Marion Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Marion averaged
6.78%
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
6.71% and
one month ago for the week of 2024-10-03, the
average rate was 6.11%.
Marion's average rate one year ago was 7.85%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.89%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Marion 30 Year Fixed Rate | 2024-11-07 | 6.78% |
| Marion 30 Year Fixed Rate Refi | 2024-11-07 | 6.89% |
| Marion 15 Year Fixed Rate | 2024-11-07 | 5.9% |
| Marion 15 Year Fixed Rate Refi | 2024-11-07 | 6.5% |
| Marion 30 Year FHA | 2024-11-07 | 6.5% |
| Marion 30 Year FHA Refi | 2024-11-07 | 6.53% |
| Marion 30 Year USDA | 2024-11-07 | 6.58% |
| Marion 30 Year USDA Refi | 2024-11-07 | 6.48% |
| Marion 30 Year VA | 2024-11-07 | 6.24% |
| Marion 30 Year VA Refi | 2024-11-07 | 6.44% |
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 71 lenders originated 1,011
loans during 2023. The total origination value was $132,635,000, with an average loan value of
$131,192.
Marion's average closing costs are $3,797.
The top Marion lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with
79 loans originated. Their average total fees are
$2,538, which is $1,483
lower than the next largest lender,
UNION HOME MORTGAGE CORP..
The lowest fee Marion lenders (with over 10 loans originated) are
First Farmers Bank and Trust Company ($2,340), STAR Financial Bank ($2,487), Nations Lending Corporation ($2,490), RUOFF MORTGAGE COMPANY, INC. ($2,538) and Regions Bank ($3,157).
The lowest rate Marion lenders (with over 10 loans originated) are
MOVEMENT MORTGAGE, LLC (6.63%), QUICKEN LOANS, LLC (6.64%), STAR Financial Bank (6.66%), RUOFF MORTGAGE COMPANY, INC. (6.90%) and Regions Bank (7.22%).
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| RUOFF MORTGAGE COMPANY, INC. | $22,240,000 | $19,755,000 | -11.2% | 14.9% |
| Regions Bank | $8,495,000 | $10,950,000 | 28.9% | 8.3% |
| UNION HOME MORTGAGE CORP. | $2,100,000 | $9,440,000 | 349.5% | 7.1% |
| STAR Financial Bank | $7,845,000 | $6,850,000 | -12.7% | 5.2% |
| First Farmers Bank and Trust Company | $11,050,000 | $6,710,000 | -39.3% | 5.1% |
| QUICKEN LOANS, LLC | $9,015,000 | $5,415,000 | -39.9% | 4.1% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $4,620,000 | n/a | 3.5% | |
| Mortgage Research Center, LLC | $4,925,000 | $4,345,000 | -11.8% | 3.3% |
| Prudential Huntoon Paige Associates, LLC | $3,835,000 | n/a | 2.9% | |
| Northwest Bank | $3,585,000 | $3,560,000 | -0.7% | 2.7% |
| MOVEMENT MORTGAGE, LLC | $600,000 | $2,860,000 | 376.7% | 2.2% |
| Nations Lending Corporation | $8,625,000 | $2,780,000 | -67.8% | 2.1% |
| Greenfield Banking Company | $2,405,000 | n/a | 1.8% | |
| GVC MORTGAGE, INC. | $1,700,000 | $2,065,000 | 21.5% | 1.6% |
| BEACON CREDIT UNION | $1,710,000 | $1,785,000 | 4.4% | 1.3% |
| NAVY FEDERAL CREDIT UNION | $1,175,000 | $1,760,000 | 49.8% | 1.3% |
| INDIANA MEMBERS CREDIT UNION | $1,260,000 | $1,685,000 | 33.7% | 1.3% |
