Ketchikan Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ketchikan averaged
6.42%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
6.12% and
one month ago for the week of 2024-09-05, the
average rate was 6.25%.
Ketchikan's average rate one year ago was 7.69%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.22%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
| Ketchikan 30 Year Fixed Rate | 2024-10-10 | 6.42% |
| Ketchikan 30 Year Fixed Rate Refi | 2024-10-10 | 6.22% |
| Ketchikan 15 Year Fixed Rate | 2024-10-10 | 5.51% |
| Ketchikan 15 Year Fixed Rate Refi | 2024-10-10 | 5.61% |
| Ketchikan 30 Year FHA | 2024-10-10 | 6.2% |
| Ketchikan 30 Year FHA Refi | 2024-10-10 | 6.4% |
| Ketchikan 30 Year USDA | 2024-10-10 | 6.28% |
| Ketchikan 30 Year USDA Refi | 2024-10-10 | 5.88% |
| Ketchikan 30 Year VA | 2024-10-10 | 5.65% |
| Ketchikan 30 Year VA Refi | 2024-10-10 | 5.85% |
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.).
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| QUICKEN LOANS, LLC | 4 | 7.13% | $6,227 |
| CREDIT UNION 1 | 4 | 5.75% | $4,516 |
| KeyBank | 3 | 6.92% | $4,864 |
| CORNERSTONE HOME LENDING, INC. | 3 | 6.75% | $8,460 |
| Alaska USA Federal Credit Union | 2 | 6.44% | $5,107 |
| MEMBER FIRST MORTGAGE, LLC | 2 | 6.63% | $9,056 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.13% | $13,909 |
| MOVEMENT MORTGAGE, LLC | 1 | 6.50% | $10,420 |
| NEWREZ LLC | 1 | 6.50% | $5,302 |
| American Mortgage & Equity Consultants, Inc. | 1 | 7.63% | $5,587 |
| RESIDENTIAL BANCORP | 1 | 6.88% | $6,153 |
| RESIDENTIAL MORTGAGE, LLC | 1 | 6.63% | $3,600 |
| JPMorgan Chase Bank | 1 | 6.49% | $2,278 |
Ketchikan Average Closing Costs & Other Stats
Ketchikan, AK's 13 lenders originated 95
loans during 2023. The total origination value was $28,495,000, with an average loan value of
$299,947.
Ketchikan's average closing costs are $7,028.
The top Ketchikan lender as defined by loan originations is QUICKEN LOANS, LLC, with
4 loans originated. Their average total fees are
$6,227, which is $1,711
higher than the next largest lender,
CREDIT UNION 1.
The lowest fee Ketchikan lenders (with over 10 loans originated) are
.
The lowest rate Ketchikan lenders (with over 10 loans originated) are
.
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Mortgage Research Center, LLC | $2,660,000 | $2,975,000 | 11.8% | 10.4% |
| ACADEMY MORTGAGE CORPORATION | $1,950,000 | $2,680,000 | 37.4% | 9.4% |
| CORNERSTONE HOME LENDING, INC. | $2,375,000 | n/a | 8.3% | |
| RESIDENTIAL MORTGAGE, LLC | $1,275,000 | $1,895,000 | 48.6% | 6.7% |
| MOVEMENT MORTGAGE, LLC | $1,170,000 | $1,850,000 | 58.1% | 6.5% |
| KeyBank | $4,685,000 | $1,785,000 | -61.9% | 6.3% |
| RESIDENTIAL BANCORP | $5,300,000 | $1,485,000 | -72.0% | 5.2% |
| CREDIT UNION 1 | $1,935,000 | $1,200,000 | -38.0% | 4.2% |
| QUICKEN LOANS, LLC | $4,780,000 | $1,185,000 | -75.2% | 4.2% |
| AMERISAVE MORTGAGE CORPORATION | $2,215,000 | $1,085,000 | -51.0% | 3.8% |
| Alaska USA Federal Credit Union | $190,000 | $1,080,000 | 468.4% | 3.8% |
| PENNYMAC LOAN SERVICES, LLC | $235,000 | $970,000 | 312.8% | 3.4% |
| MEMBER FIRST MORTGAGE, LLC | $925,000 | $790,000 | -14.6% | 2.8% |
| CMG MORTGAGE, INC. | $605,000 | n/a | 2.1% | |
| NAVY FEDERAL CREDIT UNION | $1,415,000 | $580,000 | -59.0% | 2.0% |
