London Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in London averaged
7.14%
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
6.67% and
one month ago for the week of 2024-10-03, the
average rate was 6.17%.
London's average rate one year ago was 7.91%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.09%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| London 30 Year Fixed Rate | 2024-11-07 | 7.14% |
| London 30 Year Fixed Rate Refi | 2024-11-07 | 7.09% |
| London 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| London 15 Year Fixed Rate Refi | 2024-11-07 | 6.6% |
| London 30 Year FHA | 2024-11-07 | 6.29% |
| London 30 Year FHA Refi | 2024-11-07 | 6.33% |
| London 30 Year USDA | 2024-11-07 | 6.51% |
| London 30 Year USDA Refi | 2024-11-07 | 6.68% |
| London 30 Year VA | 2024-11-07 | 6.32% |
| London 30 Year VA Refi | 2024-11-07 | 6.44% |
London 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 London, KY 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.).
London Average Closing Costs & Other Stats
London, KY's 78 lenders originated 1,736
loans during 2023. The total origination value was $253,180,000, with an average loan value of
$145,841.
London's average closing costs are $4,242.
The top London lender as defined by loan originations is L & N Federal Credit Union, with
87 loans originated. Their average total fees are
$2,183, which is $637
lower than the next largest lender,
Community Trust Bank, Inc..
The lowest fee London lenders (with over 10 loans originated) are
Commercial Bank ($1,036), Forcht Bank ($2,006), L & N Federal Credit Union ($2,183), Community Trust Bank, Inc. ($2,821) and FirstBank ($4,258).
The lowest rate London lenders (with over 10 loans originated) are
Community Trust Bank, Inc. (6.32%), Forcht Bank (6.42%), POLARIS HOME FUNDING CORP. (6.53%), UNITED WHOLESALE MORTGAGE, LLC (6.79%) and Commercial Bank (6.87%).
London, KY 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 |
|---|---|---|---|---|
| Community Trust Bank, Inc. | $30,765,000 | $31,795,000 | 3.3% | 12.6% |
| L & N Federal Credit Union | $29,245,000 | $24,820,000 | -15.1% | 9.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $15,200,000 | $15,775,000 | 3.8% | 6.2% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $11,600,000 | $15,170,000 | 30.8% | 6.0% |
| QUICKEN LOANS, LLC | $26,025,000 | $13,695,000 | -47.4% | 5.4% |
| Mortgage Research Center, LLC | $8,340,000 | $11,615,000 | 39.3% | 4.6% |
| POLARIS HOME FUNDING CORP. | $16,100,000 | $10,850,000 | -32.6% | 4.3% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $9,200,000 | $9,695,000 | 5.4% | 3.8% |
| Cumberland Valley National Bank & Trust Company | $8,090,000 | $8,525,000 | 5.4% | 3.4% |
| PNC Bank | $13,910,000 | $7,100,000 | -49.0% | 2.8% |
| Commercial Bank | $10,580,000 | $6,670,000 | -37.0% | 2.6% |
| First State Bank of the Southeast, Inc. | $7,315,000 | $6,010,000 | -17.8% | 2.4% |
| Forcht Bank | $13,890,000 | $3,720,000 | -73.2% | 1.5% |
| 21ST MORTGAGE CORPORATION | $4,535,000 | $3,515,000 | -22.5% | 1.4% |
| Paramount Residential Mortgage Group, Inc. | $545,000 | $3,465,000 | 535.8% | 1.4% |
| PENNYMAC LOAN SERVICES, LLC | $3,130,000 | $3,360,000 | 7.3% | 1.3% |
| The Monticello Banking Company | $1,780,000 | $3,045,000 | 71.1% | 1.2% |
