Mount Vernon Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Mount Vernon averaged
7.08%
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
6.71% and
one month ago for the week of 2024-10-03, the
average rate was 6.11%.
Mount Vernon's average rate one year ago was 8.05%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.29%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Mount Vernon 30 Year Fixed Rate | 2024-11-07 | 7.08% |
| Mount Vernon 30 Year Fixed Rate Refi | 2024-11-07 | 7.29% |
| Mount Vernon 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| Mount Vernon 15 Year Fixed Rate Refi | 2024-11-07 | 6% |
| Mount Vernon 30 Year FHA | 2024-11-07 | 6.44% |
| Mount Vernon 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Mount Vernon 30 Year USDA | 2024-11-07 | 6.68% |
| Mount Vernon 30 Year USDA Refi | 2024-11-07 | 6.68% |
| Mount Vernon 30 Year VA | 2024-11-07 | 6.24% |
| Mount Vernon 30 Year VA Refi | 2024-11-07 | 6.54% |
Mount Vernon 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 Mount Vernon, OH 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.).
Mount Vernon Average Closing Costs & Other Stats
Mount Vernon, OH's 89 lenders originated 1,278
loans during 2023. The total origination value was $243,570,000, with an average loan value of
$190,587.
Mount Vernon's average closing costs are $4,545.
The top Mount Vernon lender as defined by loan originations is The Park National Bank, with
81 loans originated. Their average total fees are
$3,716, which is $1,375
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Mount Vernon lenders (with over 10 loans originated) are
The Park National Bank ($3,716), RUOFF MORTGAGE COMPANY, INC. ($4,101), The Huntington National Bank ($4,275), CROSSCOUNTRY MORTGAGE, LLC ($4,970) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,091).
The lowest rate Mount Vernon lenders (with over 10 loans originated) are
The Huntington National Bank (6.74%), QUICKEN LOANS, LLC (6.83%), The Park National Bank (6.85%), UNION HOME MORTGAGE CORP. (7.04%) and UNITED WHOLESALE MORTGAGE, LLC (7.04%).
Mount Vernon, OH 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 Park National Bank | $49,065,000 | $33,705,000 | -31.3% | 13.8% |
| Heartland Bank | $1,815,000 | $20,990,000 | 1,056.5% | 8.6% |
| The Huntington National Bank | $18,420,000 | $15,190,000 | -17.5% | 6.2% |
| QUICKEN LOANS, LLC | $18,035,000 | $11,655,000 | -35.4% | 4.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $23,635,000 | $11,305,000 | -52.2% | 4.6% |
| RUOFF MORTGAGE COMPANY, INC. | $3,275,000 | $9,320,000 | 184.6% | 3.8% |
| UNION HOME MORTGAGE CORP. | $13,620,000 | $9,230,000 | -32.2% | 3.8% |
| NFM, INC. | $4,250,000 | $7,555,000 | 77.8% | 3.1% |
| UNITED WHOLESALE MORTGAGE, LLC | $8,360,000 | $6,150,000 | -26.4% | 2.5% |
| PNC Bank | $8,560,000 | $5,495,000 | -35.8% | 2.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,125,000 | $5,435,000 | 155.8% | 2.2% |
| First Commonwealth Bank | $7,260,000 | $4,975,000 | -31.5% | 2.0% |
| Farm Credit Mid-America, ACA | $5,590,000 | $4,185,000 | -25.1% | 1.7% |
| EQUITY RESOURCES, INC. | $4,815,000 | $3,915,000 | -18.7% | 1.6% |
| Mortgage Research Center, LLC | $3,460,000 | $3,415,000 | -1.3% | 1.4% |
| Union Savings Bank | $5,815,000 | $3,405,000 | -41.4% | 1.4% |
| C E S | $6,885,000 | $3,245,000 | -52.9% | 1.3% |
| FREEDOM MORTGAGE CORPORATION | $2,060,000 | $2,520,000 | 22.3% | 1.0% |
| GUARANTEED RATE, INC. | $650,000 | $2,430,000 | 273.8% | 1.0% |
