Ottumwa Mortgage Rates & Closing Costs

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

    30 Year Fixed Rate mortgages in Ottumwa averaged 6.46% for the week of 2023-03-23, compared to the national average of 6.42% for the same period.

    The average rate for the prior week (2023-03-16) was 6.84% and one month ago for the week of 2023-02-16, the average rate was 6.66%.

    Ottumwa's average rate one year ago was 3.51%.

    For refis of the same type during the week of 2023-03-23, the average rate was 7.12%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-23 6.42%
    Ottumwa 30 Year Fixed Rate 2023-03-23 6.46%
    Ottumwa 30 Year Fixed Rate Refi 2023-03-23 7.12%
    Ottumwa 15 Year Fixed Rate 2023-03-23 6.4%
    Ottumwa 15 Year Fixed Rate Refi 2023-03-23 6.01%
    Ottumwa 30 Year FHA 2023-03-23 6%
    Ottumwa 30 Year FHA Refi 2023-03-23 5.95%
    Ottumwa 30 Year USDA 2023-03-23 6.05%
    Ottumwa 30 Year VA 2023-03-23 6.32%
    Ottumwa 30 Year VA Refi 2023-03-23 6%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Ottumwa, IA.

    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.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    COMMUNITY 1ST CREDIT UNION 68 4.26% $2,219
    U.S. Bank 28 5.16% $2,596
    Deere Employees Credit Union 12 3.74% $2,539
    Wells Fargo Bank 9 4.88% $3,230
    QUICKEN LOANS, LLC 9 4.79% $3,855
    IOWA BANKERS MORTGAGE CORPORATION 7 4.29% $3,031
    Collins Community Credit Union 5 5.28% $1,907
    VERIDIAN CREDIT UNION 4 3.78% $1,638
    West Gate Bank 3 4.38% $2,490
    Lincoln Savings Bank 2 5.31% $2,671
    GREENSTATE CREDIT UNION 2 4.00% $2,232
    MidWestOne Bank 2 4.00% $2,498
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.44% $2,603
    CROSSCOUNTRY MORTGAGE, LLC 2 6.38% $5,276
    LOANDEPOT.COM, LLC 2 4.31% $4,197
    I. H. MISSISSIPPI VALLEY CREDIT UNION 1 4.13% $1,909
    Bank of America 1 4.25% $3,326
    Bank of England 1 5.00% $3,513
    CHARTER WEST BANK 1 4.25% $3,059
    Farm Credit Mid-America, ACA 1 4.25% $10,091
    Farmers State Bank 1 3.88% $2,341
    Great Southern Bank 1 2.70% $6,449
    GUARANTEED RATE, INC. 1 4.75% $3,010
    GUILD MORTGAGE COMPANY 1 3.25% $1,824
    Ally Bank 1 3.25% $3,555
    IMPAC MORTGAGE CORP. 1 7.38% $3,112
    JPMorgan Chase Bank 1 3.75% $3,416
    LAKEVIEW LOAN SERVICING, LLC 1 5.50% $5,293
    Merchants Bank 1 4.90% $1,628
    Waterstone Mortgage Corporation 1 3.88% $5,588

    Ottumwa Average Closing Costs & Other Stats

    Ottumwa, IA's 30 lenders originated 600 loans during 2022. The total origination value was $63,090,000, with an average loan value of $105,150.

    Ottumwa's average closing costs are $3,041.

    The top Ottumwa lender as defined by loan originations is COMMUNITY 1ST CREDIT UNION, with 68 loans originated. Their average total fees are $2,219, which is $377 lower than the next largest lender, U.S. Bank.

    The lowest fee Ottumwa lenders (with over 10 loans originated) are COMMUNITY 1ST CREDIT UNION ($2,219), Deere Employees Credit Union ($2,539), U.S. Bank ($2,596), .

    The lowest rate Ottumwa lenders (with over 10 loans originated) are Deere Employees Credit Union (3.74%), COMMUNITY 1ST CREDIT UNION (4.26%), U.S. Bank (5.16%), .

