Minot Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Minot averaged
5.95%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
5.75% and
one month ago for the week of 2024-09-05, the
average rate was 5.98%.
Minot's average rate one year ago was 7.22%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.62%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
Minot 30 Year Fixed Rate | 2024-10-10 | 5.95% |
Minot 30 Year Fixed Rate Refi | 2024-10-10 | 6.62% |
Minot 15 Year Fixed Rate | 2024-10-10 | 5.41% |
Minot 15 Year Fixed Rate Refi | 2024-10-10 | 5.91% |
Minot 30 Year FHA | 2024-10-10 | 5.85% |
Minot 30 Year FHA Refi | 2024-10-10 | 6.2% |
Minot 30 Year USDA | 2024-10-10 | 6.08% |
Minot 30 Year USDA Refi | 2024-10-10 | 6.18% |
Minot 30 Year VA | 2024-10-10 | 5.7% |
Minot 30 Year VA Refi | 2024-10-10 | 5.65% |
Minot 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 Minot, ND 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.).
Minot Average Closing Costs & Other Stats
Minot, ND's 46 lenders originated 1,119
loans during 2023. The total origination value was $232,605,000, with an average loan value of
$207,869.
Minot's average closing costs are $5,117.
The top Minot lender as defined by loan originations is Gate City Bank, with
81 loans originated. Their average total fees are
$5,077, which is $1,000
higher than the next largest lender,
First Western Bank & Trust.
The lowest fee Minot lenders (with over 10 loans originated) are
ARK-LA-TEX FINANCIAL SERVICES, LLC. ($2,806), First International Bank & Trust ($3,567), First Western Bank & Trust ($4,077), American Bank Center ($4,509) and Gate City Bank ($5,077).
The lowest rate Minot lenders (with over 10 loans originated) are
First Western Bank & Trust (6.21%), Gate City Bank (6.22%), TOWN AND COUNTRY Credit Union (6.39%), American Bank Center (6.45%) and QUICKEN LOANS, LLC (6.60%).
Minot, ND 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 |
---|---|---|---|---|
TOWN AND COUNTRY Credit Union | $53,480,000 | $40,050,000 | -25.1% | 17.2% |
Gate City Bank | $51,765,000 | $37,960,000 | -26.7% | 16.3% |
First International Bank & Trust | $38,010,000 | $26,710,000 | -29.7% | 11.5% |
First Western Bank & Trust | $25,540,000 | $22,095,000 | -13.5% | 9.5% |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $30,075,000 | $21,810,000 | -27.5% | 9.4% |
Mortgage Research Center, LLC | $14,965,000 | $10,505,000 | -29.8% | 4.5% |
QUICKEN LOANS, LLC | $9,715,000 | $10,190,000 | 4.9% | 4.4% |
GUARANTEED RATE, INC. | $11,595,000 | $8,875,000 | -23.5% | 3.8% |
Dacotah Bank | $10,385,000 | $5,060,000 | -51.3% | 2.2% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $900,000 | $4,540,000 | 404.4% | 2.0% |
Flagstar Bank, FSB | $9,015,000 | $4,390,000 | -51.3% | 1.9% |
American Bank Center | $6,000,000 | $3,465,000 | -42.3% | 1.5% |
U.S. Bank | $2,430,000 | $3,455,000 | 42.2% | 1.5% |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $7,655,000 | $2,215,000 | -71.1% | 1.0% |
USAA Federal Savings Bank | $1,825,000 | $1,945,000 | 6.6% | 0.8% |
