McMinnville Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Mcminnville averaged
6.63%
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
6.46% and
one month ago for the week of 2024-10-03, the
average rate was 5.96%.
Mcminnville's average rate one year ago was 7.6%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.19%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Mcminnville 30 Year Fixed Rate | 2024-11-07 | 6.63% |
| Mcminnville 30 Year Fixed Rate Refi | 2024-11-07 | 7.19% |
| Mcminnville 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| Mcminnville 15 Year Fixed Rate Refi | 2024-11-07 | 6.2% |
| Mcminnville 30 Year FHA | 2024-11-07 | 6.34% |
| Mcminnville 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Mcminnville 30 Year USDA | 2024-11-07 | 6.58% |
| Mcminnville 30 Year USDA Refi | 2024-11-07 | 6.48% |
| Mcminnville 30 Year VA | 2024-11-07 | 6.34% |
| Mcminnville 30 Year VA Refi | 2024-11-07 | 6.44% |
McMinnville 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 McMinnville, TN 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.).
McMinnville Average Closing Costs & Other Stats
McMinnville, TN's 68 lenders originated 788
loans during 2023. The total origination value was $153,730,000, with an average loan value of
$195,089.
McMinnville's average closing costs are $5,415.
The top McMinnville lender as defined by loan originations is The First National Bank of Middle Tennessee, with
28 loans originated. Their average total fees are
$6,823, which is $659
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee McMinnville lenders (with over 10 loans originated) are
CMG MORTGAGE, INC. ($5,391), QUICKEN LOANS, LLC ($6,164), The First National Bank of Middle Tennessee ($6,823), .
The lowest rate McMinnville lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.51%), The First National Bank of Middle Tennessee (6.70%), CMG MORTGAGE, INC. (6.76%), .
McMinnville, TN 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 |
|---|---|---|---|---|
| The First National Bank of Middle Tennessee | $12,915,000 | $13,360,000 | 3.4% | 8.7% |
| QUICKEN LOANS, LLC | $15,645,000 | $13,150,000 | -15.9% | 8.6% |
| Renasant Bank | $14,830,000 | $8,615,000 | -41.9% | 5.6% |
| CMG MORTGAGE, INC. | $5,870,000 | $8,370,000 | 42.6% | 5.4% |
| Citizens Tri-County Bank | $8,440,000 | $5,705,000 | -32.4% | 3.7% |
| Mortgage Research Center, LLC | $5,370,000 | $4,785,000 | -10.9% | 3.1% |
| SeaTrust Mortgage Company | $115,000 | $4,250,000 | 3,595.7% | 2.8% |
| FIRST COMMUNITY MORTGAGE, INC. | $7,750,000 | $3,760,000 | -51.5% | 2.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $2,555,000 | $3,755,000 | 47.0% | 2.4% |
| FirstBank | $2,565,000 | $3,195,000 | 24.6% | 2.1% |
| MORTGAGE INVESTORS GROUP, INC. | $1,520,000 | $2,905,000 | 91.1% | 1.9% |
| U.S. Bank | $4,170,000 | $2,770,000 | -33.6% | 1.8% |
| Wilson Bank And Trust | $1,200,000 | $2,675,000 | 122.9% | 1.7% |
| F&M Bank | $635,000 | $2,525,000 | 297.6% | 1.6% |
| ASCEND FEDERAL CREDIT UNION | $3,380,000 | $2,445,000 | -27.7% | 1.6% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,445,000 | $2,380,000 | 64.7% | 1.5% |
| Regions Bank | $3,350,000 | $2,320,000 | -30.7% | 1.5% |
