Hutchinson Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Hutchinson averaged
6.64%
for the week of 2024-10-24, compared to the national average of
6.54% for the same period.
The average rate for the prior week (2024-10-17) was
6.34% and
one month ago for the week of 2024-09-19, the
average rate was 6.09%.
Hutchinson's average rate one year ago was 7.43%.
For refis of the same type during the week of 2024-10-24, the average rate
was 6.54%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-10-24 | 6.54% |
Hutchinson 30 Year Fixed Rate | 2024-10-24 | 6.64% |
Hutchinson 30 Year Fixed Rate Refi | 2024-10-24 | 6.54% |
Hutchinson 15 Year Fixed Rate | 2024-10-24 | 5.61% |
Hutchinson 15 Year Fixed Rate Refi | 2024-10-24 | 6.21% |
Hutchinson 30 Year FHA | 2024-10-24 | 6.45% |
Hutchinson 30 Year FHA Refi | 2024-10-24 | 6.25% |
Hutchinson 30 Year USDA | 2024-10-24 | 6.29% |
Hutchinson 30 Year USDA Refi | 2024-10-24 | 6.09% |
Hutchinson 30 Year VA | 2024-10-24 | 6.34% |
Hutchinson 30 Year VA Refi | 2024-10-24 | 6.34% |
Hutchinson 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 Hutchinson, 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.).
Hutchinson Average Closing Costs & Other Stats
Hutchinson, MN's 59 lenders originated 652
loans during 2023. The total origination value was $145,220,000, with an average loan value of
$222,730.
Hutchinson's average closing costs are $4,916.
The top Hutchinson lender as defined by loan originations is CORTRUST MORTGAGE, INC., with
37 loans originated. Their average total fees are
$6,216, which is $1,044
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Hutchinson lenders (with over 10 loans originated) are
Servion, Inc. ($4,955), UNITED WHOLESALE MORTGAGE, LLC ($5,545), Summit Mortgage Corporation ($5,561), Bell Bank ($5,613) and CORTRUST MORTGAGE, INC. ($6,216).
The lowest rate Hutchinson lenders (with over 10 loans originated) are
CORTRUST MORTGAGE, INC. (6.52%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.71%), QUICKEN LOANS, LLC (6.72%), Servion, Inc. (6.75%) and CROSSCOUNTRY MORTGAGE, LLC (6.79%).
Hutchinson, 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 |
---|---|---|---|---|
GREYSTONE FUNDING COMPANY LLC | $13,635,000 | n/a | 9.4% | |
UNITED WHOLESALE MORTGAGE, LLC | $10,265,000 | $10,845,000 | 5.7% | 7.5% |
CORTRUST MORTGAGE, INC. | $11,995,000 | $10,490,000 | -12.5% | 7.2% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $12,310,000 | $8,085,000 | -34.3% | 5.6% |
Summit Mortgage Corporation | $6,390,000 | $7,870,000 | 23.2% | 5.4% |
QUICKEN LOANS, LLC | $8,285,000 | $6,295,000 | -24.0% | 4.3% |
BELLWETHER ENTERPRISE REAL ESTATE CAPITAL, LLC | $6,005,000 | n/a | 4.1% | |
BROKER SOLUTIONS, INC. | $8,425,000 | $4,490,000 | -46.7% | 3.1% |
Bell Bank | $5,130,000 | $4,260,000 | -17.0% | 2.9% |
Prosperity Home Mortgage, LLC | $3,035,000 | $3,685,000 | 21.4% | 2.5% |
CROSSCOUNTRY MORTGAGE, LLC | $3,780,000 | $3,595,000 | -4.9% | 2.5% |
Security Bank & Trust Company | $3,430,000 | n/a | 2.4% | |
CorTrust Bank | $2,545,000 | $3,390,000 | 33.2% | 2.3% |
SOUTHPOINT FINANCIAL | $1,955,000 | $3,340,000 | 70.8% | 2.3% |
Bridgewater Bank | $2,900,000 | n/a | 2.0% | |
U.S. Bank | $3,015,000 | $2,425,000 | -19.6% | 1.7% |
PENNYMAC LOAN SERVICES, LLC | $4,050,000 | $2,395,000 | -40.9% | 1.6% |
Mortgage Research Center, LLC | $2,120,000 | $2,225,000 | 5.0% | 1.5% |
BAY EQUITY LLC | $1,025,000 | $2,080,000 | 102.9% | 1.4% |
Servion, Inc. | $2,250,000 | $2,020,000 | -10.2% | 1.4% |
Bremer Bank | $1,535,000 | $1,625,000 | 5.9% | 1.1% |
Wells Fargo Bank | $4,885,000 | $1,585,000 | -67.6% | 1.1% |
Old National Bank | $3,095,000 | $1,495,000 | -51.7% | 1.0% |
The Huntington National Bank | $400,000 | $1,455,000 | 263.8% | 1.0% |