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    COMMUNITY 1ST CREDIT UNION $20,095,000 $17,510,000 -12.9% 27.8%
    U.S. Bank $10,460,000 $7,015,000 -32.9% 11.1%
    QUICKEN LOANS, LLC $9,110,000 $3,140,000 -65.5% 5.0%
    Deere Employees Credit Union $2,735,000 $3,005,000 9.9% 4.8%
    Mortgage Research Center, LLC $1,935,000 $2,740,000 41.6% 4.3%
    CROSSCOUNTRY MORTGAGE, LLC $555,000 $2,255,000 306.3% 3.6%
    DUPACO COMMUNITY $155,000 $1,585,000 922.6% 2.5%
    Wells Fargo Bank $6,400,000 $1,540,000 -75.9% 2.4%
    IOWA BANKERS MORTGAGE CORPORATION $2,840,000 $1,375,000 -51.6% 2.2%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,185,000 $1,370,000 15.6% 2.2%
    Great Southern Bank $1,055,000 n/a 1.7%
    NAVY FEDERAL CREDIT UNION $290,000 $815,000 181.0% 1.3%
    Washington State Bank $1,185,000 $810,000 -31.6% 1.3%
    MidWestOne Bank $2,975,000 $750,000 -74.8% 1.2%
    GREENSTATE CREDIT UNION $2,835,000 $745,000 -73.7% 1.2%
    RESIDENTIAL MORTGAGE NETWORK, INC. $115,000 $705,000 513.0% 1.1%
    LOANDEPOT.COM, LLC $1,240,000 $695,000 -44.0% 1.1%
    West Gate Bank $7,320,000 $625,000 -91.5% 1.0%
    Collins Community Credit Union $560,000 $620,000 10.7% 1.0%
    VERIDIAN CREDIT UNION $405,000 $580,000 43.2% 0.9%
    JPMorgan Chase Bank $450,000 n/a 0.7%
    Lincoln Savings Bank $65,000 $435,000 569.2% 0.7%
    Bank of America $420,000 n/a 0.7%
    Farm Credit Mid-America, ACA $435,000 $420,000 -3.4% 0.7%
    The Federal Savings Bank $375,000 n/a 0.6%
    BROKER SOLUTIONS, INC. $370,000 n/a 0.6%
    EVERETT FINANCIAL, INC. $340,000 n/a 0.5%
    Mr. Cooper ( Nationstar Mortgage ) $1,075,000 $335,000 -68.8% 0.5%
    GREATER IOWA CREDIT UNION $315,000 n/a 0.5%
    Servion, Inc. $315,000 n/a 0.5%
    Community Choice Credit Union $295,000 n/a 0.5%
    PENNYMAC LOAN SERVICES, LLC $760,000 $295,000 -61.2% 0.5%
    Flagstar Bank, FSB $325,000 $290,000 -10.8% 0.5%
    CALIBER HOME LOANS, INC. $275,000 n/a 0.4%
    GUILD MORTGAGE COMPANY $1,360,000 $275,000 -79.8% 0.4%
    Midwest Heritage Bank FSB $620,000 $265,000 -57.3% 0.4%
    AMERISAVE MORTGAGE CORPORATION $435,000 $260,000 -40.2% 0.4%
    FREEDOM MORTGAGE CORPORATION $800,000 $260,000 -67.5% 0.4%
    Cedar Rapids Bank and Trust Company $255,000 n/a 0.4%
    Barrington Bank & Trust Company, N.A. $660,000 $250,000 -62.1% 0.4%
    CBI Bank & Trust $220,000 $245,000 11.4% 0.4%
    21ST MORTGAGE CORPORATION $230,000 n/a 0.4%
    Equity Prime Mortgage LLC $225,000 n/a 0.4%
    Merchants Bank $225,000 n/a 0.4%
    GUARANTEED RATE, INC. $220,000 n/a 0.3%
    I. H. MISSISSIPPI VALLEY CREDIT UNION $220,000 n/a 0.3%
    Ally Bank $175,000 n/a 0.3%
    NP, Inc. $175,000 n/a 0.3%
    ALLIANT $465,000 $165,000 -64.5% 0.3%
    INLANTA MORTGAGE, INC. $165,000 n/a 0.3%
    SUN WEST MORTGAGE COMPANY, INC. $160,000 n/a 0.3%
    LAKEVIEW LOAN SERVICING, LLC $155,000 n/a 0.2%
    Leighton State Bank $155,000 n/a 0.2%
    Waterstone Mortgage Corporation $315,000 $145,000 -54.0% 0.2%
    NEW DAY FINANCIAL, LLC $95,000 $135,000 42.1% 0.2%
    AMERICAN PACIFIC MORTGAGE CORPORATION $125,000 n/a 0.2%
    IMPAC MORTGAGE CORP. $125,000 n/a 0.2%
    LONGBRIDGE FINANCIAL, LLC $125,000 n/a 0.2%
    Bank of England $115,000 n/a 0.2%
    CHARTER WEST BANK $115,000 n/a 0.2%
    Farmers State Bank $115,000 n/a 0.2%
    Hills Bank and Trust Company $35,000 $115,000 228.6% 0.2%
    Paramount Bank $115,000 n/a 0.2%
    USAA Federal Savings Bank $95,000 n/a 0.2%
    Serve Credit Union $85,000 n/a 0.1%
    Carrington Mortgage Services, LLC $110,000 $65,000 -40.9% 0.1%
    M&T Bank $65,000 n/a 0.1%
    Bank Iowa $190,000 $35,000 -81.6% 0.1%

