Hope Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Hope averaged
7.3%
for the week of 2024-04-18, compared to the national average of
7.1% for the same period.
The average rate for the prior week (2024-04-11) was
7.08% and
one month ago for the week of 2024-03-14, the
average rate was 6.74%.
Hope's average rate one year ago was 6.07%.
For refis of the same type during the week of 2024-04-18, the average rate
was 7.1%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-04-18 | 7.1% |
| Hope 30 Year Fixed Rate | 2024-04-18 | 7.3% |
| Hope 30 Year Fixed Rate Refi | 2024-04-18 | 7.1% |
| Hope 15 Year Fixed Rate | 2024-04-18 | 6.59% |
| Hope 15 Year Fixed Rate Refi | 2024-04-18 | 6.99% |
| Hope 30 Year FHA | 2024-04-18 | 7.06% |
| Hope 30 Year FHA Refi | 2024-04-18 | 6.76% |
| Hope 30 Year USDA | 2024-04-18 | 6.66% |
| Hope 30 Year USDA Refi | 2024-04-18 | 6.96% |
| Hope 30 Year VA | 2024-04-18 | 6.86% |
| Hope 30 Year VA Refi | 2024-04-18 | 6.96% |
Hope 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 Hope, AR 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 |
|---|---|---|---|
| QUICKEN LOANS, LLC | 9 | 7.15% | $5,338 |
| SWBC MORTGAGE CORPORATION | 9 | 6.63% | $5,589 |
| RED RIVER EMPLOYEES | 8 | 7.52% | $2,997 |
| EVERETT FINANCIAL, INC. | 5 | 7.03% | $4,751 |
| BancorpSouth | 4 | 6.29% | $3,900 |
| Farm Credit Services of Western Arkansas, ACA | 4 | 7.41% | $4,236 |
| FirstTrust Home Loans, Inc. | 2 | 7.25% | $3,465 |
| DAS Acquisition Company, LLC | 2 | 7.56% | $3,800 |
| MORTGAGE FINANCIAL SERVICES, LLC | 2 | 6.56% | $3,040 |
| Regions Bank | 1 | 6.50% | $2,753 |
| 21ST MORTGAGE CORPORATION | 1 | 9.45% | $4,843 |
| VANDERBILT MORTGAGE AND FINANCE, INC. | 1 | 8.75% | $7,103 |
| AMERISAVE MORTGAGE CORPORATION | 1 | 6.38% | $3,759 |
| ARKANSAS Federal Credit Union | 1 | 6.00% | $3,740 |
| Arvest Bank | 1 | 6.63% | $2,511 |
| BROKER SOLUTIONS, INC. | 1 | 7.63% | $4,097 |
| Commercial Bank of Texas | 1 | 8.13% | $4,009 |
| Farmers Bank & Trust Company | 1 | 6.88% | $2,428 |
| JPMorgan Chase Bank | 1 | 6.63% | $5,659 |
| Mr. Cooper ( Nationstar Mortgage ) | 1 | 7.13% | $5,925 |
Hope Average Closing Costs & Other Stats
Hope, AR's 20 lenders originated 279
loans during 2023. The total origination value was $30,775,000, with an average loan value of
$110,305.
Hope's average closing costs are $3,896.
The top Hope lender as defined by loan originations is QUICKEN LOANS, LLC, with
9 loans originated. Their average total fees are
$5,338, which is $251
lower than the next largest lender,
SWBC MORTGAGE CORPORATION.
The lowest fee Hope lenders (with over 10 loans originated) are
.
The lowest rate Hope lenders (with over 10 loans originated) are
.
Hope, AR 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 |
|---|---|---|---|---|
| Farmers Bank & Trust Company | $8,645,000 | $5,465,000 | -36.8% | 17.8% |
| BancorpSouth | $1,835,000 | $3,445,000 | 87.7% | 11.2% |
| SWBC MORTGAGE CORPORATION | $4,325,000 | $3,360,000 | -22.3% | 10.9% |
| QUICKEN LOANS, LLC | $3,135,000 | $2,395,000 | -23.6% | 7.8% |
| 21ST MORTGAGE CORPORATION | $1,095,000 | $1,920,000 | 75.3% | 6.2% |
| RED RIVER EMPLOYEES | $1,880,000 | $1,235,000 | -34.3% | 4.0% |
| Diamond Bank | $2,890,000 | $980,000 | -66.1% | 3.2% |
| EVERETT FINANCIAL, INC. | $365,000 | $890,000 | 143.8% | 2.9% |
| Mortgage Research Center, LLC | $750,000 | $860,000 | 14.7% | 2.8% |
| Farm Credit Services of Western Arkansas, ACA | $890,000 | $790,000 | -11.2% | 2.6% |
| The First National Bank of Tom Bean | $3,460,000 | $740,000 | -78.6% | 2.4% |
| FirstTrust Home Loans, Inc. | $2,405,000 | $645,000 | -73.2% | 2.1% |
| TRIAD FINANCIAL SERVICES, INC. | $1,130,000 | $645,000 | -42.9% | 2.1% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $255,000 | $630,000 | 147.1% | 2.0% |
| UNITED BUILT HOMES, L.L.C. | $245,000 | $480,000 | 95.9% | 1.6% |
| MORTGAGE FINANCIAL SERVICES, LLC | $420,000 | n/a | 1.4% | |
| LOANDEPOT.COM, LLC | $345,000 | n/a | 1.1% | |
