LIMA Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Lima averaged
6.99%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.92% and
one month ago for the week of 2024-10-03, the
average rate was 6.32%.
Lima's average rate one year ago was 7.86%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.79%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Lima 30 Year Fixed Rate | 2024-11-07 | 6.99% |
| Lima 30 Year Fixed Rate Refi | 2024-11-07 | 6.79% |
| Lima 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Lima 15 Year Fixed Rate Refi | 2024-11-07 | 6.5% |
| Lima 30 Year FHA | 2024-11-07 | 6.33% |
| Lima 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Lima 30 Year USDA | 2024-11-07 | 6.48% |
| Lima 30 Year USDA Refi | 2024-11-07 | 6.48% |
| Lima 30 Year VA | 2024-11-07 | 6.86% |
| Lima 30 Year VA Refi | 2024-11-07 | 6.34% |
LIMA 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 LIMA, OH 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.).
LIMA Average Closing Costs & Other Stats
LIMA, OH's 70 lenders originated 1,929
loans during 2023. The total origination value was $269,785,000, with an average loan value of
$139,857.
LIMA's average closing costs are $3,866.
The top LIMA lender as defined by loan originations is Superior Credit Union, Inc., with
156 loans originated. Their average total fees are
$3,179, which is $428
lower than the next largest lender,
The Union Bank Company.
The lowest fee LIMA lenders (with over 10 loans originated) are
JPMorgan Chase Bank ($2,828), The Citizens National Bank of Bluffton ($2,968), U.S. Bank ($2,987), Superior Credit Union, Inc. ($3,179) and First Federal Bank of the Midwest ($3,524).
The lowest rate LIMA lenders (with over 10 loans originated) are
The Middlefield Banking Company (6.38%), Fifth Third Bank (6.49%), Superior Credit Union, Inc. (6.61%), The Union Bank Company (6.68%) and The State Bank and Trust Company (6.69%).
LIMA, OH 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 |
|---|---|---|---|---|
| Superior Credit Union, Inc. | $82,220,000 | $61,770,000 | -24.9% | 22.9% |
| The Citizens National Bank of Bluffton | $23,920,000 | $16,535,000 | -30.9% | 6.1% |
| The Union Bank Company | $35,520,000 | $13,345,000 | -62.4% | 4.9% |
| LOANDEPOT.COM, LLC | $17,920,000 | $11,030,000 | -38.4% | 4.1% |
| QUICKEN LOANS, LLC | $13,445,000 | $9,705,000 | -27.8% | 3.6% |
| SUPERIOR FINANCIAL SOLUTIONS, LLC | $5,525,000 | $9,485,000 | 71.7% | 3.5% |
| The State Bank and Trust Company | $5,435,000 | $9,220,000 | 69.6% | 3.4% |
| The Huntington National Bank | $11,495,000 | $8,845,000 | -23.1% | 3.3% |
| First Federal Bank of the Midwest | $11,520,000 | $7,180,000 | -37.7% | 2.7% |
| Mortgage Research Center, LLC | $4,140,000 | $6,620,000 | 59.9% | 2.5% |
| NORTHMARQ CAPITAL FINANCE, L.L.C. | $6,580,000 | n/a | 2.4% | |
| CROSSCOUNTRY MORTGAGE, LLC | $6,890,000 | $6,495,000 | -5.7% | 2.4% |
