Meridian 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 Meridian averaged 6.97% 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 7% and one month ago for the week of 2024-10-03, the average rate was 6.2%.

    Meridian's average rate one year ago was 7.94%.

    For refis of the same type during the week of 2024-11-07, the average rate was 6.89%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-11-07 6.79%
    Meridian 30 Year Fixed Rate 2024-11-07 6.97%
    Meridian 30 Year Fixed Rate Refi 2024-11-07 6.89%
    Meridian 15 Year Fixed Rate 2024-11-07 6.1%
    Meridian 15 Year Fixed Rate Refi 2024-11-07 5.9%
    Meridian 30 Year FHA 2024-11-07 6.44%
    Meridian 30 Year FHA Refi 2024-11-07 6.33%
    Meridian 30 Year USDA 2024-11-07 6.58%
    Meridian 30 Year USDA Refi 2024-11-07 6.48%
    Meridian 30 Year VA 2024-11-07 6.46%
    Meridian 30 Year VA Refi 2024-11-07 6.54%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Meridian, MS.

    Meridian 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 Meridian, MS 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
    The Citizens National Bank of Meridian 40 7.05% $2,807
    Trustmark National Bank 21 6.56% $4,571
    QUICKEN LOANS, LLC 14 6.84% $6,520
    Community Bank of Mississippi 9 6.88% $4,562
    NAVY FEDERAL CREDIT UNION 8 7.16% $4,401
    Regions Bank 8 7.52% $3,827
    BankPlus 8 7.39% $2,997
    Renasant Bank 7 6.84% $4,187
    USAA Federal Savings Bank 4 6.88% $4,593
    Stifel Bank and Trust 3 6.00% $1,973
    JPMorgan Chase Bank 3 6.83% $2,357
    FIRST COMMUNITY MORTGAGE, INC. 3 6.50% $5,361
    MORTGAGE INVESTORS GROUP, INC. 3 6.17% $3,989
    CROSSCOUNTRY MORTGAGE, LLC 2 6.63% $7,433
    21ST MORTGAGE CORPORATION 2 7.98% $6,129
    FirstBank 2 9.34% $4,359
    GUARANTY HOME MORTGAGE CORPORATION 2 6.56% $5,212
    Mortgage Research Center, LLC 2 6.56% $4,359
    Mr. Cooper ( Nationstar Mortgage ) 2 6.68% $11,332
    NEWREZ LLC 2 7.06% $4,024
    Wells Fargo Bank 2 5.50% $2,467
    AMERISAVE MORTGAGE CORPORATION 1 5.88% $6,696
    ACOPIA, LLC 1 8.25% $4,356
    Deere Employees Credit Union 1 6.50% $4,365
    NBKC BANK 1 6.13% $7,241
    NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $5,095
    ZILLOW HOME LOANS, LLC 1 7.25% $4,325
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $7,248
    Princeton Mortgage Corporation 1 6.88% $6,724
    Citizens Bank 1 6.13% $4,042
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $3,938
    CHEVRON 1 6.13% $0
    ROYAL UNITED MORTGAGE LLC 1 6.50% $7,772
    SOUTHWEST STAGE FUNDING, LLC 1 7.29% $5,921
    Bank of America 1 7.63% $6,799
    BancorpSouth 1 5.88% $4,365
    The Huntington National Bank 1 5.60% $4,392
    TOWNE MORTGAGE COMPANY 1 8.38% $4,860
    HOPE FEDERAL CREDIT UNION 1 6.50% $4,811
    Great Southern Bank 1 7.50% $4,297
    MORTGAGE ACCESS CORP. 1 5.75% $7,326
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.88% $6,195

    Meridian Average Closing Costs & Other Stats

    Meridian, MS's 42 lenders originated 1,054 loans during 2023. The total origination value was $147,260,000, with an average loan value of $139,715.

    Meridian's average closing costs are $5,033.

