Ottumwa Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ottumwa averaged
6.48%
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
6.41% and
one month ago for the week of 2024-10-03, the
average rate was 6.11%.
Ottumwa's average rate one year ago was 7.65%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.09%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Ottumwa 30 Year Fixed Rate | 2024-11-07 | 6.48% |
| Ottumwa 30 Year Fixed Rate Refi | 2024-11-07 | 7.09% |
| Ottumwa 15 Year Fixed Rate | 2024-11-07 | 6.2% |
| Ottumwa 15 Year Fixed Rate Refi | 2024-11-07 | 6.2% |
| Ottumwa 30 Year FHA | 2024-11-07 | 6.63% |
| Ottumwa 30 Year FHA Refi | 2024-11-07 | 6.23% |
| Ottumwa 30 Year USDA | 2024-11-07 | 6.48% |
| Ottumwa 30 Year USDA Refi | 2024-11-07 | 6.48% |
| Ottumwa 30 Year VA | 2024-11-07 | 6.14% |
| Ottumwa 30 Year VA Refi | 2024-11-07 | 6.24% |
Ottumwa 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 Ottumwa, IA 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.).
Ottumwa Average Closing Costs & Other Stats
Ottumwa, IA's 34 lenders originated 569
loans during 2023. The total origination value was $64,545,000, with an average loan value of
$113,436.
Ottumwa's average closing costs are $3,201.
The top Ottumwa lender as defined by loan originations is COMMUNITY 1ST CREDIT UNION, with
90 loans originated. Their average total fees are
$2,338, which is $484
lower than the next largest lender,
U.S. Bank.
The lowest fee Ottumwa lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION ($2,338), U.S. Bank ($2,822), .
The lowest rate Ottumwa lenders (with over 10 loans originated) are
COMMUNITY 1ST CREDIT UNION (6.45%), U.S. Bank (7.04%), .
Ottumwa, IA 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 |
|---|---|---|---|---|
| COMMUNITY 1ST CREDIT UNION | $17,510,000 | $20,485,000 | 17.0% | 31.7% |
| U.S. Bank | $7,015,000 | $6,420,000 | -8.5% | 9.9% |
| Hills Bank and Trust Company | $115,000 | $3,435,000 | 2,887.0% | 5.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,255,000 | $2,780,000 | 23.3% | 4.3% |
| QUICKEN LOANS, LLC | $3,140,000 | $2,660,000 | -15.3% | 4.1% |
| Deere Employees Credit Union | $3,005,000 | $2,470,000 | -17.8% | 3.8% |
| Mortgage Research Center, LLC | $2,740,000 | $2,085,000 | -23.9% | 3.2% |
| GREENSTATE CREDIT UNION | $745,000 | $1,480,000 | 98.7% | 2.3% |
| Wells Fargo Bank | $1,540,000 | $1,085,000 | -29.5% | 1.7% |
| Bank Iowa | $35,000 | $1,025,000 | 2,828.6% | 1.6% |
| BROKER SOLUTIONS, INC. | $370,000 | $1,020,000 | 175.7% | 1.6% |
| IOWA BANKERS MORTGAGE CORPORATION | $1,375,000 | $855,000 | -37.8% | 1.3% |
| West Gate Bank | $625,000 | $825,000 | 32.0% | 1.3% |
| Fortress Bank | $795,000 | n/a | 1.2% | |
| MidWestOne Bank | $750,000 | $740,000 | -1.3% | 1.1% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $125,000 | $685,000 | 448.0% | 1.1% |
| BankIowa of Cedar Rapids | $605,000 | n/a | 0.9% | |
| Farm Credit Mid-America, ACA | $420,000 | $585,000 | 39.3% | 0.9% |
| Leighton State Bank | $155,000 | $555,000 | 258.1% | 0.9% |
| FREEDOM MORTGAGE CORPORATION | $260,000 | $535,000 | 105.8% | 0.8% |
| The Federal Savings Bank | $375,000 | $510,000 | 36.0% | 0.8% |
| VERIDIAN CREDIT UNION | $580,000 | $490,000 | -15.5% | 0.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $455,000 | n/a | 0.7% | |
| Bank of America | $420,000 | $400,000 | -4.8% | 0.6% |
| CARDINAL FINANCIAL | $400,000 | n/a | 0.6% | |
| GUARANTEED RATE, INC. | $220,000 | $395,000 | 79.5% | 0.6% |
| AMERISAVE MORTGAGE CORPORATION | $260,000 | $385,000 | 48.1% | 0.6% |
| PNC Bank | $365,000 | n/a | 0.6% | |
| 21ST MORTGAGE CORPORATION | $230,000 | $350,000 | 52.2% | 0.5% |
| GERSHMAN INVESTMENT CORP. | $350,000 | n/a | 0.5% | |
| Washington State Bank | $810,000 | $345,000 | -57.4% | 0.5% |
| RESIDENTIAL MORTGAGE NETWORK, INC. | $705,000 | $280,000 | -60.3% | 0.4% |
| ASCENTRA | $275,000 | n/a | 0.4% | |