| The First National Bank of Pandora | $8,930,000 | $6,425,000 | -28.1% | 2.4% |
| Fifth Third Bank | $11,575,000 | $5,145,000 | -55.6% | 1.9% |
| Servion, Inc. | $6,685,000 | $4,170,000 | -37.6% | 1.5% |
| JPMorgan Chase Bank | $8,925,000 | $4,070,000 | -54.4% | 1.5% |
| LCNB National Bank | $4,005,000 | n/a | 1.5% | |
| U.S. Bank | $3,610,000 | $3,715,000 | 2.9% | 1.4% |
| The Middlefield Banking Company | $3,060,000 | n/a | 1.1% | |
| MYCUMORTGAGE, LLC | $2,075,000 | $3,050,000 | 47.0% | 1.1% |
| UNION HOME MORTGAGE CORP. | $1,830,000 | $2,850,000 | 55.7% | 1.1% |
| GUARANTEED RATE, INC. | $185,000 | $2,400,000 | 1,197.3% | 0.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,375,000 | $2,370,000 | -29.8% | 0.9% |
| Merchants Capital Corp. | $2,305,000 | n/a | 0.9% | |
| Carrington Mortgage Services, LLC | $1,075,000 | $1,945,000 | 80.9% | 0.7% |
| NAVY FEDERAL CREDIT UNION | $2,230,000 | $1,920,000 | -13.9% | 0.7% |
| CRESCENT MORTGAGE COMPANY | $1,625,000 | n/a | 0.6% | |
| The Federal Savings Bank | $1,525,000 | n/a | 0.6% | |
| HONDA Federal Credit Union | $2,325,000 | $1,210,000 | -48.0% | 0.4% |
| GENEVA FINANCIAL, LLC | $620,000 | $1,200,000 | 93.5% | 0.4% |
| LIMA ONE CAPITAL, LLC | $75,000 | $1,195,000 | 1,493.3% | 0.4% |
| Farm Credit Mid-America, ACA | $990,000 | $1,080,000 | 9.1% | 0.4% |
| GENERAL ELECTRIC CREDIT UNION | $115,000 | $1,015,000 | 782.6% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $2,000,000 | $1,010,000 | -49.5% | 0.4% |
| The Richwood Banking Company | $3,555,000 | $1,010,000 | -71.6% | 0.4% |
| NEWREZ LLC | $525,000 | $960,000 | 82.9% | 0.4% |
| FREEDOM MORTGAGE CORPORATION | $1,235,000 | $950,000 | -23.1% | 0.4% |
| RUOFF MORTGAGE COMPANY, INC. | $770,000 | $885,000 | 14.9% | 0.3% |
| BROKER SOLUTIONS, INC. | $1,045,000 | $880,000 | -15.8% | 0.3% |
| PENNYMAC LOAN SERVICES, LLC | $970,000 | $875,000 | -9.8% | 0.3% |
| HOMESIDE FINANCIAL, LLC | $1,625,000 | $840,000 | -48.3% | 0.3% |
| First Financial Bank | $1,425,000 | $825,000 | -42.1% | 0.3% |
| Flagstar Bank, FSB | $1,070,000 | $780,000 | -27.1% | 0.3% |
| AG Credit, Agricultural Credit Association | $1,205,000 | $770,000 | -36.1% | 0.3% |
| Minster Bank | $290,000 | $760,000 | 162.1% | 0.3% |
| Citizens Bank | $120,000 | $755,000 | 529.2% | 0.3% |
| Union Savings Bank | $1,060,000 | $725,000 | -31.6% | 0.3% |
| Third Federal Savings and Loan Association of Cleveland | $530,000 | $710,000 | 34.0% | 0.3% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,605,000 | $705,000 | -56.1% | 0.3% |
| The Park National Bank | $690,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $540,000 | $680,000 | 25.9% | 0.3% |
| Fidelity Federal Savings and Loan Association | $660,000 | n/a | 0.2% | |
| First State Bank Nebraska | $595,000 | n/a | 0.2% | |
| Paramount Residential Mortgage Group, Inc. | $95,000 | $575,000 | 505.3% | 0.2% |