    The top Meridian lender as defined by loan originations is The Citizens National Bank of Meridian, with 40 loans originated. Their average total fees are $2,807, which is $1,764 lower than the next largest lender, Trustmark National Bank.

    The lowest fee Meridian lenders (with over 10 loans originated) are The Citizens National Bank of Meridian ($2,807), Trustmark National Bank ($4,571), QUICKEN LOANS, LLC ($6,520), .

    The lowest rate Meridian lenders (with over 10 loans originated) are Trustmark National Bank (6.56%), QUICKEN LOANS, LLC (6.84%), The Citizens National Bank of Meridian (7.05%), .

    Meridian, MS 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
    Trustmark National Bank $37,365,000 $25,275,000 -32.4% 17.2%
    The Citizens National Bank of Meridian $20,165,000 $18,130,000 -10.1% 12.3%
    Community Bank of Mississippi $17,205,000 $17,510,000 1.8% 11.9%
    Mortgage Research Center, LLC $11,945,000 $6,725,000 -43.7% 4.6%
    QUICKEN LOANS, LLC $10,680,000 $6,385,000 -40.2% 4.3%
    Great Southern Bank $9,920,000 $6,010,000 -39.4% 4.1%
    BankPlus $9,770,000 $5,905,000 -39.6% 4.0%
    NAVY FEDERAL CREDIT UNION $3,870,000 $5,855,000 51.3% 4.0%
    Regions Bank $7,390,000 $5,260,000 -28.8% 3.6%
    Renasant Bank $6,895,000 $4,005,000 -41.9% 2.7%
    21ST MORTGAGE CORPORATION $2,800,000 $3,975,000 42.0% 2.7%
    TRIAD FINANCIAL SERVICES, INC. $2,230,000 $2,205,000 -1.1% 1.5%
    MORTGAGE INVESTORS GROUP, INC. $5,290,000 $2,110,000 -60.1% 1.4%
    KEESLER $275,000 $2,005,000 629.1% 1.4%
    CROSSCOUNTRY MORTGAGE, LLC $365,000 $1,710,000 368.5% 1.2%
    SOUTHWEST STAGE FUNDING, LLC $775,000 $1,325,000 71.0% 0.9%
    CIS Financial Services, Inc. $105,000 $1,245,000 1,085.7% 0.8%
    Mr. Cooper ( Nationstar Mortgage ) $1,360,000 $1,160,000 -14.7% 0.8%
    BankFirst Financial Services $1,975,000 $1,090,000 -44.8% 0.7%
    The Citizens Bank of Philadelphia, Mississippi $1,950,000 $1,055,000 -45.9% 0.7%
    FIRST COMMUNITY MORTGAGE, INC. $2,805,000 $1,025,000 -63.5% 0.7%
    Barrington Bank & Trust Company, N.A. $1,905,000 $995,000 -47.8% 0.7%
    TOWNE MORTGAGE COMPANY $2,010,000 $985,000 -51.0% 0.7%
    GUILD MORTGAGE COMPANY $955,000 n/a 0.6%
    NBKC BANK $950,000 n/a 0.6%
    AMERISAVE MORTGAGE CORPORATION $1,585,000 $855,000 -46.1% 0.6%
    USAA Federal Savings Bank $2,395,000 $840,000 -64.9% 0.6%
    FREEDOM MORTGAGE CORPORATION $860,000 $835,000 -2.9% 0.6%
    NEW DAY FINANCIAL, LLC $1,890,000 $805,000 -57.4% 0.5%
    LOANDEPOT.COM, LLC $1,725,000 $785,000 -54.5% 0.5%
    Bank of England $765,000 n/a 0.5%
    ROYAL UNITED MORTGAGE LLC $65,000 $765,000 1,076.9% 0.5%
    CORNERSTONE HOME LENDING, INC. $750,000 n/a 0.5%
    Stifel Bank and Trust $525,000 $745,000 41.9% 0.5%
    UNITED WHOLESALE MORTGAGE, LLC $730,000 $700,000 -4.1% 0.5%
    BancorpSouth $1,510,000 $675,000 -55.3% 0.5%
    PENNYMAC LOAN SERVICES, LLC $1,845,000 $585,000 -68.3% 0.4%
    BROKER SOLUTIONS, INC. $585,000 $530,000 -9.4% 0.4%
    JPMorgan Chase Bank $960,000 $525,000 -45.3% 0.4%
    The Federal Savings Bank $415,000 $515,000 24.1% 0.3%
    CSL Financial, LLC $1,150,000 $500,000 -56.5% 0.3%
    PENTAGON FEDERAL CREDIT UNION $235,000 $500,000 112.8% 0.3%
