Murray Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Murray averaged
6.93%
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
6.76% and
one month ago for the week of 2024-10-03, the
average rate was 6.16%.
Murray's average rate one year ago was 8%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.99%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Murray 30 Year Fixed Rate | 2024-11-07 | 6.93% |
| Murray 30 Year Fixed Rate Refi | 2024-11-07 | 6.99% |
| Murray 15 Year Fixed Rate | 2024-11-07 | 6% |
| Murray 15 Year Fixed Rate Refi | 2024-11-07 | 6.6% |
| Murray 30 Year FHA | 2024-11-07 | 6.33% |
| Murray 30 Year FHA Refi | 2024-11-07 | 6.23% |
| Murray 30 Year USDA | 2024-11-07 | 6.28% |
| Murray 30 Year USDA Refi | 2024-11-07 | 6.58% |
| Murray 30 Year VA | 2024-11-07 | 6.54% |
| Murray 30 Year VA Refi | 2024-11-07 | 6.44% |
Murray 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 Murray, KY 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.).
Murray Average Closing Costs & Other Stats
Murray, KY's 50 lenders originated 410
loans during 2023. The total origination value was $76,510,000, with an average loan value of
$186,610.
Murray's average closing costs are $4,217.
The top Murray lender as defined by loan originations is FirstTrust Home Loans, Inc., with
19 loans originated. Their average total fees are
$4,283, which is $2,173
higher than the next largest lender,
Independence Bank of Kentucky.
The lowest fee Murray lenders (with over 10 loans originated) are
Independence Bank of Kentucky ($2,111), UNITED WHOLESALE MORTGAGE, LLC ($3,683), FirstTrust Home Loans, Inc. ($4,283), .
The lowest rate Murray lenders (with over 10 loans originated) are
Independence Bank of Kentucky (6.49%), FirstTrust Home Loans, Inc. (6.93%), UNITED WHOLESALE MORTGAGE, LLC (7.13%), .
Murray, KY 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 |
|---|---|---|---|---|
| FirstTrust Home Loans, Inc. | $960,000 | $6,480,000 | 575.0% | 8.5% |
| Independence Bank of Kentucky | $6,565,000 | $5,060,000 | -22.9% | 6.6% |
| FNB Bank, Inc. | $10,395,000 | $5,015,000 | -51.8% | 6.6% |
| UNITED WHOLESALE MORTGAGE, LLC | $4,125,000 | $4,060,000 | -1.6% | 5.3% |
| Regions Bank | $3,535,000 | $3,735,000 | 5.7% | 4.9% |
| QUICKEN LOANS, LLC | $7,165,000 | $3,425,000 | -52.2% | 4.5% |
| GERSHMAN INVESTMENT CORP. | $2,440,000 | $3,000,000 | 23.0% | 3.9% |
| U.S. Bank | $8,930,000 | $2,920,000 | -67.3% | 3.8% |
| NAVY FEDERAL CREDIT UNION | $1,450,000 | $2,310,000 | 59.3% | 3.0% |
| Arbor Realty Trust, Inc. | $2,275,000 | n/a | 3.0% | |
| Magnolia Bank | $5,170,000 | $2,215,000 | -57.2% | 2.9% |
| WALKER & DUNLOP, LLC | $2,175,000 | n/a | 2.8% | |
| Planters Bank, Inc. | $950,000 | $1,845,000 | 94.2% | 2.4% |
| Mortgage Research Center, LLC | $2,785,000 | $1,495,000 | -46.3% | 2.0% |
| CRESCENT MORTGAGE COMPANY | $6,365,000 | $1,470,000 | -76.9% | 1.9% |
| FREEDOM MORTGAGE CORPORATION | $3,060,000 | $1,440,000 | -52.9% | 1.9% |
| Wells Fargo Bank | $500,000 | $1,110,000 | 122.0% | 1.5% |
| Old National Bank | $1,005,000 | n/a | 1.3% | |
| Truist | $3,760,000 | $980,000 | -73.9% | 1.3% |
| Carrington Mortgage Services, LLC | $935,000 | n/a | 1.2% | |
| MID AMERICA MORTGAGE, INC. | $1,130,000 | $885,000 | -21.7% | 1.2% |
| River Valley AgCredit, ACA | $1,625,000 | $805,000 | -50.5% | 1.1% |
| LOANDEPOT.COM, LLC | $1,835,000 | $760,000 | -58.6% | 1.0% |
