New Ulm Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in New Ulm averaged
6.24%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
6.24% and
one month ago for the week of 2024-09-05, the
average rate was 6.37%.
New Ulm's average rate one year ago was 7.71%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.72%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
| New Ulm 30 Year Fixed Rate | 2024-10-10 | 6.24% |
| New Ulm 30 Year Fixed Rate Refi | 2024-10-10 | 6.72% |
| New Ulm 15 Year Fixed Rate | 2024-10-10 | 5.51% |
| New Ulm 15 Year Fixed Rate Refi | 2024-10-10 | 5.31% |
| New Ulm 30 Year FHA | 2024-10-10 | 6.1% |
| New Ulm 30 Year FHA Refi | 2024-10-10 | 6.4% |
| New Ulm 30 Year USDA | 2024-10-10 | 6.18% |
| New Ulm 30 Year USDA Refi | 2024-10-10 | 5.88% |
| New Ulm 30 Year VA | 2024-10-10 | 6.05% |
| New Ulm 30 Year VA Refi | 2024-10-10 | 6.05% |
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 36 lenders originated 369
loans during 2023. The total origination value was $52,895,000, with an average loan value of
$143,347.
New Ulm's average closing costs are $4,133.
The top New Ulm lender as defined by loan originations is Frandsen Bank & Trust, with
15 loans originated. Their average total fees are
$4,311, which is $381
lower than the next largest lender,
Citizens Bank Minnesota.
The lowest fee New Ulm lenders (with over 10 loans originated) are
Frandsen Bank & Trust ($4,311), Citizens Bank Minnesota ($4,692), .
The lowest rate New Ulm lenders (with over 10 loans originated) are
Citizens Bank Minnesota (6.24%), Frandsen Bank & Trust (6.82%), .
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| SOUTHPOINT FINANCIAL | $16,090,000 | $12,310,000 | -23.5% | 23.3% |
| Citizens Bank Minnesota | $6,045,000 | $7,570,000 | 25.2% | 14.3% |
| Frandsen Bank & Trust | $7,030,000 | $5,295,000 | -24.7% | 10.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,115,000 | $2,825,000 | -9.3% | 5.3% |
| QUICKEN LOANS, LLC | $2,900,000 | $2,525,000 | -12.9% | 4.8% |
| Alliance Bank | $2,610,000 | $2,415,000 | -7.5% | 4.6% |
| COMPEER FINANCIAL, FLCA | $1,695,000 | $1,100,000 | -35.1% | 2.1% |
| GUARANTEED RATE, INC. | $1,905,000 | $1,095,000 | -42.5% | 2.1% |
| IOWA BANKERS MORTGAGE CORPORATION | $265,000 | $875,000 | 230.2% | 1.7% |
| Prosperity Home Mortgage, LLC | $1,305,000 | $790,000 | -39.5% | 1.5% |
| Wells Fargo Bank | $1,645,000 | $735,000 | -55.3% | 1.4% |
| PENNYMAC LOAN SERVICES, LLC | $230,000 | $645,000 | 180.4% | 1.2% |
| Bank Midwest | $6,460,000 | $625,000 | -90.3% | 1.2% |
| Bremer Bank | $15,000 | $540,000 | 3,500.0% | 1.0% |
| DRAPER AND KRAMER MORTGAGE CORP. | $520,000 | n/a | 1.0% | |
| MinnStar Bank N.A. | $565,000 | $495,000 | -12.4% | 0.9% |
| CROSSCOUNTRY MORTGAGE, LLC | $1,030,000 | $460,000 | -55.3% | 0.9% |
| Minnwest Bank | $765,000 | $440,000 | -42.5% | 0.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,075,000 | $430,000 | -60.0% | 0.8% |
| Flagstar Bank, FSB | $730,000 | $385,000 | -47.3% | 0.7% |
| Mr. Cooper ( Nationstar Mortgage ) | $300,000 | $380,000 | 26.7% | 0.7% |
| U.S. Bank | $925,000 | $360,000 | -61.1% | 0.7% |
| National Bank of Commerce | $355,000 | n/a | 0.7% | |
| Plains Commerce Bank | $800,000 | $350,000 | -56.3% | 0.7% |
| WINGS FINANCIAL | $495,000 | $340,000 | -31.3% | 0.6% |
| PLAZA HOME MORTGAGE, INC. | $125,000 | $330,000 | 164.0% | 0.6% |
| Old National Bank | $240,000 | $320,000 | 33.3% | 0.6% |
| AMERISAVE MORTGAGE CORPORATION | $175,000 | $290,000 | 65.7% | 0.5% |
| EVERETT FINANCIAL, INC. | $445,000 | $275,000 | -38.2% | 0.5% |
| Summit Mortgage Corporation | $135,000 | $255,000 | 88.9% | 0.5% |
| CHURCHILL MORTGAGE CORPORATION | $235,000 | n/a | 0.4% | |
| MEGASTAR FINANCIAL CORP. | $235,000 | n/a | 0.4% | |
| The Federal Savings Bank | $235,000 | n/a | 0.4% | |
| Ally Bank | $175,000 | $225,000 | 28.6% | 0.4% |
| NEWREZ LLC | $225,000 | n/a | 0.4% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $215,000 | n/a | 0.4% | |
| Citizens Alliance Bank | $210,000 | n/a | 0.4% | |
| MORTGAGEONE, INC. | $205,000 | n/a | 0.4% | |
