New Ulm Mortgage Rates & Closing Costs
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% |
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.).
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.