| TRIAD FINANCIAL SERVICES, INC. | $785,000 | $1,590,000 | 102.5% | 1.2% |
| Horizon Bank | $1,550,000 | $1,260,000 | -18.7% | 0.9% |
| First Merchants Bank | $495,000 | $1,210,000 | 144.4% | 0.9% |
| JPMorgan Chase Bank | $930,000 | $1,190,000 | 28.0% | 0.9% |
| Three Rivers Federal Credit Union | $1,280,000 | $1,155,000 | -9.8% | 0.9% |
| LOANDEPOT.COM, LLC | $1,820,000 | $1,050,000 | -42.3% | 0.8% |
| CALIBER HOME LOANS, INC. | $7,185,000 | $1,030,000 | -85.7% | 0.8% |
| STOCKTON MORTGAGE CORPORATION | $145,000 | $965,000 | 565.5% | 0.7% |
| NEW DAY FINANCIAL, LLC | $450,000 | $950,000 | 111.1% | 0.7% |
| ROYAL UNITED MORTGAGE LLC | $625,000 | $945,000 | 51.2% | 0.7% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $790,000 | $940,000 | 19.0% | 0.7% |
| FREEDOM MORTGAGE CORPORATION | $1,055,000 | $905,000 | -14.2% | 0.7% |
| American Mortgage & Equity Consultants, Inc. | $875,000 | n/a | 0.7% | |
| HALLMARK HOME MORTGAGE, LLC | $960,000 | $795,000 | -17.2% | 0.6% |
| First Financial Bank | $775,000 | n/a | 0.6% | |
| NEWREZ LLC | $990,000 | $775,000 | -21.7% | 0.6% |
| BROKER SOLUTIONS, INC. | $450,000 | $695,000 | 54.4% | 0.5% |
| AMERISAVE MORTGAGE CORPORATION | $490,000 | $685,000 | 39.8% | 0.5% |
| MEMBER FIRST MORTGAGE, LLC | $455,000 | $680,000 | 49.5% | 0.5% |
| Crossroads Bank | $770,000 | $650,000 | -15.6% | 0.5% |
| CITIZENS EQUITY FIRST | $575,000 | n/a | 0.4% | |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $570,000 | n/a | 0.4% | |
| Fifth Third Bank | $445,000 | $525,000 | 18.0% | 0.4% |
| Farm Credit Mid-America, ACA | $840,000 | $520,000 | -38.1% | 0.4% |
| The Huntington National Bank | $665,000 | $495,000 | -25.6% | 0.4% |
| NATIONWIDE MORTGAGE BANKERS, INC. | $490,000 | n/a | 0.4% | |
| UNITED WHOLESALE MORTGAGE, LLC | $475,000 | $480,000 | 1.1% | 0.4% |
| Old National Bank | $145,000 | $465,000 | 220.7% | 0.4% |
| PANORAMA MORTGAGE GROUP, LLC | $455,000 | n/a | 0.3% | |
| GUARANTEED RATE, INC. | $2,525,000 | $430,000 | -83.0% | 0.3% |
| FORUM Credit Union | $260,000 | $410,000 | 57.7% | 0.3% |
| The State Bank and Trust Company | $215,000 | $395,000 | 83.7% | 0.3% |
| Citizens Bank | $385,000 | n/a | 0.3% | |
| ProFed Federal Credit Union | $155,000 | $385,000 | 148.4% | 0.3% |
| PENNYMAC LOAN SERVICES, LLC | $1,520,000 | $375,000 | -75.3% | 0.3% |
| THRIVE MORTGAGE, LLC | $95,000 | $375,000 | 294.7% | 0.3% |
| PLAZA HOME MORTGAGE, INC. | $260,000 | $370,000 | 42.3% | 0.3% |
| Mr. Cooper ( Nationstar Mortgage ) | $540,000 | $365,000 | -32.4% | 0.3% |
| Wells Fargo Bank | $375,000 | $355,000 | -5.3% | 0.3% |
| AMERICAN FINANCIAL NETWORK, INC. | $350,000 | n/a | 0.3% | |
| TEACHERS CREDIT UNION | $610,000 | $350,000 | -42.6% | 0.3% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $145,000 | $330,000 | 127.6% | 0.2% |
| NBKC BANK | $330,000 | n/a | 0.2% | |
| INDIANA UNIVERSITY CREDIT UNION | $325,000 | n/a | 0.2% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $595,000 | $325,000 | -45.4% | 0.2% |
| CROSSCOUNTRY MORTGAGE, LLC | $450,000 | $315,000 | -30.0% | 0.2% |