| Carrington Mortgage Services, LLC | $65,000 | $265,000 | 307.7% | 0.4% |
| USAA Federal Savings Bank | $95,000 | $245,000 | 157.9% | 0.4% |
| First National Bank of Omaha | $225,000 | n/a | 0.3% | |
| Tradesmen Community Credit Union | $215,000 | n/a | 0.3% | |
| Community Choice Credit Union | $295,000 | $210,000 | -28.8% | 0.3% |
| MARINE | $210,000 | n/a | 0.3% | |
| JMAC LENDING, INC. | $205,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $695,000 | $200,000 | -71.2% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $190,000 | n/a | 0.3% | |
| DUPACO COMMUNITY | $1,585,000 | $185,000 | -88.3% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $185,000 | n/a | 0.3% | |
| HOMESERVICES LENDING, LLC | $160,000 | n/a | 0.2% | |
| Ally Bank | $175,000 | $155,000 | -11.4% | 0.2% |
| Collins Community Credit Union | $620,000 | $155,000 | -75.0% | 0.2% |
| ENDEAVOR CAPITAL, LLC. | $155,000 | n/a | 0.2% | |
| Points West Community Bank | $135,000 | n/a | 0.2% | |
| Bank Star | $125,000 | n/a | 0.2% | |
| Sierra Pacific Mortgage Company, Inc. | $125,000 | n/a | 0.2% | |
| Mount Vernon Bank and Trust Company | $115,000 | n/a | 0.2% | |
| GUILD MORTGAGE COMPANY | $275,000 | $105,000 | -61.8% | 0.2% |
| Lincoln Savings Bank | $435,000 | $105,000 | -75.9% | 0.2% |
| BMO Harris Bank | $95,000 | n/a | 0.1% | |
| AMERICAN FINANCING CORPORATION | $85,000 | n/a | 0.1% | |
| TRIAD FINANCIAL SERVICES, INC. | $85,000 | n/a | 0.1% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $75,000 | n/a | 0.1% | |
| PHH Mortgage Corporation | $75,000 | n/a | 0.1% | |
| Great Southern Bank | $1,055,000 | $70,000 | -93.4% | 0.1% |
| DIGITAL Federal Credit Union | $55,000 | n/a | 0.1% | |
| NAVY FEDERAL CREDIT UNION | $815,000 | $35,000 | -95.7% | 0.1% |
| Southwest Airlines Federal Credit Union | $35,000 | n/a | 0.1% | |
| Coastal Community Bank | $25,000 | n/a | 0.0% |
Ottumwa's top lender by overall market share is COMMUNITY 1ST CREDIT UNION, with 31.7% market share. In second place, with 9.9%, is U.S. Bank, having originated $6,420,000 in loans. In third place, with 5.3%, is Hills Bank and Trust Company, having originated $3,435,000 in loans. In fourth place, with 4.3%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $2,780,000 in loans. In fifth place, with 4.1%, is QUICKEN LOANS, LLC, having originated $2,660,000 in loans.
Ottumwa, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 344 | $50,440,000 | $146,628 |
| Cash Out Refi | 104 | $5,900,000 | $56,731 |
| Refi | 83 | $6,565,000 | $79,096 |
| Home Improvement | 21 | $1,055,000 | $50,238 |
| Other | 17 | $585,000 | $34,412 |
Ottumwa's most frequently cited loan purpose was Home Purchase, with 344 originations. The 2nd most popular reason was Cash Out Refi, with 104 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 175 | $24,685,000 | $141,057 |
| <2.5% | 107 | $4,405,000 | $41,168 |
| 7-8% | 107 | $13,875,000 | $129,673 |
| 5-6% | 85 | $12,205,000 | $143,588 |
| Over 8% | 48 | $3,590,000 | $74,792 |
| 4-5% | 5 | $395,000 | $79,000 |
During 2023, Ottumwa's most frequently originated rate bucket was 6-7%, with 175 originations.
Loan Sizing (Ottumwa, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 324 | $16,860,000 | $52,037 |
| $100k-200k | 180 | $25,240,000 | $140,222 |
| $200k-400k | 58 | $14,980,000 | $258,276 |
| $400k-600k | 4 | $1,930,000 | $482,500 |
| $Over $1MM | 2 | $4,930,000 | $2,465,000 |
| $600k-1000k | 1 | $605,000 | $605,000 |
Ottumwa's loan sizing saw the bucket of loans from $100,000 or less with 324 originations, totaling $16,860,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 241 | $34,485,000 | $143,091 |
| 60-80% | 88 | $10,720,000 | $121,818 |
| Under 20% | 78 | $2,360,000 | $30,256 |
| 20-40% | 77 | $3,715,000 | $48,247 |
| 40-60% | 35 | $6,515,000 | $186,143 |
| Over 100% | 1 | $325,000 | $325,000 |
Ottumwa's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 241 originations, totaling $34,485,000 in origination value.