Ketchikan Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Ketchikan averaged 6.57% for the week of 2024-07-18, compared to the national average of 6.77% for the same period.

The average rate for the prior week (2024-07-11) was 7.09% and one month ago for the week of 2024-06-13, the average rate was 7.15%.

Ketchikan's average rate one year ago was 7.06%.

For refis of the same type during the week of 2024-07-18, the average rate was 7.27%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-07-18 6.77%
Ketchikan 30 Year Fixed Rate 2024-07-18 6.57%
Ketchikan 30 Year Fixed Rate Refi 2024-07-18 7.27%
Ketchikan 15 Year Fixed Rate 2024-07-18 5.85%
Ketchikan 15 Year Fixed Rate Refi 2024-07-18 6.15%
Ketchikan 30 Year FHA 2024-07-18 6.39%
Ketchikan 30 Year FHA Refi 2024-07-18 6.79%
Ketchikan 30 Year USDA 2024-07-18 6.63%
Ketchikan 30 Year USDA Refi 2024-07-18 6.43%
Ketchikan 30 Year VA 2024-07-18 6.5%
Ketchikan 30 Year VA Refi 2024-07-18 6.4%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Ketchikan, AK.

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.