| BROKER SOLUTIONS, INC. | $95,000 | $295,000 | 210.5% | 1.0% |
| JPMorgan Chase Bank | $35,000 | $295,000 | 742.9% | 1.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $290,000 | n/a | 0.9% | |
| CRESCENT MORTGAGE COMPANY | $255,000 | n/a | 0.8% | |
| Simmons Bank | $255,000 | n/a | 0.8% | |
| PENNYMAC LOAN SERVICES, LLC | $865,000 | $235,000 | -72.8% | 0.8% |
| DAS Acquisition Company, LLC | $210,000 | n/a | 0.7% | |
| First Financial Bank | $205,000 | n/a | 0.7% | |
| NEWREZ LLC | $85,000 | $205,000 | 141.2% | 0.7% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $590,000 | $190,000 | -67.8% | 0.6% |
| Regions Bank | $15,000 | $190,000 | 1,166.7% | 0.6% |
| Guaranty Bank & Trust, N.A. | $185,000 | n/a | 0.6% | |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $185,000 | n/a | 0.6% | |
| AMERISAVE MORTGAGE CORPORATION | $185,000 | $180,000 | -2.7% | 0.6% |
| Arvest Bank | $165,000 | $175,000 | 6.1% | 0.6% |
| Horatio State Bank | $160,000 | $170,000 | 6.3% | 0.6% |
| ARKANSAS Federal Credit Union | $50,000 | $160,000 | 220.0% | 0.5% |
| U.S. Bank | $70,000 | $150,000 | 114.3% | 0.5% |
| Firstar Bank | $145,000 | n/a | 0.5% | |
| Mr. Cooper ( Nationstar Mortgage ) | $770,000 | $145,000 | -81.2% | 0.5% |
| Commercial Bank of Texas | $135,000 | n/a | 0.4% | |
| ON Q FINANCIAL, INC. | $135,000 | n/a | 0.4% | |
| COUNTRYPLACE MORTGAGE, LTD. | $125,000 | n/a | 0.4% | |
| GERSHMAN INVESTMENT CORP. | $125,000 | n/a | 0.4% | |
| RELIANCE FIRST CAPITAL, LLC | $125,000 | n/a | 0.4% | |
| CSL Financial, LLC | $175,000 | $115,000 | -34.3% | 0.4% |
| NFM, INC. | $115,000 | n/a | 0.4% | |
| SOUTHWEST STAGE FUNDING, LLC | $195,000 | $85,000 | -56.4% | 0.3% |
| Bank of England | $400,000 | $55,000 | -86.3% | 0.2% |
| Southern Bancorp Bank | $190,000 | $55,000 | -71.1% | 0.2% |
| MID AMERICA MORTGAGE, INC. | $45,000 | n/a | 0.1% | |
| NAVY FEDERAL CREDIT UNION | $155,000 | $45,000 | -71.0% | 0.1% |
| PENTAGON FEDERAL CREDIT UNION | $35,000 | n/a | 0.1% | |
| Origin Bank | $25,000 | n/a | 0.1% |
Hope's top lender by overall market share is Farmers Bank & Trust Company, with 17.8% market share. In second place, with 11.2%, is BancorpSouth, having originated $3,445,000 in loans. In third place, with 10.9%, is SWBC MORTGAGE CORPORATION, having originated $3,360,000 in loans. In fourth place, with 7.8%, is QUICKEN LOANS, LLC, having originated $2,395,000 in loans. In fifth place, with 6.2%, is 21ST MORTGAGE CORPORATION, having originated $1,920,000 in loans.
Hope, AR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 177 | $20,995,000 | $118,616 |
| Refi | 40 | $3,840,000 | $96,000 |
| Cash Out Refi | 32 | $3,680,000 | $115,000 |
| Home Improvement | 16 | $1,370,000 | $85,625 |
| Other | 14 | $890,000 | $63,571 |
Hope's most frequently cited loan purpose was Home Purchase, with 177 originations. The 2nd most popular reason was Refi, with 40 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 100 | $9,190,000 | $91,900 |
| 7-8% | 69 | $7,425,000 | $107,609 |
| 6-7% | 64 | $8,700,000 | $135,938 |
| 5-6% | 20 | $3,520,000 | $176,000 |
| <2.5% | 1 | $5,000 | $5,000 |
During 2023, Hope's most frequently originated rate bucket was Over 8%, with 100 originations.
Loan Sizing (Hope, AR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 154 | $8,620,000 | $55,974 |
| $100k-200k | 89 | $12,655,000 | $142,191 |
| $200k-400k | 33 | $8,055,000 | $244,091 |
| $400k-600k | 3 | $1,445,000 | $481,667 |
Hope's loan sizing saw the bucket of loans from $100,000 or less with 154 originations, totaling $8,620,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 139 | $17,125,000 | $123,201 |
| 60-80% | 43 | $6,355,000 | $147,791 |
| Under 20% | 26 | $810,000 | $31,154 |
| 40-60% | 22 | $2,580,000 | $117,273 |
| 20-40% | 20 | $1,460,000 | $73,000 |
| Over 100% | 3 | $395,000 | $131,667 |
Hope's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 139 originations, totaling $17,125,000 in origination value.