| Carrington Mortgage Services, LLC | $1,900,000 | $2,860,000 | 50.5% | 1.1% |
| NEWREZ LLC | $2,105,000 | $2,790,000 | 32.5% | 1.1% |
| STOCKTON MORTGAGE CORPORATION | $10,450,000 | $2,365,000 | -77.4% | 0.9% |
| NAVY FEDERAL CREDIT UNION | $1,435,000 | $2,300,000 | 60.3% | 0.9% |
| Plains Commerce Bank | $1,140,000 | $2,175,000 | 90.8% | 0.9% |
| Whitaker Bank | $1,360,000 | $2,040,000 | 50.0% | 0.8% |
| Truist | $2,680,000 | $1,995,000 | -25.6% | 0.8% |
| TOP FLITE FINANCIAL, INC. | $3,515,000 | $1,890,000 | -46.2% | 0.7% |
| Equity Prime Mortgage LLC | $1,940,000 | $1,875,000 | -3.4% | 0.7% |
| FirstBank | $2,605,000 | $1,765,000 | -32.2% | 0.7% |
| USAA Federal Savings Bank | $2,425,000 | $1,660,000 | -31.5% | 0.7% |
| CARDINAL FINANCIAL | $560,000 | $1,600,000 | 185.7% | 0.6% |
| HOMESIDE FINANCIAL, LLC | $1,885,000 | $1,600,000 | -15.1% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $2,075,000 | $1,545,000 | -25.5% | 0.6% |
| CROSSCOUNTRY MORTGAGE, LLC | $200,000 | $1,530,000 | 665.0% | 0.6% |
| UBANK | $1,395,000 | n/a | 0.6% | |
| CREDIT HUMAN FEDERAL CREDIT UNION | $640,000 | $1,360,000 | 112.5% | 0.5% |
| U.S. Bank | $3,445,000 | $1,350,000 | -60.8% | 0.5% |
| The Loan Store, Inc. | $1,295,000 | n/a | 0.5% | |
| SOUTH CENTRAL BANK, INC. | $45,000 | $1,290,000 | 2,766.7% | 0.5% |
| Northpointe Bank | $55,000 | $1,225,000 | 2,127.3% | 0.5% |
| The Huntington National Bank | $580,000 | $1,200,000 | 106.9% | 0.5% |
| BROKER SOLUTIONS, INC. | $1,145,000 | $1,100,000 | -3.9% | 0.4% |
| Citizens Bank of Kentucky, Inc. | $1,075,000 | n/a | 0.4% | |
| Flagstar Bank, FSB | $680,000 | $1,065,000 | 56.6% | 0.4% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,035,000 | $1,045,000 | -48.6% | 0.4% |
| GENEVA FINANCIAL, LLC | $1,275,000 | $1,035,000 | -18.8% | 0.4% |
| JPMorgan Chase Bank | $1,135,000 | $970,000 | -14.5% | 0.4% |
| Republic State Mortgage Co. | $3,620,000 | $960,000 | -73.5% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $4,435,000 | $910,000 | -79.5% | 0.4% |
| LOANDEPOT.COM, LLC | $2,670,000 | $815,000 | -69.5% | 0.3% |
| Bank of England | $1,040,000 | $805,000 | -22.6% | 0.3% |
| MOVEMENT MORTGAGE, LLC | $815,000 | $800,000 | -1.8% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $200,000 | $760,000 | 280.0% | 0.3% |
| CSL Financial, LLC | $395,000 | $745,000 | 88.6% | 0.3% |
| LAKEVIEW LOAN SERVICING, LLC | $815,000 | $710,000 | -12.9% | 0.3% |
| GSF Mortgage Corporation | $700,000 | n/a | 0.3% | |
| Fifth Third Bank | $815,000 | $675,000 | -17.2% | 0.3% |
| EVERETT FINANCIAL, INC. | $300,000 | $660,000 | 120.0% | 0.3% |
| COMMONWEALTH | $1,185,000 | $605,000 | -48.9% | 0.2% |
| Wells Fargo Bank | $1,435,000 | $600,000 | -58.2% | 0.2% |
| SeaTrust Mortgage Company | $575,000 | n/a | 0.2% | |
| RELIANCE FIRST CAPITAL, LLC | $135,000 | $525,000 | 288.9% | 0.2% |
| SOUTHWEST STAGE FUNDING, LLC | $75,000 | $515,000 | 586.7% | 0.2% |
| Farm Credit Mid-America, ACA | $1,120,000 | $510,000 | -54.5% | 0.2% |
| CMG MORTGAGE, INC. | $480,000 | n/a | 0.2% | |
| RUOFF MORTGAGE COMPANY, INC. | $180,000 | $475,000 | 163.9% | 0.2% |
| Renasant Bank | $195,000 | $465,000 | 138.5% | 0.2% |
| BETTER MORTGAGE CORPORATION | $920,000 | $440,000 | -52.2% | 0.2% |
