Martinsville Mortgage Rates & Closing Costs

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

    30 Year Fixed Rate mortgages in Martinsville averaged 6.81% 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 6.74% and one month ago for the week of 2024-10-03, the average rate was 6.14%.

    Martinsville's average rate one year ago was 7.98%.

    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%
    Martinsville 30 Year Fixed Rate 2024-11-07 6.81%
    Martinsville 30 Year Fixed Rate Refi 2024-11-07 7.09%
    Martinsville 15 Year Fixed Rate 2024-11-07 6.1%
    Martinsville 15 Year Fixed Rate Refi 2024-11-07 5.9%
    Martinsville 30 Year FHA 2024-11-07 6.65%
    Martinsville 30 Year FHA Refi 2024-11-07 6.63%
    Martinsville 30 Year USDA 2024-11-07 6.53%
    Martinsville 30 Year USDA Refi 2024-11-07 6.28%
    Martinsville 30 Year VA 2024-11-07 6.24%
    Martinsville 30 Year VA Refi 2024-11-07 6.24%
    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 36 7.14% $5,318
    Alcova Mortgage LLC 33 6.87% $2,569
    Blue Ridge Bank 13 6.90% $5,683
    The Fidelity Bank 12 6.96% $4,697
    Truist 9 6.50% $3,864
    ValleyStar Credit Union 7 7.35% $4,143
    American National Bank and Trust Company 6 6.56% $3,714
    First Horizon Bank 5 7.15% $4,286
    Atlantic Coast Mortgage, LLC 5 6.80% $8,508
    Wells Fargo Bank 4 6.19% $4,314
    STATE EMPLOYEES' 4 6.30% $3,292
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 7.91% $5,641
    Mortgage Research Center, LLC 3 6.63% $2,658
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.54% $8,110
    ZILLOW HOME LOANS, LLC 2 7.63% $5,286
    SWBC MORTGAGE CORPORATION 2 7.81% $3,108
    AMERISAVE MORTGAGE CORPORATION 2 7.38% $4,650
    FIRST BANCORP 2 7.44% $6,031
    USAA Federal Savings Bank 2 6.38% $4,902
    MEMBER ONE 2 6.44% $3,046
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 6.75% $4,013
    LOANPAL, LLC 1 6.50% $4,687
    LOCAL GOVERNMENT FEDERAL CREDIT UNION 1 5.00% $2,350
    Morgan Stanley Private Bank 1 6.00% $2,481
    MOVEMENT MORTGAGE, LLC 1 6.81% $3,631
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.88% $5,549
    NEWREZ LLC 1 6.13% $5,661
    Northpointe Bank 1 7.63% $5,256
    Paramount Residential Mortgage Group, Inc. 1 10.88% $19,809
    PENNYMAC LOAN SERVICES, LLC 1 5.88% $5,436
    PENTAGON FEDERAL CREDIT UNION 1 6.38% $3,368
    Pinnacle Bank 1 5.25% $2,647
    PNC Bank 1 6.75% $4,024
    Presidential Bank, FSB 1 7.88% $11,216
    Prosperity Home Mortgage, LLC 1 7.25% $4,126
    Renasant Bank 1 6.13% $8,175
    SIRVA MORTGAGE, INC. 1 6.50% $2,474
    Towne First Mortgage, LLC 1 6.38% $4,431
    UNION HOME MORTGAGE CORP. 1 6.63% $3,823
    Virginia Credit Union, Inc. 1 5.63% $4,371
    Truliant Federal Credit Union 1 5.88% $2,868
    AMERICAN FINANCIAL NETWORK, INC. 1 8.00% $2,499
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $6,412
    ARC HOME LLC 1 6.50% $4,495
    Bank of America 1 8.13% $7,100
    BETTER MORTGAGE CORPORATION 1 7.50% $2,044
    CARDINAL FINANCIAL 1 7.63% $9,390
    Carrington Mortgage Services, LLC 1 6.50% $4,800
    Citizens Bank 1 7.50% $4,226
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $7,745
    Deere Employees Credit Union 1 6.38% $3,055
    EASTMAN 1 6.88% $3,057
    EMM LOANS LLC 1 6.88% $6,613
    EVERENCE FEDERAL CREDIT UNION 1 9.13% $2,648
    First-Citizens Bank & Trust Company 1 7.00% $2,811
    First Heritage Mortgage, LLC 1 5.88% $4,570
    First National Bank of Pennsylvania 1 7.38% $4,667
    FIRST SAVINGS MORTGAGE CORPORATION 1 5.88% $7,743
    HomeTrust Bank 1 6.50% $5,190
    HOMEXPRESS MORTGAGE CORP. 1 8.38% $6,503
    Ixonia Bank 1 7.25% $9,114

    Martinsville Average Closing Costs & Other Stats

    Martinsville, VA's 61 lenders originated 871 loans during 2023. The total origination value was $120,985,000, with an average loan value of $138,904.

