MANKATO Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Mankato averaged
7.01%
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
6.54% and
one month ago for the week of 2024-10-03, the
average rate was 6.14%.
Mankato's average rate one year ago was 7.68%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.29%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Mankato 30 Year Fixed Rate | 2024-11-07 | 7.01% |
| Mankato 30 Year Fixed Rate Refi | 2024-11-07 | 7.29% |
| Mankato 15 Year Fixed Rate | 2024-11-07 | 5.9% |
| Mankato 15 Year Fixed Rate Refi | 2024-11-07 | 6.4% |
| Mankato 30 Year FHA | 2024-11-07 | 6.53% |
| Mankato 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Mankato 30 Year USDA | 2024-11-07 | 6.48% |
| Mankato 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Mankato 30 Year VA | 2024-11-07 | 6.44% |
| Mankato 30 Year VA Refi | 2024-11-07 | 6.34% |
MANKATO 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 MANKATO, MN 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.).
MANKATO Average Closing Costs & Other Stats
MANKATO, MN's 73 lenders originated 1,488
loans during 2023. The total origination value was $391,610,000, with an average loan value of
$263,179.
MANKATO's average closing costs are $4,519.
The top MANKATO lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
146 loans originated. Their average total fees are
$6,414, which is $204
higher than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee MANKATO lenders (with over 10 loans originated) are
Citizens Community Federal ($3,473), U.S. Bank ($3,668), Frandsen Bank & Trust ($4,070), Wells Fargo Bank ($4,589) and IOWA BANKERS MORTGAGE CORPORATION ($4,608).
The lowest rate MANKATO lenders (with over 10 loans originated) are
Citizens Community Federal (6.27%), Bremer Bank (6.53%), Frandsen Bank & Trust (6.57%), IOWA BANKERS MORTGAGE CORPORATION (6.63%) and Cambria Financial Group, LLC (6.66%).
MANKATO, MN 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 |
|---|---|---|---|---|
| UNITED WHOLESALE MORTGAGE, LLC | $66,440,000 | $59,560,000 | -10.4% | 15.2% |
| GREYSTONE SERVICING COMPANY LLC | $46,085,000 | n/a | 11.8% | |
| Community Bank Mankato | $69,775,000 | $27,215,000 | -61.0% | 6.9% |
| Pioneer Bank | $17,375,000 | n/a | 4.4% | |
| CROSSCOUNTRY MORTGAGE, LLC | $33,020,000 | $16,500,000 | -50.0% | 4.2% |
| Bank Midwest | $675,000 | $16,425,000 | 2,333.3% | 4.2% |
| Minnesota Valley Federal Credit Union | $24,320,000 | $15,980,000 | -34.3% | 4.1% |
| Bremer Bank | $25,715,000 | $13,795,000 | -46.4% | 3.5% |
| QUICKEN LOANS, LLC | $14,060,000 | $11,930,000 | -15.1% | 3.0% |
| Wells Fargo Bank | $22,465,000 | $11,805,000 | -47.5% | 3.0% |
| Frandsen Bank & Trust | $15,520,000 | $10,305,000 | -33.6% | 2.6% |
| U.S. Bank | $20,915,000 | $9,635,000 | -53.9% | 2.5% |
| MinnStar Bank N.A. | $8,470,000 | $8,260,000 | -2.5% | 2.1% |
| AFFINITY PLUS | $5,775,000 | $6,305,000 | 9.2% | 1.6% |
| SOUTHPOINT FINANCIAL | $5,945,000 | $6,295,000 | 5.9% | 1.6% |
| Citizens Community Federal | $6,100,000 | $5,640,000 | -7.5% | 1.4% |