| PNC Bank | $785,000 | $315,000 | -59.9% | 0.2% |
| V.I.P. MORTGAGE, INC. | $315,000 | n/a | 0.2% | |
| First Federal Savings Bank | $6,130,000 | $310,000 | -94.9% | 0.2% |
| GENEVA FINANCIAL, LLC | $320,000 | $310,000 | -3.1% | 0.2% |
| MIDWEST AMERICA | $305,000 | n/a | 0.2% | |
| Community First Bank of Indiana | $260,000 | $300,000 | 15.4% | 0.2% |
| ENDEAVOR CAPITAL, LLC. | $300,000 | n/a | 0.2% | |
| AMERICAN FINANCING CORPORATION | $95,000 | $285,000 | 200.0% | 0.2% |
| PHH Mortgage Corporation | $75,000 | $285,000 | 280.0% | 0.2% |
| 1ST SIGNATURE LENDING, LLC | $135,000 | $280,000 | 107.4% | 0.2% |
| Northpointe Bank | $260,000 | $280,000 | 7.7% | 0.2% |
| Lake City Bank | $75,000 | $270,000 | 260.0% | 0.2% |
| Blue Ridge Bank | $95,000 | $260,000 | 173.7% | 0.2% |
| TUCKER MORTGAGE, LLC | $260,000 | n/a | 0.2% | |
| BMO Harris Bank | $60,000 | $255,000 | 325.0% | 0.2% |
| CHURCHILL MORTGAGE CORPORATION | $305,000 | $255,000 | -16.4% | 0.2% |
| First Bank of Berne | $95,000 | $235,000 | 147.4% | 0.2% |
| Flagstar Bank, FSB | $1,020,000 | $235,000 | -77.0% | 0.2% |
| SPRING EQ, LLC | $235,000 | n/a | 0.2% | |
| TOP FLITE FINANCIAL, INC. | $230,000 | n/a | 0.2% | |
| U.S. Bank | $180,000 | $225,000 | 25.0% | 0.2% |
| PARTNERS 1ST Federal Credit Union | $290,000 | $215,000 | -25.9% | 0.2% |
| SUN WEST MORTGAGE COMPANY, INC. | $205,000 | n/a | 0.2% | |
| MJW Financial LLC | $1,135,000 | $195,000 | -82.8% | 0.1% |
| Prosperity Home Mortgage, LLC | $185,000 | $195,000 | 5.4% | 0.1% |
| PREMIA MORTGAGE, LLC | $185,000 | n/a | 0.1% | |
| FLAT BRANCH MORTGAGE, INC. | $825,000 | $180,000 | -78.2% | 0.1% |
| CARDINAL FINANCIAL | $155,000 | $175,000 | 12.9% | 0.1% |
| LENOX FINANCIAL MORTGAGE CORPORATION | $175,000 | n/a | 0.1% | |
| Pinnacle Bank | $175,000 | n/a | 0.1% | |
| VELOCITY COMMERCIAL CAPITAL, LLC | $170,000 | n/a | 0.1% | |
| Barrington Bank & Trust Company, N.A. | $700,000 | $165,000 | -76.4% | 0.1% |
| ZILLOW HOME LOANS, LLC | $235,000 | $150,000 | -36.2% | 0.1% |
| LEADERONE FINANCIAL CORPORATION | $135,000 | $145,000 | 7.4% | 0.1% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $255,000 | $140,000 | -45.1% | 0.1% |
| Solidarity Community Federal Credit Union | $165,000 | $140,000 | -15.2% | 0.1% |
| FINANCIAL BUILDERS Federal Credit Union | $210,000 | $135,000 | -35.7% | 0.1% |
| AMCAP MORTGAGE, LTD. | $115,000 | n/a | 0.1% | |
| First Financial Bank | $115,000 | n/a | 0.1% | |
| First United Bank and Trust Company | $115,000 | n/a | 0.1% | |
| LOANPAL, LLC | $115,000 | n/a | 0.1% | |
| First Federal Savings Bank | $6,130,000 | $110,000 | -98.2% | 0.1% |
| MICHIGAN MUTUAL, INC. | $135,000 | $105,000 | -22.2% | 0.1% |
| MORTGAGE 1 INCORPORATED | $105,000 | n/a | 0.1% | |
| EMBRACE HOME LOANS, INC. | $95,000 | n/a | 0.1% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $95,000 | n/a | 0.1% | |
| 21ST MORTGAGE CORPORATION | $135,000 | $90,000 | -33.3% | 0.1% |
| Carrington Mortgage Services, LLC | $890,000 | $85,000 | -90.4% | 0.1% |
