Ketchikan Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ketchikan averaged
6.98%
for the week of 2023-09-14, compared to the national average of
7.18% for the same period.
The average rate for the prior week (2023-09-07) was
7.12% and
one month ago for the week of 2023-08-10, the
average rate was 7.06%.
Ketchikan's average rate one year ago was 5.79%.
For refis of the same type during the week of 2023-09-14, the average rate
was 7.18%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
| Ketchikan 30 Year Fixed Rate | 2023-09-14 | 6.98% |
| Ketchikan 30 Year Fixed Rate Refi | 2023-09-14 | 7.18% |
| Ketchikan 15 Year Fixed Rate | 2023-09-14 | 6.31% |
| Ketchikan 15 Year Fixed Rate Refi | 2023-09-14 | 6.41% |
| Ketchikan 30 Year FHA | 2023-09-14 | 6.79% |
| Ketchikan 30 Year FHA Refi | 2023-09-14 | 6.99% |
| Ketchikan 30 Year USDA | 2023-09-14 | 6.78% |
| Ketchikan 30 Year USDA Refi | 2023-09-14 | 7.08% |
| Ketchikan 30 Year VA | 2023-09-14 | 6.61% |
| Ketchikan 30 Year VA Refi | 2023-09-14 | 6.61% |
Ketchikan 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 Ketchikan, AK 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.).
Ketchikan Average Closing Costs & Other Stats
Ketchikan, AK's 25 lenders originated 168
loans during 2022. The total origination value was $54,210,000, with an average loan value of
$322,679.
Ketchikan's average closing costs are $6,828.
The top Ketchikan lender as defined by loan originations is Alaska USA Mortgage Company LLC, with
11 loans originated. Their average total fees are
$4,937, which is $2,339
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Ketchikan lenders (with over 10 loans originated) are
Alaska USA Mortgage Company LLC ($4,937), QUICKEN LOANS, LLC ($7,276), .
The lowest rate Ketchikan lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (4.73%), Alaska USA Mortgage Company LLC (4.81%), .
Ketchikan, AK 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 |
|---|---|---|---|---|
| Alaska USA Mortgage Company LLC | $14,700,000 | $6,105,000 | -58.5% | 11.3% |
| RESIDENTIAL BANCORP. | $1,755,000 | $5,300,000 | 202.0% | 9.8% |
| QUICKEN LOANS, LLC | $7,735,000 | $4,780,000 | -38.2% | 8.8% |
| KeyBank | $6,905,000 | $4,685,000 | -32.2% | 8.6% |
| Wells Fargo Bank | $4,090,000 | $4,310,000 | 5.4% | 8.0% |
| LOANDEPOT.COM, LLC | $3,760,000 | $2,870,000 | -23.7% | 5.3% |
| Mortgage Research Center, LLC | $3,975,000 | $2,660,000 | -33.1% | 4.9% |
| AMERISAVE MORTGAGE CORPORATION | $3,215,000 | $2,215,000 | -31.1% | 4.1% |
| ACADEMY MORTGAGE CORPORATION | $375,000 | $1,950,000 | 420.0% | 3.6% |
| CREDIT UNION 1 | $2,295,000 | $1,935,000 | -15.7% | 3.6% |
| USAA Federal Savings Bank | $3,755,000 | $1,850,000 | -50.7% | 3.4% |
| NAVY FEDERAL CREDIT UNION | $3,195,000 | $1,415,000 | -55.7% | 2.6% |
| RESIDENTIAL MORTGAGE, LLC | $3,695,000 | $1,275,000 | -65.5% | 2.4% |
| U.S. Bank | $1,195,000 | n/a | 2.2% | |
| MOVEMENT MORTGAGE, LLC | $1,170,000 | n/a | 2.2% | |
| Bank of America | $365,000 | $1,145,000 | 213.7% | 2.1% |
| MID AMERICA MORTGAGE, INC. | $1,350,000 | $1,095,000 | -18.9% | 2.0% |
| MEMBER FIRST MORTGAGE, LLC | $925,000 | n/a | 1.7% | |
