Iron Mountain Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Iron Mountain averaged
6.66%
for the week of 2023-12-07, compared to the national average of
7.03% for the same period.
The average rate for the prior week (2023-11-30) was
7.15% and
one month ago for the week of 2023-11-02, the
average rate was 7.69%.
Iron Mountain's average rate one year ago was 6.22%.
For refis of the same type during the week of 2023-12-07, the average rate
was 7.23%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-12-07 | 7.03% |
| Iron Mountain 30 Year Fixed Rate | 2023-12-07 | 6.66% |
| Iron Mountain 30 Year Fixed Rate Refi | 2023-12-07 | 7.23% |
| Iron Mountain 15 Year Fixed Rate | 2023-12-07 | 6.09% |
| Iron Mountain 15 Year Fixed Rate Refi | 2023-12-07 | 6.69% |
| Iron Mountain 30 Year FHA | 2023-12-07 | 7.02% |
| Iron Mountain 30 Year FHA Refi | 2023-12-07 | 6.82% |
| Iron Mountain 30 Year USDA | 2023-12-07 | 6.82% |
| Iron Mountain 30 Year USDA Refi | 2023-12-07 | 6.62% |
| Iron Mountain 30 Year VA | 2023-12-07 | 6.34% |
| Iron Mountain 30 Year VA Refi | 2023-12-07 | 6.44% |
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 46 lenders originated 401
loans during 2022. The total origination value was $64,465,000, with an average loan value of
$160,761.
Iron Mountain's average closing costs are $3,380.
The top Iron Mountain lender as defined by loan originations is IncredibleBank, with
23 loans originated. Their average total fees are
$2,290, which is $3,717
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Iron Mountain lenders (with over 10 loans originated) are
IncredibleBank ($2,290), Flagstar Bank, FSB ($2,751), Range Bank ($3,033), CoVantage Credit Union ($3,123) and Nicolet National Bank ($3,151).
The lowest rate Iron Mountain lenders (with over 10 loans originated) are
Range Bank (4.62%), Flagstar Bank, FSB (4.62%), Nicolet National Bank (4.89%), QUICKEN LOANS, LLC (5.09%) and CoVantage Credit Union (5.11%).
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| QUICKEN LOANS, LLC | $10,570,000 | $5,970,000 | -43.5% | 9.3% |
| IncredibleBank | $7,355,000 | $5,330,000 | -27.5% | 8.3% |
| Range Bank | $8,010,000 | $5,235,000 | -34.6% | 8.1% |
| Flagstar Bank, FSB | $6,860,000 | $5,040,000 | -26.5% | 7.8% |
| Mortgage Research Center, LLC | $4,935,000 | $4,545,000 | -7.9% | 7.1% |
| Nicolet National Bank | $1,510,000 | $4,130,000 | 173.5% | 6.4% |
| CoVantage Credit Union | $4,675,000 | $3,795,000 | -18.8% | 5.9% |
| The Huntington National Bank | $2,060,000 | $2,250,000 | 9.2% | 3.5% |
| Grandbridge Real Estate Capital LLC | $1,805,000 | n/a | 2.8% | |
| Wells Fargo Bank | $2,495,000 | $1,740,000 | -30.3% | 2.7% |
| FINANCE OF AMERICA MORTGAGE LLC | $900,000 | $1,430,000 | 58.9% | 2.2% |
| AMERISAVE MORTGAGE CORPORATION | $270,000 | $1,160,000 | 329.6% | 1.8% |
| Associated Bank | $1,340,000 | $895,000 | -33.2% | 1.4% |
| THRIVENT Federal Credit Union | $205,000 | $830,000 | 304.9% | 1.3% |
| HOME POINT FINANCIAL CORPORATION | $875,000 | $735,000 | -16.0% | 1.1% |
| FOX COMMUNITIES | $795,000 | $680,000 | -14.5% | 1.1% |
| Northview Bank | $655,000 | n/a | 1.0% | |
| Bank First, N.A. | $125,000 | $645,000 | 416.0% | 1.0% |
