Owatonna Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Owatonna averaged
6.74%
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
6.87% and
one month ago for the week of 2024-10-03, the
average rate was 6.27%.
Owatonna's average rate one year ago was 8.01%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.79%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Owatonna 30 Year Fixed Rate | 2024-11-07 | 6.74% |
| Owatonna 30 Year Fixed Rate Refi | 2024-11-07 | 6.79% |
| Owatonna 15 Year Fixed Rate | 2024-11-07 | 6% |
| Owatonna 15 Year Fixed Rate Refi | 2024-11-07 | 6.6% |
| Owatonna 30 Year FHA | 2024-11-07 | 6.35% |
| Owatonna 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Owatonna 30 Year USDA | 2024-11-07 | 6.68% |
| Owatonna 30 Year USDA Refi | 2024-11-07 | 6.38% |
| Owatonna 30 Year VA | 2024-11-07 | 6.54% |
| Owatonna 30 Year VA Refi | 2024-11-07 | 6.54% |
Owatonna 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 Owatonna, 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.).
Owatonna Average Closing Costs & Other Stats
Owatonna, MN's 60 lenders originated 564
loans during 2023. The total origination value was $123,570,000, with an average loan value of
$219,096.
Owatonna's average closing costs are $4,981.
The top Owatonna lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
47 loans originated. Their average total fees are
$7,134, which is $3,451
higher than the next largest lender,
U.S. Bank.
The lowest fee Owatonna lenders (with over 10 loans originated) are
Wells Fargo Bank ($3,067), U.S. Bank ($3,683), Bremer Bank ($5,550), GUARANTEED RATE, INC. ($5,628) and CROSSCOUNTRY MORTGAGE, LLC ($7,134).
The lowest rate Owatonna lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (6.64%), U.S. Bank (6.67%), QUICKEN LOANS, LLC (6.69%), GUARANTEED RATE, INC. (6.77%) and CROSSCOUNTRY MORTGAGE, LLC (6.82%).
Owatonna, 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 |
|---|---|---|---|---|
| CROSSCOUNTRY MORTGAGE, LLC | $17,135,000 | $17,520,000 | 2.2% | 14.2% |
| National Bank of Commerce | $23,010,000 | $16,005,000 | -30.4% | 13.0% |
| GUARANTEED RATE, INC. | $6,190,000 | $7,065,000 | 14.1% | 5.7% |
| U.S. Bank | $5,875,000 | $5,810,000 | -1.1% | 4.7% |
| Bremer Bank | $6,745,000 | $5,790,000 | -14.2% | 4.7% |
| QUICKEN LOANS, LLC | $4,440,000 | $5,735,000 | 29.2% | 4.6% |
| UNITED WHOLESALE MORTGAGE, LLC | $4,295,000 | $5,235,000 | 21.9% | 4.2% |
| Wells Fargo Bank | $9,195,000 | $3,560,000 | -61.3% | 2.9% |
| Cambria Financial Group, LLC | $3,530,000 | $3,510,000 | -0.6% | 2.8% |
| TOWNE MORTGAGE COMPANY | $6,560,000 | $3,295,000 | -49.8% | 2.7% |
| Profinium Inc. | $3,180,000 | n/a | 2.6% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,135,000 | $3,105,000 | -1.0% | 2.5% |
| IOWA BANKERS MORTGAGE CORPORATION | $1,830,000 | $2,450,000 | 33.9% | 2.0% |
| Mortgage Research Center, LLC | $2,330,000 | $1,980,000 | -15.0% | 1.6% |
| SIRVA MORTGAGE, INC. | $650,000 | $1,630,000 | 150.8% | 1.3% |