| First Federal Savings and Loan Association of Lakewood | $1,625,000 | $2,300,000 | 41.5% | 0.9% |
| First Financial Bank | $1,920,000 | $2,195,000 | 14.3% | 0.9% |
| THE EQUITABLE MORTGAGE CORPORATION | $1,080,000 | $2,185,000 | 102.3% | 0.9% |
| The State Bank and Trust Company | $1,485,000 | $2,000,000 | 34.7% | 0.8% |
| Third Federal Savings and Loan Association of Cleveland | $3,700,000 | $1,970,000 | -46.8% | 0.8% |
| Wells Fargo Bank | $1,995,000 | $1,720,000 | -13.8% | 0.7% |
| CNB Bank | $1,555,000 | $1,660,000 | 6.8% | 0.7% |
| GSF Mortgage Corporation | $1,810,000 | $1,635,000 | -9.7% | 0.7% |
| LOANDEPOT.COM, LLC | $3,030,000 | $1,520,000 | -49.8% | 0.6% |
| Fifth Third Bank | $3,650,000 | $1,470,000 | -59.7% | 0.6% |
| KEMBA FINANCIAL | $1,930,000 | $1,385,000 | -28.2% | 0.6% |
| First Federal Bank of the Midwest | $365,000 | $1,375,000 | 276.7% | 0.6% |
| Mr. Cooper ( Nationstar Mortgage ) | $4,425,000 | $1,365,000 | -69.2% | 0.6% |
| U.S. Bank | $2,860,000 | $1,255,000 | -56.1% | 0.5% |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $420,000 | $1,210,000 | 188.1% | 0.5% |
| T2 FINANCIAL LLC | $3,635,000 | $1,130,000 | -68.9% | 0.5% |
| CHURCHILL MORTGAGE CORPORATION | $635,000 | $1,120,000 | 76.4% | 0.5% |
| Mechanics Bank | $5,680,000 | $1,095,000 | -80.7% | 0.4% |
| The Community Bank | $1,395,000 | $1,090,000 | -21.9% | 0.4% |
| STOCKTON MORTGAGE CORPORATION | $1,085,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $765,000 | $1,060,000 | 38.6% | 0.4% |
| Kingston National Bank | $630,000 | $1,035,000 | 64.3% | 0.4% |
| NEWREZ LLC | $1,860,000 | $1,035,000 | -44.4% | 0.4% |
| Flagstar Bank, FSB | $1,530,000 | $995,000 | -35.0% | 0.4% |
| Citizens Bank | $970,000 | $990,000 | 2.1% | 0.4% |
| NAVY FEDERAL CREDIT UNION | $1,360,000 | $960,000 | -29.4% | 0.4% |
| NBKC BANK | $900,000 | n/a | 0.4% | |
| WRIGHT-PATT CREDIT UNION, INC. | $2,490,000 | $850,000 | -65.9% | 0.3% |
| AMERISAVE MORTGAGE CORPORATION | $2,375,000 | $825,000 | -65.3% | 0.3% |
| FIRST COMMUNITY MORTGAGE, INC. | $480,000 | $805,000 | 67.7% | 0.3% |
| First Merchants Bank | $1,725,000 | $805,000 | -53.3% | 0.3% |
| Discover Bank | $625,000 | $775,000 | 24.0% | 0.3% |
| AMERICAN FINANCIAL NETWORK, INC. | $745,000 | n/a | 0.3% | |
| CME Federal Credit Union | $25,000 | $710,000 | 2,740.0% | 0.3% |
| First Federal Savings and Loan Association | $2,145,000 | $710,000 | -66.9% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $390,000 | $690,000 | 76.9% | 0.3% |
| GUARANTEED RATE AFFINITY, LLC | $1,055,000 | $680,000 | -35.5% | 0.3% |
| Civista Bank | $645,000 | $675,000 | 4.7% | 0.3% |
| Nations Lending Corporation | $565,000 | $665,000 | 17.7% | 0.3% |
| BROKER SOLUTIONS, INC. | $465,000 | $655,000 | 40.9% | 0.3% |
| Peoples Bank | $1,350,000 | $640,000 | -52.6% | 0.3% |
| TrueCore Federal Credit Union | $355,000 | $630,000 | 77.5% | 0.3% |
| JPMorgan Chase Bank | $5,600,000 | $625,000 | -88.8% | 0.3% |
| Bank of America | $1,110,000 | $620,000 | -44.1% | 0.3% |
| LENOX FINANCIAL MORTGAGE CORPORATION | $615,000 | n/a | 0.3% | |
| The Middlefield Banking Company | $160,000 | $560,000 | 250.0% | 0.2% |
| Cf Bank | $1,285,000 | $535,000 | -58.4% | 0.2% |
| SUMMIT FUNDING, INC. | $535,000 | n/a | 0.2% | |
| Barrington Bank & Trust Company, N.A. | $635,000 | $525,000 | -17.3% | 0.2% |
| BAYSHORE MORTGAGE FUNDING, LLC | $1,110,000 | $520,000 | -53.2% | 0.2% |
| PLANET HOME LENDING, LLC | $520,000 | n/a | 0.2% | |
| First National Bank of Bellevue | $115,000 | $510,000 | 343.5% | 0.2% |
| TELHIO | $1,175,000 | $490,000 | -58.3% | 0.2% |
