Martinsville Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Martinsville averaged 6.79% 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 6.98% and one month ago for the week of 2023-11-02, the average rate was 7.52%.

Martinsville's average rate one year ago was 6.45%.

For refis of the same type during the week of 2023-12-07, the average rate was 7.63%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-12-07 7.03%
Martinsville 30 Year Fixed Rate 2023-12-07 6.79%
Martinsville 30 Year Fixed Rate Refi 2023-12-07 7.63%
Martinsville 15 Year Fixed Rate 2023-12-07 6.39%
Martinsville 15 Year Fixed Rate Refi 2023-12-07 6.29%
Martinsville 30 Year FHA 2023-12-07 6.69%
Martinsville 30 Year FHA Refi 2023-12-07 6.92%
Martinsville 30 Year USDA 2023-12-07 6.6%
Martinsville 30 Year USDA Refi 2023-12-07 6.62%
Martinsville 30 Year VA 2023-12-07 6.34%
Martinsville 30 Year VA Refi 2023-12-07 6.54%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Martinsville, VA.

Martinsville 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 Martinsville, VA 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.).

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 34 5.48% $5,905
Alcova Mortgage LLC 22 5.17% $3,484
The Fidelity Bank 21 5.07% $4,483
Blue Ridge Bank 16 5.27% $4,757
Wells Fargo Bank 16 4.84% $3,473
ValleyStar Credit Union 12 4.69% $4,101
STATE EMPLOYEES' 8 4.21% $2,981
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 8 5.25% $5,461
NAVY FEDERAL CREDIT UNION 8 5.66% $5,740
Truist 8 4.43% $3,697
ROYAL UNITED MORTGAGE LLC 5 5.75% $6,470
MOVEMENT MORTGAGE, LLC 5 5.37% $5,771
Truliant Federal Credit Union 4 4.94% $3,306
American National Bank and Trust Company 3 5.17% $3,184
CARDINAL FINANCIAL 3 4.46% $8,657
Mortgage Research Center, LLC 3 5.75% $8,343
EASTMAN 3 4.88% $4,124
Mr. Cooper ( Nationstar Mortgage ) 3 5.04% $5,653
BROKER SOLUTIONS, INC. 3 6.25% $6,379
LAKEVIEW LOAN SERVICING, LLC 2 3.75% $3,302
Ally Bank 2 5.88% $2,729
Bank of America 2 3.38% $4,289
CAPITAL CENTER, L.L.C. 2 4.19% $1,803
Carter Bank & Trust 2 5.00% $4,052
FIRST BANCORP 2 5.87% $3,253
FREEDOM FIRST 2 5.44% $3,127
FREEDOM MORTGAGE CORPORATION 2 6.44% $4,783
Integrity Home Mortgage Corp 2 5.75% $7,682
JPMorgan Chase Bank 2 6.13% $5,527
AgFirst Farm Credit Bank 2 5.13% $4,202
LOANDEPOT.COM, LLC 2 5.69% $5,672
LOCAL GOVERNMENT FEDERAL CREDIT UNION 2 4.58% $2,689
PENNYMAC LOAN SERVICES, LLC 2 4.00% $4,045
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.94% $6,503
UNITED WHOLESALE MORTGAGE, LLC 2 5.40% $5,534
Wyndham Capital Mortgage, Inc. 2 5.31% $6,385
U.S. Bank 1 4.25% $2,357
US MORTGAGE CORPORATION 1 5.25% $5,222
BETTER MORTGAGE CORPORATION 1 4.88% $12,209
MASON MCDUFFIE MORTGAGE CORPORATION 1 3.49% $5,423
MCLEAN MORTGAGE CORPORATION 1 6.13% $4,649
First Community Bank 1 4.00% $6,484
First-Citizens Bank & Trust Company 1 2.99% $5,495
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.38% $4,551
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $5,748
EVERETT FINANCIAL, INC. 1 4.99% $2,340
NEWREZ LLC 1 3.75% $3,819
OVM FINANCIAL, INC. 1 5.38% $4,499
PANORAMA MORTGAGE GROUP, LLC 1 6.13% $6,641
Virginia Credit Union, Inc. 1 4.63% $4,428
Pinnacle Bank 1 3.13% $3,604
Atlantic Union Bank 1 4.63% $7,251
Prosperity Home Mortgage, LLC 1 4.88% $5,436
EVERENCE FEDERAL CREDIT UNION 1 8.38% $2,612
EMBRACE HOME LOANS, INC. 1 3.88% $3,873
RUOFF MORTGAGE COMPANY, INC. 1 5.25% $2,175
Discover Bank 1 9.49% $0
TD Bank 1 3.75% $2,592
The Central Trust Bank 1 3.75% $1,414
CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $7,714
Towne First Mortgage, LLC 1 6.75% $5,505
TOWNE MORTGAGE COMPANY 1 3.25% $3,495
First Federal Bank 1 4.38% $9,610
First Heritage Mortgage, LLC 1 3.75% $4,156
First Horizon Bank 1 4.88% $5,096
First National Bank of America 1 8.75% $6,132
First Palmetto Bank 1 6.00% $3,232
Citizens Bank 1 5.63% $3,491
CALIBER HOME LOANS, INC. 1 7.13% $3,564
GUARANTEED RATE, INC. 1 3.99% $3,378
GUILD MORTGAGE COMPANY 1 4.50% $3,379
UNITED MORTGAGE CORP 1 6.50% $6,458
ZILLOW HOME LOANS, LLC 1 3.38% $3,842

