Martinsville Mortgage Rates & Closing Costs
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% |
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.).
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.