 96.0% | 0.1% |
| Commerce Home Mortgage, Inc. | $245,000 | n/a | 0.1% | |
| RELIANCE FIRST CAPITAL, LLC | $235,000 | n/a | 0.1% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $215,000 | n/a | 0.1% | |
| Equity Prime Mortgage LLC | $215,000 | n/a | 0.1% | |
| VILLAGE CAPITAL MORTGAGE | $215,000 | n/a | 0.1% | |
| HomeTown Bank | $285,000 | $205,000 | -28.1% | 0.1% |
| ROYAL UNITED MORTGAGE LLC | $195,000 | $205,000 | 5.1% | 0.1% |
| Think Mutual Bank | $205,000 | n/a | 0.1% | |
| Gate City Bank | $510,000 | $195,000 | -61.8% | 0.1% |
| BMO Harris Bank | $185,000 | n/a | 0.1% | |
| MYCUMORTGAGE, LLC | $185,000 | n/a | 0.1% | |
| AMERICAN FINANCING CORPORATION | $175,000 | n/a | 0.1% | |
| Associated Bank | $680,000 | $155,000 | -77.2% | 0.1% |
| First Federal Bank | $155,000 | n/a | 0.1% | |
| Coastal Community Bank | $55,000 | $140,000 | 154.5% | 0.1% |
| Midwest Bank | $135,000 | n/a | 0.1% | |
| SUMMIT FUNDING, INC. | $125,000 | n/a | 0.1% | |
| JPMorgan Chase Bank | $520,000 | $115,000 | -77.9% | 0.1% |
| Cornerstone State Bank | $105,000 | n/a | 0.1% | |
| Cambria Financial Group, LLC | $585,000 | $95,000 | -83.8% | 0.1% |
| Harbor Pointe Credit Union | $85,000 | n/a | 0.1% | |
| ALLIANT CREDIT UNION | $75,000 | n/a | 0.0% | |
| CENTRICITY Credit Union | $165,000 | $65,000 | -60.6% | 0.0% |
| Discover Bank | $105,000 | $65,000 | -38.1% | 0.0% |
| THRIVENT Federal Credit Union | $45,000 | $65,000 | 44.4% | 0.0% |
| Anoka Hennepin Credit Union | $55,000 | n/a | 0.0% | |
| MINNCO CREDIT UNION | $80,000 | $55,000 | -31.3% | 0.0% |
| NORTHWOODS | $35,000 | $55,000 | 57.1% | 0.0% |
| SOUTHPOINT FINANCIAL | $55,000 | n/a | 0.0% | |
| Figure Lending LLC | $100,000 | $45,000 | -55.0% | 0.0% |
| IDEAL | $390,000 | $35,000 | -91.0% | 0.0% |
Grand Rapids's top lender by overall market share is AFFINITY PLUS, with 10.3% market share. In second place, with 6.5%, is QUICKEN LOANS, LLC, having originated $10,955,000 in loans. In third place, with 5.9%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $9,930,000 in loans. In fourth place, with 5.3%, is Deerwood Bank, having originated $8,885,000 in loans. In fifth place, with 5.1%, is North Shore Bank of Commerce, having originated $8,600,000 in loans.
Grand Rapids, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 497 | $112,215,000 | $225,785 |
| Home Improvement | 144 | $9,680,000 | $67,222 |
| Other | 112 | $9,410,000 | $84,018 |
| Refi | 109 | $19,995,000 | $183,440 |
| Cash Out Refi | 93 | $17,485,000 | $188,011 |
Grand Rapids's most frequently cited loan purpose was Home Purchase, with 497 originations. The 2nd most popular reason was Home Improvement, with 144 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 399 | $80,035,000 | $200,589 |
| 7-8% | 270 | $44,120,000 | $163,407 |
| Over 8% | 113 | $10,815,000 | $95,708 |
| 5-6% | 96 | $22,540,000 | $234,792 |
| <2.5% | 20 | $320,000 | $16,000 |
| 4-5% | 6 | $560,000 | $93,333 |
| 2.5-3% | 2 | $910,000 | $455,000 |
| 3-4% | 1 | $215,000 | $215,000 |
During 2024, Grand Rapids's most frequently originated rate bucket was 6-7%, with 399 originations.
Loan Sizing (Grand Rapids, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 362 | $19,860,000 | $54,862 |
| $200k-400k | 282 | $76,330,000 | $270,674 |
| $100k-200k | 251 | $36,955,000 | $147,231 |
| $400k-600k | 39 | $18,495,000 | $474,231 |
| $600k-1000k | 17 | $12,635,000 | $743,235 |
| $Over $1MM | 4 | $4,510,000 | $1,127,500 |
Grand Rapids's loan sizing saw the bucket of loans from $100,000 or less with 362 originations, totaling $19,860,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 326 | $78,960,000 | $242,209 |
| Under 20% | 189 | $8,475,000 | $44,841 |
| 60-80% | 158 | $40,230,000 | $254,620 |
| 20-40% | 132 | $12,190,000 | $92,348 |
| 40-60% | 86 | $15,330,000 | $178,256 |
| Over 100% | 8 | $2,240,000 | $280,000 |
Grand Rapids's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 326 originations, totaling $78,960,000 in origination value.