Miami Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Miami averaged 6.88% for the week of 2023-03-23, compared to the national average of 6.42% for the same period.

    The average rate for the prior week (2023-03-16) was 6.76% and one month ago for the week of 2023-02-16, the average rate was 6.48%.

    Miami's average rate one year ago was 3.96%.

    For refis of the same type during the week of 2023-03-23, the average rate was 6.82%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-23 6.42%
    Miami 30 Year Fixed Rate 2023-03-23 6.88%
    Miami 30 Year Fixed Rate Refi 2023-03-23 6.82%
    Miami 15 Year Fixed Rate 2023-03-23 6.43%
    Miami 15 Year Fixed Rate Refi 2023-03-23 6.38%
    Miami 30 Year FHA 2023-03-23 6.54%
    Miami 30 Year FHA Refi 2023-03-23 6.16%
    Miami 30 Year USDA 2023-03-23 6.35%
    Miami 30 Year USDA Refi 2023-03-23 6.22%
    Miami 30 Year VA 2023-03-23 6.07%
    Miami 30 Year VA Refi 2023-03-23 5.77%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Miami, OK.

    Miami 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 Miami, OK 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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Arvest Bank 34 4.79% $3,552
    QUICKEN LOANS, LLC 11 4.43% $6,635
    FLAT BRANCH MORTGAGE, INC. 9 5.25% $3,310
    Mortgage Investment Services Corporation 9 4.92% $5,577
    United Fidelity Funding Corp. 6 4.94% $6,350
    Wells Fargo Bank 3 3.96% $4,251
    FirstTrust Home Loans, Inc. 2 5.50% $3,322
    International Bank of Commerce 2 5.75% $3,358
    HOME POINT FINANCIAL CORPORATION 1 5.99% $5,066
    KELLER MORTGAGE, LLC 1 4.38% $3,207
    LOANDEPOT.COM, LLC 1 6.99% $6,077
    Paramount Residential Mortgage Group, Inc. 1 5.00% $7,027
    PENNYMAC LOAN SERVICES, LLC 1 5.50% $5,334
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $1,931
    PLANET HOME LENDING, LLC 1 4.25% $6,252
    RCB Bank 1 3.63% $2,963
    RED CROWN 1 3.50% $2,755
    Servion, Inc. 1 4.25% $3,961
    Springfield First Community Bank 1 4.50% $4,497
    Stifel Bank and Trust 1 3.38% $3,075
    The Central Trust Bank 1 5.88% $2,752
    TOWNE MORTGAGE COMPANY 1 5.88% $5,534
    TTCU Federal Credit Union 1 5.00% $3,384
    UNITED WHOLESALE MORTGAGE, LLC 1 4.88% $7,415
    U.S. Bank 1 5.38% $3,159
    AMERISAVE MORTGAGE CORPORATION 1 4.50% $11,548
    ZILLOW HOME LOANS, LLC 1 7.50% $3,754
    Bank of America 1 5.13% $4,742
    Bank of England 1 6.50% $4,879
    BROKER SOLUTIONS, INC. 1 7.63% $8,439
    CORNERSTONE HOME LENDING, INC. 1 5.88% $4,767
    CROSSCOUNTRY MORTGAGE, LLC 1 7.58% $3,182
    FREEDOM MORTGAGE CORPORATION 1 3.88% $3,659
    Generations Bank 1 3.50% $3,317

    Miami Average Closing Costs & Other Stats

    Miami, OK's 34 lenders originated 395 loans during 2022. The total origination value was $53,985,000, with an average loan value of $136,671.

    Miami's average closing costs are $4,459.

    The top Miami lender as defined by loan originations is Arvest Bank, with 34 loans originated. Their average total fees are $3,552, which is $3,083 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Miami lenders (with over 10 loans originated) are Arvest Bank ($3,552), QUICKEN LOANS, LLC ($6,635), .

    The lowest rate Miami lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.43%), Arvest Bank (4.79%), .