    ZILLOW HOME LOANS, LLC $480,000 n/a 0.3%
    Wells Fargo Bank $2,660,000 $460,000 -82.7% 0.3%
    Merchants & Marine Bank $400,000 $420,000 5.0% 0.3%
    NEWREZ LLC $845,000 $400,000 -52.7% 0.3%
    VANDERBILT MORTGAGE AND FINANCE, INC. $150,000 $400,000 166.7% 0.3%
    Bank of America $115,000 $370,000 221.7% 0.3%
    STOCKTON MORTGAGE CORPORATION $370,000 $345,000 -6.8% 0.2%
    AMERICAN FINANCIAL RESOURCES, INC. $340,000 n/a 0.2%
    MORTGAGE ACCESS CORP. $305,000 $335,000 9.8% 0.2%
    FirstBank $865,000 $320,000 -63.0% 0.2%
    Mid-Continent Funding, Inc. $320,000 n/a 0.2%
    SUN WEST MORTGAGE COMPANY, INC. $310,000 n/a 0.2%
    SUPERIOR CHOICE $310,000 n/a 0.2%
    The Huntington National Bank $305,000 n/a 0.2%
    Princeton Mortgage Corporation $285,000 n/a 0.2%
    OPEN MORTGAGE, LLC $620,000 $275,000 -55.6% 0.2%
    FIRST COLONY MORTGAGE CORPORATION $265,000 n/a 0.2%
    GUARANTY HOME MORTGAGE CORPORATION $1,305,000 $265,000 -79.7% 0.2%
    Evolve Bank & Trust $245,000 n/a 0.2%
    United Community Bank $690,000 $245,000 -64.5% 0.2%
    HOMEXPRESS MORTGAGE CORP. $240,000 n/a 0.2%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $320,000 $235,000 -26.6% 0.2%
    CARDINAL FINANCIAL $115,000 $230,000 100.0% 0.2%
    CHURCHILL MORTGAGE CORPORATION $530,000 $220,000 -58.5% 0.1%
    MORTGAGE SOLUTIONS OF COLORADO, LLC $400,000 $215,000 -46.3% 0.1%
    CHEVRON $205,000 n/a 0.1%
    Discover Bank $190,000 $190,000 0.0% 0.1%
    AMERICAN PACIFIC MORTGAGE CORPORATION $265,000 $175,000 -34.0% 0.1%
    GUARANTEED RATE, INC. $285,000 $175,000 -38.6% 0.1%
    RIVERTRUST Federal Credit Union $215,000 $175,000 -18.6% 0.1%
    Coastal Community Bank $160,000 n/a 0.1%
    Deere Employees Credit Union $135,000 n/a 0.1%
    PRIMARY RESIDENTIAL MORTGAGE, INC. $135,000 n/a 0.1%
    Citizens Bank $145,000 $125,000 -13.8% 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $310,000 $125,000 -59.7% 0.1%
    ACOPIA, LLC $115,000 n/a 0.1%
    FINANCE OF AMERICA REVERSE LLC $115,000 n/a 0.1%
    HOMESIDE FINANCIAL, LLC $550,000 $115,000 -79.1% 0.1%
    HOPE FEDERAL CREDIT UNION $315,000 $115,000 -63.5% 0.1%
    NETWORK CAPITAL FUNDING CORPORATION $105,000 n/a 0.1%
    RELIANCE FIRST CAPITAL, LLC $75,000 $105,000 40.0% 0.1%
    The First, A National Banking Association $215,000 $100,000 -53.5% 0.1%
    Brighton Bank $95,000 n/a 0.1%
    EMBRACE HOME LOANS, INC. $185,000 $95,000 -48.6% 0.1%
    LAKEVIEW LOAN SERVICING, LLC $310,000 $95,000 -69.4% 0.1%
    Merchants & Planters Bank $95,000 n/a 0.1%
    VELOCITY COMMERCIAL CAPITAL, LLC $95,000 n/a 0.1%
    COUNTRYPLACE MORTGAGE, LTD. $435,000 $85,000 -80.5% 0.1%
    Flagstar Bank, FSB $455,000 $85,000 -81.3% 0.1%
    SWBC MORTGAGE CORPORATION $85,000 n/a 0.1%
    DRAPER AND KRAMER MORTGAGE CORP. $75,000 n/a 0.1%
    Platinum Home Mortgage Corporation $75,000 n/a 0.1%
    Great Southern Bank $9,920,000 $65,000 -99.3% 0.0%
    South State Bank $125,000 $65,000 -48.0% 0.0%
    CU COMMUNITY, LLC $55,000 n/a 0.0%
    Fifth Third Bank $55,000 n/a 0.0%
    Signature Federal Credit Union $55,000 n/a 0.0%
    The Bank of Forest $55,000 n/a 0.0%
    POWERCO $35,000 n/a 0.0%
    SUNBELT Federal Credit Union $25,000 n/a 0.0%