    Martinsville's average closing costs are $4,674.

    The top Martinsville lender as defined by loan originations is QUICKEN LOANS, LLC, with 36 loans originated. Their average total fees are $5,318, which is $2,749 higher than the next largest lender, Alcova Mortgage LLC.

    The lowest fee Martinsville lenders (with over 10 loans originated) are Alcova Mortgage LLC ($2,569), The Fidelity Bank ($4,697), QUICKEN LOANS, LLC ($5,318), Blue Ridge Bank ($5,683) and .

    The lowest rate Martinsville lenders (with over 10 loans originated) are Alcova Mortgage LLC (6.87%), Blue Ridge Bank (6.90%), The Fidelity Bank (6.96%), QUICKEN LOANS, LLC (7.14%) and .

    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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    Alcova Mortgage LLC $14,720,000 $16,750,000 13.8% 13.8%
    QUICKEN LOANS, LLC $13,875,000 $12,085,000 -12.9% 10.0%
    American National Bank and Trust Company $11,670,000 $10,865,000 -6.9% 9.0%
    Blue Ridge Bank $11,465,000 $9,085,000 -20.8% 7.5%
    Mortgage Research Center, LLC $4,930,000 $5,115,000 3.8% 4.2%
    ValleyStar Credit Union $14,420,000 $5,090,000 -64.7% 4.2%
    The Fidelity Bank $7,790,000 $4,840,000 -37.9% 4.0%
    FIRST BANCORP $535,000 $3,010,000 462.6% 2.5%
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. $2,625,000 $2,790,000 6.3% 2.3%
    Truist $4,520,000 $2,720,000 -39.8% 2.2%
    UNITED WHOLESALE MORTGAGE, LLC $870,000 $2,550,000 193.1% 2.1%
    Atlantic Coast Mortgage, LLC $200,000 $1,820,000 810.0% 1.5%
    VANDERBILT MORTGAGE AND FINANCE, INC. $1,435,000 $1,705,000 18.8% 1.4%
    Wells Fargo Bank $3,420,000 $1,615,000 -52.8% 1.3%
    First Horizon Bank $750,000 $1,610,000 114.7% 1.3%
    Skyline National Bank $320,000 $1,465,000 357.8% 1.2%
    MOVEMENT MORTGAGE, LLC $2,620,000 $1,285,000 -51.0% 1.1%
    NEW DAY FINANCIAL, LLC $785,000 $1,225,000 56.1% 1.0%
    USAA Federal Savings Bank $485,000 $1,105,000 127.8% 0.9%
    Presidential Bank, FSB $1,030,000 n/a 0.9%
    NAVY FEDERAL CREDIT UNION $2,510,000 $970,000 -61.4% 0.8%
    First Community Bank $275,000 $890,000 223.6% 0.7%
    UNION HOME MORTGAGE CORP. $105,000 $850,000 709.5% 0.7%
    21ST MORTGAGE CORPORATION $205,000 $775,000 278.0% 0.6%
    First National Bank of Pennsylvania $765,000 n/a 0.6%
    LIMA ONE CAPITAL, LLC $765,000 n/a 0.6%
    Carter Bank & Trust $1,935,000 $755,000 -61.0% 0.6%
    Carrington Mortgage Services, LLC $605,000 $750,000 24.0% 0.6%
    CARDINAL FINANCIAL $750,000 $705,000 -6.0% 0.6%
    STATE EMPLOYEES' $1,235,000 $705,000 -42.9% 0.6%
    Citizens Bank $625,000 $625,000 0.0% 0.5%
    PENNYMAC LOAN SERVICES, LLC $1,680,000 $625,000 -62.8% 0.5%
    CROSSCOUNTRY MORTGAGE, LLC $205,000 $595,000 190.2% 0.5%
    Paramount Residential Mortgage Group, Inc. $575,000 $585,000 1.7% 0.5%
    BROKER SOLUTIONS, INC. $1,590,000 $560,000 -64.8% 0.5%
    Waterstone Mortgage Corporation $135,000 $545,000 303.7% 0.5%
    FREEDOM MORTGAGE CORPORATION $930,000 $540,000 -41.9% 0.4%
    Truliant Federal Credit Union $1,075,000 $525,000 -51.2% 0.4%
    HOMEXPRESS MORTGAGE CORP. $515,000 n/a 0.4%
    Plains Commerce Bank $510,000 n/a 0.4%
    PNC Bank $15,000 $510,000 3,300.0% 0.4%
    Atlantic Union Bank $350,000 $485,000 38.6% 0.4%
    Bank of Botetourt $145,000 $480,000 231.0% 0.4%
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $475,000 n/a 0.4%
    SUN WEST MORTGAGE COMPANY, INC. $430,000 n/a 0.4%
    MEMBER ONE $655,000 $420,000 -35.9% 0.3%
    SWBC MORTGAGE CORPORATION $155,000 $420,000 171.0% 0.3%
    LOANPAL, LLC $405,000 n/a 0.3%
    Renasant Bank $115,000 $385,000 234.8% 0.3%
    C & F Mortgage Corporation $370,000 n/a 0.3%