    Ottumwa's top lender by overall market share is COMMUNITY 1ST CREDIT UNION, with 27.8% market share. In second place, with 11.1%, is U.S. Bank, having originated $7,015,000 in loans. In third place, with 5.0%, is QUICKEN LOANS, LLC, having originated $3,140,000 in loans. In fourth place, with 4.8%, is Deere Employees Credit Union, having originated $3,005,000 in loans. In fifth place, with 4.3%, is Mortgage Research Center, LLC, having originated $2,740,000 in loans.

    Ottumwa Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Ottumwa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $84,950 (-17.1%) $116,556 (-7.8%) 0.00 114
    2018-02-01 $81,250 (-21.6%) $106,182 (-17.2%) 0.00 120
    2018-03-01 $82,750 (-27.3%) $114,085 (-15.3%) 0.00 120
    2018-04-01 $88,850 (-22.7%) $124,103 (-8.1%) 0.00 125
    2018-05-01 $94,900 (-9.1%) $125,821 (-7.6%) 0.00 127
    2018-06-01 $93,950 (-14.0%) $124,857 (-11.1%) 0.00 136
    2018-07-01 $89,000 (-13.6%) $121,065 (-11.5%) 0.00 151
    2018-08-01 $91,175 (-9.2%) $121,446 (-10.4%) 0.00 157
    2018-09-01 $89,900 (-10.0%) $122,630 (-3.0%) 0.00 156
    2018-10-01 $100,875 (6.4%) $123,019 (4.2%) 0.00 148
    2018-11-01 $107,250 (10.6%) $124,914 (6.8%) 0.00 145
    2018-12-01 $107,750 (20.4%) $126,371 (9.4%) 0.00 142
    2019-01-01 $110,725 (30.3%) $129,860 (11.4%) 0.00 132
    2019-02-01 $105,000 (29.2%) $126,903 (19.5%) 0.00 128
    2019-03-01 $105,943 (28.0%) $126,992 (11.3%) 0.00 120
    2019-04-01 $110,493 (24.4%) $132,345 (6.6%) 0.00 117
    2019-05-01 $105,225 (10.9%) $129,609 (3.0%) 0.00 131
    2019-06-01 $102,500 (9.1%) $129,854 (4.0%) 0.00 129
    2019-07-01 $109,475 (23.0%) $132,660 (9.6%) 0.00 135
    2019-08-01 $110,382 (21.1%) $134,404 (10.7%) 0.00 134
    2019-09-01 $118,605 (31.9%) $139,260 (13.6%) 0.00 133
    2019-10-01 $125,000 (23.9%) $142,619 (15.9%) 0.00 135
    2019-11-01 $128,250 (19.6%) $151,588 (21.4%) 0.00 129
    2019-12-01 $127,000 (17.9%) $150,115 (18.8%) 0.00 117
    2020-01-01 $129,350 (16.8%) $153,660 (18.3%) 0.00 114
    2020-02-01 $129,000 (22.9%) $152,932 (20.5%) 0.00 107
    2020-03-01 $143,125 (35.1%) $157,880 (24.3%) 0.00 107
    2020-04-01 $147,975 (33.9%) $161,134 (21.8%) 0.00 106
    2020-05-01 $152,000 (44.5%) $164,653 (27.0%) 0.00 101