    Miami, OK 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
    Arvest Bank $11,550,000 $8,515,000 -26.3% 15.8%
    QUICKEN LOANS, LLC $6,735,000 $5,180,000 -23.1% 9.6%
    FLAT BRANCH MORTGAGE, INC. $5,215,000 $4,675,000 -10.4% 8.7%
    Chickasaw Community Bank $3,450,000 $3,545,000 2.8% 6.6%
    United Fidelity Funding Corp. $3,160,000 $3,060,000 -3.2% 5.7%
    Mortgage Investment Services Corporation $2,990,000 $2,875,000 -3.8% 5.3%
    Mortgage Research Center, LLC $3,450,000 $2,600,000 -24.6% 4.8%
    Pinnacle Bank $1,190,000 n/a 2.2%
    AMERISAVE MORTGAGE CORPORATION $460,000 $975,000 112.0% 1.8%
    BancFirst $450,000 $965,000 114.4% 1.8%
    TOWNE MORTGAGE COMPANY $2,060,000 $870,000 -57.8% 1.6%
    Grand Savings Bank $1,510,000 $835,000 -44.7% 1.5%
    MID AMERICA MORTGAGE, INC. $415,000 $810,000 95.2% 1.5%
    NAVY FEDERAL CREDIT UNION $465,000 $800,000 72.0% 1.5%
    PENNYMAC LOAN SERVICES, LLC $640,000 $715,000 11.7% 1.3%
    UNITED WHOLESALE MORTGAGE, LLC $685,000 n/a 1.3%
    USAA Federal Savings Bank $205,000 $675,000 229.3% 1.3%
    LOANDEPOT.COM, LLC $540,000 $640,000 18.5% 1.2%
    Farmers Bank & Trust $565,000 n/a 1.0%
    International Bank of Commerce $145,000 $555,000 282.8% 1.0%
    BROKER SOLUTIONS, INC. $265,000 $525,000 98.1% 1.0%
    Old Missouri Bank $520,000 n/a 1.0%
    21ST MORTGAGE CORPORATION $435,000 $505,000 16.1% 0.9%
    People's Bank of Seneca $750,000 $495,000 -34.0% 0.9%
    UNITED BUILT HOMES, L.L.C. $265,000 $490,000 84.9% 0.9%
    FirstTrust Home Loans, Inc. $280,000 $475,000 69.6% 0.9%
    First Community Bank $440,000 n/a 0.8%
    VANDERBILT MORTGAGE AND FINANCE, INC. $570,000 $435,000 -23.7% 0.8%
    U.S. Bank $105,000 $390,000 271.4% 0.7%
    Flagstar Bank, FSB $1,265,000 $375,000 -70.4% 0.7%
    Springfield First Community Bank $335,000 n/a 0.6%
    First United Bank and Trust Company $330,000 n/a 0.6%
    Wells Fargo Bank $1,135,000 $330,000 -70.9% 0.6%
    NEW DAY FINANCIAL, LLC $390,000 $325,000 -16.7% 0.6%
    FREEDOM MORTGAGE CORPORATION $855,000 $280,000 -67.3% 0.5%
    Mr. Cooper ( Nationstar Mortgage ) $245,000 $280,000 14.3% 0.5%
    TTCU Federal Credit Union $1,510,000 $270,000 -82.1% 0.5%
    COUNTRYPLACE MORTGAGE, LTD. $265,000 n/a 0.5%
    LOANPAL, LLC $270,000 $265,000 -1.9% 0.5%
