Marion Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Marion averaged
6.88%
for the week of 2023-12-07, compared to the national average of
7.03% for the same period.
The average rate for the prior week (2023-11-30) was
7.17% and
one month ago for the week of 2023-11-02, the
average rate was 7.91%.
Marion's average rate one year ago was 6.34%.
For refis of the same type during the week of 2023-12-07, the average rate
was 7.53%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-12-07 | 7.03% |
| Marion 30 Year Fixed Rate | 2023-12-07 | 6.88% |
| Marion 30 Year Fixed Rate Refi | 2023-12-07 | 7.53% |
| Marion 15 Year Fixed Rate | 2023-12-07 | 6.49% |
| Marion 15 Year Fixed Rate Refi | 2023-12-07 | 6.39% |
| Marion 30 Year FHA | 2023-12-07 | 6.78% |
| Marion 30 Year FHA Refi | 2023-12-07 | 6.72% |
| Marion 30 Year USDA | 2023-12-07 | 6.92% |
| Marion 30 Year USDA Refi | 2023-12-07 | 7.02% |
| Marion 30 Year VA | 2023-12-07 | 6.57% |
| Marion 30 Year VA Refi | 2023-12-07 | 6.64% |
Marion 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 Marion, IN 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.).
Marion Average Closing Costs & Other Stats
Marion, IN's 86 lenders originated 1,234
loans during 2022. The total origination value was $170,300,000, with an average loan value of
$138,006.
Marion's average closing costs are $3,721.
The top Marion lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with
90 loans originated. Their average total fees are
$2,187, which is $26
lower than the next largest lender,
Regions Bank.
The lowest fee Marion lenders (with over 10 loans originated) are
First Farmers Bank and Trust Company ($1,889), RUOFF MORTGAGE COMPANY, INC. ($2,187), Regions Bank ($2,213), Northwest Bank ($2,413) and CALIBER HOME LOANS, INC. ($2,469).
The lowest rate Marion lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (4.84%), CALIBER HOME LOANS, INC. (5.08%), STAR Financial Bank (5.23%), RUOFF MORTGAGE COMPANY, INC. (5.26%) and Nations Lending Corporation (5.27%).
Marion, IN 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 |
|---|---|---|---|---|
| RUOFF MORTGAGE COMPANY, INC. | $33,365,000 | $22,240,000 | -33.3% | 13.1% |
| Merchants Bank of Indiana | $11,680,000 | $15,840,000 | 35.6% | 9.3% |
| First Farmers Bank and Trust Company | $14,135,000 | $11,050,000 | -21.8% | 6.5% |
| QUICKEN LOANS, LLC | $16,820,000 | $9,015,000 | -46.4% | 5.3% |
| Nations Lending Corporation | $16,005,000 | $8,625,000 | -46.1% | 5.1% |
| Regions Bank | $11,235,000 | $8,495,000 | -24.4% | 5.0% |
| STAR Financial Bank | $9,475,000 | $7,845,000 | -17.2% | 4.6% |
| CALIBER HOME LOANS, INC. | $4,485,000 | $7,185,000 | 60.2% | 4.2% |
| First Federal Savings Bank | $250,000 | $6,130,000 | 2,352.0% | 3.6% |
| Mortgage Research Center, LLC | $4,880,000 | $4,925,000 | 0.9% | 2.9% |
| Arbor Realty Trust, Inc. | $3,665,000 | n/a | 2.2% | |
| Northwest Bank | $7,645,000 | $3,585,000 | -53.1% | 2.1% |
| GUARANTEED RATE, INC. | $490,000 | $2,525,000 | 415.3% | 1.5% |
| UNION HOME MORTGAGE CORP. | $4,950,000 | $2,100,000 | -57.6% | 1.2% |
| LOANDEPOT.COM, LLC | $1,630,000 | $1,820,000 | 11.7% | 1.1% |
| BEACON CREDIT UNION | $3,290,000 | $1,710,000 | -48.0% | 1.0% |
| GVC MORTGAGE, INC. | $1,375,000 | $1,700,000 | 23.6% | 1.0% |
| Horizon Bank | $2,105,000 | $1,550,000 | -26.4% | 0.9% |
| LENDINGONE, LLC | $220,000 | $1,535,000 | 597.7% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $1,635,000 | $1,520,000 | -7.0% | 0.9% |