    LOANDEPOT.COM, LLC $1,025,000 $355,000 -65.4% 0.3%
    AMERISAVE MORTGAGE CORPORATION $845,000 $335,000 -60.4% 0.3%
    CALCON MUTUAL MORTGAGE LLC $320,000 n/a 0.3%
    AMERICAN FINANCIAL NETWORK, INC. $300,000 n/a 0.2%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $260,000 $300,000 15.4% 0.2%
    PENTAGON FEDERAL CREDIT UNION $385,000 $300,000 -22.1% 0.2%
    HOMESIDE FINANCIAL, LLC $105,000 $295,000 181.0% 0.2%
    MUTUAL OF OMAHA MORTGAGE, INC. $105,000 $295,000 181.0% 0.2%
    CNB Bank $950,000 $285,000 -70.0% 0.2%
    FAY SERVICING, LLC $75,000 $275,000 266.7% 0.2%
    ALLEGACY FEDERAL CREDIT UNION $265,000 n/a 0.2%
    Prosperity Home Mortgage, LLC $540,000 $265,000 -50.9% 0.2%
    Northpointe Bank $115,000 $260,000 126.1% 0.2%
    Lakeview Community Capital, LLC $255,000 n/a 0.2%
    BLUE EAGLE CREDIT UNION $210,000 $250,000 19.0% 0.2%
    FREEDOM FIRST $2,560,000 $245,000 -90.4% 0.2%
    ARC HOME LLC $345,000 $225,000 -34.8% 0.2%
    CONTOUR MORTGAGE CORPORATION $225,000 n/a 0.2%
    U.S. Bank $125,000 $225,000 80.0% 0.2%
    Deere Employees Credit Union $220,000 n/a 0.2%
    CLEARPATH LENDING $215,000 n/a 0.2%
    SIRVA MORTGAGE, INC. $215,000 n/a 0.2%
    Virginia Credit Union, Inc. $415,000 $210,000 -49.4% 0.2%
    Discover Bank $55,000 $205,000 272.7% 0.2%
    FIRST SAVINGS MORTGAGE CORPORATION $205,000 n/a 0.2%
    Ixonia Bank $195,000 n/a 0.2%
    LAKEVIEW LOAN SERVICING, LLC $325,000 $195,000 -40.0% 0.2%
    NATION ONE MORTGAGE CORPORATION $105,000 $195,000 85.7% 0.2%
    EASTMAN $770,000 $190,000 -75.3% 0.2%
    EMM LOANS LLC $185,000 n/a 0.2%
    Towne First Mortgage, LLC $260,000 $185,000 -28.8% 0.2%
    Flagstar Bank, FSB $455,000 $180,000 -60.4% 0.1%
    Apple Federal Credit Union $175,000 n/a 0.1%
    BETTER MORTGAGE CORPORATION $945,000 $175,000 -81.5% 0.1%
    HomeTrust Bank $345,000 $175,000 -49.3% 0.1%
    Pinnacle Bank $785,000 $165,000 -79.0% 0.1%
    NEWREZ LLC $595,000 $155,000 -73.9% 0.1%
    VELOCITY COMMERCIAL CAPITAL, LLC $155,000 n/a 0.1%
    LOCAL GOVERNMENT FEDERAL CREDIT UNION $410,000 $150,000 -63.4% 0.1%
    ROYAL UNITED MORTGAGE LLC $540,000 $150,000 -72.2% 0.1%
    AMERICAN PACIFIC MORTGAGE CORPORATION $415,000 $145,000 -65.1% 0.1%
    GUILD MORTGAGE COMPANY $105,000 $145,000 38.1% 0.1%
    Hometown Equity Mortgage, LLC $145,000 n/a 0.1%
    CREDIT UNION MORTGAGE ASSOCIATION, INC. $125,000 $140,000 12.0% 0.1%
    ZILLOW HOME LOANS, LLC $410,000 $140,000 -65.9% 0.1%
    Bank of America $910,000 $135,000 -85.2% 0.1%
    Figure Lending LLC $105,000 $125,000 19.0% 0.1%
    FIRST COMMUNITY MORTGAGE, INC. $125,000 n/a 0.1%
    Mr. Cooper ( Nationstar Mortgage ) $1,270,000 $125,000 -90.2% 0.1%
    RELIANCE FIRST CAPITAL, LLC $55,000 $125,000 127.3% 0.1%
    First-Citizens Bank & Trust Company $600,000 $115,000 -80.8% 0.1%
    First Heritage Mortgage, LLC $485,000 $115,000 -76.3% 0.1%
    LANGLEY $245,000 $115,000 -53.1% 0.1%
    Bank of England $405,000 $105,000 -74.1% 0.1%
    Morgan Stanley Private Bank $105,000 n/a 0.1%
    TOWNE MORTGAGE COMPANY $115,000 $105,000 -8.7% 0.1%
    Signature Federal Credit Union $85,000 n/a 0.1%
    Barrington Bank & Trust Company, N.A. $115,000 $75,000 -34.8% 0.1%
    GREENSTATE CREDIT UNION $75,000 n/a 0.1%
    PIEDMONT ADVANTAGE CREDIT UNION $75,000 n/a 0.1%
    Third Federal Savings and Loan Association of Cleveland $70,000 n/a 0.1%
    EVERENCE FEDERAL CREDIT UNION $190,000 $65,000 -65.8% 0.1%
    PHH Mortgage Corporation $65,000 n/a 0.1%
    SPRING EQ, LLC $90,000 $35,000 -61.1% 0.0%
    Home Loan Investment Bank, F.S.B. $25,000 n/a 0.0%
    CORPORATE AMERICA FAMILY $15,000 n/a 0.0%

