Iron Mountain Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Iron Mountain averaged
7.11%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.94% and
one month ago for the week of 2024-10-03, the
average rate was 6.04%.
Iron Mountain's average rate one year ago was 7.98%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.99%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Iron Mountain 30 Year Fixed Rate | 2024-11-07 | 7.11% |
| Iron Mountain 30 Year Fixed Rate Refi | 2024-11-07 | 6.99% |
| Iron Mountain 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| Iron Mountain 15 Year Fixed Rate Refi | 2024-11-07 | 6.3% |
| Iron Mountain 30 Year FHA | 2024-11-07 | 6.63% |
| Iron Mountain 30 Year FHA Refi | 2024-11-07 | 6.63% |
| Iron Mountain 30 Year USDA | 2024-11-07 | 6.38% |
| Iron Mountain 30 Year USDA Refi | 2024-11-07 | 6.68% |
| Iron Mountain 30 Year VA | 2024-11-07 | 6.14% |
| Iron Mountain 30 Year VA Refi | 2024-11-07 | 6.24% |
Iron Mountain 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 Iron Mountain, MI-WI 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.).
Iron Mountain Average Closing Costs & Other Stats
Iron Mountain, MI-WI's 41 lenders originated 335
loans during 2023. The total origination value was $48,775,000, with an average loan value of
$145,597.
Iron Mountain's average closing costs are $3,512.
The top Iron Mountain lender as defined by loan originations is IncredibleBank, with
21 loans originated. Their average total fees are
$2,661, which is $193
lower than the next largest lender,
Flagstar Bank, FSB.
The lowest fee Iron Mountain lenders (with over 10 loans originated) are
IncredibleBank ($2,661), Flagstar Bank, FSB ($2,854), Range Bank ($3,079), CoVantage Credit Union ($3,269) and .
The lowest rate Iron Mountain lenders (with over 10 loans originated) are
IncredibleBank (6.80%), Flagstar Bank, FSB (6.86%), CoVantage Credit Union (6.98%), Range Bank (7.07%) and .
Iron Mountain, MI-WI 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 |
|---|---|---|---|---|
| Flagstar Bank, FSB | $5,040,000 | $5,265,000 | 4.5% | 10.8% |
| IncredibleBank | $5,330,000 | $4,450,000 | -16.5% | 9.1% |
| QUICKEN LOANS, LLC | $5,970,000 | $4,005,000 | -32.9% | 8.2% |
| CoVantage Credit Union | $3,795,000 | $3,965,000 | 4.5% | 8.1% |
| Mortgage Research Center, LLC | $4,545,000 | $3,455,000 | -24.0% | 7.1% |
| Range Bank | $5,235,000 | $2,440,000 | -53.4% | 5.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $475,000 | $1,890,000 | 297.9% | 3.9% |
| Nicolet National Bank | $4,130,000 | $1,675,000 | -59.4% | 3.4% |
| The Huntington National Bank | $2,250,000 | $1,495,000 | -33.6% | 3.1% |
| American National Bank - Fox Cities | $1,205,000 | n/a | 2.5% | |
| U.S. Bank | $85,000 | $1,035,000 | 1,117.6% | 2.1% |
| Heritage Bank | $1,005,000 | n/a | 2.1% | |
| Associated Bank | $895,000 | $980,000 | 9.5% | 2.0% |
| BROKER SOLUTIONS, INC. | $130,000 | $850,000 | 553.8% | 1.7% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $370,000 | $780,000 | 110.8% | 1.6% |
| FOX COMMUNITIES | $680,000 | $725,000 | 6.6% | 1.5% |
