Hope Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Hope averaged
7.01%
for the week of 2023-03-23, compared to the national average of
6.42% for the same period.
The average rate for the prior week (2023-03-16) was
7.19% and
one month ago for the week of 2023-02-16, the
average rate was 7.11%.
Hope's average rate one year ago was 4.25%.
For refis of the same type during the week of 2023-03-23, the average rate
was 7.17%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-23 | 6.42% |
| Hope 30 Year Fixed Rate | 2023-03-23 | 7.01% |
| Hope 30 Year Fixed Rate Refi | 2023-03-23 | 7.17% |
| Hope 15 Year Fixed Rate | 2023-03-23 | 6.77% |
| Hope 15 Year Fixed Rate Refi | 2023-03-23 | 5.93% |
| Hope 30 Year FHA | 2023-03-23 | 6.29% |
| Hope 30 Year FHA Refi | 2023-03-23 | 6.35% |
| Hope 30 Year USDA | 2023-03-23 | 6.12% |
| Hope 30 Year USDA Refi | 2023-03-23 | 2.36% |
| Hope 30 Year VA | 2023-03-23 | 6.79% |
| Hope 30 Year VA Refi | 2023-03-23 | 6.16% |
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.).
Hope Average Closing Costs & Other Stats
Hope, AR's 26 lenders originated 352
loans during 2022. The total origination value was $41,930,000, with an average loan value of
$119,119.
Hope's average closing costs are $3,740.
The top Hope lender as defined by loan originations is SWBC MORTGAGE CORPORATION, with
7 loans originated. Their average total fees are
$6,839, which is $1,130
higher than the next largest lender,
QUICKEN LOANS, LLC.
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Farmers Bank & Trust Company | $6,845,000 | $8,645,000 | 26.3% | 20.6% |
| SWBC MORTGAGE CORPORATION | $6,875,000 | $4,325,000 | -37.1% | 10.3% |
| The First National Bank of Tom Bean | $3,130,000 | $3,460,000 | 10.5% | 8.3% |
| QUICKEN LOANS, LLC | $4,625,000 | $3,135,000 | -32.2% | 7.5% |
| Diamond Bank | $2,025,000 | $2,890,000 | 42.7% | 6.9% |
| FirstTrust Home Loans, Inc. | $1,830,000 | $2,405,000 | 31.4% | 5.7% |
| RED RIVER EMPLOYEES | $1,495,000 | $1,880,000 | 25.8% | 4.5% |
| BancorpSouth Bank | $3,745,000 | $1,835,000 | -51.0% | 4.4% |
| TRIAD FINANCIAL SERVICES, INC. | $685,000 | $1,130,000 | 65.0% | 2.7% |
| 21ST MORTGAGE CORPORATION | $1,375,000 | $1,095,000 | -20.4% | 2.6% |
| Farm Credit Services of Western Arkansas, ACA | $870,000 | $890,000 | 2.3% | 2.1% |
| PENNYMAC LOAN SERVICES, LLC | $1,365,000 | $865,000 | -36.6% | 2.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $265,000 | $770,000 | 190.6% | 1.8% |
| Mortgage Research Center, LLC | $320,000 | $750,000 | 134.4% | 1.8% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $175,000 | $590,000 | 237.1% | 1.4% |
| BETTER MORTGAGE CORPORATION | $470,000 | n/a | 1.1% | |
| Bank of England | $775,000 | $400,000 | -48.4% | 1.0% |
| BANK OF LITTLE ROCK MORTGAGE CORPORATION | $390,000 | n/a | 0.9% | |
| Carrington Mortgage Services, LLC | $370,000 | n/a | 0.9% | |
| EVERETT FINANCIAL, INC. | $365,000 | n/a | 0.9% | |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $65,000 | $320,000 | 392.3% | 0.8% |
| Wells Fargo Bank | $385,000 | $315,000 | -18.2% | 0.8% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $545,000 | $255,000 | -53.2% | 0.6% |
| UNITED BUILT HOMES, L.L.C. | $245,000 | n/a | 0.6% | |
| SOUTHWEST STAGE FUNDING, LLC | $195,000 | n/a | 0.5% | |
| Southern Bancorp Bank | $190,000 | n/a | 0.5% | |
| AMERISAVE MORTGAGE CORPORATION | $385,000 | $185,000 | -51.9% | 0.4% |
| FREEDOM MORTGAGE CORPORATION | $1,020,000 | $185,000 | -81.9% | 0.4% |
| Colonial Savings, F.A. | $175,000 | n/a | 0.4% | |
| CSL Financial, LLC | $65,000 | $175,000 | 169.2% | 0.4% |
| North American Savings Bank, F.S.B. | $175,000 | n/a | 0.4% | |
| Arvest Bank | $650,000 | $165,000 | -74.6% | 0.4% |
| CALIBER HOME LOANS, INC. | $525,000 | $165,000 | -68.6% | 0.4% |