    Martinsville's top lender by overall market share is Alcova Mortgage LLC, with 13.8% market share. In second place, with 10.0%, is QUICKEN LOANS, LLC, having originated $12,085,000 in loans. In third place, with 9.0%, is American National Bank and Trust Company, having originated $10,865,000 in loans. In fourth place, with 7.5%, is Blue Ridge Bank, having originated $9,085,000 in loans. In fifth place, with 4.2%, is Mortgage Research Center, LLC, having originated $5,115,000 in loans.

    Martinsville, VA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 475 $80,005,000 $168,432
    Cash Out Refi 113 $16,065,000 $142,168
    Other 109 $6,915,000 $63,440
    Refi 89 $10,155,000 $114,101
    Home Improvement 85 $7,845,000 $92,294

    Martinsville's most frequently cited loan purpose was Home Purchase, with 475 originations. The 2nd most popular reason was Cash Out Refi, with 113 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 320 $47,810,000 $149,406
    7-8% 280 $38,840,000 $138,714
    Over 8% 148 $15,970,000 $107,905
    5-6% 90 $13,630,000 $151,444
    4-5% 20 $2,300,000 $115,000
    <2.5% 2 $140,000 $70,000
    3-4% 2 $240,000 $120,000
    2.5-3% 2 $110,000 $55,000

    During 2023, Martinsville's most frequently originated rate bucket was 6-7%, with 320 originations.

    Loan Sizing (Martinsville, VA MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 380 $22,230,000 $58,500
    $100k-200k 340 $48,770,000 $143,441
    $200k-400k 124 $32,370,000 $261,048
    $400k-600k 17 $8,135,000 $478,529
    $600k-1000k 8 $6,030,000 $753,750
    $Over $1MM 2 $3,450,000 $1,725,000

    Martinsville's loan sizing saw the bucket of loans from $100,000 or less with 380 originations, totaling $22,230,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 381 $63,585,000 $166,890
    60-80% 160 $27,770,000 $173,563
    20-40% 141 $8,695,000 $61,667
    40-60% 97 $10,745,000 $110,773
    Under 20% 64 $2,790,000 $43,594
    Over 100% 16 $4,390,000 $274,375

    Martinsville's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 381 originations, totaling $63,585,000 in origination value.