| LOANDEPOT.COM, LLC | $4,560,000 | $4,595,000 | 0.8% | 1.2% |
| Profinium Inc. | $4,435,000 | n/a | 1.1% | |
| First National Bank Minnesota | $4,400,000 | n/a | 1.1% | |
| BankVista | $4,390,000 | $4,295,000 | -2.2% | 1.1% |
| COMPEER FINANCIAL, FLCA | $8,240,000 | $4,185,000 | -49.2% | 1.1% |
| Plains Commerce Bank | $7,080,000 | $4,010,000 | -43.4% | 1.0% |
| Cambria Financial Group, LLC | $2,575,000 | $3,895,000 | 51.3% | 1.0% |
| Mortgage Research Center, LLC | $5,430,000 | $3,760,000 | -30.8% | 1.0% |
| Bridgewater Bank | $1,915,000 | $3,585,000 | 87.2% | 0.9% |
| IOWA BANKERS MORTGAGE CORPORATION | $7,060,000 | $3,170,000 | -55.1% | 0.8% |
| CRESCENT MORTGAGE COMPANY | $2,965,000 | $2,815,000 | -5.1% | 0.7% |
| HomeTown Bank | $3,490,000 | $2,720,000 | -22.1% | 0.7% |
| PLAZA HOME MORTGAGE, INC. | $6,065,000 | $2,585,000 | -57.4% | 0.7% |
| Prosperity Home Mortgage, LLC | $3,125,000 | $2,450,000 | -21.6% | 0.6% |
| United Prairie Bank | $2,405,000 | n/a | 0.6% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,060,000 | $2,395,000 | -21.7% | 0.6% |
| Bell Bank | $2,550,000 | $2,330,000 | -8.6% | 0.6% |
| The Huntington National Bank | $6,620,000 | $2,300,000 | -65.3% | 0.6% |
| BROKER SOLUTIONS, INC. | $4,585,000 | $2,155,000 | -53.0% | 0.6% |
| GUARANTEED RATE, INC. | $2,565,000 | $1,915,000 | -25.3% | 0.5% |
| Old National Bank | $3,945,000 | $1,810,000 | -54.1% | 0.5% |
| Citizens Bank Minnesota | $3,355,000 | $1,705,000 | -49.2% | 0.4% |
| Cornerstone State Bank | $3,390,000 | $1,630,000 | -51.9% | 0.4% |
| PENNYMAC LOAN SERVICES, LLC | $2,735,000 | $1,460,000 | -46.6% | 0.4% |
| American Mortgage & Equity Consultants, Inc. | $530,000 | $1,445,000 | 172.6% | 0.4% |
| Flagstar Bank, FSB | $2,965,000 | $1,355,000 | -54.3% | 0.3% |
| Alliance Bank | $1,675,000 | $1,240,000 | -26.0% | 0.3% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $850,000 | $1,240,000 | 45.9% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $1,895,000 | $1,235,000 | -34.8% | 0.3% |
| Carrington Mortgage Services, LLC | $2,165,000 | $1,165,000 | -46.2% | 0.3% |
| USAA Federal Savings Bank | $720,000 | $1,045,000 | 45.1% | 0.3% |
| HIWAY | $205,000 | $1,030,000 | 402.4% | 0.3% |
| CARDINAL FINANCIAL | $990,000 | $975,000 | -1.5% | 0.2% |
| JPMorgan Chase Bank | $1,060,000 | $975,000 | -8.0% | 0.2% |
| Stifel Bank and Trust | $215,000 | $880,000 | 309.3% | 0.2% |
| Alerus Financial | $360,000 | $875,000 | 143.1% | 0.2% |
| Bank of America | $110,000 | $850,000 | 672.7% | 0.2% |
| FREEDOM MORTGAGE CORPORATION | $1,215,000 | $805,000 | -33.7% | 0.2% |
| First Federal Bank | $630,000 | $765,000 | 21.4% | 0.2% |
| Home Federal Savings Bank | $1,725,000 | $735,000 | -57.4% | 0.2% |
| NEWREZ LLC | $1,870,000 | $705,000 | -62.3% | 0.2% |
| Tradition Mortgage, LLC | $1,285,000 | $610,000 | -52.5% | 0.2% |
| BMO Harris Bank | $995,000 | $560,000 | -43.7% | 0.1% |
| NBKC BANK | $255,000 | $560,000 | 119.6% | 0.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,600,000 | $555,000 | -65.3% | 0.1% |