Martinsville Average Closing Costs & Other Stats

Martinsville, VA's 73 lenders originated 1,012 loans during 2022. The total origination value was $148,250,000, with an average loan value of $146,492.

Martinsville's average closing costs are $4,444.

The top Martinsville lender as defined by loan originations is QUICKEN LOANS, LLC, with 34 loans originated. Their average total fees are $5,905, which is $2,421 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Martinsville lenders (with over 10 loans originated) are Wells Fargo Bank ($3,473), Alcova Mortgage LLC ($3,484), ValleyStar Credit Union ($4,101), The Fidelity Bank ($4,483) and Blue Ridge Bank ($4,757).

The lowest rate Martinsville lenders (with over 10 loans originated) are ValleyStar Credit Union (4.69%), Wells Fargo Bank (4.84%), The Fidelity Bank (5.07%), Alcova Mortgage LLC (5.17%) and Blue Ridge Bank (5.27%).

Martinsville, VA 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
Alcova Mortgage LLC $19,985,000 $14,720,000 -26.3% 9.9%
ValleyStar Credit Union $11,930,000 $14,420,000 20.9% 9.7%
QUICKEN LOANS, LLC $24,655,000 $13,875,000 -43.7% 9.4%
American National Bank and Trust Company $14,105,000 $11,670,000 -17.3% 7.9%
Blue Ridge Bank $15,170,000 $11,465,000 -24.4% 7.7%
The Fidelity Bank $9,465,000 $7,790,000 -17.7% 5.3%
Mortgage Research Center, LLC $3,640,000 $4,930,000 35.4% 3.3%
Truist $7,190,000 $4,520,000 -37.1% 3.0%
Wells Fargo Bank $5,765,000 $3,420,000 -40.7% 2.3%
ATLANTIC BAY MORTGAGE GROUP, L.L.C. $2,790,000 $2,625,000 -5.9% 1.8%
MOVEMENT MORTGAGE, LLC $4,005,000 $2,620,000 -34.6% 1.8%
FREEDOM FIRST $230,000 $2,560,000 1,013.0% 1.7%
NAVY FEDERAL CREDIT UNION $1,560,000 $2,510,000 60.9% 1.7%
Carter Bank & Trust $2,370,000 $1,935,000 -18.4% 1.3%
PENNYMAC LOAN SERVICES, LLC $4,335,000 $1,680,000 -61.2% 1.1%
BROKER SOLUTIONS, INC. $900,000 $1,590,000 76.7% 1.1%
VANDERBILT MORTGAGE AND FINANCE, INC. $1,175,000 $1,435,000 22.1% 1.0%
Mr. Cooper ( Nationstar Mortgage ) $1,075,000 $1,270,000 18.1% 0.9%
STATE EMPLOYEES' $730,000 $1,235,000 69.2% 0.8%
Truliant Federal Credit Union $1,040,000 $1,075,000 3.4% 0.7%
LOANDEPOT.COM, LLC $2,525,000 $1,025,000 -59.4% 0.7%
EMBRACE HOME LOANS, INC. $930,000 $995,000 7.0% 0.7%
CNB Bank $585,000 $950,000 62.4% 0.6%
BETTER MORTGAGE CORPORATION $220,000 $945,000 329.5% 0.6%
FREEDOM MORTGAGE CORPORATION $4,685,000 $930,000 -80.1% 0.6%
Bank of America $1,025,000 $910,000 -11.2% 0.6%
UNITED WHOLESALE MORTGAGE, LLC $1,100,000 $870,000 -20.9% 0.6%
AMERISAVE MORTGAGE CORPORATION $985,000 $845,000 -14.2% 0.6%
MASON MCDUFFIE MORTGAGE CORPORATION $345,000 $815,000 136.2% 0.5%
AMERICAN FINANCIAL RESOURCES, INC. $325,000 $810,000 149.2% 0.5%
NEW DAY FINANCIAL, LLC $965,000 $785,000 -18.7% 0.5%