| Horatio State Bank | $615,000 | $160,000 | -74.0% | 0.4% |
| United Community Bank | $160,000 | n/a | 0.4% | |
| NAVY FEDERAL CREDIT UNION | $355,000 | $155,000 | -56.3% | 0.4% |
| CHURCHILL MORTGAGE CORPORATION | $145,000 | n/a | 0.3% | |
| Waterstone Mortgage Corporation | $330,000 | $135,000 | -59.1% | 0.3% |
| NEW DAY FINANCIAL, LLC | $125,000 | $125,000 | 0.0% | 0.3% |
| AMERICAN INTERNET MORTGAGE, INC. | $115,000 | n/a | 0.3% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $115,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $105,000 | n/a | 0.3% | |
| Austin Capital Bank SSB | $95,000 | n/a | 0.2% | |
| BROKER SOLUTIONS, INC. | $75,000 | $95,000 | 26.7% | 0.2% |
| CARTER FEDERAL CREDIT UNION | $95,000 | n/a | 0.2% | |
| ROYAL UNITED MORTGAGE LLC | $75,000 | $95,000 | 26.7% | 0.2% |
| Bank OZK | $295,000 | $85,000 | -71.2% | 0.2% |
| NEWREZ LLC | $635,000 | $85,000 | -86.6% | 0.2% |
| State Bank of De Kalb | $670,000 | $85,000 | -87.3% | 0.2% |
| AMERICAN FINANCIAL RESOURCES, INC. | $125,000 | $75,000 | -40.0% | 0.2% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $75,000 | n/a | 0.2% | |
| U.S. Bank | $295,000 | $70,000 | -76.3% | 0.2% |
| FLAT BRANCH MORTGAGE, INC. | $65,000 | n/a | 0.2% | |
| GMFS LLC | $65,000 | n/a | 0.2% | |
| GUILD MORTGAGE COMPANY | $65,000 | n/a | 0.2% | |
| ARKANSAS Federal Credit Union | $50,000 | n/a | 0.1% | |
| BOKF | $45,000 | n/a | 0.1% | |
| Flagstar Bank, FSB | $45,000 | n/a | 0.1% | |
| Bank of America | $35,000 | n/a | 0.1% | |
| Guaranty Bank & Trust Company of Delhi, Louisiana | $35,000 | n/a | 0.1% | |
| JPMorgan Chase Bank | $55,000 | $35,000 | -36.4% | 0.1% |
| Regions Bank | $190,000 | $15,000 | -92.1% | 0.0% |
Hope's top lender by overall market share is Farmers Bank & Trust Company, with 20.6% market share. In second place, with 10.3%, is SWBC MORTGAGE CORPORATION, having originated $4,325,000 in loans. In third place, with 8.3%, is The First National Bank of Tom Bean, having originated $3,460,000 in loans. In fourth place, with 7.5%, is QUICKEN LOANS, LLC, having originated $3,135,000 in loans. In fifth place, with 6.9%, is Diamond Bank, having originated $2,890,000 in loans.
Hope, AR Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 213 | $28,515,000 | $133,873 |
| Refi | 71 | $7,155,000 | $100,775 |
| Cash Out Refi | 48 | $5,250,000 | $109,375 |
| Home Improvement | 11 | $625,000 | $56,818 |
| Other | 9 | $385,000 | $42,778 |
Hope's most frequently cited loan purpose was Home Purchase, with 213 originations. The 2nd most popular reason was Refi, with 71 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 77 | $9,765,000 | $126,818 |
| 4-5% | 74 | $9,570,000 | $129,324 |
| 3-4% | 55 | $6,075,000 | $110,455 |
| 6-7% | 36 | $4,020,000 | $111,667 |
| 7-8% | 22 | $2,340,000 | $106,364 |
| 2.5-3% | 15 | $2,205,000 | $147,000 |
| Over 8% | 12 | $1,400,000 | $116,667 |
| <2.5% | 1 | $75,000 | $75,000 |
During 2022, Hope's most frequently originated rate bucket was 5-6%, with 77 originations.
Loan Sizing (Hope, AR MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 173 | $9,755,000 | $56,387 |
| $100k-200k | 130 | $18,280,000 | $140,615 |
| $200k-400k | 47 | $12,385,000 | $263,511 |
| $400k-600k | 1 | $505,000 | $505,000 |
| $Over $1MM | 1 | $1,005,000 | $1,005,000 |
Hope's loan sizing saw the bucket of loans from $100,000 or less with 173 originations, totaling $9,755,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 148 | $20,550,000 | $138,851 |
| 60-80% | 75 | $9,415,000 | $125,533 |
| 40-60% | 30 | $3,500,000 | $116,667 |
| Under 20% | 19 | $495,000 | $26,053 |
| 20-40% | 18 | $1,130,000 | $62,778 |
| Over 100% | 1 | $185,000 | $185,000 |
Hope's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 148 originations, totaling $20,550,000 in origination value.