| Three Rivers Federal Credit Union | $535,000 | $1,280,000 | 139.3% | 0.8% |
| INDIANA MEMBERS CREDIT UNION | $1,980,000 | $1,260,000 | -36.4% | 0.7% |
| NAVY FEDERAL CREDIT UNION | $1,405,000 | $1,175,000 | -16.4% | 0.7% |
| MJW Financial LLC | $1,365,000 | $1,135,000 | -16.8% | 0.7% |
| FREEDOM MORTGAGE CORPORATION | $6,895,000 | $1,055,000 | -84.7% | 0.6% |
| Flagstar Bank, FSB | $1,295,000 | $1,020,000 | -21.2% | 0.6% |
| NEWREZ LLC | $1,010,000 | $990,000 | -2.0% | 0.6% |
| HALLMARK HOME MORTGAGE, LLC | $1,155,000 | $960,000 | -16.9% | 0.6% |
| JPMorgan Chase Bank | $2,055,000 | $930,000 | -54.7% | 0.5% |
| Carrington Mortgage Services, LLC | $650,000 | $890,000 | 36.9% | 0.5% |
| Farm Credit Mid-America, ACA | $1,845,000 | $840,000 | -54.5% | 0.5% |
| FLAT BRANCH MORTGAGE, INC. | $1,805,000 | $825,000 | -54.3% | 0.5% |
| The Federal Savings Bank | $520,000 | $825,000 | 58.7% | 0.5% |
| USAA Federal Savings Bank | $2,040,000 | $800,000 | -60.8% | 0.5% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,210,000 | $790,000 | -34.7% | 0.5% |
| PNC Bank | $955,000 | $785,000 | -17.8% | 0.5% |
| TRIAD FINANCIAL SERVICES, INC. | $240,000 | $785,000 | 227.1% | 0.5% |
| Crossroads Bank | $1,715,000 | $770,000 | -55.1% | 0.5% |
| EUSTIS AND AMERICAN MORTGAGE COMPANY | $65,000 | $745,000 | 1,046.2% | 0.4% |
| AMERIFIRST FINANCIAL CORPORATION | $980,000 | $725,000 | -26.0% | 0.4% |
| Barrington Bank & Trust Company, N.A. | $285,000 | $700,000 | 145.6% | 0.4% |
| The Fountain Trust Company | $695,000 | n/a | 0.4% | |
| SOUTHWEST STAGE FUNDING, LLC | $715,000 | $665,000 | -7.0% | 0.4% |
| The Huntington National Bank | $1,595,000 | $665,000 | -58.3% | 0.4% |
| ROYAL UNITED MORTGAGE LLC | $1,040,000 | $625,000 | -39.9% | 0.4% |
| TEACHERS CREDIT UNION | $540,000 | $610,000 | 13.0% | 0.4% |
| MOVEMENT MORTGAGE, LLC | $600,000 | n/a | 0.4% | |
| AMERICAN MORTGAGE SERVICE COMPANY | $6,515,000 | $595,000 | -90.9% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $475,000 | $595,000 | 25.3% | 0.3% |
| The Farmers & Merchants State Bank | $590,000 | n/a | 0.3% | |
| LAKEVIEW LOAN SERVICING, LLC | $1,325,000 | $540,000 | -59.2% | 0.3% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,900,000 | $540,000 | -71.6% | 0.3% |
| AmeriHome Mortgage Company, LLC | $310,000 | $520,000 | 67.7% | 0.3% |
| First Merchants Bank | $725,000 | $495,000 | -31.7% | 0.3% |
| HOMESIDE FINANCIAL, LLC | $185,000 | $495,000 | 167.6% | 0.3% |
| AMERISAVE MORTGAGE CORPORATION | $1,540,000 | $490,000 | -68.2% | 0.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $685,000 | $475,000 | -30.7% | 0.3% |
| Union Savings Bank | $600,000 | $460,000 | -23.3% | 0.3% |
| MEMBER FIRST MORTGAGE, LLC | $2,205,000 | $455,000 | -79.4% | 0.3% |
| BROKER SOLUTIONS, INC. | $285,000 | $450,000 | 57.9% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $435,000 | $450,000 | 3.4% | 0.3% |
| NEW DAY FINANCIAL, LLC | $895,000 | $450,000 | -49.7% | 0.3% |
| Fifth Third Bank | $1,120,000 | $445,000 | -60.3% | 0.3% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $170,000 | $425,000 | 150.0% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $405,000 | n/a | 0.2% | |
| PENTAGON FEDERAL CREDIT UNION | $300,000 | $385,000 | 28.3% | 0.2% |
| Bank of America | $380,000 | n/a | 0.2% | |
| First Federal Bank of the Midwest | $335,000 | $380,000 | 13.4% | 0.2% |
| Wells Fargo Bank | $1,550,000 | $375,000 | -75.8% | 0.2% |
| KeyBank | $75,000 | $340,000 | 353.3% | 0.2% |
