New Ulm Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in New Ulm averaged 7.08% for the week of 2023-11-30, compared to the national average of 7.22% for the same period.

The average rate for the prior week (2023-11-22) was 7.15% and one month ago for the week of 2023-10-26, the average rate was 7.85%.

New Ulm's average rate one year ago was 6.64%.

For refis of the same type during the week of 2023-11-30, the average rate was 7.72%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-11-30 7.22%
New Ulm 30 Year Fixed Rate 2023-11-30 7.08%
New Ulm 30 Year Fixed Rate Refi 2023-11-30 7.72%
New Ulm 15 Year Fixed Rate 2023-11-30 6.36%
New Ulm 15 Year Fixed Rate Refi 2023-11-30 6.86%
New Ulm 30 Year FHA 2023-11-30 7.05%
New Ulm 30 Year FHA Refi 2023-11-30 6.75%
New Ulm 30 Year USDA 2023-11-30 6.9%
New Ulm 30 Year USDA Refi 2023-11-30 6.9%
New Ulm 30 Year VA 2023-11-30 6.67%
New Ulm 30 Year VA Refi 2023-11-30 6.77%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within New Ulm, MN.

New Ulm 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 New Ulm, MN 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
Bank Midwest 26 5.36% $3,171
Frandsen Bank & Trust 21 4.70% $4,152
Citizens Bank Minnesota 16 4.47% $3,394
Wells Fargo Bank 7 5.13% $3,346
UNITED WHOLESALE MORTGAGE, LLC 7 5.84% $4,363
GUARANTEED RATE, INC. 5 5.87% $4,319
QUICKEN LOANS, LLC 4 4.90% $5,841
Alliance Bank 4 4.94% $3,630
COMPEER FINANCIAL, FLCA 4 4.56% $6,225
CROSSCOUNTRY MORTGAGE, LLC 3 5.08% $4,178
U.S. Bank 3 6.00% $3,257
Prosperity Home Mortgage, LLC 3 4.71% $3,887
HomeTown Bank 3 5.04% $3,044
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 4.46% $8,068
AFFINITY PLUS 2 5.75% $3,322
BROKER SOLUTIONS, INC. 2 5.63% $4,504
ENVOY MORTGAGE, LTD 2 5.69% $3,543
Flagstar Bank, FSB 2 6.54% $4,112
Minnwest Bank 2 5.25% $6,027
Old National Bank 2 5.81% $3,342
WINGS FINANCIAL 2 5.69% $2,943
First Bank & Trust 1 2.88% $4,302
AmeriHome Mortgage Company, LLC 1 3.75% $4,531
CALIBER HOME LOANS, INC. 1 4.99% $7,308
BLACK HILLS FEDERAL CREDIT UNION 1 4.38% $5,216
HOMESIDE FINANCIAL, LLC 1 3.25% $2,940
BAY EQUITY LLC 1 5.88% $6,324
IOWA BANKERS MORTGAGE CORPORATION 1 5.25% $2,638
LOANDEPOT.COM, LLC 1 2.25% $8,638
AMERICAN FINANCING CORPORATION 1 3.13% $0
Mr. Cooper ( Nationstar Mortgage ) 1 4.25% $4,081
NAVY FEDERAL CREDIT UNION 1 7.25% $3,280
North Shore Bank of Commerce 1 3.25% $3,124
Ally Bank 1 7.13% $4,937
Pinnacle Bank 1 5.50% $3,403
PLAZA HOME MORTGAGE, INC. 1 5.49% $5,044
Presidential Bank, FSB 1 3.25% $2,462
BankVista 1 4.50% $5,598
AXIA FINANCIAL, LLC 1 5.25% $4,635
Servion, Inc. 1 4.00% $4,846
SIRVA MORTGAGE, INC. 1 5.88% $4,889
Summit Mortgage Corporation 1 4.13% $3,658
The Huntington National Bank 1 6.63% $5,083
Think Mutual Bank 1 3.25% $2,428
Colonial Savings, F.A. 1 5.63% $3,986
Carrington Mortgage Services, LLC 1 4.50% $2,738
Truist 1 3.13% $3,319
EVERETT FINANCIAL, INC. 1 6.13% $1,810
Cambria Financial Group, LLC 1 5.88% $3,598

New Ulm Average Closing Costs & Other Stats

New Ulm, MN's 49 lenders originated 495 loans during 2022. The total origination value was $86,325,000, with an average loan value of $174,394.

New Ulm's average closing costs are $3,967.

The top New Ulm lender as defined by loan originations is Bank Midwest, with 26 loans originated. Their average total fees are $3,171, which is $981 lower than the next largest lender, Frandsen Bank & Trust.

