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 6.98% 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%
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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Alaska USA Mortgage Company LLC 11 4.81% $4,937
QUICKEN LOANS, LLC 10 4.73% $7,276
KeyBank 7 3.98% $5,254
Wells Fargo Bank 7 4.88% $5,016
CREDIT UNION 1 6 4.65% $5,782
LOANDEPOT.COM, LLC 5 4.45% $7,378
AMERISAVE MORTGAGE CORPORATION 4 3.96% $11,574
RESIDENTIAL BANCORP 4 4.75% $5,792
MEMBER FIRST MORTGAGE, LLC 3 5.08% $5,109
U.S. Bank 3 4.92% $4,996
Bank of America 2 4.00% $5,207
RESIDENTIAL MORTGAGE, LLC 2 4.37% $4,485
Alaska USA Federal Credit Union 2 7.35% $1,917
PHH Mortgage Corporation 2 4.75% $5,182
MOVEMENT MORTGAGE, LLC 2 5.94% $4,694
HOME POINT FINANCIAL CORPORATION 1 5.99% $5,886
AMERICAN FINANCING CORPORATION 1 4.38% $5,072
BETTER MORTGAGE CORPORATION 1 3.25% $13,131
Citibank 1 3.88% $11,253
First National Bank Alaska 1 4.75% $10,258
Flagstar Bank, FSB 1 7.00% $12,983
GUARANTEED RATE, INC. 1 3.50% $5,379
ACADEMY MORTGAGE CORPORATION 1 5.63% $13,477
PENNYMAC LOAN SERVICES, LLC 1 3.25% $9,509
Raymond James Bank 1 5.00% $3,444

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.