    Bank of America $35,000 $250,000 614.3% 0.5%
    FBC MORTGAGE, LLC $250,000 n/a 0.5%
    RCB Bank $240,000 n/a 0.4%
    DAS Acquisition Company, LLC $205,000 $220,000 7.3% 0.4%
    The Central Trust Bank $45,000 $205,000 355.6% 0.4%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $195,000 n/a 0.4%
    The Federal Savings Bank $195,000 n/a 0.4%
    Community National Bank & Trust $185,000 n/a 0.3%
    SOUTHWEST STAGE FUNDING, LLC $185,000 n/a 0.3%
    TRIAD FINANCIAL SERVICES, INC. $285,000 $180,000 -36.8% 0.3%
    CORNERSTONE HOME LENDING, INC. $175,000 n/a 0.3%
    KELLER MORTGAGE, LLC $390,000 $175,000 -55.1% 0.3%
    AMERICAN FINANCING CORPORATION $280,000 $165,000 -41.1% 0.3%
    Paramount Residential Mortgage Group, Inc. $165,000 n/a 0.3%
    SWBC MORTGAGE CORPORATION $165,000 n/a 0.3%
    CALIBER HOME LOANS, INC. $585,000 $155,000 -73.5% 0.3%
    CROSSCOUNTRY MORTGAGE, LLC $195,000 $155,000 -20.5% 0.3%
    OPEN MORTGAGE, LLC $135,000 $155,000 14.8% 0.3%
    Stifel Bank and Trust $155,000 n/a 0.3%
    BOKF $285,000 $135,000 -52.6% 0.3%
    Community First National Bank $135,000 n/a 0.3%
    EVERETT FINANCIAL, INC. $165,000 $135,000 -18.2% 0.3%
    MORTGAGE SOLUTIONS OF COLORADO, LLC $225,000 $135,000 -40.0% 0.3%
    Waterstone Mortgage Corporation $125,000 n/a 0.2%
    ZILLOW HOME LOANS, LLC $125,000 n/a 0.2%
    AMERICAN ADVISORS GROUP $115,000 n/a 0.2%
    GERSHMAN INVESTMENT CORP. $115,000 n/a 0.2%
    Gateway First Bank $55,000 $105,000 90.9% 0.2%
    Generations Bank $105,000 n/a 0.2%
    Carrington Mortgage Services, LLC $180,000 $100,000 -44.4% 0.2%
    Bank of England $55,000 $95,000 72.7% 0.2%
    GUILD MORTGAGE COMPANY $95,000 n/a 0.2%
    RED CROWN $75,000 $95,000 26.7% 0.2%
    The City National Bank and Trust Company of Lawton $95,000 n/a 0.2%
    Centennial Bank $85,000 n/a 0.2%
    NEWREZ LLC $530,000 $85,000 -84.0% 0.2%
    PLANET HOME LENDING, LLC $85,000 n/a 0.2%
    PENTAGON FEDERAL CREDIT UNION $75,000 n/a 0.1%
    Great Southern Bank $65,000 n/a 0.1%
    Community Bank and Trust $315,000 $55,000 -82.5% 0.1%
    HOME POINT FINANCIAL CORPORATION $240,000 $55,000 -77.1% 0.1%
    Servion, Inc. $55,000 n/a 0.1%
    Armstrong Bank $65,000 $35,000 -46.2% 0.1%
    Figure Lending LLC $25,000 n/a 0.0%
    Southwest Missouri Bank $645,000 $25,000 -96.1% 0.0%