The lowest fee New Ulm lenders (with over 10 loans originated) are Bank Midwest ($3,171), Citizens Bank Minnesota ($3,394), Frandsen Bank & Trust ($4,152), .

The lowest rate New Ulm lenders (with over 10 loans originated) are Citizens Bank Minnesota (4.47%), Frandsen Bank & Trust (4.70%), Bank Midwest (5.36%), .

New Ulm, MN 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
SOUTHPOINT FINANCIAL $39,130,000 $16,090,000 -58.9% 18.6%
Frandsen Bank & Trust $14,300,000 $7,030,000 -50.8% 8.1%
Bank Midwest $7,685,000 $6,460,000 -15.9% 7.5%
American Heritage National Bank $6,205,000 n/a 7.2%
Citizens Bank Minnesota $14,545,000 $6,045,000 -58.4% 7.0%
Sentry Bank $3,605,000 n/a 4.2%
Mortgage Research Center, LLC $1,205,000 $3,170,000 163.1% 3.7%
UNITED WHOLESALE MORTGAGE, LLC $4,680,000 $3,115,000 -33.4% 3.6%
Capital One $3,075,000 n/a 3.6%
QUICKEN LOANS, LLC $6,405,000 $2,900,000 -54.7% 3.4%
Alliance Bank $8,725,000 $2,610,000 -70.1% 3.0%
GUARANTEED RATE, INC. $145,000 $1,905,000 1,213.8% 2.2%
COMPEER FINANCIAL, FLCA $4,275,000 $1,695,000 -60.4% 2.0%
Wells Fargo Bank $6,515,000 $1,645,000 -74.8% 1.9%
Prosperity Home Mortgage, LLC $695,000 $1,305,000 87.8% 1.5%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,040,000 $1,075,000 3.4% 1.2%
CROSSCOUNTRY MORTGAGE, LLC $3,015,000 $1,030,000 -65.8% 1.2%
U.S. Bank $900,000 $925,000 2.8% 1.1%
Plains Commerce Bank $3,530,000 $800,000 -77.3% 0.9%
Minnwest Bank $765,000 n/a 0.9%
Flagstar Bank, FSB $995,000 $730,000 -26.6% 0.8%
Minnesota Valley Federal Credit Union $715,000 $630,000 -11.9% 0.7%
LOANDEPOT.COM, LLC $605,000 $570,000 -5.8% 0.7%
MinnStar Bank N.A. $565,000 n/a 0.7%
WINGS FINANCIAL $495,000 n/a 0.6%
HomeTown Bank $1,415,000 $470,000 -66.8% 0.5%
BROKER SOLUTIONS, INC. $700,000 $465,000 -33.6% 0.5%
EVERETT FINANCIAL, INC. $135,000 $445,000 229.6% 0.5%
BankVista $415,000 n/a 0.5%
Carrington Mortgage Services, LLC $510,000 $405,000 -20.6% 0.5%
Servion, Inc. $735,000 $380,000 -48.3% 0.4%
Truist $375,000 n/a 0.4%
BAY EQUITY LLC $340,000 $360,000 5.9% 0.4%
FREEDOM MORTGAGE CORPORATION $1,665,000 $355,000 -78.7% 0.4%
NAVY FEDERAL CREDIT UNION $215,000 $355,000 65.1% 0.4%
PRIMELENDING, A PLAINSCAPITAL COMPANY $340,000 n/a 0.4%
AFFINITY PLUS $125,000 $315,000 152.0% 0.4%
Mr. Cooper ( Nationstar Mortgage ) $85,000 $300,000 252.9% 0.3%
Heritage Bank $60,000 $265,000 341.7% 0.3%
IOWA BANKERS MORTGAGE CORPORATION $240,000 $265,000 10.4% 0.3%
Merchants Bank $495,000 $265,000 -46.5% 0.3%
Old National Bank $300,000 $240,000 -20.0% 0.3%
Goldwater Bank, N.A. $210,000 $230,000 9.5% 0.3%
PENNYMAC LOAN SERVICES, LLC $965,000 $230,000 -76.2% 0.3%
Peoples State Bank of Plainview $225,000 n/a 0.3%
DIAMOND RESIDENTIAL MORTGAGE CORPORATION $215,000 n/a 0.2%
Pinnacle Bank $215,000 n/a 0.2%
The Huntington National Bank $215,000 n/a 0.2%
ENVOY MORTGAGE, LTD $210,000 n/a 0.2%
Presidential Bank, FSB $205,000 n/a 0.2%
CALIBER HOME LOANS, INC. $220,000 $195,000 -11.4% 0.2%
Bell Bank $375,000 $185,000 -50.7% 0.2%
Equity Prime Mortgage LLC $185,000 n/a 0.2%
Home Federal Savings Bank $165,000 $180,000 9.1% 0.2%
Ally Bank $175,000 n/a 0.2%
AMERISAVE MORTGAGE CORPORATION $520,000 $175,000 -66.3% 0.2%
MILEND, INC. $175,000 n/a 0.2%
MUTUAL OF OMAHA MORTGAGE, INC. $175,000 n/a 0.2%
BLACK HILLS FEDERAL CREDIT UNION $165,000 n/a 0.2%
First Bank & Trust $515,000 $165,000 -68.0% 0.2%
AMERICAN FINANCING CORPORATION $155,000 $155,000 0.0% 0.2%
AXIA FINANCIAL, LLC $145,000 n/a 0.2%
LAKEVIEW LOAN SERVICING, LLC $755,000 $135,000 -82.1% 0.2%
SIRVA MORTGAGE, INC. $255,000 $135,000 -47.1% 0.2%
Summit Mortgage Corporation $135,000 n/a 0.2%
North Shore Bank of Commerce $125,000 n/a 0.1%
PLAZA HOME MORTGAGE, INC. $1,335,000 $125,000 -90.6% 0.1%
Barrington Bank & Trust Company, N.A. $115,000 $115,000 0.0% 0.1%
Colonial Savings, F.A. $115,000 n/a 0.1%
HOMESIDE FINANCIAL, LLC $280,000 $115,000 -58.9% 0.1%
JPMorgan Chase Bank $115,000 n/a 0.1%
LIBERTY HOME MORTGAGE CORPORATION $105,000 n/a 0.1%
HOMEOWNERS FINANCIAL GROUP USA, LLC $415,000 $100,000 -75.9% 0.1%
AmeriHome Mortgage Company, LLC $85,000 n/a 0.1%
Lend Smart Mortgage, LLC $465,000 $85,000 -81.7% 0.1%
Pioneer Bank & Trust $65,000 n/a 0.1%
BMO Harris Bank $55,000 n/a 0.1%
Cambria Financial Group, LLC $55,000 n/a 0.1%
First International Bank & Trust $55,000 n/a 0.1%
Baxter Credit Union $35,000 n/a 0.0%
HIWAY $35,000 $35,000 0.0% 0.0%
Think Mutual Bank $35,000 n/a 0.0%
SPIRE Credit Union $145,000 $25,000 -82.8% 0.0%
Bremer Bank $835,000 $15,000 -98.2% 0.0%