| Servion, Inc. | $2,180,000 | $335,000 | -84.6% | 0.2% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $245,000 | $325,000 | 32.7% | 0.2% |
| GENEVA FINANCIAL, LLC | $320,000 | n/a | 0.2% | |
| Paramount Bank | $320,000 | n/a | 0.2% | |
| FINANCE OF AMERICA MORTGAGE LLC | $310,000 | $310,000 | 0.0% | 0.2% |
| CHURCHILL MORTGAGE CORPORATION | $480,000 | $305,000 | -36.5% | 0.2% |
| PLANET HOME LENDING, LLC | $305,000 | n/a | 0.2% | |
| Citizens State Bank of New Castle | $290,000 | n/a | 0.2% | |
| HOME POINT FINANCIAL CORPORATION | $375,000 | $290,000 | -22.7% | 0.2% |
| PARTNERS 1ST Federal Credit Union | $815,000 | $290,000 | -64.4% | 0.2% |
| First Internet Bank of Indiana | $285,000 | n/a | 0.2% | |
| Elements Financial Federal Credit Union | $250,000 | $270,000 | 8.0% | 0.2% |
| Community First Bank of Indiana | $520,000 | $260,000 | -50.0% | 0.2% |
| FORUM Credit Union | $575,000 | $260,000 | -54.8% | 0.2% |
| Northpointe Bank | $260,000 | n/a | 0.2% | |
| PLAZA HOME MORTGAGE, INC. | $745,000 | $260,000 | -65.1% | 0.2% |
| ALLIANT CREDIT UNION | $255,000 | n/a | 0.1% | |
| MORIA DEVELOPMENT, INC. | $340,000 | $255,000 | -25.0% | 0.1% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $255,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $145,000 | $235,000 | 62.1% | 0.1% |
| KELLER MORTGAGE, LLC | $105,000 | $230,000 | 119.0% | 0.1% |
| ARC HOME LLC | $355,000 | $225,000 | -36.6% | 0.1% |
| FINANCIAL CENTER FIRST CREDIT UNION | $225,000 | n/a | 0.1% | |
| Loan Simple, Inc. | $220,000 | n/a | 0.1% | |
| MILESTONE HOME LENDING, LLC | $185,000 | $220,000 | 18.9% | 0.1% |
| The State Bank and Trust Company | $215,000 | n/a | 0.1% | |
| Ally Bank | $190,000 | $210,000 | 10.5% | 0.1% |
| FINANCIAL BUILDERS Federal Credit Union | $220,000 | $210,000 | -4.5% | 0.1% |
| North American Savings Bank, F.S.B. | $205,000 | n/a | 0.1% | |
| SECURITYNATIONAL MORTGAGE COMPANY | $210,000 | $205,000 | -2.4% | 0.1% |
| UNITED MORTGAGE CORP. | $205,000 | n/a | 0.1% | |
| Bank of England | $35,000 | $185,000 | 428.6% | 0.1% |
| MYCUMORTGAGE, LLC | $185,000 | n/a | 0.1% | |
| Prosperity Home Mortgage, LLC | $185,000 | n/a | 0.1% | |
| U.S. Bank | $105,000 | $180,000 | 71.4% | 0.1% |
| Paramount Residential Mortgage Group, Inc. | $305,000 | $175,000 | -42.6% | 0.1% |
| First Guaranty Mortgage Corporation | $690,000 | $170,000 | -75.4% | 0.1% |
| Figure Lending LLC | $190,000 | $165,000 | -13.2% | 0.1% |
| Madison County Federal Credit Union | $110,000 | $165,000 | 50.0% | 0.1% |
| Solidarity Community Federal Credit Union | $165,000 | n/a | 0.1% | |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $770,000 | $155,000 | -79.9% | 0.1% |
| OPEN MORTGAGE, LLC | $310,000 | $155,000 | -50.0% | 0.1% |
| ProFed Federal Credit Union | $150,000 | $155,000 | 3.3% | 0.1% |
| American Community Bank of Indiana | $145,000 | n/a | 0.1% | |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $145,000 | n/a | 0.1% | |
| Old National Bank | $305,000 | $145,000 | -52.5% | 0.1% |
| STOCKTON MORTGAGE CORPORATION | $780,000 | $145,000 | -81.4% | 0.1% |
| 1ST SIGNATURE LENDING, LLC | $200,000 | $135,000 | -32.5% | 0.1% |
| 21ST MORTGAGE CORPORATION | $135,000 | n/a | 0.1% | |
| LEADERONE FINANCIAL CORPORATION | $955,000 | $135,000 | -85.9% | 0.1% |
| MICHIGAN MUTUAL, INC. | $135,000 | n/a | 0.1% | |
| SOUTHWEST FUNDING, LP | $125,000 | n/a | 0.1% | |
| The Peoples State Bank | $170,000 | $125,000 | -26.5% | 0.1% |
| 1st Source Bank | $125,000 | $115,000 | -8.0% | 0.1% |
| RELIANCE FIRST CAPITAL, LLC | $145,000 | $115,000 | -20.7% | 0.1% |