| JPMorgan Chase Bank | $615,000 | $630,000 | 2.4% | 1.0% |
| NAVY FEDERAL CREDIT UNION | $935,000 | $605,000 | -35.3% | 0.9% |
| Laona State Bank | $275,000 | $580,000 | 110.9% | 0.9% |
| Forward Bank | $535,000 | n/a | 0.8% | |
| PENNYMAC LOAN SERVICES, LLC | $885,000 | $515,000 | -41.8% | 0.8% |
| Oostburg State Bank | $155,000 | $505,000 | 225.8% | 0.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,910,000 | $475,000 | -75.1% | 0.7% |
| LAKEVIEW LOAN SERVICING, LLC | $520,000 | $455,000 | -12.5% | 0.7% |
| Mr. Cooper ( Nationstar Mortgage ) | $490,000 | $430,000 | -12.2% | 0.7% |
| PCM | $85,000 | $430,000 | 405.9% | 0.7% |
| CALIBER HOME LOANS, INC. | $75,000 | $425,000 | 466.7% | 0.7% |
| Ally Bank | $325,000 | $395,000 | 21.5% | 0.6% |
| Hometown Bank | $385,000 | n/a | 0.6% | |
| LOANDEPOT.COM, LLC | $360,000 | $375,000 | 4.2% | 0.6% |
| MOVEMENT MORTGAGE, LLC | $375,000 | n/a | 0.6% | |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $95,000 | $370,000 | 289.5% | 0.6% |
| Community First Credit Union | $205,000 | $360,000 | 75.6% | 0.6% |
| PLUS RELOCATION MORTGAGE, LLC | $360,000 | n/a | 0.6% | |
| Citadel Servicing Corporation | $355,000 | n/a | 0.6% | |
| MARINE | $160,000 | $355,000 | 121.9% | 0.6% |
| NEW DAY FINANCIAL, LLC | $130,000 | $350,000 | 169.2% | 0.5% |
| Honor Credit Union | $360,000 | $345,000 | -4.2% | 0.5% |
| LIMA ONE CAPITAL, LLC | $345,000 | n/a | 0.5% | |
| FIRST CENTENNIAL MORTGAGE CORPORATION | $115,000 | $315,000 | 173.9% | 0.5% |
| The Port Washington State Bank | $315,000 | n/a | 0.5% | |
| Old National Bank | $820,000 | $285,000 | -65.2% | 0.4% |
| TOWER | $285,000 | n/a | 0.4% | |
| EDUCATORS CREDIT UNION | $270,000 | n/a | 0.4% | |
| BLG HOLDINGS, INC. | $265,000 | n/a | 0.4% | |
| RELIANCE FIRST CAPITAL, LLC | $265,000 | n/a | 0.4% | |
| The Stephenson National Bank and Trust | $410,000 | $260,000 | -36.6% | 0.4% |
| University of Wisconsin Credit Union | $85,000 | $260,000 | 205.9% | 0.4% |
| Johnson Bank | $350,000 | $240,000 | -31.4% | 0.4% |
| Neighborhood Loans, Inc. | $105,000 | $240,000 | 128.6% | 0.4% |
| PNC Bank | $235,000 | n/a | 0.4% | |
| CHURCHILL MORTGAGE CORPORATION | $85,000 | $230,000 | 170.6% | 0.4% |
| EVERETT FINANCIAL, INC. | $355,000 | $225,000 | -36.6% | 0.3% |
| M&T Bank | $75,000 | $225,000 | 200.0% | 0.3% |
| Gateway First Bank | $205,000 | n/a | 0.3% | |
| Third Federal Savings and Loan Association of Cleveland | $205,000 | n/a | 0.3% | |
| GreenStone Farm Credit Services, FLCA | $335,000 | $185,000 | -44.8% | 0.3% |
| ACADEMY MORTGAGE CORPORATION | $175,000 | n/a | 0.3% | |
| American Mortgage & Equity Consultants, Inc. | $175,000 | n/a | 0.3% | |
| SOFI LENDING CORP. | $175,000 | n/a | 0.3% | |
| Summit Credit Union | $240,000 | $155,000 | -35.4% | 0.2% |
| CAPITAL Credit Union | $45,000 | $145,000 | 222.2% | 0.2% |
| CROSSCOUNTRY MORTGAGE, LLC | $145,000 | n/a | 0.2% | |
| First Federal Bank | $135,000 | n/a | 0.2% | |
| Premier Community Bank | $135,000 | n/a | 0.2% | |
| WNB Financial, N.A. | $135,000 | n/a | 0.2% | |
| BROKER SOLUTIONS, INC. | $695,000 | $130,000 | -81.3% | 0.2% |