Pinnacle Bank $180,000 $785,000 336.1% 0.5%
EASTMAN $235,000 $770,000 227.7% 0.5%
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $1,940,000 $750,000 -61.3% 0.5%
First Horizon Bank $680,000 $750,000 10.3% 0.5%
MEMBER ONE $1,890,000 $655,000 -65.3% 0.4%
Citizens Bank $665,000 $625,000 -6.0% 0.4%
ANGEL OAK MORTGAGE SOLUTIONS LLC $605,000 n/a 0.4%
Carrington Mortgage Services, LLC $970,000 $605,000 -37.6% 0.4%
First-Citizens Bank & Trust Company $190,000 $600,000 215.8% 0.4%
Hometown Lenders, Inc. $595,000 n/a 0.4%
NEWREZ LLC $3,340,000 $595,000 -82.2% 0.4%
Paramount Residential Mortgage Group, Inc. $210,000 $575,000 173.8% 0.4%
JPMorgan Chase Bank $890,000 $570,000 -36.0% 0.4%
Prosperity Home Mortgage, LLC $1,210,000 $540,000 -55.4% 0.4%
ROYAL UNITED MORTGAGE LLC $885,000 $540,000 -39.0% 0.4%
FIRST BANCORP, INC. $55,000 $535,000 872.7% 0.4%
Wyndham Capital Mortgage, Inc. $500,000 n/a 0.3%
First Heritage Mortgage, LLC $485,000 n/a 0.3%
USAA Federal Savings Bank $565,000 $485,000 -14.2% 0.3%
PREMIA MORTGAGE, LLC $475,000 n/a 0.3%
Flagstar Bank, FSB $455,000 n/a 0.3%
PRIMELENDING, A PLAINSCAPITAL COMPANY $35,000 $450,000 1,185.7% 0.3%
Integrity Home Mortgage Corp $210,000 $440,000 109.5% 0.3%
NATIONS DIRECT MORTGAGE, LLC $415,000 $425,000 2.4% 0.3%
AMERICAN PACIFIC MORTGAGE CORPORATION $335,000 $415,000 23.9% 0.3%
Virginia Credit Union, Inc. $210,000 $415,000 97.6% 0.3%
LOCAL GOVERNMENT FEDERAL CREDIT UNION $420,000 $410,000 -2.4% 0.3%
MCLEAN MORTGAGE CORPORATION $410,000 n/a 0.3%
ZILLOW HOME LOANS, LLC $410,000 n/a 0.3%
Bank of England $165,000 $405,000 145.5% 0.3%
PLANET HOME LENDING, LLC $115,000 $400,000 247.8% 0.3%
PENTAGON FEDERAL CREDIT UNION $960,000 $385,000 -59.9% 0.3%
AgFirst Farm Credit Bank $410,000 $350,000 -14.6% 0.2%
Atlantic Union Bank $235,000 $350,000 48.9% 0.2%
ARC HOME LLC $560,000 $345,000 -38.4% 0.2%
Commerce Home Mortgage, Inc. $195,000 $345,000 76.9% 0.2%
Equity Prime Mortgage LLC $345,000 n/a 0.2%
HOME POINT FINANCIAL CORPORATION $1,905,000 $345,000 -81.9% 0.2%
HomeTrust Bank $205,000 $345,000 68.3% 0.2%
CAPITAL CENTER, L.L.C. $330,000 n/a 0.2%
First Palmetto Bank $325,000 n/a 0.2%
LAKEVIEW LOAN SERVICING, LLC $705,000 $325,000 -53.9% 0.2%
Skyline National Bank $390,000 $320,000 -17.9% 0.2%
Advance Financial Group, LLC $315,000 n/a 0.2%
CALIBER HOME LOANS, INC. $1,275,000 $310,000 -75.7% 0.2%
Ally Bank $290,000 n/a 0.2%
Mid-Continent Funding, Inc. $290,000 n/a 0.2%
First Community Bank $275,000 n/a 0.2%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $785,000 $260,000 -66.9% 0.2%
Towne First Mortgage, LLC $95,000 $260,000 173.7% 0.2%
GUARANTEED RATE, INC. $555,000 $250,000 -55.0% 0.2%
LANGLEY $245,000 n/a 0.2%
TD Bank $235,000 n/a 0.2%