| GREENSTATE CREDIT UNION | $485,000 | n/a | 0.2% | |
| MICHIGAN MUTUAL, INC. | $165,000 | $480,000 | 190.9% | 0.2% |
| NEW DAY FINANCIAL, LLC | $940,000 | $480,000 | -48.9% | 0.2% |
| The Savings Bank | $505,000 | $480,000 | -5.0% | 0.2% |
| GUILD MORTGAGE COMPANY | $480,000 | $470,000 | -2.1% | 0.2% |
| AMERICAN FINANCING CORPORATION | $1,315,000 | $460,000 | -65.0% | 0.2% |
| TRIAD FINANCIAL SERVICES, INC. | $460,000 | n/a | 0.2% | |
| The Federal Savings Bank | $1,030,000 | $455,000 | -55.8% | 0.2% |
| Figure Lending LLC | $205,000 | $450,000 | 119.5% | 0.2% |
| Carrington Mortgage Services, LLC | $805,000 | $440,000 | -45.3% | 0.2% |
| East Coast Capital Corp. | $925,000 | $440,000 | -52.4% | 0.2% |
| The Commercial and Savings Bank of Millersburg Ohio | $645,000 | $440,000 | -31.8% | 0.2% |
| Mercantile Bank of Michigan | $175,000 | $430,000 | 145.7% | 0.2% |
| POLARIS HOME FUNDING CORP. | $410,000 | n/a | 0.2% | |
| The Merchants National Bank | $395,000 | n/a | 0.2% | |
| ALLIED MORTGAGE GROUP, INC. | $390,000 | n/a | 0.2% | |
| Colonial Savings, F.A. | $375,000 | n/a | 0.2% | |
| THRIVE MORTGAGE, LLC | $195,000 | $365,000 | 87.2% | 0.1% |
| PHH Mortgage Corporation | $135,000 | $360,000 | 166.7% | 0.1% |
| AG Credit, Agricultural Credit Association | $355,000 | n/a | 0.1% | |
| LIBERTY HOME MORTGAGE CORPORATION | $115,000 | $350,000 | 204.3% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $335,000 | $340,000 | 1.5% | 0.1% |
| LENDINGHOME FUNDING CORPORATION | $140,000 | $315,000 | 125.0% | 0.1% |
| J. VIRGIL, INC. | $990,000 | $310,000 | -68.7% | 0.1% |
| Coastal Community Bank | $295,000 | n/a | 0.1% | |
| Neighborhood Loans, Inc. | $145,000 | $295,000 | 103.4% | 0.1% |
| M&T Bank | $355,000 | $280,000 | -21.1% | 0.1% |
| ZILLOW HOME LOANS, LLC | $275,000 | n/a | 0.1% | |
| BMI Federal Credit Union | $855,000 | $270,000 | -68.4% | 0.1% |
| The Union Bank Company | $945,000 | $270,000 | -71.4% | 0.1% |
| 21ST MORTGAGE CORPORATION | $35,000 | $265,000 | 657.1% | 0.1% |
| The Genoa Banking Company | $265,000 | n/a | 0.1% | |
| FIRST OHIO HOME FINANCE, INC. | $1,070,000 | $260,000 | -75.7% | 0.1% |
| Bank of England | $215,000 | $255,000 | 18.6% | 0.1% |
| First Federal Community Bank of Bucyrus | $255,000 | n/a | 0.1% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $245,000 | n/a | 0.1% | |
| KeyBank | $240,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $165,000 | $240,000 | 45.5% | 0.1% |
| NATIONS DIRECT MORTGAGE, LLC | $125,000 | $235,000 | 88.0% | 0.1% |
| The Old Fort Banking Company | $235,000 | n/a | 0.1% | |
| USAA Federal Savings Bank | $500,000 | $235,000 | -53.0% | 0.1% |
| CARDINAL FINANCIAL | $850,000 | $230,000 | -72.9% | 0.1% |
| First National Bank of Pennsylvania | $225,000 | $230,000 | 2.2% | 0.1% |
| THE VINTON COUNTY NATIONAL BANK | $230,000 | n/a | 0.1% | |
| GVC MORTGAGE, INC. | $165,000 | $225,000 | 36.4% | 0.1% |
| HOMESIDE FINANCIAL, LLC | $1,015,000 | $225,000 | -77.8% | 0.1% |
| RAPID MORTGAGE COMPANY | $485,000 | $225,000 | -53.6% | 0.1% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $215,000 | n/a | 0.1% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $345,000 | $195,000 | -43.5% | 0.1% |
| RESIDENTIAL BANCORP | $195,000 | n/a | 0.1% | |
| Baxter Credit Union | $190,000 | n/a | 0.1% | |
| FIRST ALLIANCE HOME MORTGAGE, LLC | $185,000 | n/a | 0.1% | |
| First Federal Bank of Ohio | $175,000 | n/a | 0.1% | |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $175,000 | n/a | 0.1% | |
