Mayfield Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Mayfield 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
6.54% and
one month ago for the week of 2024-10-03, the
average rate was 6.04%.
Mayfield's average rate one year ago was 7.58%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.39%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Mayfield 30 Year Fixed Rate | 2024-11-07 | 6.81% |
| Mayfield 30 Year Fixed Rate Refi | 2024-11-07 | 7.39% |
| Mayfield 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| Mayfield 15 Year Fixed Rate Refi | 2024-11-07 | 5.9% |
| Mayfield 30 Year FHA | 2024-11-07 | 6.43% |
| Mayfield 30 Year FHA Refi | 2024-11-07 | 6.53% |
| Mayfield 30 Year USDA | 2024-11-07 | 6.48% |
| Mayfield 30 Year USDA Refi | 2024-11-07 | 6.58% |
| Mayfield 30 Year VA | 2024-11-07 | 6.24% |
| Mayfield 30 Year VA Refi | 2024-11-07 | 6.34% |
Mayfield 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 Mayfield, KY 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.).
Mayfield Average Closing Costs & Other Stats
Mayfield, KY's 35 lenders originated 438
loans during 2023. The total origination value was $60,310,000, with an average loan value of
$137,694.
Mayfield's average closing costs are $4,250.
The top Mayfield lender as defined by loan originations is Independence Bank of Kentucky, with
12 loans originated. Their average total fees are
$3,009, which is $444
lower than the next largest lender,
U.S. Bank.
The lowest fee Mayfield lenders (with over 10 loans originated) are
Independence Bank of Kentucky ($3,009), GERSHMAN INVESTMENT CORP. ($3,020), U.S. Bank ($3,453), .
The lowest rate Mayfield lenders (with over 10 loans originated) are
Independence Bank of Kentucky (6.31%), GERSHMAN INVESTMENT CORP. (6.61%), U.S. Bank (6.81%), .
Mayfield, KY 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 |
|---|---|---|---|---|
| U.S. Bank | $7,920,000 | $5,745,000 | -27.5% | 9.5% |
| FNB Bank, Inc. | $8,765,000 | $4,360,000 | -50.3% | 7.2% |
| Independence Bank of Kentucky | $7,340,000 | $4,340,000 | -40.9% | 7.2% |
| STOCKTON MORTGAGE CORPORATION | $2,670,000 | $3,740,000 | 40.1% | 6.2% |
| GERSHMAN INVESTMENT CORP. | $2,275,000 | $3,300,000 | 45.1% | 5.5% |
| Regions Bank | $2,875,000 | $2,975,000 | 3.5% | 4.9% |
| River Valley AgCredit, ACA | $3,775,000 | $2,790,000 | -26.1% | 4.6% |
| QUICKEN LOANS, LLC | $6,645,000 | $2,735,000 | -58.8% | 4.5% |
| Mortgage Research Center, LLC | $2,335,000 | $2,630,000 | 12.6% | 4.4% |
| Magnolia Bank | $5,430,000 | $2,525,000 | -53.5% | 4.2% |
| UNITED WHOLESALE MORTGAGE, LLC | $2,035,000 | $2,445,000 | 20.1% | 4.1% |
| The Paducah Bank and Trust Company | $2,300,000 | $2,010,000 | -12.6% | 3.3% |
| RUOFF MORTGAGE COMPANY, INC. | $270,000 | $1,290,000 | 377.8% | 2.1% |
| EVERETT FINANCIAL, INC. | $2,690,000 | $1,145,000 | -57.4% | 1.9% |
| FirstTrust Home Loans, Inc. | $340,000 | $1,025,000 | 201.5% | 1.7% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $780,000 | $975,000 | 25.0% | 1.6% |
| ROYAL UNITED MORTGAGE LLC | $245,000 | $835,000 | 240.8% | 1.4% |
| PENNYMAC LOAN SERVICES, LLC | $535,000 | $765,000 | 43.0% | 1.3% |
| JPMorgan Chase Bank | $660,000 | n/a | 1.1% | |
| NAVY FEDERAL CREDIT UNION | $1,085,000 | $610,000 | -43.8% | 1.0% |
| AgFirst Farm Credit Bank | $2,155,000 | $585,000 | -72.9% | 1.0% |
| PNC Bank | $575,000 | n/a | 1.0% | |
| FIRST COMMUNITY MORTGAGE, INC. | $125,000 | $570,000 | 356.0% | 0.9% |
| MID AMERICA MORTGAGE, INC. | $925,000 | $530,000 | -42.7% | 0.9% |
| Farmers Bank and Trust Company | $525,000 | n/a | 0.9% | |
| AMERISAVE MORTGAGE CORPORATION | $605,000 | $505,000 | -16.5% | 0.8% |
| FLAT BRANCH MORTGAGE, INC. | $465,000 | n/a | 0.8% | |
| BROKER SOLUTIONS, INC. | $425,000 | n/a | 0.7% | |
| GUARANTEED RATE, INC. | $390,000 | n/a | 0.6% | |
| Bank of England | $340,000 | n/a | 0.6% | |
| Renasant Bank | $325,000 | n/a | 0.5% | |
| Bank of Buffalo | $305,000 | n/a | 0.5% | |
| CROSSCOUNTRY MORTGAGE, LLC | $550,000 | $295,000 | -46.4% | 0.5% |
| BAY EQUITY LLC | $285,000 | n/a | 0.5% | |
| First Financial Bank | $455,000 | $285,000 | -37.4% | 0.5% |
| 21ST MORTGAGE CORPORATION | $320,000 | $280,000 | -12.5% | 0.5% |
| First Federal Bank | $275,000 | n/a | 0.5% | |
| Mr. Cooper ( Nationstar Mortgage ) | $315,000 | $270,000 | -14.3% | 0.4% |
| Carrington Mortgage Services, LLC | $1,155,000 | $260,000 | -77.5% | 0.4% |