| AMERICAN FINANCING CORPORATION | $185,000 | $125,000 | -32.4% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $395,000 | $125,000 | -68.4% | 0.2% |
| UNISON CREDIT UNION | $55,000 | $125,000 | 127.3% | 0.2% |
| Discover Bank | $105,000 | n/a | 0.2% | |
| Peoples State Bank | $105,000 | n/a | 0.2% | |
| Wolf River Community Bank | $105,000 | n/a | 0.2% | |
| GENEVA FINANCIAL, LLC | $85,000 | n/a | 0.1% | |
| U.S. Bank | $645,000 | $85,000 | -86.8% | 0.1% |
| FIRST NORTHERN Credit Union | $75,000 | n/a | 0.1% | |
| FREEDOM MORTGAGE CORPORATION | $1,425,000 | $75,000 | -94.7% | 0.1% |
| ROYAL UNITED MORTGAGE LLC | $105,000 | $75,000 | -28.6% | 0.1% |
| Vibrant Credit Union | $75,000 | n/a | 0.1% | |
| Bank of America | $245,000 | $65,000 | -73.5% | 0.1% |
| Carrington Mortgage Services, LLC | $135,000 | $65,000 | -51.9% | 0.1% |
| Denmark State Bank | $210,000 | $65,000 | -69.0% | 0.1% |
| DFCU FINANCIAL | $35,000 | n/a | 0.1% | |
| Citizens Bank | $65,000 | $25,000 | -61.5% | 0.0% |
| THE PESHTIGO NATIONAL BANK | $25,000 | n/a | 0.0% |
Iron Mountain's top lender by overall market share is QUICKEN LOANS, LLC, with 9.3% market share. In second place, with 8.3%, is IncredibleBank, having originated $5,330,000 in loans. In third place, with 8.1%, is Range Bank, having originated $5,235,000 in loans. In fourth place, with 7.8%, is Flagstar Bank, FSB, having originated $5,040,000 in loans. In fifth place, with 7.1%, is Mortgage Research Center, LLC, having originated $4,545,000 in loans.
Iron Mountain, MI-WI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 219 | $40,095,000 | $183,082 |
| Cash Out Refi | 77 | $12,015,000 | $156,039 |
| Refi | 64 | $8,930,000 | $139,531 |
| Other | 23 | $2,295,000 | $99,783 |
| Home Improvement | 18 | $1,130,000 | $62,778 |
Iron Mountain's most frequently cited loan purpose was Home Purchase, with 219 originations. The 2nd most popular reason was Cash Out Refi, with 77 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 105 | $17,405,000 | $165,762 |
| 4-5% | 90 | $15,660,000 | $174,000 |
| 3-4% | 74 | $12,460,000 | $168,378 |
| 6-7% | 52 | $7,450,000 | $143,269 |
| 2.5-3% | 29 | $4,595,000 | $158,448 |
| 7-8% | 23 | $2,945,000 | $128,043 |
| <2.5% | 11 | $2,085,000 | $189,545 |
| Over 8% | 8 | $620,000 | $77,500 |
During 2022, Iron Mountain's most frequently originated rate bucket was 5-6%, with 105 originations.
Loan Sizing (Iron Mountain, MI-WI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 152 | $9,460,000 | $62,237 |
| $100k-200k | 144 | $20,690,000 | $143,681 |
| $200k-400k | 85 | $23,195,000 | $272,882 |
| $400k-600k | 17 | $8,015,000 | $471,471 |
| $600k-1000k | 2 | $1,300,000 | $650,000 |
| $Over $1MM | 1 | $1,805,000 | $1,805,000 |
Iron Mountain's loan sizing saw the bucket of loans from $100,000 or less with 152 originations, totaling $9,460,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 181 | $32,595,000 | $180,083 |
| 60-80% | 111 | $18,275,000 | $164,640 |
| 40-60% | 38 | $5,960,000 | $156,842 |
| 20-40% | 29 | $2,355,000 | $81,207 |
| Under 20% | 28 | $2,900,000 | $103,571 |
| Over 100% | 4 | $1,070,000 | $267,500 |
Iron Mountain's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 181 originations, totaling $32,595,000 in origination value.