    Meridian's top lender by overall market share is Trustmark National Bank, with 17.2% market share. In second place, with 12.3%, is The Citizens National Bank of Meridian, having originated $18,130,000 in loans. In third place, with 11.9%, is Community Bank of Mississippi, having originated $17,510,000 in loans. In fourth place, with 4.6%, is Mortgage Research Center, LLC, having originated $6,725,000 in loans. In fifth place, with 4.3%, is QUICKEN LOANS, LLC, having originated $6,385,000 in loans.

    Meridian, MS Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 639 $105,535,000 $165,156
    Refi 192 $21,400,000 $111,458
    Other 93 $6,955,000 $74,785
    Cash Out Refi 70 $10,390,000 $148,429
    Home Improvement 60 $2,980,000 $49,667

    Meridian's most frequently cited loan purpose was Home Purchase, with 639 originations. The 2nd most popular reason was Refi, with 192 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 280 $48,350,000 $172,679
    Over 8% 276 $24,590,000 $89,094
    7-8% 218 $32,880,000 $150,826
    5-6% 146 $28,600,000 $195,890
    <2.5% 42 $1,710,000 $40,714
    4-5% 23 $3,155,000 $137,174
    3-4% 3 $355,000 $118,333
    2.5-3% 3 $205,000 $68,333

    During 2023, Meridian's most frequently originated rate bucket was 6-7%, with 280 originations.

    Loan Sizing (Meridian, MS MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 481 $25,715,000 $53,462
    $100k-200k 328 $46,870,000 $142,896
    $200k-400k 221 $58,875,000 $266,403
    $400k-600k 14 $6,350,000 $453,571
    $600k-1000k 8 $6,100,000 $762,500
    $Over $1MM 2 $3,350,000 $1,675,000

    Meridian's loan sizing saw the bucket of loans from $100,000 or less with 481 originations, totaling $25,715,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 491 $85,025,000 $173,167
    60-80% 166 $26,920,000 $162,169
    Under 20% 107 $2,845,000 $26,589
    20-40% 100 $7,660,000 $76,600
    40-60% 89 $10,215,000 $114,775
    Over 100% 30 $6,640,000 $221,333

    Meridian's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 491 originations, totaling $85,025,000 in origination value.