| North American Savings Bank, F.S.B. | $965,000 | $925,000 | -4.1% | 1.7% |
| BETTER MORTGAGE CORPORATION | $1,100,000 | $900,000 | -18.2% | 1.7% |
| First National Bank Alaska | $385,000 | $890,000 | 131.2% | 1.6% |
| Citibank | $555,000 | n/a | 1.0% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $450,000 | n/a | 0.8% | |
| PHH Mortgage Corporation | $450,000 | n/a | 0.8% | |
| Barrington Bank & Trust Company, N.A. | $650,000 | $435,000 | -33.1% | 0.8% |
| HOME POINT FINANCIAL CORPORATION | $410,000 | n/a | 0.8% | |
| Flagstar Bank, FSB | $545,000 | $405,000 | -25.7% | 0.7% |
| Raymond James Bank | $375,000 | n/a | 0.7% | |
| Nations Lending Corporation | $315,000 | n/a | 0.6% | |
| GUARANTEED RATE, INC. | $255,000 | n/a | 0.5% | |
| The Federal Savings Bank | $680,000 | $245,000 | -64.0% | 0.5% |
| PENNYMAC LOAN SERVICES, LLC | $1,775,000 | $235,000 | -86.8% | 0.4% |
| Alaska USA Federal Credit Union | $14,935,000 | $190,000 | -98.7% | 0.4% |
| FINANCE OF AMERICA REVERSE LLC | $135,000 | n/a | 0.2% | |
| AMERICAN FINANCING CORPORATION | $345,000 | $115,000 | -66.7% | 0.2% |
| Figure Lending LLC | $45,000 | n/a | 0.1% |
Ketchikan's top lender by overall market share is Alaska USA Mortgage Company LLC, with 11.3% market share. In second place, with 9.8%, is RESIDENTIAL BANCORP., having originated $5,300,000 in loans. In third place, with 8.8%, is QUICKEN LOANS, LLC, having originated $4,780,000 in loans. In fourth place, with 8.6%, is KeyBank, having originated $4,685,000 in loans. In fifth place, with 8.0%, is Wells Fargo Bank, having originated $4,310,000 in loans.
Ketchikan, AK Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 93 | $35,555,000 | $382,312 |
| Cash Out Refi | 48 | $13,200,000 | $275,000 |
| Refi | 16 | $3,850,000 | $240,625 |
| Other | 8 | $1,310,000 | $163,750 |
| Home Improvement | 3 | $295,000 | $98,333 |
Ketchikan's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 43 | $13,735,000 | $319,419 |
| 4-5% | 42 | $14,810,000 | $352,619 |
| 5-6% | 41 | $13,555,000 | $330,610 |
| 6-7% | 16 | $5,500,000 | $343,750 |
| 2.5-3% | 14 | $3,920,000 | $280,000 |
| <2.5% | 5 | $1,485,000 | $297,000 |
| 7-8% | 4 | $890,000 | $222,500 |
| Over 8% | 3 | $315,000 | $105,000 |
During 2022, Ketchikan's most frequently originated rate bucket was 3-4%, with 43 originations.
Loan Sizing (Ketchikan, AK MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 90 | $28,000,000 | $311,111 |
| $400k-600k | 37 | $17,455,000 | $471,757 |
| $100k-200k | 23 | $3,325,000 | $144,565 |
| $100,000 or less | 11 | $645,000 | $58,636 |
| $600k-1000k | 7 | $4,785,000 | $683,571 |
Ketchikan's loan sizing saw the bucket of loans from $200k-400k with 90 originations, totaling $28,000,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 75 | $28,415,000 | $378,867 |
| 60-80% | 49 | $15,725,000 | $320,918 |
| 40-60% | 18 | $4,640,000 | $257,778 |
| 20-40% | 11 | $1,915,000 | $174,091 |
| Under 20% | 8 | $500,000 | $62,500 |
| Over 100% | 5 | $2,355,000 | $471,000 |
Ketchikan's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 75 originations, totaling $28,415,000 in origination value.