| Bank First, N.A. | $645,000 | $575,000 | -10.9% | 1.2% |
| USAA Federal Savings Bank | $565,000 | n/a | 1.2% | |
| NEW DAY FINANCIAL, LLC | $350,000 | $515,000 | 47.1% | 1.1% |
| GUARANTEED RATE AFFINITY, LLC | $465,000 | n/a | 1.0% | |
| AMERISAVE MORTGAGE CORPORATION | $1,160,000 | $430,000 | -62.9% | 0.9% |
| CROSSCOUNTRY MORTGAGE, LLC | $145,000 | $420,000 | 189.7% | 0.9% |
| ROYAL UNITED MORTGAGE LLC | $75,000 | $420,000 | 460.0% | 0.9% |
| Johnson Bank | $240,000 | $415,000 | 72.9% | 0.9% |
| Laona State Bank | $580,000 | $375,000 | -35.3% | 0.8% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $365,000 | n/a | 0.7% | |
| Mr. Cooper ( Nationstar Mortgage ) | $430,000 | $355,000 | -17.4% | 0.7% |
| THRIVENT Federal Credit Union | $830,000 | $340,000 | -59.0% | 0.7% |
| Community First Credit Union | $360,000 | $320,000 | -11.1% | 0.7% |
| Wells Fargo Bank | $1,740,000 | $310,000 | -82.2% | 0.6% |
| Paramount Residential Mortgage Group, Inc. | $285,000 | n/a | 0.6% | |
| Old National Bank | $285,000 | $275,000 | -3.5% | 0.6% |
| JPMorgan Chase Bank | $630,000 | $250,000 | -60.3% | 0.5% |
| FirstBank Southwest | $245,000 | n/a | 0.5% | |
| Premier Community Bank | $135,000 | $245,000 | 81.5% | 0.5% |
| VERVE, A CREDIT UNION | $245,000 | n/a | 0.5% | |
| NAVY FEDERAL CREDIT UNION | $605,000 | $235,000 | -61.2% | 0.5% |
| PNC Bank | $235,000 | $225,000 | -4.3% | 0.5% |
| The Federal Savings Bank | $215,000 | n/a | 0.4% | |
| Royal Credit Union | $205,000 | n/a | 0.4% | |
| GSF Mortgage Corporation | $200,000 | n/a | 0.4% | |
| Bell Bank | $195,000 | n/a | 0.4% | |
| Waukesha State Bank | $185,000 | n/a | 0.4% | |
| Century Mortgage Company DBA Century Lending Company | $175,000 | n/a | 0.4% | |
| PROPER RATE, LLC | $165,000 | n/a | 0.3% | |
| Summit Credit Union | $155,000 | $165,000 | 6.5% | 0.3% |
| COMPEER FINANCIAL, FLCA | $155,000 | n/a | 0.3% | |
| Landmark Credit Union | $155,000 | n/a | 0.3% | |
| NBKC BANK | $155,000 | n/a | 0.3% | |
| Oostburg State Bank | $505,000 | $155,000 | -69.3% | 0.3% |
| AMERICAN FINANCING CORPORATION | $125,000 | $145,000 | 16.0% | 0.3% |
| Barrington Bank & Trust Company, N.A. | $145,000 | n/a | 0.3% | |
| GUILD MORTGAGE COMPANY | $145,000 | n/a | 0.3% | |
| LAFCU | $145,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $375,000 | $145,000 | -61.3% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $125,000 | $145,000 | 16.0% | 0.3% |
| The Stephenson National Bank and Trust | $260,000 | $135,000 | -48.1% | 0.3% |
| CHURCHILL MORTGAGE CORPORATION | $230,000 | $125,000 | -45.7% | 0.3% |
| CIBM Bank | $125,000 | n/a | 0.3% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $125,000 | n/a | 0.3% | |
| University of Wisconsin Credit Union | $260,000 | $125,000 | -51.9% | 0.3% |
| Honor Credit Union | $345,000 | $120,000 | -65.2% | 0.2% |
| SPRING EQ, LLC | $120,000 | n/a | 0.2% | |
| GreenStone Farm Credit Services, FLCA | $185,000 | $115,000 | -37.8% | 0.2% |
| STOCKTON MORTGAGE CORPORATION | $115,000 | n/a | 0.2% | |
| 21ST MORTGAGE CORPORATION | $105,000 | n/a | 0.2% | |