| Equity Prime Mortgage LLC | $105,000 | n/a | 0.1% | |
| M&T Bank | $115,000 | $105,000 | -8.7% | 0.1% |
| OCMBC, INC. | $105,000 | n/a | 0.1% | |
| AMERICAN FINANCING CORPORATION | $135,000 | $95,000 | -29.6% | 0.1% |
| Blue Ridge Bank | $95,000 | n/a | 0.1% | |
| First Bank of Berne | $95,000 | n/a | 0.1% | |
| THRIVE MORTGAGE, LLC | $95,000 | n/a | 0.1% | |
| CREDIT UNION MORTGAGE ASSOCIATION, INC. | $85,000 | n/a | 0.0% | |
| First State Bank of St. Charles, Missouri | $85,000 | n/a | 0.0% | |
| CIVIC FINANCIAL SERVICES, LLC | $75,000 | n/a | 0.0% | |
| Lake City Bank | $75,000 | n/a | 0.0% | |
| LIBERTY HOME MORTGAGE CORPORATION | $75,000 | n/a | 0.0% | |
| PHH Mortgage Corporation | $75,000 | n/a | 0.0% | |
| BMO Harris Bank | $305,000 | $60,000 | -80.3% | 0.0% |
| Capital Bank | $55,000 | n/a | 0.0% | |
| COMPASS MORTGAGE, INC. | $105,000 | $55,000 | -47.6% | 0.0% |
| PURDUE FEDERAL CREDIT UNION | $230,000 | $55,000 | -76.1% | 0.0% |
| T2 FINANCIAL LLC | $55,000 | n/a | 0.0% | |
| ALLEGACY FEDERAL CREDIT UNION | $45,000 | n/a | 0.0% | |
| GREENSTATE CREDIT UNION | $45,000 | n/a | 0.0% | |
| FORT FINANCIAL Federal Credit Union | $25,000 | n/a | 0.0% | |
| AMERICAN ADVISORS GROUP | $100,000 | $15,000 | -85.0% | 0.0% |
Marion's top lender by overall market share is RUOFF MORTGAGE COMPANY, INC., with 13.1% market share. In second place, with 9.3%, is Merchants Bank of Indiana, having originated $15,840,000 in loans. In third place, with 6.5%, is First Farmers Bank and Trust Company, having originated $11,050,000 in loans. In fourth place, with 5.3%, is QUICKEN LOANS, LLC, having originated $9,015,000 in loans. In fifth place, with 5.1%, is Nations Lending Corporation, having originated $8,625,000 in loans.
Marion, IN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 645 | $106,695,000 | $165,419 |
| Cash Out Refi | 252 | $31,090,000 | $123,373 |
| Home Improvement | 133 | $8,445,000 | $63,496 |
| Refi | 124 | $19,670,000 | $158,629 |
| Other | 80 | $4,400,000 | $55,000 |
Marion's most frequently cited loan purpose was Home Purchase, with 645 originations. The 2nd most popular reason was Cash Out Refi, with 252 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 302 | $44,440,000 | $147,152 |
| 3-4% | 256 | $32,270,000 | $126,055 |
| 4-5% | 230 | $40,550,000 | $176,304 |
| 6-7% | 198 | $29,980,000 | $151,414 |
| <2.5% | 92 | $6,460,000 | $70,217 |
| 7-8% | 90 | $8,290,000 | $92,111 |
| 2.5-3% | 36 | $5,180,000 | $143,889 |
| Over 8% | 18 | $850,000 | $47,222 |
During 2022, Marion's most frequently originated rate bucket was 5-6%, with 302 originations.
Loan Sizing (Marion, IN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 626 | $36,100,000 | $57,668 |
| $100k-200k | 452 | $63,300,000 | $140,044 |
| $200k-400k | 136 | $35,370,000 | $260,074 |
| $400k-600k | 10 | $4,620,000 | $462,000 |
| $Over $1MM | 7 | $28,465,000 | $4,066,429 |
| $600k-1000k | 3 | $2,445,000 | $815,000 |
Marion's loan sizing saw the bucket of loans from $100,000 or less with 626 originations, totaling $36,100,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 543 | $79,905,000 | $147,155 |
| 60-80% | 288 | $52,950,000 | $183,854 |
| 20-40% | 120 | $6,810,000 | $56,750 |
| Under 20% | 112 | $3,190,000 | $28,482 |
| 40-60% | 104 | $10,100,000 | $97,115 |
| Over 100% | 13 | $13,635,000 | $1,048,846 |
Marion's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 543 originations, totaling $79,905,000 in origination value.