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $1,190,000 | $1,270,000 | 6.7% | 0.9% |
Mr. Cooper ( Nationstar Mortgage ) | $1,085,000 | $1,210,000 | 11.5% | 0.8% |
GUARANTEED RATE, INC. | $1,360,000 | $1,115,000 | -18.0% | 0.8% |
AMERICAN PACIFIC MORTGAGE CORPORATION | $1,035,000 | n/a | 0.7% | |
TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $2,250,000 | $985,000 | -56.2% | 0.7% |
NOVATION CREDIT UNION | $1,525,000 | $975,000 | -36.1% | 0.7% |
LOANDEPOT.COM, LLC | $1,660,000 | $895,000 | -46.1% | 0.6% |
Barrington Bank & Trust Company, N.A. | $890,000 | n/a | 0.6% | |
Flagstar Bank, FSB | $2,015,000 | $875,000 | -56.6% | 0.6% |
Center National Bank | $350,000 | $850,000 | 142.9% | 0.6% |
MOVEMENT MORTGAGE, LLC | $205,000 | $825,000 | 302.4% | 0.6% |
Bank of England | $675,000 | $765,000 | 13.3% | 0.5% |
LAKEVIEW LOAN SERVICING, LLC | $1,225,000 | $745,000 | -39.2% | 0.5% |
Flagship Banks Minnesota | $1,960,000 | $725,000 | -63.0% | 0.5% |
Associated Bank | $425,000 | $715,000 | 68.2% | 0.5% |
NEW DAY FINANCIAL, LLC | $145,000 | $700,000 | 382.8% | 0.5% |
HomeTown Bank | $930,000 | $655,000 | -29.6% | 0.5% |
EVERETT FINANCIAL, INC. | $1,845,000 | $640,000 | -65.3% | 0.4% |
COMPEER FINANCIAL, FLCA | $1,735,000 | $620,000 | -64.3% | 0.4% |
SIRVA MORTGAGE, INC. | $285,000 | $610,000 | 114.0% | 0.4% |
Discover Bank | $100,000 | $590,000 | 490.0% | 0.4% |
CRESCENT MORTGAGE COMPANY | $585,000 | n/a | 0.4% | |
Royal Credit Union | $660,000 | $585,000 | -11.4% | 0.4% |
TOPLINE FEDERAL CREDIT UNION | $280,000 | $540,000 | 92.9% | 0.4% |
Kensington Bank | $490,000 | n/a | 0.3% | |
Neighborhood Loans, Inc. | $490,000 | n/a | 0.3% | |
NEWREZ LLC | $1,260,000 | $480,000 | -61.9% | 0.3% |
MID AMERICA MORTGAGE, INC. | $460,000 | n/a | 0.3% | |
SPIRE Credit Union | $305,000 | $445,000 | 45.9% | 0.3% |
FREEDOM MORTGAGE CORPORATION | $2,450,000 | $440,000 | -82.0% | 0.3% |
American Mortgage & Equity Consultants, Inc. | $955,000 | $380,000 | -60.2% | 0.3% |
MORTGAGE SOLUTIONS OF COLORADO, LLC | $165,000 | $375,000 | 127.3% | 0.3% |
AXIA FINANCIAL, LLC | $145,000 | $370,000 | 155.2% | 0.3% |
ACHIEVA CREDIT UNION | $365,000 | n/a | 0.3% | |
First Bank & Trust | $165,000 | $360,000 | 118.2% | 0.2% |
Sherburne State Bank | $345,000 | n/a | 0.2% | |
Cambria Financial Group, LLC | $1,500,000 | $340,000 | -77.3% | 0.2% |
First Savings Bank | $2,125,000 | $340,000 | -84.0% | 0.2% |
WINGS FINANCIAL | $1,125,000 | $340,000 | -69.8% | 0.2% |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $225,000 | $320,000 | 42.2% | 0.2% |
SUPERIOR CHOICE | $315,000 | n/a | 0.2% | |
BANKWEST, INC. | $295,000 | n/a | 0.2% | |
CENTRAL MINNESOTA Credit Union | $285,000 | n/a | 0.2% | |
CITY FIRST MORTGAGE SERVICES, L.L.C. | $285,000 | n/a | 0.2% | |
CHURCHILL MORTGAGE CORPORATION | $330,000 | $275,000 | -16.7% | 0.2% |
AFFINITY PLUS | $415,000 | $270,000 | -34.9% | 0.2% |
Alerus Financial | $7,120,000 | $270,000 | -96.2% | 0.2% |
Northpointe Bank | $270,000 | n/a | 0.2% | |
Northview Bank | $265,000 | n/a | 0.2% | |
South Story Bank & Trust | $265,000 | n/a | 0.2% | |
USAA Federal Savings Bank | $580,000 | $265,000 | -54.3% | 0.2% |
GSF Mortgage Corporation | $195,000 | $255,000 | 30.8% | 0.2% |
First State Bank of Le Center | $250,000 | n/a | 0.2% | |
Coastal Community Bank | $240,000 | n/a | 0.2% | |
Nations Lending Corporation | $125,000 | $240,000 | 92.0% | 0.2% |
AgCountry Farm Credit Services, FLCA | $235,000 | n/a | 0.2% | |
Frandsen Bank & Trust | $35,000 | $235,000 | 571.4% | 0.2% |
Ixonia Bank | $400,000 | $235,000 | -41.3% | 0.2% |
Citizens Bank Minnesota | $325,000 | $230,000 | -29.2% | 0.2% |
IOWA BANKERS MORTGAGE CORPORATION | $415,000 | $225,000 | -45.8% | 0.2% |
Nicolet National Bank | $585,000 | $225,000 | -61.5% | 0.2% |