| 21ST MORTGAGE CORPORATION | $235,000 | $560,000 | 138.3% | 0.2% |
| Evolve Bank & Trust | $505,000 | $545,000 | 7.9% | 0.2% |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $530,000 | n/a | 0.2% | |
| ENDEAVOR CAPITAL, LLC. | $525,000 | n/a | 0.2% | |
| HOMEXPRESS MORTGAGE CORP. | $510,000 | n/a | 0.2% | |
| VILLAGE CAPITAL MORTGAGE | $525,000 | $510,000 | -2.9% | 0.2% |
| Bank of America | $505,000 | n/a | 0.2% | |
| Discover Bank | $100,000 | $495,000 | 395.0% | 0.2% |
| PENTAGON FEDERAL CREDIT UNION | $155,000 | $490,000 | 216.1% | 0.2% |
| Wells Fargo Bank | $800,000 | $470,000 | -41.3% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $595,000 | $455,000 | -23.5% | 0.2% |
| AMERICAN FINANCIAL RESOURCES, INC. | $430,000 | n/a | 0.2% | |
| LENDINGHOME FUNDING CORPORATION | $95,000 | $425,000 | 347.4% | 0.2% |
| SECURITYNATIONAL MORTGAGE COMPANY | $80,000 | $410,000 | 412.5% | 0.2% |
| PNC Bank | $790,000 | $405,000 | -48.7% | 0.2% |
| POLARIS HOME FUNDING CORP. | $465,000 | $390,000 | -16.1% | 0.1% |
| PLANET HOME LENDING, LLC | $270,000 | $385,000 | 42.6% | 0.1% |
| SIWELL, INC. | $85,000 | $385,000 | 352.9% | 0.1% |
| WRIGHT-PATT CREDIT UNION, INC. | $165,000 | $385,000 | 133.3% | 0.1% |
| CALIBER HOME LOANS, INC. | $1,250,000 | $380,000 | -69.6% | 0.1% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,595,000 | $370,000 | -76.8% | 0.1% |
| MOVEMENT MORTGAGE, LLC | $365,000 | n/a | 0.1% | |
| MORTGAGE ACCESS CORP. | $355,000 | n/a | 0.1% | |
| THRIVE MORTGAGE, LLC | $435,000 | $350,000 | -19.5% | 0.1% |
| LENDSURE MORTGAGE CORP. | $335,000 | n/a | 0.1% | |
| NBKC BANK | $335,000 | n/a | 0.1% | |
| DAS Acquisition Company, LLC | $325,000 | $330,000 | 1.5% | 0.1% |
| Western Ohio Mortgage Corporation | $330,000 | n/a | 0.1% | |
| First Federal Community Bank of Bucyrus | $325,000 | n/a | 0.1% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $325,000 | n/a | 0.1% | |
| SUMMIT FUNDING, INC. | $325,000 | n/a | 0.1% | |
| NATIONS DIRECT MORTGAGE, LLC | $315,000 | n/a | 0.1% | |
| Truist | $315,000 | n/a | 0.1% | |
| DEVELOPER'S MORTGAGE COMPANY | $295,000 | n/a | 0.1% | |
| ROYAL UNITED MORTGAGE LLC | $315,000 | $280,000 | -11.1% | 0.1% |
| TRIAD FINANCIAL SERVICES, INC. | $15,000 | $280,000 | 1,766.7% | 0.1% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $265,000 | n/a | 0.1% | |
| INTERCAP LENDING INC. | $265,000 | n/a | 0.1% | |
| RELIANCE FIRST CAPITAL, LLC | $145,000 | $260,000 | 79.3% | 0.1% |
| Florida Capital Bank | $255,000 | n/a | 0.1% | |
| NEW DAY FINANCIAL, LLC | $905,000 | $245,000 | -72.9% | 0.1% |
| VELOCITY COMMERCIAL CAPITAL, LLC | $245,000 | n/a | 0.1% | |
| Flanagan State Bank | $240,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $145,000 | $240,000 | 65.5% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $445,000 | $235,000 | -47.2% | 0.1% |