| SIRVA MORTGAGE, INC. | $135,000 | $205,000 | 51.9% | 0.4% |
| LOANDEPOT.COM, LLC | $570,000 | $185,000 | -67.5% | 0.3% |
| Merchants Bank | $265,000 | $185,000 | -30.2% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $175,000 | $185,000 | 5.7% | 0.3% |
| FREEDOM MORTGAGE CORPORATION | $355,000 | $175,000 | -50.7% | 0.3% |
| Stifel Bank and Trust | $175,000 | n/a | 0.3% | |
| United Prairie Bank | $175,000 | n/a | 0.3% | |
| Servion, Inc. | $380,000 | $170,000 | -55.3% | 0.3% |
| Tradition Mortgage, LLC | $165,000 | n/a | 0.3% | |
| First Bank & Trust | $165,000 | $155,000 | -6.1% | 0.3% |
| Minnesota Valley Federal Credit Union | $630,000 | $155,000 | -75.4% | 0.3% |
| Mortgage Research Center, LLC | $3,170,000 | $155,000 | -95.1% | 0.3% |
| Pioneer Bank | $155,000 | n/a | 0.3% | |
| Cambria Financial Group, LLC | $55,000 | $145,000 | 163.6% | 0.3% |
| Liberty Bank Minnesota | $145,000 | n/a | 0.3% | |
| MOVEMENT MORTGAGE, LLC | $135,000 | n/a | 0.3% | |
| AFFINITY PLUS | $315,000 | $130,000 | -58.7% | 0.2% |
| HomeTown Bank | $470,000 | $125,000 | -73.4% | 0.2% |
| Park State Bank | $125,000 | n/a | 0.2% | |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $120,000 | n/a | 0.2% | |
| First National Bank of America | $115,000 | n/a | 0.2% | |
| Goldwater Bank, N.A. | $230,000 | $115,000 | -50.0% | 0.2% |
| JPMorgan Chase Bank | $115,000 | $115,000 | 0.0% | 0.2% |
| Home Federal Savings Bank | $180,000 | $110,000 | -38.9% | 0.2% |
| BAY EQUITY LLC | $360,000 | $105,000 | -70.8% | 0.2% |
| NEW DAY FINANCIAL, LLC | $105,000 | n/a | 0.2% | |
| CMG MORTGAGE, INC. | $100,000 | n/a | 0.2% | |
| Community Bank Mankato | $85,000 | n/a | 0.2% | |
| HIWAY | $35,000 | $85,000 | 142.9% | 0.2% |
| USAA Federal Savings Bank | $85,000 | n/a | 0.2% | |
| Connexus Credit Union | $75,000 | n/a | 0.1% | |
| The Huntington National Bank | $215,000 | $75,000 | -65.1% | 0.1% |
| Citizens Bank | $65,000 | n/a | 0.1% | |
| THRIVENT Federal Credit Union | $55,000 | n/a | 0.1% | |
| Figure Lending LLC | $35,000 | n/a | 0.1% | |
| VERIDIAN CREDIT UNION | $25,000 | n/a | 0.0% |
New Ulm's top lender by overall market share is SOUTHPOINT FINANCIAL, with 23.3% market share. In second place, with 14.3%, is Citizens Bank Minnesota, having originated $7,570,000 in loans. In third place, with 10.0%, is Frandsen Bank & Trust, having originated $5,295,000 in loans. In fourth place, with 5.3%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $2,825,000 in loans. In fifth place, with 4.8%, is QUICKEN LOANS, LLC, having originated $2,525,000 in loans.
New Ulm, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 249 | $42,165,000 | $169,337 |
| Refi | 48 | $4,740,000 | $98,750 |
| Other | 27 | $1,515,000 | $56,111 |
| Home Improvement | 23 | $1,575,000 | $68,478 |
| Cash Out Refi | 22 | $2,900,000 | $131,818 |
New Ulm's most frequently cited loan purpose was Home Purchase, with 249 originations. The 2nd most popular reason was Refi, with 48 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 92 | $15,670,000 | $170,326 |
| 7-8% | 64 | $9,970,000 | $155,781 |
| 5-6% | 39 | $6,465,000 | $165,769 |
| Over 8% | 16 | $1,770,000 | $110,625 |
| <2.5% | 2 | $30,000 | $15,000 |
| 4-5% | 1 | $25,000 | $25,000 |
| 3-4% | 1 | $75,000 | $75,000 |
During 2023, New Ulm's most frequently originated rate bucket was 6-7%, with 92 originations.
Loan Sizing (New Ulm, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 149 | $22,005,000 | $147,685 |
| $100,000 or less | 137 | $7,505,000 | $54,781 |
| $200k-400k | 78 | $20,210,000 | $259,103 |
| $400k-600k | 4 | $1,910,000 | $477,500 |
| $Over $1MM | 1 | $1,265,000 | $1,265,000 |
New Ulm's loan sizing saw the bucket of loans from $100k-200k with 149 originations, totaling $22,005,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 112 | $20,280,000 | $181,071 |
| 60-80% | 47 | $9,425,000 | $200,532 |
| Under 20% | 23 | $695,000 | $30,217 |
| 20-40% | 20 | $1,770,000 | $88,500 |
| 40-60% | 13 | $1,775,000 | $136,538 |
New Ulm's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 112 originations, totaling $20,280,000 in origination value.