| NAVY FEDERAL CREDIT UNION | $990,000 | $2,010,000 | 103.0% | 1.3% |
| 21ST MORTGAGE CORPORATION | $2,020,000 | $1,720,000 | -14.9% | 1.1% |
| BROKER SOLUTIONS, INC. | $1,620,000 | $1,495,000 | -7.7% | 1.0% |
| Synovus Bank | $390,000 | $1,435,000 | 267.9% | 0.9% |
| Carrington Mortgage Services, LLC | $310,000 | $1,365,000 | 340.3% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $2,600,000 | $1,355,000 | -47.9% | 0.9% |
| UNION HOME MORTGAGE CORP. | $1,135,000 | $1,300,000 | 14.5% | 0.8% |
| GUARANTEED RATE, INC. | $445,000 | $1,220,000 | 174.2% | 0.8% |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $1,010,000 | $1,125,000 | 11.4% | 0.7% |
| First Vision Bank of Tennessee | $4,325,000 | $1,100,000 | -74.6% | 0.7% |
| CapStar Bank | $915,000 | $1,065,000 | 16.4% | 0.7% |
| LOANDEPOT.COM, LLC | $2,620,000 | $995,000 | -62.0% | 0.6% |
| Magnolia Bank | $295,000 | $915,000 | 210.2% | 0.6% |
| Ameris Bank | $145,000 | $905,000 | 524.1% | 0.6% |
| SWBC MORTGAGE CORPORATION | $1,380,000 | $840,000 | -39.1% | 0.5% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $110,000 | $830,000 | 654.5% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,240,000 | $795,000 | -35.9% | 0.5% |
| Pinnacle Bank | $775,000 | $785,000 | 1.3% | 0.5% |
| FirstTrust Home Loans, Inc. | $755,000 | n/a | 0.5% | |
| GUILD MORTGAGE COMPANY | $400,000 | $730,000 | 82.5% | 0.5% |
| Princeton Mortgage Corporation | $215,000 | $725,000 | 237.2% | 0.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $1,805,000 | $690,000 | -61.8% | 0.4% |
| The Federal Savings Bank | $255,000 | $680,000 | 166.7% | 0.4% |
| Citizens Bank of Lafayette | $25,000 | $645,000 | 2,480.0% | 0.4% |
| AMCAP MORTGAGE, LTD. | $605,000 | $610,000 | 0.8% | 0.4% |
| EVANSVILLE TEACHERS | $155,000 | $600,000 | 287.1% | 0.4% |
| RESIDENTIAL WHOLESALE MORTGAGE, INC. | $590,000 | n/a | 0.4% | |
| AMERISAVE MORTGAGE CORPORATION | $2,105,000 | $580,000 | -72.4% | 0.4% |
| MID AMERICA MORTGAGE, INC. | $225,000 | $570,000 | 153.3% | 0.4% |
| INTERLINC MORTGAGE SERVICES, LLC | $1,035,000 | $550,000 | -46.9% | 0.4% |
| Bell Bank | $515,000 | n/a | 0.3% | |
| FIRST COLONY MORTGAGE CORPORATION | $505,000 | n/a | 0.3% | |
| Heritage Bank & Trust | $505,000 | n/a | 0.3% | |
| HOMESIDE FINANCIAL, LLC | $1,235,000 | $480,000 | -61.1% | 0.3% |
| EVERETT FINANCIAL, INC. | $300,000 | $475,000 | 58.3% | 0.3% |
| JMJ FINANCIAL GROUP | $475,000 | n/a | 0.3% | |
| DELTA COMMUNITY CREDIT UNION | $465,000 | n/a | 0.3% | |
| ISERVE RESIDENTIAL LENDING, LLC | $2,520,000 | $460,000 | -81.7% | 0.3% |
| Bank of Tennessee | $580,000 | $440,000 | -24.1% | 0.3% |
| CB&S Bank, Inc. | $435,000 | n/a | 0.3% | |
| FREEDOM MORTGAGE CORPORATION | $1,100,000 | $430,000 | -60.9% | 0.3% |
| Flagstar Bank, FSB | $530,000 | $420,000 | -20.8% | 0.3% |
| Legends Bank | $1,055,000 | $420,000 | -60.2% | 0.3% |
| CARDINAL FINANCIAL | $540,000 | $400,000 | -25.9% | 0.3% |
| EASTMAN | $395,000 | n/a | 0.3% | |
| GUARANTY MORTGAGE SERVICES, L.L.C. | $205,000 | $390,000 | 90.2% | 0.3% |
| ACOPIA, LLC | $1,470,000 | $385,000 | -73.8% | 0.3% |
| AMERICAN FINANCIAL NETWORK, INC. | $380,000 | n/a | 0.2% | |
| Bank of America | $390,000 | $370,000 | -5.1% | 0.2% |
| 1ST SIGNATURE LENDING, LLC | $1,365,000 | $350,000 | -74.4% | 0.2% |