| MICHIGAN MUTUAL, INC. | $225,000 | n/a | 0.1% | |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $225,000 | n/a | 0.1% | |
| First Bank of Berne | $110,000 | $205,000 | 86.4% | 0.1% |
| First National Bank of Pennsylvania | $205,000 | n/a | 0.1% | |
| Nations Lending Corporation | $535,000 | $205,000 | -61.7% | 0.1% |
| Residential Mortgage Solutions, Inc. | $205,000 | n/a | 0.1% | |
| Prosperity Home Mortgage, LLC | $195,000 | n/a | 0.1% | |
| North American Savings Bank, F.S.B. | $145,000 | $185,000 | 27.6% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $175,000 | n/a | 0.1% | |
| First Merchants Bank | $175,000 | n/a | 0.1% | |
| TOWNE MORTGAGE COMPANY | $175,000 | n/a | 0.1% | |
| Coastal Community Bank | $170,000 | n/a | 0.1% | |
| Premium Mortgage Corporation | $165,000 | n/a | 0.1% | |
| SPRING EQ, LLC | $205,000 | $160,000 | -22.0% | 0.1% |
| Figure Lending LLC | $660,000 | $150,000 | -77.3% | 0.1% |
| BAYSHORE MORTGAGE FUNDING, LLC | $145,000 | n/a | 0.1% | |
| FIRST OHIO HOME FINANCE, INC. | $170,000 | $135,000 | -20.6% | 0.1% |
| LOANPAL, LLC | $205,000 | $135,000 | -34.1% | 0.1% |
| NATIONWIDE MORTGAGE BANKERS, INC. | $135,000 | n/a | 0.1% | |
| Strong Home Mortgage, LLC | $135,000 | n/a | 0.1% | |
| The Sherwood State Bank | $130,000 | n/a | 0.0% | |
| KeyBank | $445,000 | $125,000 | -71.9% | 0.0% |
| Civista Bank | $115,000 | n/a | 0.0% | |
| RBC Bank, (Georgia) | $115,000 | n/a | 0.0% | |
| Dollar Bank, Federal Savings Bank | $295,000 | $105,000 | -64.4% | 0.0% |
| T2 FINANCIAL LLC | $980,000 | $105,000 | -89.3% | 0.0% |
| CARDINAL FINANCIAL | $605,000 | $95,000 | -84.3% | 0.0% |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $90,000 | n/a | 0.0% | |
| NFM, INC. | $495,000 | $75,000 | -84.8% | 0.0% |
| PARTNERS 1ST Federal Credit Union | $275,000 | $65,000 | -76.4% | 0.0% |
| Pathways Financial Credit Union, Inc. | $65,000 | n/a | 0.0% | |
| LAKE MICHIGAN CREDIT UNION | $55,000 | n/a | 0.0% | |
| Home Loan Investment Bank, F.S.B. | $55,000 | $50,000 | -9.1% | 0.0% |
| QUORUM FEDERAL CREDIT UNION | $135,000 | $45,000 | -66.7% | 0.0% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $35,000 | n/a | 0.0% | |
| FARMERS INSURANCE GROUP FEDERAL CREDIT UNION | $25,000 | n/a | 0.0% | |
| Three Rivers Federal Credit Union | $465,000 | $25,000 | -94.6% | 0.0% |
| KEMBA FINANCIAL | $35,000 | $15,000 | -57.1% | 0.0% |
LIMA's top lender by overall market share is Superior Credit Union, Inc., with 22.9% market share. In second place, with 6.1%, is The Citizens National Bank of Bluffton, having originated $16,535,000 in loans. In third place, with 4.9%, is The Union Bank Company, having originated $13,345,000 in loans. In fourth place, with 4.1%, is LOANDEPOT.COM, LLC, having originated $11,030,000 in loans. In fifth place, with 3.6%, is QUICKEN LOANS, LLC, having originated $9,705,000 in loans.