| EVERETT FINANCIAL, INC. | $360,000 | $745,000 | 106.9% | 1.0% |
| STOCKTON MORTGAGE CORPORATION | $1,825,000 | $660,000 | -63.8% | 0.9% |
| USAA Federal Savings Bank | $910,000 | $660,000 | -27.5% | 0.9% |
| F&M Bank | $985,000 | $625,000 | -36.5% | 0.8% |
| FIRST COMMUNITY MORTGAGE, INC. | $360,000 | $600,000 | 66.7% | 0.8% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $95,000 | $575,000 | 505.3% | 0.8% |
| First Financial Bank | $2,330,000 | $555,000 | -76.2% | 0.7% |
| CHURCHILL MORTGAGE CORPORATION | $115,000 | $535,000 | 365.2% | 0.7% |
| CARDINAL FINANCIAL | $495,000 | n/a | 0.6% | |
| Farm Credit Mid-America, ACA | $55,000 | $480,000 | 772.7% | 0.6% |
| RUOFF MORTGAGE COMPANY, INC. | $470,000 | n/a | 0.6% | |
| CROSSCOUNTRY MORTGAGE, LLC | $325,000 | $445,000 | 36.9% | 0.6% |
| FLAT BRANCH MORTGAGE, INC. | $445,000 | n/a | 0.6% | |
| AMERISAVE MORTGAGE CORPORATION | $1,275,000 | $435,000 | -65.9% | 0.6% |
| POLARIS HOME FUNDING CORP. | $770,000 | $435,000 | -43.5% | 0.6% |
| TRIAD FINANCIAL SERVICES, INC. | $145,000 | $435,000 | 200.0% | 0.6% |
| CapStar Bank | $390,000 | n/a | 0.5% | |
| VILLAGE CAPITAL MORTGAGE | $135,000 | $390,000 | 188.9% | 0.5% |
| AMERICAN FINANCIAL NETWORK, INC. | $360,000 | n/a | 0.5% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $440,000 | $360,000 | -18.2% | 0.5% |
| COMMUNITY BANK | $355,000 | n/a | 0.5% | |
| Discover Bank | $85,000 | $350,000 | 311.8% | 0.5% |
| Fifth Third Bank | $1,455,000 | $345,000 | -76.3% | 0.5% |
| 21ST MORTGAGE CORPORATION | $590,000 | $335,000 | -43.2% | 0.4% |
| PLAZA HOME MORTGAGE, INC. | $335,000 | n/a | 0.4% | |
| The Paducah Bank and Trust Company | $320,000 | n/a | 0.4% | |
| TOP FLITE FINANCIAL, INC. | $320,000 | n/a | 0.4% | |
| LEADERONE FINANCIAL CORPORATION | $295,000 | n/a | 0.4% | |
| Paramount Residential Mortgage Group, Inc. | $295,000 | n/a | 0.4% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $295,000 | n/a | 0.4% | |
| The Federal Savings Bank | $835,000 | $285,000 | -65.9% | 0.4% |
| LAKEVIEW LOAN SERVICING, LLC | $85,000 | $270,000 | 217.6% | 0.4% |
| DELMAR FINANCIAL COMPANY | $265,000 | n/a | 0.3% | |
| JPMorgan Chase Bank | $1,830,000 | $265,000 | -85.5% | 0.3% |
| Alliance Bank | $255,000 | n/a | 0.3% | |
| First Federal Bank | $255,000 | n/a | 0.3% | |
| PENTAGON FEDERAL CREDIT UNION | $365,000 | $255,000 | -30.1% | 0.3% |
| Northpointe Bank | $245,000 | n/a | 0.3% | |
| Barrington Bank & Trust Company, N.A. | $235,000 | n/a | 0.3% | |
| ENDEAVOR CAPITAL, LLC. | $215,000 | n/a | 0.3% | |
| GUARANTEED RATE, INC. | $395,000 | $210,000 | -46.8% | 0.3% |
| FirstBank | $270,000 | $205,000 | -24.1% | 0.3% |
| CLEARPATH LENDING | $195,000 | n/a | 0.3% | |
| ENVOY MORTGAGE, LTD | $195,000 | n/a | 0.3% | |
| PENNYMAC LOAN SERVICES, LLC | $725,000 | $195,000 | -73.1% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $690,000 | $190,000 | -72.5% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $570,000 | $185,000 | -67.5% | 0.2% |
| Pinnacle Bank | $175,000 | n/a | 0.2% | |
| University Bank | $175,000 | n/a | 0.2% | |
| CALCON MUTUAL MORTGAGE LLC | $165,000 | n/a | 0.2% | |
| Edmonton State Bank | $165,000 | n/a | 0.2% | |
| Bank of America | $435,000 | $155,000 | -64.4% | 0.2% |
| COMMUNITY MORTGAGE CORPORATION | $165,000 | $155,000 | -6.1% | 0.2% |
| NEW DAY FINANCIAL, LLC | $390,000 | $155,000 | -60.3% | 0.2% |