    2020-06-01 $155,000 (51.2%) $168,777 (30.0%) 0.00 84
    2020-07-01 $147,000 (34.3%) $166,969 (25.9%) 0.00 71
    2020-08-01 $157,500 (42.7%) $179,250 (33.4%) 0.00 70
    2020-09-01 $142,875 (20.5%) $155,794 (11.9%) 0.00 68
    2020-10-01 $115,000 (-8.0%) $133,399 (-6.5%) 0.00 63
    2020-11-01 $125,000 (-2.5%) $136,676 (-9.8%) 0.00 72
    2020-12-01 $122,500 (-3.5%) $140,221 (-6.6%) 0.00 59
    2021-01-01 $98,000 (-24.2%) $124,376 (-19.1%) 0.00 52
    2021-02-01 $104,250 (-19.2%) $140,564 (-8.1%) 0.00 53
    2021-03-01 $103,750 (-27.5%) $136,548 (-13.5%) 0.00 52
    2021-04-01 $108,250 (-26.9%) $134,749 (-16.4%) 0.00 44
    2021-05-01 $129,450 (-14.8%) $146,236 (-11.2%) 0.00 45
    2021-06-01 $128,750 (-16.9%) $141,866 (-15.9%) 0.00 45
    2021-07-01 $108,000 (-26.5%) $130,660 (-21.8%) 0.00 47
    2021-08-01 $101,875 (-35.3%) $119,634 (-33.3%) 0.00 59
    2021-09-01 $102,250 (-28.4%) $117,458 (-24.6%) 0.00 54
    2021-10-01 $105,000 (-8.7%) $121,577 (-8.9%) 0.00 62
    2021-11-01 $101,600 (-18.7%) $121,946 (-10.8%) 0.00 54
    2021-12-01 $97,500 (-20.4%) $115,114 (-17.9%) 0.00 50
    2022-01-01 $89,000 (-9.2%) $114,103 (-8.3%) 0.00 46
    2022-02-01 $99,675 (-4.4%) $134,818 (-4.1%) 0.00 45
    2022-03-01 $115,000 (10.8%) $148,501 (8.8%) 0.00 46
    2022-04-01 $124,950 (15.4%) $161,193 (19.6%) 0.00 43
    2022-05-01 $142,375 (10.0%) $161,686 (10.6%) 0.00 56
    2022-06-01 $121,850 (-5.4%) $152,965 (7.8%) 0.00 66
    2022-07-01 $133,950 (24.0%) $160,544 (22.9%) 0.00 75
    2022-08-01 $123,700 (21.4%) $164,101 (37.2%) 0.00 58
    2022-09-01 $122,000 (19.3%) $168,942 (43.8%) 0.00 61
    2022-10-01 $131,250 (25.0%) $177,315 (45.9%) 0.00 66
    2022-11-01 $133,125 (31.0%) $184,067 (50.9%) 0.00 65
    2022-12-01 $133,750 (37.2%) $171,429 (48.9%) 0.00 70
    2023-01-01 $138,450 (55.6%) $172,730 (51.4%) 0.00 64
    2023-02-01 $133,750 (34.2%) $165,178 (22.5%) 0.00 54
    Ottumwa's median listing price for 2023-02-01 was $133,750, a difference of $34,075 (34.2%) versus the prior year and $-4,700 versus the prior month.

    Ottumwa's median listing price comes in at 0% of the national average.

    Ottumwa's average listing price for 2023-02-01 was $165,178, a difference of $30,360 (22.5%) versus the prior year and $-7,552 versus the prior month.