Grandbridge Real Estate Capital LLC | $1,765,000 | n/a | 0.8% | |
UNITED WHOLESALE MORTGAGE, LLC | $4,290,000 | $1,500,000 | -65.0% | 0.6% |
Plains Commerce Bank | $4,680,000 | $1,130,000 | -75.9% | 0.5% |
NAVY FEDERAL CREDIT UNION | $2,930,000 | $1,085,000 | -63.0% | 0.5% |
JPMorgan Chase Bank | $495,000 | $945,000 | 90.9% | 0.4% |
Wells Fargo Bank | $4,745,000 | $935,000 | -80.3% | 0.4% |
The Federal Savings Bank | $1,310,000 | $915,000 | -30.2% | 0.4% |
Cornerstone Bank | $8,720,000 | $895,000 | -89.7% | 0.4% |
FIRST COMMUNITY CREDIT UNION | $1,220,000 | $850,000 | -30.3% | 0.4% |
BROKER SOLUTIONS, INC. | $480,000 | $765,000 | 59.4% | 0.3% |
Unify Home Lending Inc. | $365,000 | $755,000 | 106.8% | 0.3% |
FREEDOM MORTGAGE CORPORATION | $2,990,000 | $735,000 | -75.4% | 0.3% |
GREAT RIVER FEDERAL CREDIT UNION | $325,000 | $685,000 | 110.8% | 0.3% |
PENNYMAC LOAN SERVICES, LLC | $960,000 | $650,000 | -32.3% | 0.3% |
Servion, Inc. | $1,180,000 | $625,000 | -47.0% | 0.3% |
AMCAP MORTGAGE, LTD. | $175,000 | $610,000 | 248.6% | 0.3% |
RAILWAY CREDIT UNION | $860,000 | $605,000 | -29.7% | 0.3% |
NEWREZ LLC | $1,040,000 | $575,000 | -44.7% | 0.2% |
Gateway First Bank | $285,000 | $530,000 | 86.0% | 0.2% |
Bremer Bank | $6,530,000 | $495,000 | -92.4% | 0.2% |
AMERISAVE MORTGAGE CORPORATION | $1,610,000 | $475,000 | -70.5% | 0.2% |
Mr. Cooper ( Nationstar Mortgage ) | $2,050,000 | $440,000 | -78.5% | 0.2% |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $425,000 | n/a | 0.2% | |
DAS Acquisition Company, LLC | $385,000 | n/a | 0.2% | |
LOANDEPOT.COM, LLC | $2,085,000 | $375,000 | -82.0% | 0.2% |
ACADEMY MORTGAGE CORPORATION | $365,000 | n/a | 0.2% | |
Figure Lending LLC | $45,000 | $355,000 | 688.9% | 0.2% |
BANKWEST, INC. | $250,000 | $350,000 | 40.0% | 0.2% |
VILLAGE CAPITAL MORTGAGE | $270,000 | $325,000 | 20.4% | 0.1% |
CITYWIDE HOME LOANS, LLC | $315,000 | n/a | 0.1% | |
PENTAGON FEDERAL CREDIT UNION | $335,000 | $315,000 | -6.0% | 0.1% |
TOWNE MORTGAGE COMPANY | $310,000 | n/a | 0.1% | |
The Huntington National Bank | $550,000 | $305,000 | -44.5% | 0.1% |
Discover Bank | $140,000 | $280,000 | 100.0% | 0.1% |
LENDSURE MORTGAGE CORP. | $275,000 | n/a | 0.1% | |
Security First Bank of North Dakota | $265,000 | n/a | 0.1% | |
Bank of England | $255,000 | n/a | 0.1% | |
CORNERSTONE HOME LENDING, INC. | $255,000 | n/a | 0.1% | |
Flanagan State Bank | $255,000 | n/a | 0.1% | |
TOTAL MORTGAGE SERVICES, LLC | $255,000 | n/a | 0.1% | |
TRIAD FINANCIAL SERVICES, INC. | $330,000 | $255,000 | -22.7% | 0.1% |
Armed Forces Bank | $275,000 | $235,000 | -14.5% | 0.1% |
RBC Bank, (Georgia) | $225,000 | n/a | 0.1% | |
CROSSCOUNTRY MORTGAGE, LLC | $215,000 | n/a | 0.1% | |
Equity Prime Mortgage LLC | $215,000 | n/a | 0.1% | |
PNC Bank | $195,000 | $215,000 | 10.3% | 0.1% |
PREMIA MORTGAGE, LLC | $935,000 | $215,000 | -77.0% | 0.1% |
WINGS FINANCIAL | $215,000 | n/a | 0.1% | |
DEEPHAVEN MORTGAGE LLC | $205,000 | n/a | 0.1% | |
Kirkwood Bank & Trust Co. | $860,000 | $205,000 | -76.2% | 0.1% |
MUTUAL OF OMAHA MORTGAGE, INC. | $190,000 | n/a | 0.1% | |
