Minot 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 Minot averaged 6.7% for the week of 2024-07-18, compared to the national average of 6.77% for the same period.

    The average rate for the prior week (2024-07-11) was 6.42% and one month ago for the week of 2024-06-13, the average rate was 6.68%.

    Minot's average rate one year ago was 6.69%.

    For refis of the same type during the week of 2024-07-18, the average rate was 6.97%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-07-18 6.77%
    Minot 30 Year Fixed Rate 2024-07-18 6.7%
    Minot 30 Year Fixed Rate Refi 2024-07-18 6.97%
    Minot 15 Year Fixed Rate 2024-07-18 6.05%
    Minot 15 Year Fixed Rate Refi 2024-07-18 6.55%
    Minot 30 Year FHA 2024-07-18 6.44%
    Minot 30 Year FHA Refi 2024-07-18 6.69%
    Minot 30 Year USDA 2024-07-18 6.83%
    Minot 30 Year USDA Refi 2024-07-18 6.43%
    Minot 30 Year VA 2024-07-18 5.95%
    Minot 30 Year VA Refi 2024-07-18 6.2%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Minot, ND.

    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.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Gate City Bank 81 6.22% $5,077
    First Western Bank & Trust 47 6.21% $4,077
    First International Bank & Trust 40 6.69% $3,567
    TOWN AND COUNTRY Credit Union 26 6.39% $5,558
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 23 6.63% $2,806
    QUICKEN LOANS, LLC 20 6.60% $6,805
    American Bank Center 10 6.45% $4,509
    Dacotah Bank 9 6.46% $3,018
    GUARANTEED RATE, INC. 9 7.01% $6,257
    U.S. Bank 8 6.76% $4,066
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.86% $3,811
    Flagstar Bank, FSB 6 7.02% $6,412
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.28% $5,687
    JPMorgan Chase Bank 3 6.37% $1,397
    Plains Commerce Bank 3 6.42% $8,154
    GREAT RIVER FEDERAL CREDIT UNION 3 5.70% $4,322
    UNITED WHOLESALE MORTGAGE, LLC 3 6.96% $5,390
    LOANDEPOT.COM, LLC 2 6.75% $6,014
    Mr. Cooper ( Nationstar Mortgage ) 2 6.63% $6,739
    First Savings Bank 2 6.44% $4,075
    Servion, Inc. 2 6.63% $4,657
    USAA Federal Savings Bank 2 6.88% $3,325
    Wells Fargo Bank 2 7.19% $8,019
    WINGS FINANCIAL 1 5.38% $2,365
    AMCAP MORTGAGE, LTD. 1 6.38% $4,320
    Arvest Bank 1 7.63% $2,734
    CROSSCOUNTRY MORTGAGE, LLC 1 6.70% $3,202
    Discover Bank 1 9.99% $0
    FIRST COMMUNITY CREDIT UNION 1 7.75% $5,373
    First Federal Bank 1 6.50% $2,576
    FREEDOM MORTGAGE CORPORATION 1 5.88% $5,998
    Gateway First Bank 1 6.50% $3,563
    LENDSURE MORTGAGE CORP. 1 9.00% $9,369
    Mortgage Research Center, LLC 1 6.75% $1,477
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $3,518
    NEWREZ LLC 1 7.13% $8,024
    PENNYMAC LOAN SERVICES, LLC 1 6.38% $4,087
    PNC Bank 1 7.25% $3,129
    PREMIA MORTGAGE, LLC 1 5.63% $4,123
    RBC Bank, (Georgia) 1 5.88% $1,692
    Stride Bank 1 7.13% $3,548
    The Huntington National Bank 1 6.63% $1,582
    TOWNE MORTGAGE COMPANY 1 6.75% $5,662
    Unify Home Lending Inc. 1 6.25% $929
    WESTERN COOPERATIVE CREDIT UNION 1 6.75% $4,197
    ACADEMY MORTGAGE CORPORATION 1 5.63% $16,208

    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.