    Miami's top lender by overall market share is Arvest Bank, with 15.8% market share. In second place, with 9.6%, is QUICKEN LOANS, LLC, having originated $5,180,000 in loans. In third place, with 8.7%, is FLAT BRANCH MORTGAGE, INC., having originated $4,675,000 in loans. In fourth place, with 6.6%, is Chickasaw Community Bank, having originated $3,545,000 in loans. In fifth place, with 5.7%, is United Fidelity Funding Corp., having originated $3,060,000 in loans.

    Miami Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Miami (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $88,500 (10.8%) $154,136 (18.2%) 0.00 174
    2018-02-01 $86,875 (7.0%) $163,215 (26.0%) 0.00 178
    2018-03-01 $89,900 (8.3%) $162,028 (27.6%) 0.00 179
    2018-04-01 $88,750 (7.6%) $157,506 (23.6%) 0.00 186
    2018-05-01 $87,425 (9.4%) $158,045 (20.7%) 0.00 193
    2018-06-01 $84,900 (0.5%) $154,534 (15.2%) 0.00 196
    2018-07-01 $84,925 (-2.6%) $139,704 (-18.5%) 0.00 184
    2018-08-01 $84,200 (-6.3%) $123,241 (-31.5%) 0.00 170
    2018-09-01 $82,900 (-6.9%) $126,432 (-30.1%) 0.00 175
    2018-10-01 $84,700 (-4.8%) $124,544 (-31.2%) 0.00 177
    2018-11-01 $84,900 (-5.6%) $124,237 (-27.2%) 0.00 173
    2018-12-01 $85,500 (-4.9%) $127,796 (-11.6%) 0.00 165
    2019-01-01 $84,550 (-4.5%) $128,744 (-16.5%) 0.00 147
    2019-02-01 $85,450 (-1.6%) $132,341 (-18.9%) 0.00 142
    2019-03-01 $87,414 (-2.8%) $133,584 (-17.6%) 0.00 132
    2019-04-01 $89,700 (1.1%) $136,161 (-13.6%) 0.00 124
    2019-05-01 $91,475 (4.6%) $143,968 (-8.9%) 0.00 121
    2019-06-01 $89,900 (5.9%) $138,629 (-10.3%) 0.00 119
    2019-07-01 $92,000 (8.3%) $142,125 (1.7%) 0.00 122
    2019-08-01 $90,118 (7.0%) $141,526 (14.8%) 0.00 130
    2019-09-01 $88,870 (7.2%) $142,662 (12.8%) 0.00 136
    2019-10-01 $88,339 (4.3%) $144,581 (16.1%) 0.00 140
    2019-11-01 $84,700 (-0.2%) $139,661 (12.4%) 0.00 130
    2019-12-01 $82,563 (-3.4%) $141,135 (10.4%) 0.00 126
    2020-01-01 $80,925 (-4.3%) $145,817 (13.3%) 0.00 120
    2020-02-01 $79,900 (-6.5%) $137,197 (3.7%) 0.00 121
    2020-03-01 $74,363 (-14.9%) $132,711 (-0.7%) 0.00 116
    2020-04-01 $76,750 (-14.4%) $138,258 (1.5%) 0.00 109
    2020-05-01 $79,700 (-12.9%) $142,876 (-0.8%) 0.00 110
    2020-06-01 $79,400 (-11.7%) $155,657 (12.3%) 0.00 97
    2020-07-01 $85,550 (-7.0%) $150,022 (5.6%) 0.00 88
    2020-08-01 $91,450 (1.5%) $155,799 (10.1%) 0.00 100
    2020-09-01 $109,950 (23.7%) $165,494 (16.0%) 0.00 90
    2020-10-01 $108,700 (23.1%) $169,383 (17.2%) 0.00 77
    2020-11-01 $109,300 (29.0%) $137,949 (-1.2%) 0.00 79
    2020-12-01 $109,450 (32.6%) $143,057 (1.4%) 0.00 65
    2021-01-01 $105,250 (30.1%) $143,162 (-1.8%) 0.00 62
    2021-02-01 $88,675 (11.0%) $134,538 (-1.9%) 0.00 60
    2021-03-01 $86,200 (15.9%) $144,037 (8.5%) 0.00 57
    2021-04-01 $81,350 (6.0%) $154,044 (11.4%) 0.00 60
    2021-05-01 $84,750 (6.3%) $129,717 (-9.2%) 0.00 59
    2021-06-01 $79,600 (0.3%) $130,550 (-16.1%) 0.00 67
    2021-07-01 $82,450 (-3.6%) $137,103 (-8.6%) 0.00 67
    2021-08-01 $92,950 (1.6%) $150,060 (-3.7%) 0.00 65
    2021-09-01 $83,475 (-24.1%) $151,721 (-8.3%) 0.00 67
    2021-10-01 $84,900 (-21.9%) $151,787 (-10.4%) 0.00 64
    2021-11-01 $93,450 (-14.5%) $180,455 (30.8%) 0.00 68
    2021-12-01 $79,900 (-27.0%) $160,491 (12.2%) 0.00 74
    2022-01-01 $92,000 (-12.6%) $166,991 (16.7%) 0.00 73
    2022-02-01 $87,925 (-0.9%) $177,340 (31.8%) 0.00 55
    2022-03-01 $80,425 (-6.7%) $165,299 (14.8%) 0.00 62
    2022-04-01 $79,900 (-1.8%) $146,436 (-4.9%) 0.00 61
    2022-05-01 $86,250 (1.8%) $122,167 (-5.8%) 0.00 59
    2022-06-01 $109,950 (38.1%) $197,941 (51.6%) 0.00 53
    2022-07-01 $119,900 (45.4%) $224,409 (63.7%) 0.00 58
    2022-08-01 $119,950 (29.1%) $209,006 (39.3%) 0.00 58
    2022-09-01 $129,950 (55.7%) $195,988 (29.2%) 0.00 63
    2022-10-01 $142,500 (67.8%) $203,901 (34.3%) 0.00 59
    2022-11-01 $138,250 (47.9%) $197,682 (9.6%) 0.00 55
    2022-12-01 $148,000 (85.2%) $206,509 (28.7%) 0.00 55
    2023-01-01 $134,475 (46.2%) $188,652 (13.0%) 0.00 56
    2023-02-01 $127,225 (44.7%) $181,288 (2.2%) 0.00 50
    Miami's median listing price for 2023-02-01 was $127,225, a difference of $39,300 (44.7%) versus the prior year and $-7,250 versus the prior month.

    Miami's median listing price comes in at 0% of the national average.

    Miami's average listing price for 2023-02-01 was $181,288, a difference of $3,948 (2.2%) versus the prior year and $-7,364 versus the prior month.