| Truist | $15,000 | $245,000 | 1,533.3% | 0.4% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $115,000 | $235,000 | 104.3% | 0.4% |
| SPRING EQ, LLC | $225,000 | n/a | 0.4% | |
| EMM LOANS LLC | $175,000 | $215,000 | 22.9% | 0.4% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $195,000 | $215,000 | 10.3% | 0.4% |
| PLAZA HOME MORTGAGE, INC. | $215,000 | n/a | 0.4% | |
| Discover Bank | $35,000 | $205,000 | 485.7% | 0.3% |
| LAKEVIEW LOAN SERVICING, LLC | $260,000 | $205,000 | -21.2% | 0.3% |
| CapStar Bank | $265,000 | $195,000 | -26.4% | 0.3% |
| Flanagan State Bank | $195,000 | n/a | 0.3% | |
| OCEANSIDE MORTGAGE COMPANY | $195,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $265,000 | $195,000 | -26.4% | 0.3% |
| AXIA FINANCIAL, LLC | $175,000 | n/a | 0.3% | |
| BancorpSouth | $175,000 | n/a | 0.3% | |
| CARDINAL FINANCIAL | $175,000 | n/a | 0.3% | |
| FirstBank | $470,000 | $175,000 | -62.8% | 0.3% |
| CIS Financial Services, Inc. | $165,000 | n/a | 0.3% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $220,000 | $165,000 | -25.0% | 0.3% |
| The Federal Savings Bank | $165,000 | n/a | 0.3% | |
| Community Mortgage Banc Corporation | $145,000 | n/a | 0.2% | |
| POLARIS HOME FUNDING CORP. | $145,000 | n/a | 0.2% | |
| Coastal Community Bank | $140,000 | n/a | 0.2% | |
| Banterra Bank | $135,000 | n/a | 0.2% | |
| CREDIT HUMAN FEDERAL CREDIT UNION | $200,000 | $135,000 | -32.5% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $135,000 | n/a | 0.2% | |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $125,000 | n/a | 0.2% | |
| SOUTH CENTRAL BANK, INC. | $55,000 | $125,000 | 127.3% | 0.2% |
| Truity Federal Credit Union | $115,000 | n/a | 0.2% | |
| CRESCENT MORTGAGE COMPANY | $1,100,000 | $105,000 | -90.5% | 0.2% |
| NEW DAY FINANCIAL, LLC | $270,000 | $105,000 | -61.1% | 0.2% |
| TOP FLITE FINANCIAL, INC. | $755,000 | $95,000 | -87.4% | 0.2% |
| Farmers State Bank of Alto Pass | $90,000 | n/a | 0.1% | |
| PHH Mortgage Corporation | $85,000 | n/a | 0.1% | |
| COMMONWEALTH | $15,000 | $65,000 | 333.3% | 0.1% |
| Guardian Savings Bank, A Federal Savings Bank | $55,000 | n/a | 0.1% | |
| UNIVERSITY OF KENTUCKY | $55,000 | n/a | 0.1% | |
| Deere Employees Credit Union | $35,000 | $25,000 | -28.6% | 0.0% |
Mayfield's top lender by overall market share is U.S. Bank, with 9.5% market share. In second place, with 7.2%, is FNB Bank, Inc., having originated $4,360,000 in loans. In third place, with 7.2%, is Independence Bank of Kentucky, having originated $4,340,000 in loans. In fourth place, with 6.2%, is STOCKTON MORTGAGE CORPORATION, having originated $3,740,000 in loans. In fifth place, with 5.5%, is GERSHMAN INVESTMENT CORP., having originated $3,300,000 in loans.
Mayfield, KY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 262 | $44,590,000 | $170,191 |
| Refi | 56 | $6,210,000 | $110,893 |
| Other | 44 | $2,480,000 | $56,364 |
| Home Improvement | 41 | $2,105,000 | $51,341 |
| Cash Out Refi | 35 | $4,925,000 | $140,714 |
Mayfield's most frequently cited loan purpose was Home Purchase, with 262 originations. The 2nd most popular reason was Refi, with 56 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 152 | $24,240,000 | $159,474 |
| 7-8% | 93 | $16,275,000 | $175,000 |
| Over 8% | 77 | $4,685,000 | $60,844 |
| 5-6% | 41 | $7,785,000 | $189,878 |
| 3-4% | 3 | $35,000 | $11,667 |
| 4-5% | 2 | $230,000 | $115,000 |
| <2.5% | 1 | $5,000 | $5,000 |
During 2023, Mayfield's most frequently originated rate bucket was 6-7%, with 152 originations.
Loan Sizing (Mayfield, KY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 177 | $10,065,000 | $56,864 |
| $100k-200k | 174 | $25,390,000 | $145,920 |
| $200k-400k | 78 | $20,080,000 | $257,436 |
| $400k-600k | 8 | $3,820,000 | $477,500 |
| $600k-1000k | 1 | $955,000 | $955,000 |
Mayfield's loan sizing saw the bucket of loans from $100,000 or less with 177 originations, totaling $10,065,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 183 | $32,545,000 | $177,842 |
| 60-80% | 62 | $10,090,000 | $162,742 |
| 20-40% | 44 | $3,280,000 | $74,545 |
| Under 20% | 40 | $1,300,000 | $32,500 |
| 40-60% | 33 | $4,515,000 | $136,818 |
| Over 100% | 7 | $1,525,000 | $217,857 |
Mayfield's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 183 originations, totaling $32,545,000 in origination value.