| West Bank | $2,005,000 | $550,000 | -72.6% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $1,005,000 | $535,000 | -46.8% | 0.1% |
| AMERISAVE MORTGAGE CORPORATION | $1,905,000 | $525,000 | -72.4% | 0.1% |
| Discover Bank | $215,000 | $495,000 | 130.2% | 0.1% |
| Merchants Bank | $15,040,000 | $445,000 | -97.0% | 0.1% |
| SPIRE Credit Union | $575,000 | $440,000 | -23.5% | 0.1% |
| LENDSURE MORTGAGE CORP. | $435,000 | n/a | 0.1% | |
| First National Bank of America | $415,000 | n/a | 0.1% | |
| TOPLINE FEDERAL CREDIT UNION | $615,000 | $400,000 | -35.0% | 0.1% |
| WINGS FINANCIAL | $1,385,000 | $400,000 | -71.1% | 0.1% |
| Citizens Bank | $365,000 | n/a | 0.1% | |
| EVERETT FINANCIAL, INC. | $235,000 | $360,000 | 53.2% | 0.1% |
| Academy Bank | $885,000 | $345,000 | -61.0% | 0.1% |
| Ixonia Bank | $335,000 | n/a | 0.1% | |
| Raymond James Bank | $325,000 | n/a | 0.1% | |
| Sierra Pacific Mortgage Company, Inc. | $325,000 | n/a | 0.1% | |
| PREMIA MORTGAGE, LLC | $255,000 | $315,000 | 23.5% | 0.1% |
| Citizens Alliance Bank | $310,000 | n/a | 0.1% | |
| PNC Bank | $305,000 | n/a | 0.1% | |
| BANKWEST, INC. | $95,000 | $295,000 | 210.5% | 0.1% |
| Royal Credit Union | $560,000 | $290,000 | -48.2% | 0.1% |
| The First National Bank of Le Center | $1,420,000 | $280,000 | -80.3% | 0.1% |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $275,000 | n/a | 0.1% | |
| ProGrowth Bank | $270,000 | n/a | 0.1% | |
| BAY EQUITY LLC | $1,200,000 | $265,000 | -77.9% | 0.1% |
| Chickasaw Community Bank | $265,000 | n/a | 0.1% | |
| First National Bank of Omaha | $265,000 | n/a | 0.1% | |
| The Loan Store, Inc. | $265,000 | n/a | 0.1% | |
| CMG MORTGAGE, INC. | $255,000 | n/a | 0.1% | |
| Morgan Stanley Private Bank | $485,000 | $255,000 | -47.4% | 0.1% |
| Paramount Residential Mortgage Group, Inc. | $255,000 | $255,000 | 0.0% | 0.1% |
| Luana Savings Bank | $245,000 | n/a | 0.1% | |
| MOVEMENT MORTGAGE, LLC | $1,440,000 | $245,000 | -83.0% | 0.1% |
| CHURCHILL MORTGAGE CORPORATION | $490,000 | $235,000 | -52.0% | 0.1% |
| MASON MCDUFFIE MORTGAGE CORPORATION | $215,000 | $235,000 | 9.3% | 0.1% |
| CENTRAL MINNESOTA Credit Union | $41,615,000 | $230,000 | -99.4% | 0.1% |
| Deerwood Bank | $230,000 | n/a | 0.1% | |
| F & M Community Bank | $225,000 | n/a | 0.1% | |
| First Western Bank & Trust | $215,000 | n/a | 0.1% | |
| Minnwest Bank | $825,000 | $215,000 | -73.9% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $460,000 | $195,000 | -57.6% | 0.0% |
| Liberty Bank Minnesota | $195,000 | n/a | 0.0% | |
| THRIVENT Federal Credit Union | $645,000 | $190,000 | -70.5% | 0.0% |
| Servion, Inc. | $560,000 | $185,000 | -67.0% | 0.0% |
| Think Mutual Bank | $1,185,000 | $185,000 | -84.4% | 0.0% |
| CORNERSTONE HOME LENDING, INC. | $175,000 | n/a | 0.0% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $450,000 | $175,000 | -61.1% | 0.0% |
| HOMESTEAD FUNDING CORP. | $175,000 | n/a | 0.0% | |
| Hiawatha National Bank | $165,000 | n/a | 0.0% | |
| PLANET HOME LENDING, LLC | $165,000 | n/a | 0.0% | |