| VILLAGE CAPITAL MORTGAGE | $350,000 | n/a | 0.2% | |
| Simmons Bank | $345,000 | n/a | 0.2% | |
| Citizens Bank | $145,000 | $340,000 | 134.5% | 0.2% |
| VAN DYK MORTGAGE CORPORATION | $195,000 | $340,000 | 74.4% | 0.2% |
| Equity Prime Mortgage LLC | $335,000 | n/a | 0.2% | |
| REDSTONE Federal Credit Union | $1,825,000 | $330,000 | -81.9% | 0.2% |
| MILEND, INC. | $320,000 | n/a | 0.2% | |
| TENNESSEE VALLEY | $255,000 | $315,000 | 23.5% | 0.2% |
| Legacy Home Loans, LLC | $1,065,000 | $305,000 | -71.4% | 0.2% |
| T2 FINANCIAL LLC | $305,000 | n/a | 0.2% | |
| AmRes Corporation | $830,000 | $295,000 | -64.5% | 0.2% |
| CIBM Bank | $295,000 | n/a | 0.2% | |
| MOVEMENT MORTGAGE, LLC | $840,000 | $295,000 | -64.9% | 0.2% |
| FINANCE OF AMERICA REVERSE LLC | $290,000 | n/a | 0.2% | |
| First Horizon Bank | $3,765,000 | $285,000 | -92.4% | 0.2% |
| PENTAGON FEDERAL CREDIT UNION | $145,000 | $285,000 | 96.6% | 0.2% |
| ROSS MORTGAGE CORPORATION | $275,000 | n/a | 0.2% | |
| Farm Credit Mid-America, ACA | $2,680,000 | $270,000 | -89.9% | 0.2% |
| Plains Commerce Bank | $270,000 | n/a | 0.2% | |
| MORTGAGE ACCESS CORP. | $265,000 | n/a | 0.2% | |
| Citizens Bank | $145,000 | $260,000 | 79.3% | 0.2% |
| Figure Lending LLC | $260,000 | n/a | 0.2% | |
| Armed Forces Bank | $255,000 | n/a | 0.2% | |
| BAY-VALLEY MORTGAGE GROUP | $255,000 | n/a | 0.2% | |
| KNOXVILLE TVA EMPLOYEES CREDIT UNION | $245,000 | n/a | 0.2% | |
| SECURITYNATIONAL MORTGAGE COMPANY | $355,000 | $245,000 | -31.0% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $375,000 | $235,000 | -37.3% | 0.2% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $225,000 | n/a | 0.1% | |
| COMMUNITY MORTGAGE CORPORATION | $500,000 | $225,000 | -55.0% | 0.1% |
| OCMBC, INC. | $220,000 | n/a | 0.1% | |
| Semper Home Loans, Inc. | $215,000 | n/a | 0.1% | |
| HomeTrust Bank | $55,000 | $200,000 | 263.6% | 0.1% |
| JPMorgan Chase Bank | $150,000 | $195,000 | 30.0% | 0.1% |
| Midwest BankCentre | $195,000 | n/a | 0.1% | |
| RUOFF MORTGAGE COMPANY, INC. | $195,000 | n/a | 0.1% | |
| SUMMIT FUNDING, INC. | $195,000 | n/a | 0.1% | |
| Century Mortgage Company DBA Century Lending Company | $185,000 | n/a | 0.1% | |
| CHURCHILL MORTGAGE CORPORATION | $505,000 | $175,000 | -65.3% | 0.1% |
| First-Citizens Bank & Trust Company | $125,000 | $175,000 | 40.0% | 0.1% |
| SILVER HILL FUNDING, LLC | $165,000 | n/a | 0.1% | |
| STOCKTON MORTGAGE CORPORATION | $1,015,000 | $165,000 | -83.7% | 0.1% |
| Stock Yards Bank & Trust Company | $165,000 | n/a | 0.1% | |
| THE MORTGAGE FIRM, INC. | $655,000 | $160,000 | -75.6% | 0.1% |
| ENDEAVOR CAPITAL, LLC. | $155,000 | n/a | 0.1% | |
| Commerce Home Mortgage, Inc. | $145,000 | n/a | 0.1% | |
| DHI MORTGAGE COMPANY, LTD. | $245,000 | $145,000 | -40.8% | 0.1% |
| LIMA ONE CAPITAL, LLC | $145,000 | n/a | 0.1% | |
| NEW DAY FINANCIAL, LLC | $1,120,000 | $135,000 | -87.9% | 0.1% |
| RELIANCE FIRST CAPITAL, LLC | $465,000 | $135,000 | -71.0% | 0.1% |
| LAND HOME FINANCIAL SERVICES, INC. | $425,000 | $125,000 | -70.6% | 0.1% |
| Nations Lending Corporation | $95,000 | $125,000 | 31.6% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $290,000 | $115,000 | -60.3% | 0.1% |