| First Harrison Bank | $155,000 | $145,000 | -6.5% | 0.2% |
| Prosperity Home Mortgage, LLC | $145,000 | n/a | 0.2% | |
| DAS Acquisition Company, LLC | $125,000 | n/a | 0.2% | |
| Renasant Bank | $125,000 | n/a | 0.2% | |
| Sierra Pacific Mortgage Company, Inc. | $125,000 | n/a | 0.2% | |
| CMG MORTGAGE, INC. | $85,000 | $115,000 | 35.3% | 0.2% |
| BROKER SOLUTIONS, INC. | $310,000 | $105,000 | -66.1% | 0.1% |
| Colonial Savings, F.A. | $105,000 | n/a | 0.1% | |
| FIRST COLONY MORTGAGE CORPORATION | $105,000 | n/a | 0.1% | |
| NEWREZ LLC | $105,000 | n/a | 0.1% | |
| First Horizon Bank | $185,000 | $95,000 | -48.6% | 0.1% |
| State Bank of Waterloo | $95,000 | n/a | 0.1% | |
| EVANSVILLE TEACHERS | $180,000 | $85,000 | -52.8% | 0.1% |
| ROYAL UNITED MORTGAGE LLC | $85,000 | n/a | 0.1% | |
| The Huntington National Bank | $75,000 | $75,000 | 0.0% | 0.1% |
| Centier Bank | $55,000 | n/a | 0.1% | |
| CREDIT HUMAN FEDERAL CREDIT UNION | $55,000 | n/a | 0.1% | |
| Coastal Community Bank | $45,000 | n/a | 0.1% | |
| Home Federal Bank Corporation | $45,000 | n/a | 0.1% | |
| Deere Employees Credit Union | $70,000 | $35,000 | -50.0% | 0.0% |
| First Citizens National Bank | $35,000 | n/a | 0.0% | |
| Park Lane Finance Solutions, LLC | $35,000 | n/a | 0.0% |
Murray's top lender by overall market share is FirstTrust Home Loans, Inc., with 8.5% market share. In second place, with 6.6%, is Independence Bank of Kentucky, having originated $5,060,000 in loans. In third place, with 6.6%, is FNB Bank, Inc., having originated $5,015,000 in loans. In fourth place, with 5.3%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $4,060,000 in loans. In fifth place, with 4.9%, is Regions Bank, having originated $3,735,000 in loans.
Murray, KY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 256 | $55,480,000 | $216,719 |
| Cash Out Refi | 57 | $12,085,000 | $212,018 |
| Refi | 38 | $5,320,000 | $140,000 |
| Home Improvement | 35 | $1,985,000 | $56,714 |
| Other | 24 | $1,640,000 | $68,333 |
Murray's most frequently cited loan purpose was Home Purchase, with 256 originations. The 2nd most popular reason was Cash Out Refi, with 57 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 130 | $26,870,000 | $206,692 |
| 7-8% | 116 | $20,240,000 | $174,483 |
| Over 8% | 64 | $5,540,000 | $86,563 |
| 5-6% | 56 | $15,170,000 | $270,893 |
| 3-4% | 2 | $30,000 | $15,000 |
| 4-5% | 1 | $105,000 | $105,000 |
During 2023, Murray's most frequently originated rate bucket was 6-7%, with 130 originations.
Loan Sizing (Murray, KY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 166 | $25,440,000 | $153,253 |
| $200k-400k | 116 | $30,740,000 | $265,000 |
| $100,000 or less | 108 | $5,930,000 | $54,907 |
| $400k-600k | 14 | $6,590,000 | $470,714 |
| $Over $1MM | 4 | $6,460,000 | $1,615,000 |
| $600k-1000k | 2 | $1,350,000 | $675,000 |
Murray's loan sizing saw the bucket of loans from $100k-200k with 166 originations, totaling $25,440,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 184 | $40,230,000 | $218,641 |
| 60-80% | 71 | $16,805,000 | $236,690 |
| Under 20% | 37 | $1,295,000 | $35,000 |
| 40-60% | 36 | $5,300,000 | $147,222 |
| 20-40% | 33 | $2,445,000 | $74,091 |
| Over 100% | 5 | $1,075,000 | $215,000 |
Murray's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 184 originations, totaling $40,230,000 in origination value.