| Summit Mortgage Corporation | $160,000 | $165,000 | 3.1% | 0.0% |
| Figure Lending LLC | $110,000 | $160,000 | 45.5% | 0.0% |
| Equity Prime Mortgage LLC | $255,000 | $155,000 | -39.2% | 0.0% |
| Great Southern Bank | $3,825,000 | $145,000 | -96.2% | 0.0% |
| Highland Bank | $145,000 | n/a | 0.0% | |
| Honor Credit Union | $145,000 | n/a | 0.0% | |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $1,765,000 | $145,000 | -91.8% | 0.0% |
| Security Savings Bank | $2,255,000 | $135,000 | -94.0% | 0.0% |
| Heartland Credit Union | $155,000 | $105,000 | -32.3% | 0.0% |
| VERIDIAN CREDIT UNION | $95,000 | n/a | 0.0% | |
| 21ST MORTGAGE CORPORATION | $35,000 | $80,000 | 128.6% | 0.0% |
| Coastal Community Bank | $75,000 | n/a | 0.0% | |
| FARMERS INSURANCE GROUP FEDERAL CREDIT UNION | $75,000 | n/a | 0.0% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $115,000 | $75,000 | -34.8% | 0.0% |
| First State Bank of Le Center | $70,000 | n/a | 0.0% | |
| Deere Employees Credit Union | $385,000 | $65,000 | -83.1% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $155,000 | $65,000 | -58.1% | 0.0% |
| Chartwell Financial, LLC | $390,000 | $55,000 | -85.9% | 0.0% |
| MID AMERICA MORTGAGE, INC. | $45,000 | n/a | 0.0% | |
| Connexus Credit Union | $35,000 | n/a | 0.0% |
MANKATO's top lender by overall market share is UNITED WHOLESALE MORTGAGE, LLC, with 15.2% market share. In second place, with 11.8%, is GREYSTONE SERVICING COMPANY LLC, having originated $46,085,000 in loans. In third place, with 6.9%, is Community Bank Mankato, having originated $27,215,000 in loans. In fourth place, with 4.4%, is Pioneer Bank, having originated $17,375,000 in loans. In fifth place, with 4.2%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $16,500,000 in loans.
MANKATO, MN 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 |
|---|---|---|---|---|---|---|
| 55332 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 55334 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 55335 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 56001 | Mankato-North Mankato, MN MSA | $880 | $900 | $1,120 | $1,570 | $1,910 |
| 56002 | Mankato-North Mankato, MN MSA | $850 | $860 | $1,080 | $1,510 | $1,840 |
| 56003 | Mankato-North Mankato, MN MSA | $750 | $770 | $960 | $1,340 | $1,640 |
| 56010 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 56021 | Mankato-North Mankato, MN MSA | $840 | $860 | $1,070 | $1,500 | $1,820 |
| 56024 | Mankato-North Mankato, MN MSA | $1,180 | $1,210 | $1,510 | $2,110 | $2,570 |
| 56025 | Mankato-North Mankato, MN MSA | $850 | $860 | $1,080 | $1,510 | $1,840 |
| 56034 | Mankato-North Mankato, MN MSA | $750 | $770 | $960 | $1,340 | $1,640 |
| 56037 | Mankato-North Mankato, MN MSA | $670 | $700 | $900 | $1,250 | $1,530 |
| 56041 | Mankato-North Mankato, MN MSA | $850 | $860 | $1,080 | $1,510 | $1,840 |
| 56048 | Mankato-North Mankato, MN MSA | $710 | $720 | $900 | $1,260 | $1,530 |
| 56050 | Mankato-North Mankato, MN MSA | $640 | $700 | $900 | $1,250 | $1,530 |