Deere Employees Credit Union | $215,000 | n/a | 0.1% | |
AMERITRUST MORTGAGE CORPORATION | $195,000 | n/a | 0.1% | |
Choice Financial Group | $195,000 | n/a | 0.1% | |
DRAPER AND KRAMER MORTGAGE CORP. | $405,000 | $190,000 | -53.1% | 0.1% |
First Federal Bank | $185,000 | n/a | 0.1% | |
NAVY FEDERAL CREDIT UNION | $285,000 | $180,000 | -36.8% | 0.1% |
21ST MORTGAGE CORPORATION | $450,000 | $175,000 | -61.1% | 0.1% |
First National Bank of America | $175,000 | n/a | 0.1% | |
CARDINAL FINANCIAL | $1,695,000 | $165,000 | -90.3% | 0.1% |
The First National Bank of Le Center | $165,000 | n/a | 0.1% | |
CONTOUR MORTGAGE CORPORATION | $155,000 | n/a | 0.1% | |
Union State Bank of Fargo | $135,000 | n/a | 0.1% | |
Deerwood Bank | $35,000 | $120,000 | 242.9% | 0.1% |
AMERISAVE MORTGAGE CORPORATION | $740,000 | $115,000 | -84.5% | 0.1% |
BankVista | $300,000 | $105,000 | -65.0% | 0.1% |
Centier Bank | $105,000 | n/a | 0.1% | |
Tradition Mortgage, LLC | $745,000 | $95,000 | -87.2% | 0.1% |
HIWAY | $320,000 | $75,000 | -76.6% | 0.1% |
MUTUAL OF OMAHA MORTGAGE, INC. | $495,000 | $75,000 | -84.8% | 0.1% |
South Metro Federal Credit Union | $75,000 | n/a | 0.1% | |
Bank of America | $65,000 | n/a | 0.0% | |
Figure Lending LLC | $60,000 | $60,000 | 0.0% | 0.0% |
Carrington Mortgage Services, LLC | $875,000 | $55,000 | -93.7% | 0.0% |
Connexus Credit Union | $55,000 | n/a | 0.0% | |
Baxter Credit Union | $180,000 | $35,000 | -80.6% | 0.0% |
TRIAD FINANCIAL SERVICES, INC. | $35,000 | n/a | 0.0% | |
Citizens Alliance Bank | $665,000 | $25,000 | -96.2% | 0.0% |
Hutchinson's top lender by overall market share is GREYSTONE FUNDING COMPANY LLC, with 9.4% market share. In second place, with 7.5%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $10,845,000 in loans. In third place, with 7.2%, is CORTRUST MORTGAGE, INC., having originated $10,490,000 in loans. In fourth place, with 5.6%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $8,085,000 in loans. In fifth place, with 5.4%, is Summit Mortgage Corporation, having originated $7,870,000 in loans.
Hutchinson, MN Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 423 | $96,225,000 | $227,482 |
Home Improvement | 64 | $3,400,000 | $53,125 |
Other | 59 | $4,445,000 | $75,339 |
Cash Out Refi | 57 | $11,835,000 | $207,632 |
Refi | 48 | $23,310,000 | $485,625 |
NA | 1 | $6,005,000 | $6,005,000 |
Hutchinson's most frequently cited loan purpose was Home Purchase, with 423 originations. The 2nd most popular reason was Home Improvement, with 64 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 266 | $60,550,000 | $227,632 |
7-8% | 125 | $27,085,000 | $216,680 |
Over 8% | 69 | $5,395,000 | $78,188 |
5-6% | 66 | $14,790,000 | $224,091 |
<2.5% | 9 | $395,000 | $43,889 |
4-5% | 7 | $14,525,000 | $2,075,000 |
During 2023, Hutchinson's most frequently originated rate bucket was 6-7%, with 266 originations.
Loan Sizing (Hutchinson, MN MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$200k-400k | 243 | $64,915,000 | $267,140 |
$100k-200k | 185 | $28,515,000 | $154,135 |
$100,000 or less | 182 | $9,110,000 | $50,055 |
$400k-600k | 31 | $14,505,000 | $467,903 |
$600k-1000k | 6 | $4,430,000 | $738,333 |
$Over $1MM | 5 | $23,745,000 | $4,749,000 |
Hutchinson's loan sizing saw the bucket of loans from $200k-400k with 243 originations, totaling $64,915,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 262 | $65,020,000 | $248,168 |
60-80% | 108 | $28,140,000 | $260,556 |
Under 20% | 78 | $2,990,000 | $38,333 |
20-40% | 55 | $4,195,000 | $76,273 |
40-60% | 33 | $19,905,000 | $603,182 |
Over 100% | 7 | $2,045,000 | $292,143 |
Hutchinson's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 262 originations, totaling $65,020,000 in origination value.