| NATIONS RELIABLE LENDING, LLC | $255,000 | $175,000 | -31.4% | 0.1% |
| RELIANCE FIRST CAPITAL, LLC | $970,000 | $175,000 | -82.0% | 0.1% |
| Wayne Savings Community Bank | $175,000 | n/a | 0.1% | |
| EMM LOANS LLC | $165,000 | n/a | 0.1% | |
| GENEVA FINANCIAL, LLC | $345,000 | $165,000 | -52.2% | 0.1% |
| HOPEWELL Federal Credit Union | $375,000 | $160,000 | -57.3% | 0.1% |
| First American Bank | $150,000 | n/a | 0.1% | |
| Logan Finance Corporation | $145,000 | n/a | 0.1% | |
| MOVEMENT MORTGAGE, LLC | $460,000 | $135,000 | -70.7% | 0.1% |
| The Richwood Banking Company | $135,000 | n/a | 0.1% | |
| Watermark Capital, Inc. | $125,000 | n/a | 0.1% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $115,000 | n/a | 0.0% | |
| HOMESPIRE MORTGAGE CORPORATION | $115,000 | n/a | 0.0% | |
| BRIDGE | $135,000 | $110,000 | -18.5% | 0.0% |
| Plains Commerce Bank | $105,000 | n/a | 0.0% | |
| SPRING EQ, LLC | $165,000 | $105,000 | -36.4% | 0.0% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $55,000 | $105,000 | 90.9% | 0.0% |
| WesBanco | $4,005,000 | $105,000 | -97.4% | 0.0% |
| Bethpage Federal Credit Union | $95,000 | n/a | 0.0% | |
| Dollar Bank, Federal Savings Bank | $285,000 | $85,000 | -70.2% | 0.0% |
| SUN Federal Credit Union | $55,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $1,155,000 | $35,000 | -97.0% | 0.0% |
Mount Vernon's top lender by overall market share is The Park National Bank, with 13.8% market share. In second place, with 8.6%, is Heartland Bank, having originated $20,990,000 in loans. In third place, with 6.2%, is The Huntington National Bank, having originated $15,190,000 in loans. In fourth place, with 4.8%, is QUICKEN LOANS, LLC, having originated $11,655,000 in loans. In fifth place, with 4.6%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $11,305,000 in loans.
Mount Vernon, OH Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 642 | $170,750,000 | $265,966 |
| Cash Out Refi | 188 | $30,420,000 | $161,809 |
| Home Improvement | 180 | $14,110,000 | $78,389 |
| Other | 154 | $13,500,000 | $87,662 |
| Refi | 114 | $14,790,000 | $129,737 |
Mount Vernon's most frequently cited loan purpose was Home Purchase, with 642 originations. The 2nd most popular reason was Cash Out Refi, with 188 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 412 | $91,140,000 | $221,214 |
| 7-8% | 383 | $88,975,000 | $232,311 |
| Over 8% | 308 | $29,410,000 | $95,487 |
| 5-6% | 105 | $24,565,000 | $233,952 |
| 4-5% | 7 | $2,535,000 | $362,143 |
| <2.5% | 5 | $145,000 | $29,000 |
| 3-4% | 5 | $445,000 | $89,000 |
During 2023, Mount Vernon's most frequently originated rate bucket was 6-7%, with 412 originations.
Loan Sizing (Mount Vernon, OH MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 453 | $66,615,000 | $147,053 |
| $100,000 or less | 407 | $22,835,000 | $56,106 |
| $200k-400k | 333 | $90,145,000 | $270,706 |
| $400k-600k | 59 | $27,085,000 | $459,068 |
| $600k-1000k | 22 | $14,800,000 | $672,727 |
| $Over $1MM | 4 | $22,090,000 | $5,522,500 |
Mount Vernon's loan sizing saw the bucket of loans from $100k-200k with 453 originations, totaling $66,615,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 429 | $102,555,000 | $239,056 |
| 60-80% | 244 | $76,970,000 | $315,451 |
| 20-40% | 218 | $21,020,000 | $96,422 |
| Under 20% | 187 | $8,735,000 | $46,711 |
| 40-60% | 114 | $19,840,000 | $174,035 |
| Over 100% | 12 | $3,910,000 | $325,833 |
Mount Vernon's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 429 originations, totaling $102,555,000 in origination value.