    For the 2023-02-01 period, Miami had 50 MLS listings, a difference of -6 listings (-11%) versus the prior month and -5 listings (-9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Miami (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,443 sqft
    2018-02-01 0 days 1,440 sqft
    2018-03-01 0 days 1,456 sqft
    2018-04-01 0 days 1,425 sqft
    2018-05-01 0 days 1,443 sqft
    2018-06-01 0 days 1,481 sqft
    2018-07-01 0 days 1,498 sqft
    2018-08-01 0 days 1,494 sqft
    2018-09-01 0 days 1,508 sqft
    2018-10-01 0 days 1,495 sqft
    2018-11-01 0 days 1,499 sqft
    2018-12-01 0 days 1,508 sqft
    2019-01-01 0 days 1,471 sqft
    2019-02-01 0 days 1,557 sqft
    2019-03-01 0 days 1,598 sqft
    2019-04-01 0 days 1,581 sqft
    2019-05-01 0 days 1,614 sqft
    2019-06-01 0 days 1,620 sqft
    2019-07-01 0 days 1,613 sqft
    2019-08-01 0 days 1,603 sqft
    2019-09-01 0 days 1,577 sqft
    2019-10-01 0 days 1,559 sqft
    2019-11-01 0 days 1,491 sqft
    2019-12-01 0 days 1,478 sqft
    2020-01-01 0 days 1,443 sqft
    2020-02-01 0 days 1,430 sqft
    2020-03-01 0 days 1,378 sqft
    2020-04-01 0 days 1,421 sqft
    2020-05-01 0 days 1,430 sqft
    2020-06-01 0 days 1,449 sqft
    2020-07-01 0 days 1,423 sqft
    2020-08-01 0 days 1,521 sqft
    2020-09-01 0 days 1,578 sqft
    2020-10-01 0 days 1,465 sqft
    2020-11-01 0 days 1,570 sqft
    2020-12-01 0 days 1,540 sqft
    2021-01-01 0 days 1,458 sqft
    2021-02-01 0 days 1,391 sqft
    2021-03-01 0 days 1,433 sqft
    2021-04-01 0 days 1,390 sqft
    2021-05-01 0 days 1,307 sqft
    2021-06-01 0 days 1,232 sqft
    2021-07-01 0 days 1,344 sqft
    2021-08-01 0 days 1,426 sqft
    2021-09-01 0 days 1,349 sqft
    2021-10-01 0 days 1,350 sqft
    2021-11-01 0 days 1,435 sqft
    2021-12-01 0 days 1,389 sqft
    2022-01-01 0 days 1,435 sqft
    2022-02-01 0 days 1,449 sqft
    2022-03-01 0 days 1,353 sqft
    2022-04-01 0 days 1,346 sqft
    2022-05-01 0 days 1,344 sqft
    2022-06-01 0 days 1,544 sqft
    2022-07-01 0 days 1,695 sqft
    2022-08-01 0 days 1,648 sqft
    2022-09-01 0 days 1,606 sqft
    2022-10-01 0 days 1,700 sqft
    2022-11-01 0 days 1,637 sqft
    2022-12-01 0 days 1,596 sqft
    2023-01-01 0 days 1,591 sqft
    2023-02-01 0 days 1,585 sqft
    Miami's median listing age (time on market) for 2023-02-01 was 0 days.

    Miami's median square footage for active listings during the 2023-02-01 period was 1,585 sqft. One year prior, the average listing was 1,449 sqft.

    Miami, OK Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 257 $37,335,000 $145,272
    Cash Out Refi 74 $10,450,000 $141,216
    Refi 35 $4,705,000 $134,429
    Home Improvement 15 $605,000 $40,333
    Other 14 $890,000 $63,571

    Miami's most frequently cited loan purpose was Home Purchase, with 257 originations. The 2nd most popular reason was Cash Out Refi, with 74 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    4-5% 104 $14,700,000 $141,346
    5-6% 102 $14,990,000 $146,961
    3-4% 81 $10,985,000 $135,617
    6-7% 36 $4,000,000 $111,111
    7-8% 21 $2,705,000 $128,810
    Over 8% 15 $1,585,000 $105,667
    2.5-3% 15 $2,135,000 $142,333
    <2.5% 2 $320,000 $160,000

    During 2022, Miami's most frequently originated rate bucket was 4-5%, with 104 originations.

    Loan Sizing (Miami, OK MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 168 $10,750,000 $63,988
    $100k-200k 154 $22,120,000 $143,636
    $200k-400k 67 $17,985,000 $268,433
    $400k-600k 5 $2,525,000 $505,000
    $600k-1000k 1 $605,000 $605,000

    Miami's loan sizing saw the bucket of loans from $100,000 or less with 168 originations, totaling $10,750,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 232 $35,070,000 $151,164
    60-80% 73 $10,195,000 $139,658
    40-60% 33 $3,485,000 $105,606
    20-40% 22 $1,600,000 $72,727
    Under 20% 13 $455,000 $35,000
    Over 100% 3 $615,000 $205,000

    Miami's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 232 originations, totaling $35,070,000 in origination value.