| CIVIC FINANCIAL SERVICES, LLC | $75,000 | $85,000 | 13.3% | 0.1% |
| Hometown Equity Mortgage, LLC | $85,000 | n/a | 0.1% | |
| Park Lane Finance Solutions, LLC | $85,000 | n/a | 0.1% | |
| AMERICAN HERITAGE LENDING, INC. | $75,000 | n/a | 0.1% | |
| KeyBank | $340,000 | $75,000 | -77.9% | 0.1% |
| Plains Commerce Bank | $75,000 | n/a | 0.1% | |
| Citizens State Bank of New Castle | $290,000 | $65,000 | -77.6% | 0.0% |
| Beeline Loans, Inc. | $55,000 | n/a | 0.0% | |
| Elements Financial Federal Credit Union | $270,000 | $55,000 | -79.6% | 0.0% |
| Merchants Bank of Indiana | $15,840,000 | $55,000 | -99.7% | 0.0% |
| Figure Lending LLC | $165,000 | $50,000 | -69.7% | 0.0% |
| The North Salem State Bank | $45,000 | n/a | 0.0% | |
| Thrive FCU | $45,000 | n/a | 0.0% | |
| Madison County Federal Credit Union | $165,000 | $25,000 | -84.8% | 0.0% |
Marion's top lender by overall market share is RUOFF MORTGAGE COMPANY, INC., with 14.9% market share. In second place, with 8.3%, is Regions Bank, having originated $10,950,000 in loans. In third place, with 7.1%, is UNION HOME MORTGAGE CORP., having originated $9,440,000 in loans. In fourth place, with 5.2%, is STAR Financial Bank, having originated $6,850,000 in loans. In fifth place, with 5.1%, is First Farmers Bank and Trust Company, having originated $6,710,000 in loans.
Marion, IN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 609 | $100,125,000 | $164,409 |
| Cash Out Refi | 160 | $14,880,000 | $93,000 |
| Home Improvement | 131 | $7,515,000 | $57,366 |
| Refi | 57 | $6,345,000 | $111,316 |
| Other | 54 | $3,770,000 | $69,815 |
Marion's most frequently cited loan purpose was Home Purchase, with 609 originations. The 2nd most popular reason was Cash Out Refi, with 160 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 359 | $41,225,000 | $114,833 |
| 6-7% | 340 | $49,000,000 | $144,118 |
| Over 8% | 165 | $15,375,000 | $93,182 |
| 5-6% | 108 | $24,080,000 | $222,963 |
| 3-4% | 17 | $1,165,000 | $68,529 |
| 4-5% | 7 | $975,000 | $139,286 |
| <2.5% | 4 | $80,000 | $20,000 |
| 2.5-3% | 3 | $435,000 | $145,000 |
During 2023, Marion's most frequently originated rate bucket was 7-8%, with 359 originations.
Loan Sizing (Marion, IN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 519 | $29,025,000 | $55,925 |
| $100k-200k | 352 | $48,760,000 | $138,523 |
| $200k-400k | 126 | $32,980,000 | $261,746 |
| $400k-600k | 9 | $4,185,000 | $465,000 |
| $Over $1MM | 5 | $17,685,000 | $3,537,000 |
Marion's loan sizing saw the bucket of loans from $100,000 or less with 519 originations, totaling $29,025,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 475 | $78,525,000 | $165,316 |
| 60-80% | 179 | $29,675,000 | $165,782 |
| 20-40% | 136 | $7,770,000 | $57,132 |
| Under 20% | 93 | $2,945,000 | $31,667 |
| 40-60% | 75 | $10,695,000 | $142,600 |
| Over 100% | 8 | $1,420,000 | $177,500 |
Marion's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 475 originations, totaling $78,525,000 in origination value.