LIMA, OH Average Rent (2023)
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| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 43310 | Lima, OH MSA | $650 | $680 | $850 | $1,080 | $1,240 |
| 45801 | Lima, OH MSA | $640 | $660 | $830 | $1,060 | $1,210 |
| 45802 | Lima, OH MSA | $650 | $680 | $850 | $1,080 | $1,240 |
| 45804 | Lima, OH MSA | $610 | $630 | $790 | $1,020 | $1,170 |
| 45805 | Lima, OH MSA | $700 | $720 | $910 | $1,160 | $1,330 |
| 45806 | Lima, OH MSA | $680 | $700 | $880 | $1,120 | $1,280 |
| 45807 | Lima, OH MSA | $700 | $720 | $910 | $1,160 | $1,330 |
| 45808 | Lima, OH MSA | $720 | $740 | $930 | $1,180 | $1,360 |
| 45809 | Lima, OH MSA | $700 | $720 | $910 | $1,160 | $1,330 |
| 45810 | Lima, OH MSA | $660 | $680 | $860 | $1,090 | $1,260 |
| 45812 | Lima, OH MSA | $650 | $680 | $850 | $1,080 | $1,240 |
| 45817 | Lima, OH MSA | $680 | $700 | $880 | $1,120 | $1,280 |
| 45820 | Lima, OH MSA | $610 | $630 | $790 | $1,020 | $1,170 |
| 45830 | Lima, OH MSA | $740 | $760 | $960 | $1,220 | $1,400 |
| 45833 | Lima, OH MSA | $680 | $700 | $880 | $1,120 | $1,280 |
| 45844 | Lima, OH MSA | $640 | $660 | $830 | $1,060 | $1,210 |
| 45850 | Lima, OH MSA | $610 | $630 | $790 | $1,020 | $1,170 |
| 45854 | Lima, OH MSA | $730 | $760 | $950 | $1,210 | $1,390 |
| 45877 | Lima, OH MSA | $670 | $690 | $870 | $1,110 | $1,270 |
| 45887 | Lima, OH MSA | $700 | $720 | $910 | $1,160 | $1,330 |
| 45894 | Lima, OH MSA | $650 | $680 | $850 | $1,080 | $1,240 |
| 45895 | Lima, OH MSA | $650 | $680 | $850 | $1,080 | $1,240 |
| 45896 | Lima, OH MSA | $850 | $880 | $1,100 | $1,400 | $1,610 |
2022 Average & Median Rent Data Statistics
LIMA, OH average 1BR rent: $700, median: $690
LIMA, OH average 2BR rent: $880, median: $870
LIMA, OH average 3BR rent: $1,121, median: $1,110
LIMA, OH Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,020 | $182,520,000 | $178,941 |
| Home Improvement | 280 | $14,220,000 | $50,786 |
| Other | 257 | $17,335,000 | $67,451 |
| Cash Out Refi | 207 | $34,005,000 | $164,275 |
| Refi | 165 | $21,705,000 | $131,545 |
Lima's most frequently cited loan purpose was Home Purchase, with 1,020 originations. The 2nd most popular reason was Home Improvement, with 280 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 753 | $118,075,000 | $156,806 |
| 7-8% | 570 | $73,370,000 | $128,719 |
| Over 8% | 368 | $30,290,000 | $82,310 |
| 5-6% | 172 | $34,400,000 | $200,000 |
| 4-5% | 11 | $2,975,000 | $270,455 |
| <2.5% | 4 | $260,000 | $65,000 |
| 3-4% | 2 | $410,000 | $205,000 |
During 2023, Lima's most frequently originated rate bucket was 6-7%, with 753 originations.
Loan Sizing (LIMA, OH MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 887 | $44,645,000 | $50,333 |
| $100k-200k | 662 | $95,690,000 | $144,547 |
| $200k-400k | 325 | $84,835,000 | $261,031 |
| $400k-600k | 44 | $20,960,000 | $476,364 |
| $Over $1MM | 9 | $22,245,000 | $2,471,667 |
| $600k-1000k | 2 | $1,410,000 | $705,000 |
LIMA's loan sizing saw the bucket of loans from $100,000 or less with 887 originations, totaling $44,645,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 738 | $130,780,000 | $177,209 |
| 60-80% | 383 | $70,055,000 | $182,911 |
| 20-40% | 288 | $17,820,000 | $61,875 |
| Under 20% | 251 | $8,235,000 | $32,809 |
| 40-60% | 193 | $26,345,000 | $136,503 |
| Over 100% | 24 | $6,180,000 | $257,500 |
LIMA's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 738 originations, totaling $130,780,000 in origination value.