AMWEST FUNDING CORP. $215,000 n/a 0.1%
MILEND, INC. $215,000 n/a 0.1%
BLUE EAGLE CREDIT UNION $90,000 $210,000 133.3% 0.1%
21ST MORTGAGE CORPORATION $125,000 $205,000 64.0% 0.1%
CROSSCOUNTRY MORTGAGE, LLC $395,000 $205,000 -48.1% 0.1%
Atlantic Coast Mortgage, LLC $185,000 $200,000 8.1% 0.1%
RANLIFE, INC. $470,000 $195,000 -58.5% 0.1%
EVERENCE FEDERAL CREDIT UNION $190,000 n/a 0.1%
EVERETT FINANCIAL, INC. $185,000 n/a 0.1%
UNITED MORTGAGE CORP. $185,000 n/a 0.1%
First Federal Bank $500,000 $175,000 -65.0% 0.1%
The Central Trust Bank $175,000 n/a 0.1%
PANORAMA MORTGAGE GROUP, LLC $165,000 n/a 0.1%
SWBC MORTGAGE CORPORATION $165,000 $155,000 -6.1% 0.1%
Bank of Botetourt $145,000 n/a 0.1%
US MORTGAGE CORPORATION $145,000 n/a 0.1%
SOVEREIGN LENDING GROUP INCORPORATED $135,000 n/a 0.1%
TIDEWATER MORTGAGE SERVICES, INC. $90,000 $135,000 50.0% 0.1%
Waterstone Mortgage Corporation $135,000 n/a 0.1%
CREDIT UNION MORTGAGE ASSOCIATION, INC. $955,000 $125,000 -86.9% 0.1%
Magnolia Bank $135,000 $125,000 -7.4% 0.1%
Nations Lending Corporation $105,000 $125,000 19.0% 0.1%
Texana Bank $125,000 n/a 0.1%
U.S. Bank $325,000 $125,000 -61.5% 0.1%
THRIVE MORTGAGE, LLC $120,000 n/a 0.1%
Barrington Bank & Trust Company, N.A. $275,000 $115,000 -58.2% 0.1%
DIRECT MORTGAGE LOANS, LLC $115,000 n/a 0.1%
Northpointe Bank $115,000 n/a 0.1%
OVM FINANCIAL, INC. $280,000 $115,000 -58.9% 0.1%
Renasant Bank $95,000 $115,000 21.1% 0.1%
Tidewater Home Funding, LLC $115,000 n/a 0.1%
TOWNE MORTGAGE COMPANY $165,000 $115,000 -30.3% 0.1%
ALLIED MORTGAGE GROUP, INC. $105,000 n/a 0.1%
AMERICAN FINANCING CORPORATION $1,425,000 $105,000 -92.6% 0.1%
CHURCHILL MORTGAGE CORPORATION $200,000 $105,000 -47.5% 0.1%
Figure Lending LLC $35,000 $105,000 200.0% 0.1%
GUILD MORTGAGE COMPANY $290,000 $105,000 -63.8% 0.1%
HOMESIDE FINANCIAL, LLC $455,000 $105,000 -76.9% 0.1%
MUTUAL OF OMAHA MORTGAGE, INC. $115,000 $105,000 -8.7% 0.1%
NATION ONE MORTGAGE CORPORATION $95,000 $105,000 10.5% 0.1%
RUOFF MORTGAGE COMPANY, INC. $105,000 n/a 0.1%
UNION HOME MORTGAGE CORP. $85,000 $105,000 23.5% 0.1%
First National Bank of America $95,000 n/a 0.1%
HONDA Federal Credit Union $95,000 n/a 0.1%
KELLER MORTGAGE, LLC $95,000 n/a 0.1%
SPRING EQ, LLC $240,000 $90,000 -62.5% 0.1%
AMERICAN ADVISORS GROUP $80,000 n/a 0.1%
FAY SERVICING, LLC $75,000 n/a 0.1%
COASTAL Federal Credit Union $185,000 $55,000 -70.3% 0.0%
Discover Bank $85,000 $55,000 -35.3% 0.0%
RELIANCE FIRST CAPITAL, LLC $340,000 $55,000 -83.8% 0.0%
State Department Federal Credit Union $55,000 n/a 0.0%
Secured Investment Corp. $45,000 n/a 0.0%
WesBanco Bank, Inc. $45,000 n/a 0.0%
Citibank $35,000 n/a 0.0%
First National Bank $25,000 n/a 0.0%
M&T Bank $15,000 n/a 0.0%
PNC Bank $115,000 $15,000 -87.0% 0.0%