Alerus Financial | $525,000 | $185,000 | -64.8% | 0.1% |
First Savings Bank | $175,000 | $180,000 | 2.9% | 0.1% |
Arvest Bank | $175,000 | n/a | 0.1% | |
WESTERN COOPERATIVE CREDIT UNION | $245,000 | $165,000 | -32.7% | 0.1% |
Dakota Community Bank & Trust | $155,000 | n/a | 0.1% | |
Citizens Bank | $360,000 | $145,000 | -59.7% | 0.1% |
THRIVENT Federal Credit Union | $125,000 | n/a | 0.1% | |
EVERETT FINANCIAL, INC. | $315,000 | $115,000 | -63.5% | 0.0% |
First Federal Bank | $105,000 | n/a | 0.0% | |
Stride Bank | $95,000 | n/a | 0.0% | |
Coastal Community Bank | $80,000 | n/a | 0.0% | |
FINANCE OF AMERICA REVERSE LLC | $75,000 | $65,000 | -13.3% | 0.0% |
BNC National Bank | $325,000 | $55,000 | -83.1% | 0.0% |
NETWORK CAPITAL FUNDING CORPORATION | $55,000 | n/a | 0.0% | |
21ST MORTGAGE CORPORATION | $110,000 | $25,000 | -77.3% | 0.0% |
Minot's top lender by overall market share is TOWN AND COUNTRY Credit Union, with 17.2% market share. In second place, with 16.3%, is Gate City Bank, having originated $37,960,000 in loans. In third place, with 11.5%, is First International Bank & Trust, having originated $26,710,000 in loans. In fourth place, with 9.5%, is First Western Bank & Trust, having originated $22,095,000 in loans. In fifth place, with 9.4%, is ARK-LA-TEX FINANCIAL SERVICES, LLC., having originated $21,810,000 in loans.
Minot, ND Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 846 | $197,460,000 | $233,404 |
Cash Out Refi | 93 | $12,895,000 | $138,656 |
Home Improvement | 71 | $4,605,000 | $64,859 |
Other | 57 | $6,035,000 | $105,877 |
Refi | 52 | $11,610,000 | $223,269 |
Minot's most frequently cited loan purpose was Home Purchase, with 846 originations. The 2nd most popular reason was Cash Out Refi, with 93 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 471 | $101,935,000 | $216,423 |
5-6% | 316 | $75,150,000 | $237,816 |
7-8% | 187 | $36,385,000 | $194,572 |
Over 8% | 110 | $10,590,000 | $96,273 |
4-5% | 17 | $5,145,000 | $302,647 |
<2.5% | 9 | $1,085,000 | $120,556 |
3-4% | 4 | $810,000 | $202,500 |
2.5-3% | 1 | $375,000 | $375,000 |
During 2023, Minot's most frequently originated rate bucket was 6-7%, with 471 originations.
Loan Sizing (Minot, ND MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$200k-400k | 500 | $137,050,000 | $274,100 |
$100k-200k | 336 | $51,370,000 | $152,887 |
$100,000 or less | 221 | $12,335,000 | $55,814 |
$400k-600k | 53 | $24,905,000 | $469,906 |
$600k-1000k | 8 | $5,180,000 | $647,500 |
$Over $1MM | 1 | $1,765,000 | $1,765,000 |
Minot's loan sizing saw the bucket of loans from $200k-400k with 500 originations, totaling $137,050,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 584 | $140,260,000 | $240,171 |
60-80% | 213 | $47,875,000 | $224,765 |
Under 20% | 113 | $4,905,000 | $43,407 |
20-40% | 70 | $7,090,000 | $101,286 |
Over 100% | 69 | $19,585,000 | $283,841 |
40-60% | 56 | $8,870,000 | $158,393 |
Minot's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 584 originations, totaling $140,260,000 in origination value.