| 56054 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 56055 | Mankato-North Mankato, MN MSA | $770 | $780 | $980 | $1,370 | $1,670 |
| 56058 | Mankato-North Mankato, MN MSA | $640 | $700 | $900 | $1,250 | $1,530 |
| 56060 | Mankato-North Mankato, MN MSA | $850 | $860 | $1,080 | $1,510 | $1,840 |
| 56062 | Mankato-North Mankato, MN MSA | $670 | $700 | $900 | $1,250 | $1,530 |
| 56063 | Mankato-North Mankato, MN MSA | $740 | $760 | $960 | $1,340 | $1,620 |
| 56065 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 56068 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 56073 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 56074 | Mankato-North Mankato, MN MSA | $700 | $710 | $900 | $1,250 | $1,530 |
| 56078 | Mankato-North Mankato, MN MSA | $890 | $910 | $1,140 | $1,600 | $1,940 |
| 56080 | Mankato-North Mankato, MN MSA | $670 | $700 | $900 | $1,250 | $1,530 |
| 56082 | Mankato-North Mankato, MN MSA | $870 | $890 | $1,110 | $1,550 | $1,890 |
| 56088 | Mankato-North Mankato, MN MSA | $650 | $700 | $900 | $1,250 | $1,530 |
| 56090 | Mankato-North Mankato, MN MSA | $890 | $910 | $1,140 | $1,600 | $1,940 |
2022 Average & Median Rent Data Statistics
MANKATO, MN average 1BR rent: $781, median: $715
MANKATO, MN average 2BR rent: $989, median: $900
MANKATO, MN average 3BR rent: $1,379, median: $1,255
MANKATO, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 997 | $282,705,000 | $283,556 |
| Refi | 149 | $73,215,000 | $491,376 |
| Other | 127 | $9,255,000 | $72,874 |
| Cash Out Refi | 110 | $18,530,000 | $168,455 |
| Home Improvement | 105 | $7,905,000 | $75,286 |
Mankato's most frequently cited loan purpose was Home Purchase, with 997 originations. The 2nd most popular reason was Refi, with 149 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 481 | $112,565,000 | $234,023 |
| 7-8% | 284 | $55,790,000 | $196,444 |
| 5-6% | 177 | $44,945,000 | $253,927 |
| Over 8% | 116 | $13,030,000 | $112,328 |
| <2.5% | 12 | $1,000,000 | $83,333 |
| 4-5% | 7 | $2,715,000 | $387,857 |
| 3-4% | 3 | $445,000 | $148,333 |
| 2.5-3% | 1 | $105,000 | $105,000 |
During 2023, Mankato's most frequently originated rate bucket was 6-7%, with 481 originations.
Loan Sizing (MANKATO, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 566 | $155,690,000 | $275,071 |
| $100k-200k | 414 | $64,430,000 | $155,628 |
| $100,000 or less | 388 | $20,150,000 | $51,933 |
| $400k-600k | 79 | $37,965,000 | $480,570 |
| $600k-1000k | 25 | $17,895,000 | $715,800 |
| $Over $1MM | 16 | $95,480,000 | $5,967,500 |
MANKATO's loan sizing saw the bucket of loans from $200k-400k with 566 originations, totaling $155,690,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 532 | $140,640,000 | $264,361 |
| 60-80% | 209 | $55,595,000 | $266,005 |
| Under 20% | 137 | $5,705,000 | $41,642 |
| 20-40% | 109 | $10,895,000 | $99,954 |
| 40-60% | 80 | $59,640,000 | $745,500 |
| Over 100% | 11 | $3,495,000 | $317,727 |
MANKATO's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 532 originations, totaling $140,640,000 in origination value.