New Ulm's top lender by overall market share is SOUTHPOINT FINANCIAL, with 18.6% market share. In second place, with 8.1%, is Frandsen Bank & Trust, having originated $7,030,000 in loans. In third place, with 7.5%, is Bank Midwest, having originated $6,460,000 in loans. In fourth place, with 7.2%, is American Heritage National Bank, having originated $6,205,000 in loans. In fifth place, with 7.0%, is Citizens Bank Minnesota, having originated $6,045,000 in loans.

New Ulm, MN Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 323 $65,465,000 $202,678
Refi 78 $9,930,000 $127,308
Cash Out Refi 57 $8,475,000 $148,684
Home Improvement 21 $1,065,000 $50,714
Other 16 $1,390,000 $86,875

New Ulm's most frequently cited loan purpose was Home Purchase, with 323 originations. The 2nd most popular reason was Refi, with 78 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
5-6% 112 $16,870,000 $150,625
4-5% 81 $12,685,000 $156,605
3-4% 80 $13,540,000 $169,250
6-7% 46 $7,400,000 $160,870
<2.5% 13 $1,525,000 $117,308
2.5-3% 11 $1,805,000 $164,091
7-8% 8 $1,260,000 $157,500
Over 8% 2 $100,000 $50,000

During 2022, New Ulm's most frequently originated rate bucket was 5-6%, with 112 originations.

Loan Sizing (New Ulm, MN MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 225 $33,215,000 $147,622
$100,000 or less 154 $8,700,000 $56,494
$200k-400k 102 $26,650,000 $261,275
$400k-600k 11 $4,875,000 $443,182
$Over $1MM 3 $12,885,000 $4,295,000

New Ulm's loan sizing saw the bucket of loans from $100k-200k with 225 originations, totaling $33,215,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 180 $33,860,000 $188,111
60-80% 87 $14,435,000 $165,920
20-40% 31 $2,285,000 $73,710
40-60% 31 $6,675,000 $215,323
Under 20% 23 $605,000 $26,304
Over 100% 1 $285,000 $285,000

New Ulm's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 180 originations, totaling $33,860,000 in origination value.