    For the 2023-02-01 period, Ottumwa had 54 MLS listings, a difference of -10 listings (-16%) versus the prior month and 9 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ottumwa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,286 sqft
    2018-02-01 0 days 1,258 sqft
    2018-03-01 0 days 1,250 sqft
    2018-04-01 0 days 1,330 sqft
    2018-05-01 0 days 1,296 sqft
    2018-06-01 0 days 1,358 sqft
    2018-07-01 0 days 1,308 sqft
    2018-08-01 0 days 1,296 sqft
    2018-09-01 0 days 1,308 sqft
    2018-10-01 0 days 1,356 sqft
    2018-11-01 0 days 1,384 sqft
    2018-12-01 0 days 1,357 sqft
    2019-01-01 0 days 1,376 sqft
    2019-02-01 0 days 1,422 sqft
    2019-03-01 0 days 1,442 sqft
    2019-04-01 0 days 1,465 sqft
    2019-05-01 0 days 1,452 sqft
    2019-06-01 0 days 1,440 sqft
    2019-07-01 0 days 1,446 sqft
    2019-08-01 0 days 1,423 sqft
    2019-09-01 0 days 1,396 sqft
    2019-10-01 0 days 1,376 sqft
    2019-11-01 0 days 1,434 sqft
    2019-12-01 0 days 1,356 sqft
    2020-01-01 0 days 1,665 sqft
    2020-02-01 0 days 1,392 sqft
    2020-03-01 0 days 1,401 sqft
    2020-04-01 0 days 1,503 sqft
    2020-05-01 0 days 1,456 sqft
    2020-06-01 0 days 1,459 sqft
    2020-07-01 0 days 1,460 sqft
    2020-08-01 0 days 1,500 sqft
    2020-09-01 0 days 1,479 sqft
    2020-10-01 0 days 1,382 sqft
    2020-11-01 0 days 1,450 sqft
    2020-12-01 0 days 1,432 sqft
    2021-01-01 0 days 1,320 sqft
    2021-02-01 0 days 1,289 sqft
    2021-03-01 0 days 1,282 sqft
    2021-04-01 0 days 1,238 sqft
    2021-05-01 0 days 1,362 sqft
    2021-06-01 0 days 1,303 sqft
    2021-07-01 0 days 1,152 sqft
    2021-08-01 0 days 1,179 sqft
    2021-09-01 0 days 1,225 sqft
    2021-10-01 0 days 1,242 sqft
    2021-11-01 0 days 1,170 sqft
    2021-12-01 0 days 1,153 sqft
    2022-01-01 0 days 1,150 sqft
    2022-02-01 0 days 1,175 sqft
    2022-03-01 0 days 1,292 sqft
    2022-04-01 0 days 1,292 sqft
    2022-05-01 0 days 1,303 sqft
    2022-06-01 0 days 1,316 sqft
    2022-07-01 0 days 1,344 sqft
    2022-08-01 0 days 1,370 sqft
    2022-09-01 0 days 1,382 sqft
    2022-10-01 0 days 1,430 sqft
    2022-11-01 0 days 1,488 sqft
    2022-12-01 0 days 1,380 sqft
    2023-01-01 0 days 1,314 sqft
    2023-02-01 0 days 1,344 sqft
    Ottumwa's median listing age (time on market) for 2023-02-01 was 0 days.

    Ottumwa's median square footage for active listings during the 2023-02-01 period was 1,344 sqft. One year prior, the average listing was 1,175 sqft.

    Ottumwa, IA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 360 $44,920,000 $124,778
    Cash Out Refi 139 $8,835,000 $63,561
    Refi 70 $7,150,000 $102,143
    Home Improvement 18 $1,380,000 $76,667
    Other 13 $805,000 $61,923

    Ottumwa's most frequently cited loan purpose was Home Purchase, with 360 originations. The 2nd most popular reason was Cash Out Refi, with 139 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    4-5% 136 $16,130,000 $118,603
    3-4% 107 $14,115,000 $131,916
    5-6% 106 $11,750,000 $110,849
    <2.5% 73 $3,275,000 $44,863
    2.5-3% 48 $6,900,000 $143,750
    6-7% 43 $4,245,000 $98,721
    7-8% 16 $1,420,000 $88,750
    Over 8% 4 $130,000 $32,500

    During 2022, Ottumwa's most frequently originated rate bucket was 4-5%, with 136 originations.

    Loan Sizing (Ottumwa, IA MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 350 $18,900,000 $54,000
    $100k-200k 195 $27,925,000 $143,205
    $200k-400k 51 $12,745,000 $249,902
    $400k-600k 2 $880,000 $440,000
    $Over $1MM 2 $2,640,000 $1,320,000

    Ottumwa's loan sizing saw the bucket of loans from $100,000 or less with 350 originations, totaling $18,900,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 284 $37,830,000 $133,204
    60-80% 101 $12,755,000 $126,287
    20-40% 58 $2,820,000 $48,621
    Under 20% 54 $1,200,000 $22,222
    40-60% 33 $2,545,000 $77,121
    Over 100% 2 $310,000 $155,000

    Ottumwa's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 284 originations, totaling $37,830,000 in origination value.