| CARDINAL FINANCIAL | $555,000 | n/a | 1.9% | |
| Barrington Bank & Trust Company, N.A. | $435,000 | $465,000 | 6.9% | 1.6% |
| JPMorgan Chase Bank | $450,000 | n/a | 1.6% | |
| Citibank | $555,000 | $405,000 | -27.0% | 1.4% |
| LOANDEPOT.COM, LLC | $2,870,000 | $405,000 | -85.9% | 1.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $395,000 | n/a | 1.4% | |
| GENEVA FINANCIAL, LLC | $385,000 | n/a | 1.4% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $450,000 | $355,000 | -21.1% | 1.2% |
| First National Bank Alaska | $890,000 | $325,000 | -63.5% | 1.1% |
| American Mortgage & Equity Consultants, Inc. | $295,000 | n/a | 1.0% | |
| MidFirst Bank | $285,000 | n/a | 1.0% | |
| Wells Fargo Bank | $4,310,000 | $270,000 | -93.7% | 0.9% |
| CROSSCOUNTRY MORTGAGE, LLC | $255,000 | n/a | 0.9% | |
| NEWREZ LLC | $225,000 | n/a | 0.8% | |
| ON Q FINANCIAL, INC. | $225,000 | n/a | 0.8% | |
| Mr. Cooper ( Nationstar Mortgage ) | $175,000 | n/a | 0.6% | |
| Discover Bank | $160,000 | n/a | 0.6% | |
| Bank of America | $1,145,000 | $155,000 | -86.5% | 0.5% |
| Figure Lending LLC | $45,000 | $70,000 | 55.6% | 0.2% |
| Coastal Community Bank | $55,000 | n/a | 0.2% | |
| Carrington Mortgage Services, LLC | $45,000 | n/a | 0.2% |
Ketchikan's top lender by overall market share is Mortgage Research Center, LLC, with 10.4% market share. In second place, with 9.4%, is ACADEMY MORTGAGE CORPORATION, having originated $2,680,000 in loans. In third place, with 8.3%, is CORNERSTONE HOME LENDING, INC., having originated $2,375,000 in loans. In fourth place, with 6.7%, is RESIDENTIAL MORTGAGE, LLC, having originated $1,895,000 in loans. In fifth place, with 6.5%, is MOVEMENT MORTGAGE, LLC, having originated $1,850,000 in loans.
Ketchikan, AK Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 57 | $21,545,000 | $377,982 |
| Cash Out Refi | 13 | $2,525,000 | $194,231 |
| Home Improvement | 9 | $855,000 | $95,000 |
| Other | 9 | $1,115,000 | $123,889 |
| Refi | 7 | $2,455,000 | $350,714 |
Ketchikan's most frequently cited loan purpose was Home Purchase, with 57 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 31 | $10,885,000 | $351,129 |
| 7-8% | 27 | $7,935,000 | $293,889 |
| 5-6% | 17 | $6,785,000 | $399,118 |
| Over 8% | 17 | $1,925,000 | $113,235 |
| 4-5% | 1 | $265,000 | $265,000 |
| 3-4% | 1 | $285,000 | $285,000 |
| 2.5-3% | 1 | $415,000 | $415,000 |
During 2023, Ketchikan's most frequently originated rate bucket was 6-7%, with 31 originations.
Loan Sizing (Ketchikan, AK MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 33 | $9,615,000 | $291,364 |
| $400k-600k | 25 | $11,905,000 | $476,200 |
| $100k-200k | 19 | $2,905,000 | $152,895 |
| $100,000 or less | 13 | $715,000 | $55,000 |
| $600k-1000k | 5 | $3,355,000 | $671,000 |
Ketchikan's loan sizing saw the bucket of loans from $200k-400k with 33 originations, totaling $9,615,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 36 | $14,930,000 | $414,722 |
| 60-80% | 17 | $4,915,000 | $289,118 |
| Under 20% | 13 | $1,055,000 | $81,154 |
| 20-40% | 11 | $1,625,000 | $147,727 |
| 40-60% | 10 | $2,630,000 | $263,000 |
| Over 100% | 6 | $2,660,000 | $443,333 |
Ketchikan's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 36 originations, totaling $14,930,000 in origination value.