| GoPrime Mortgage, Inc. | $370,000 | $435,000 | 17.6% | 0.2% |
| Nations Lending Corporation | $1,680,000 | $420,000 | -75.0% | 0.2% |
| UNION HOME MORTGAGE CORP. | $420,000 | n/a | 0.2% | |
| Peoples Bank | $415,000 | n/a | 0.2% | |
| Coastal Community Bank | $395,000 | n/a | 0.2% | |
| ORNL Federal Credit Union | $370,000 | n/a | 0.1% | |
| First Southern National Bank | $395,000 | $360,000 | -8.9% | 0.1% |
| Discover Bank | $225,000 | $355,000 | 57.8% | 0.1% |
| NEW DAY FINANCIAL, LLC | $520,000 | $350,000 | -32.7% | 0.1% |
| MORTGAGE INVESTORS GROUP, INC. | $180,000 | $340,000 | 88.9% | 0.1% |
| United Cumberland Bank | $340,000 | n/a | 0.1% | |
| VILLAGE CAPITAL MORTGAGE | $230,000 | $340,000 | 47.8% | 0.1% |
| AmeriHome Mortgage Company, LLC | $95,000 | $320,000 | 236.8% | 0.1% |
| Citizens Bank | $1,195,000 | $315,000 | -73.6% | 0.1% |
| Waterstone Mortgage Corporation | $315,000 | n/a | 0.1% | |
| S1L, Inc. | $310,000 | n/a | 0.1% | |
| ROSS MORTGAGE CORPORATION | $215,000 | $305,000 | 41.9% | 0.1% |
| TRIAD FINANCIAL SERVICES, INC. | $220,000 | $305,000 | 38.6% | 0.1% |
| AMERICAN FINANCIAL RESOURCES, INC. | $1,300,000 | $300,000 | -76.9% | 0.1% |
| First Volunteer Bank | $200,000 | $300,000 | 50.0% | 0.1% |
| PREMIA MORTGAGE, LLC | $285,000 | n/a | 0.1% | |
| Home Federal Bank Corporation | $250,000 | $280,000 | 12.0% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $495,000 | $280,000 | -43.4% | 0.1% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $1,920,000 | $275,000 | -85.7% | 0.1% |
| NATIONWIDE MORTGAGE BANKERS, INC. | $275,000 | n/a | 0.1% | |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $105,000 | $255,000 | 142.9% | 0.1% |
| GUARANTY HOME MORTGAGE CORPORATION | $185,000 | $245,000 | 32.4% | 0.1% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $320,000 | $225,000 | -29.7% | 0.1% |
| DUPACO COMMUNITY | $215,000 | n/a | 0.1% | |
| EMM LOANS LLC | $205,000 | n/a | 0.1% | |
| KELLER MORTGAGE, LLC | $205,000 | n/a | 0.1% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $525,000 | $200,000 | -61.9% | 0.1% |
| CHURCHILL MORTGAGE CORPORATION | $195,000 | n/a | 0.1% | |
| FIRST ALLIANCE HOME MORTGAGE, LLC | $195,000 | n/a | 0.1% | |
| Simmons Bank | $195,000 | n/a | 0.1% | |
| GUARANTEED RATE, INC. | $825,000 | $185,000 | -77.6% | 0.1% |
| Magnolia Bank | $185,000 | $185,000 | 0.0% | 0.1% |
| RAPID MORTGAGE COMPANY | $185,000 | n/a | 0.1% | |
| The Federal Savings Bank | $185,000 | n/a | 0.1% | |
| Union Savings Bank | $460,000 | $185,000 | -59.8% | 0.1% |
| UNIVERSITY OF KENTUCKY | $100,000 | $180,000 | 80.0% | 0.1% |
| AMERICAN FINANCIAL NETWORK, INC. | $175,000 | n/a | 0.1% | |
| MID AMERICA MORTGAGE, INC. | $450,000 | $175,000 | -61.1% | 0.1% |
| EASTMAN | $55,000 | $170,000 | 209.1% | 0.1% |
| AXIA FINANCIAL, LLC | $165,000 | n/a | 0.1% | |
| BAYSHORE MORTGAGE FUNDING, LLC | $205,000 | $165,000 | -19.5% | 0.1% |
| First State Bank | $165,000 | n/a | 0.1% | |
| THRIVE MORTGAGE, LLC | $165,000 | n/a | 0.1% | |
| Sierra Pacific Mortgage Company, Inc. | $875,000 | $160,000 | -81.7% | 0.1% |
| PHH Mortgage Corporation | $155,000 | n/a | 0.1% | |
| Commerce Home Mortgage, Inc. | $145,000 | n/a | 0.1% | |
| LENDSURE MORTGAGE CORP. | $145,000 | n/a | 0.1% | |
| TOWNE MORTGAGE COMPANY | $145,000 | n/a | 0.1% | |