Martinsville's top lender by overall market share is Alcova Mortgage LLC, with 9.9% market share. In second place, with 9.7%, is ValleyStar Credit Union, having originated $14,420,000 in loans. In third place, with 9.4%, is QUICKEN LOANS, LLC, having originated $13,875,000 in loans. In fourth place, with 7.9%, is American National Bank and Trust Company, having originated $11,670,000 in loans. In fifth place, with 7.7%, is Blue Ridge Bank, having originated $11,465,000 in loans.

Martinsville, VA Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 566 $100,740,000 $177,986
Cash Out Refi 178 $24,430,000 $137,247
Refi 113 $12,625,000 $111,726
Home Improvement 82 $4,970,000 $60,610
Other 73 $5,485,000 $75,137

Martinsville's most frequently cited loan purpose was Home Purchase, with 566 originations. The 2nd most popular reason was Cash Out Refi, with 178 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
5-6% 270 $41,200,000 $152,593
4-5% 252 $42,030,000 $166,786
3-4% 217 $29,895,000 $137,765
6-7% 127 $18,085,000 $142,402
7-8% 55 $6,825,000 $124,091
2.5-3% 49 $6,575,000 $134,184
Over 8% 21 $1,445,000 $68,810
<2.5% 15 $1,705,000 $113,667

During 2022, Martinsville's most frequently originated rate bucket was 5-6%, with 270 originations.

Loan Sizing (Martinsville, VA MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 428 $60,980,000 $142,477
$100,000 or less 388 $22,880,000 $58,969
$200k-400k 166 $44,040,000 $265,301
$400k-600k 23 $10,445,000 $454,130
$600k-1000k 4 $3,060,000 $765,000
$Over $1MM 3 $6,845,000 $2,281,667

Martinsville's loan sizing saw the bucket of loans from $100k-200k with 428 originations, totaling $60,980,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 485 $77,575,000 $159,948
60-80% 240 $43,750,000 $182,292
20-40% 101 $6,515,000 $64,505
40-60% 88 $8,720,000 $99,091
Under 20% 56 $1,820,000 $32,500
Over 100% 28 $8,400,000 $300,000

Martinsville's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 485 originations, totaling $77,575,000 in origination value.