| Ally Bank | $395,000 | $105,000 | -73.4% | 0.2% |
| Frankenmuth Credit Union | $105,000 | n/a | 0.2% | |
| East Wisconsin Savings Bank | $95,000 | n/a | 0.2% | |
| NEWREZ LLC | $95,000 | n/a | 0.2% | |
| RAPID MORTGAGE COMPANY | $95,000 | n/a | 0.2% | |
| Servion, Inc. | $95,000 | n/a | 0.2% | |
| Citizens Bank | $25,000 | $85,000 | 240.0% | 0.2% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $85,000 | n/a | 0.2% | |
| FREEDOM MORTGAGE CORPORATION | $75,000 | $75,000 | 0.0% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $375,000 | $75,000 | -80.0% | 0.2% |
| Wolf River Community Bank | $105,000 | $75,000 | -28.6% | 0.2% |
| BLC Community Bank | $65,000 | n/a | 0.1% | |
| LONGBRIDGE FINANCIAL, LLC | $55,000 | n/a | 0.1% | |
| UNITED | $55,000 | n/a | 0.1% | |
| CAPITAL Credit Union | $145,000 | $45,000 | -69.0% | 0.1% |
| WNB Financial, N.A. | $135,000 | $45,000 | -66.7% | 0.1% |
| BMO Harris Bank | $35,000 | n/a | 0.1% | |
| Figure Lending LLC | $25,000 | n/a | 0.1% |
Iron Mountain's top lender by overall market share is Flagstar Bank, FSB, with 10.8% market share. In second place, with 9.1%, is IncredibleBank, having originated $4,450,000 in loans. In third place, with 8.2%, is QUICKEN LOANS, LLC, having originated $4,005,000 in loans. In fourth place, with 8.1%, is CoVantage Credit Union, having originated $3,965,000 in loans. In fifth place, with 7.1%, is Mortgage Research Center, LLC, having originated $3,455,000 in loans.
Iron Mountain, MI-WI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 212 | $37,550,000 | $177,123 |
| Cash Out Refi | 52 | $5,330,000 | $102,500 |
| Other | 30 | $2,090,000 | $69,667 |
| Home Improvement | 22 | $1,440,000 | $65,455 |
| Refi | 19 | $2,365,000 | $124,474 |
Iron Mountain's most frequently cited loan purpose was Home Purchase, with 212 originations. The 2nd most popular reason was Cash Out Refi, with 52 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 133 | $22,305,000 | $167,707 |
| 7-8% | 100 | $12,110,000 | $121,100 |
| Over 8% | 46 | $3,410,000 | $74,130 |
| 5-6% | 40 | $7,480,000 | $187,000 |
| 4-5% | 5 | $875,000 | $175,000 |
During 2023, Iron Mountain's most frequently originated rate bucket was 6-7%, with 133 originations.
Loan Sizing (Iron Mountain, MI-WI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 140 | $7,800,000 | $55,714 |
| $100k-200k | 125 | $18,335,000 | $146,680 |
| $200k-400k | 60 | $16,570,000 | $276,167 |
| $400k-600k | 8 | $3,860,000 | $482,500 |
| $Over $1MM | 2 | $2,210,000 | $1,105,000 |
Iron Mountain's loan sizing saw the bucket of loans from $100,000 or less with 140 originations, totaling $7,800,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 159 | $28,715,000 | $180,597 |
| 60-80% | 73 | $11,005,000 | $150,753 |
| 20-40% | 36 | $2,310,000 | $64,167 |
| Under 20% | 31 | $1,075,000 | $34,677 |
| 40-60% | 24 | $2,860,000 | $119,167 |
| Over 100% | 1 | $215,000 | $215,000 |
Iron Mountain's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 159 originations, totaling $28,715,000 in origination value.