| MEMBERS HERITAGE Credit Union | $35,000 | $140,000 | 300.0% | 0.1% |
| Guardian Savings Bank, A Federal Savings Bank | $985,000 | $135,000 | -86.3% | 0.1% |
| ENVOY MORTGAGE, LTD | $290,000 | $125,000 | -56.9% | 0.0% |
| SUN WEST MORTGAGE COMPANY, INC. | $225,000 | $120,000 | -46.7% | 0.0% |
| FLAT BRANCH MORTGAGE, INC. | $115,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $300,000 | $115,000 | -61.7% | 0.0% |
| NETWORK CAPITAL FUNDING CORPORATION | $65,000 | $95,000 | 46.2% | 0.0% |
| Barrington Bank & Trust Company, N.A. | $130,000 | $85,000 | -34.6% | 0.0% |
| EVANSVILLE TEACHERS | $255,000 | $85,000 | -66.7% | 0.0% |
| WesBanco | $170,000 | $80,000 | -52.9% | 0.0% |
| RBC Bank, (Georgia) | $75,000 | n/a | 0.0% | |
| ZILLOW HOME LOANS, LLC | $265,000 | $75,000 | -71.7% | 0.0% |
| Abound Federal Credit Union | $345,000 | $65,000 | -81.2% | 0.0% |
| ALLIANT CREDIT UNION | $55,000 | n/a | 0.0% | |
| Bank of America | $280,000 | $55,000 | -80.4% | 0.0% |
| Gateway First Bank | $55,000 | n/a | 0.0% | |
| Central Bank | $25,000 | n/a | 0.0% | |
| MidAmerica National Bank | $25,000 | n/a | 0.0% |
London's top lender by overall market share is Community Trust Bank, Inc., with 12.6% market share. In second place, with 9.8%, is L & N Federal Credit Union, having originated $24,820,000 in loans. In third place, with 6.2%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $15,775,000 in loans. In fourth place, with 6.0%, is VANDERBILT MORTGAGE AND FINANCE, INC., having originated $15,170,000 in loans. In fifth place, with 5.4%, is QUICKEN LOANS, LLC, having originated $13,695,000 in loans.
London, KY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,041 | $185,505,000 | $178,199 |
| Refi | 277 | $28,165,000 | $101,679 |
| Home Improvement | 151 | $10,515,000 | $69,636 |
| Cash Out Refi | 149 | $21,405,000 | $143,658 |
| Other | 118 | $7,590,000 | $64,322 |
London's most frequently cited loan purpose was Home Purchase, with 1,041 originations. The 2nd most popular reason was Refi, with 277 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 551 | $45,905,000 | $83,312 |
| 6-7% | 492 | $91,010,000 | $184,980 |
| 7-8% | 356 | $52,760,000 | $148,202 |
| 5-6% | 207 | $39,515,000 | $190,894 |
| 3-4% | 16 | $450,000 | $28,125 |
| 4-5% | 6 | $1,250,000 | $208,333 |
During 2023, London's most frequently originated rate bucket was Over 8%, with 551 originations.
Loan Sizing (London, KY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 680 | $38,740,000 | $56,971 |
| $100k-200k | 668 | $97,170,000 | $145,464 |
| $200k-400k | 340 | $89,840,000 | $264,235 |
| $400k-600k | 41 | $19,385,000 | $472,805 |
| $Over $1MM | 4 | $5,540,000 | $1,385,000 |
| $600k-1000k | 3 | $2,505,000 | $835,000 |
London's loan sizing saw the bucket of loans from $100,000 or less with 680 originations, totaling $38,740,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 746 | $137,960,000 | $184,933 |
| 60-80% | 257 | $41,445,000 | $161,265 |
| 20-40% | 216 | $15,680,000 | $72,593 |
| Under 20% | 199 | $6,845,000 | $34,397 |
| 40-60% | 153 | $19,575,000 | $127,941 |
| Over 100% | 49 | $8,465,000 | $172,755 |
London's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 746 originations, totaling $137,960,000 in origination value.