| LENDINGHOME FUNDING CORPORATION | $270,000 | $115,000 | -57.4% | 0.1% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $925,000 | $115,000 | -87.6% | 0.1% |
| Third Federal Savings and Loan Association of Cleveland | $110,000 | n/a | 0.1% | |
| First Federal Bank | $105,000 | n/a | 0.1% | |
| JLB CORPORATION | $430,000 | $105,000 | -75.6% | 0.1% |
| SouthEast Bank | $105,000 | n/a | 0.1% | |
| UNITED NORTHERN MORTGAGE BANKERS LIMITED | $105,000 | n/a | 0.1% | |
| Truist | $125,000 | $100,000 | -20.0% | 0.1% |
| BancorpSouth | $95,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $145,000 | $95,000 | -34.5% | 0.1% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $235,000 | $65,000 | -72.3% | 0.0% |
| LADERA LENDING, INC. | $255,000 | $65,000 | -74.5% | 0.0% |
| Coastal Community Bank | $55,000 | n/a | 0.0% | |
| Discover Bank | $55,000 | n/a | 0.0% | |
| PNC Bank | $170,000 | $45,000 | -73.5% | 0.0% |
| Fortera Federal Credit Union | $35,000 | n/a | 0.0% | |
| Northwest Federal Credit Union | $25,000 | n/a | 0.0% |
McMinnville's top lender by overall market share is The First National Bank of Middle Tennessee, with 8.7% market share. In second place, with 8.6%, is QUICKEN LOANS, LLC, having originated $13,150,000 in loans. In third place, with 5.6%, is Renasant Bank, having originated $8,615,000 in loans. In fourth place, with 5.4%, is CMG MORTGAGE, INC., having originated $8,370,000 in loans. In fifth place, with 3.7%, is Citizens Tri-County Bank, having originated $5,705,000 in loans.
McMinnville, TN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 468 | $106,640,000 | $227,863 |
| Cash Out Refi | 108 | $19,650,000 | $181,944 |
| Refi | 103 | $17,795,000 | $172,767 |
| Other | 60 | $4,590,000 | $76,500 |
| Home Improvement | 49 | $5,055,000 | $103,163 |
Mcminnville's most frequently cited loan purpose was Home Purchase, with 468 originations. The 2nd most popular reason was Cash Out Refi, with 108 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 234 | $51,480,000 | $220,000 |
| 7-8% | 145 | $33,575,000 | $231,552 |
| 5-6% | 144 | $34,320,000 | $238,333 |
| Over 8% | 137 | $16,955,000 | $123,759 |
| <2.5% | 11 | $605,000 | $55,000 |
| 4-5% | 3 | $635,000 | $211,667 |
| 2.5-3% | 1 | $315,000 | $315,000 |
During 2023, Mcminnville's most frequently originated rate bucket was 6-7%, with 234 originations.
Loan Sizing (McMinnville, TN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 282 | $73,090,000 | $259,184 |
| $100k-200k | 265 | $40,695,000 | $153,566 |
| $100,000 or less | 191 | $9,225,000 | $48,298 |
| $400k-600k | 36 | $16,430,000 | $456,389 |
| $600k-1000k | 10 | $6,850,000 | $685,000 |
| $Over $1MM | 4 | $7,440,000 | $1,860,000 |
McMinnville's loan sizing saw the bucket of loans from $200k-400k with 282 originations, totaling $73,090,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 318 | $79,350,000 | $249,528 |
| 60-80% | 132 | $31,660,000 | $239,848 |
| Under 20% | 83 | $2,515,000 | $30,301 |
| 40-60% | 69 | $14,795,000 | $214,420 |
| 20-40% | 64 | $6,340,000 | $99,063 |
| Over 100% | 10 | $3,230,000 | $323,000 |
McMinnville's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 318 originations, totaling $79,350,000 in origination value.