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 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%
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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Frandsen Bank & Trust 15 6.82% $4,311
Citizens Bank Minnesota 12 6.24% $4,692
UNITED WHOLESALE MORTGAGE, LLC 9 6.91% $5,815
QUICKEN LOANS, LLC 8 6.91% $6,026
GUARANTEED RATE, INC. 5 7.10% $5,627
IOWA BANKERS MORTGAGE CORPORATION 5 6.45% $3,948
COMPEER FINANCIAL, FLCA 4 7.97% $3,131
Plains Commerce Bank 3 6.79% $3,780
U.S. Bank 3 6.75% $3,961
Minnwest Bank 3 6.46% $3,802
WINGS FINANCIAL 2 5.81% $3,395
Old National Bank 2 6.69% $2,681
PLAZA HOME MORTGAGE, INC. 2 7.06% $4,430
CROSSCOUNTRY MORTGAGE, LLC 2 7.13% $8,594
Bremer Bank 2 6.56% $3,913
Wells Fargo Bank 2 7.00% $2,289
SIRVA MORTGAGE, INC. 1 6.13% $20
Stifel Bank and Trust 1 6.63% $2,751
Tradition Mortgage, LLC 1 6.88% $4,620
USAA Federal Savings Bank 1 7.13% $3,024
Merchants Bank 1 7.40% $2,770
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $2,898
AMERISAVE MORTGAGE CORPORATION 1 6.00% $7,015
Cambria Financial Group, LLC 1 7.25% $4,816
CHURCHILL MORTGAGE CORPORATION 1 7.25% $6,744
DRAPER AND KRAMER MORTGAGE CORP. 1 7.00% $4,153
First Bank & Trust 1 6.63% $4,632
First National Bank of America 1 11.24% $6,837
JPMorgan Chase Bank 1 8.13% $4,060
Liberty Bank Minnesota 1 6.00% $4,600
LOANDEPOT.COM, LLC 1 7.50% $6,562
Ally Bank 1 5.38% $10,270
MOVEMENT MORTGAGE, LLC 1 7.75% $5,392
PENNYMAC LOAN SERVICES, LLC 1 7.13% $5,967
Prosperity Home Mortgage, LLC 1 6.50% $5,533
Servion, Inc. 1 6.50% $3,379

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.