| Prosperity Home Mortgage, LLC | $2,215,000 | $1,620,000 | -26.9% | 1.3% |
| BAY EQUITY LLC | $2,040,000 | $1,450,000 | -28.9% | 1.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,380,000 | $1,325,000 | -4.0% | 1.1% |
| Bell Bank | $1,700,000 | $1,300,000 | -23.5% | 1.1% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $490,000 | $1,295,000 | 164.3% | 1.0% |
| USAA Federal Savings Bank | $255,000 | $1,070,000 | 319.6% | 0.9% |
| AFFINITY PLUS | $1,560,000 | $1,065,000 | -31.7% | 0.9% |
| BROKER SOLUTIONS, INC. | $1,595,000 | $980,000 | -38.6% | 0.8% |
| Plains Commerce Bank | $3,090,000 | $915,000 | -70.4% | 0.7% |
| Minnwest Bank | $970,000 | $890,000 | -8.2% | 0.7% |
| Servion, Inc. | $400,000 | $865,000 | 116.3% | 0.7% |
| The State Bank of Faribault | $985,000 | $840,000 | -14.7% | 0.7% |
| Manufacturers Bank & Trust Company | $1,990,000 | $835,000 | -58.0% | 0.7% |
| CARDINAL FINANCIAL | $2,140,000 | $825,000 | -61.4% | 0.7% |
| AMERISAVE MORTGAGE CORPORATION | $1,065,000 | $740,000 | -30.5% | 0.6% |
| WINGS FINANCIAL | $1,985,000 | $720,000 | -63.7% | 0.6% |
| NEWREZ LLC | $440,000 | $715,000 | 62.5% | 0.6% |
| Merchants Bank | $1,395,000 | $685,000 | -50.9% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $1,445,000 | $675,000 | -53.3% | 0.5% |
| HIWAY | $300,000 | $665,000 | 121.7% | 0.5% |
| LOANDEPOT.COM, LLC | $3,165,000 | $665,000 | -79.0% | 0.5% |
| Summit Mortgage Corporation | $670,000 | $625,000 | -6.7% | 0.5% |
| PENNYMAC LOAN SERVICES, LLC | $1,210,000 | $605,000 | -50.0% | 0.5% |
| VERIDIAN CREDIT UNION | $580,000 | n/a | 0.5% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $185,000 | $560,000 | 202.7% | 0.5% |
| Barrington Bank & Trust Company, N.A. | $535,000 | $545,000 | 1.9% | 0.4% |
| COMPEER FINANCIAL, FLCA | $2,785,000 | $535,000 | -80.8% | 0.4% |
| PLAZA HOME MORTGAGE, INC. | $660,000 | $500,000 | -24.2% | 0.4% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $205,000 | $480,000 | 134.1% | 0.4% |
| Frandsen Bank & Trust | $1,000,000 | $465,000 | -53.5% | 0.4% |
| Home Federal Savings Bank | $3,650,000 | $420,000 | -88.5% | 0.3% |
| First Savings Bank | $400,000 | n/a | 0.3% | |
| AMERICAN FINANCING CORPORATION | $175,000 | $395,000 | 125.7% | 0.3% |
| Citizens Bank | $290,000 | $375,000 | 29.3% | 0.3% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $4,965,000 | $350,000 | -93.0% | 0.3% |
| MORTGAGE ACCESS CORP. | $325,000 | n/a | 0.3% | |
| Discover Bank | $150,000 | $320,000 | 113.3% | 0.3% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $320,000 | n/a | 0.3% | |
| MID AMERICA MORTGAGE, INC. | $320,000 | n/a | 0.3% | |
| Bank of England | $965,000 | $285,000 | -70.5% | 0.2% |
| Lakeview Bank | $285,000 | n/a | 0.2% | |
| Ixonia Bank | $280,000 | n/a | 0.2% | |
| LAKEVIEW LOAN SERVICING, LLC | $320,000 | $270,000 | -15.6% | 0.2% |
| Bluff View Bank | $265,000 | n/a | 0.2% | |
| EVERETT FINANCIAL, INC. | $265,000 | n/a | 0.2% | |
| Paramount Residential Mortgage Group, Inc. | $285,000 | $255,000 | -10.5% | 0.2% |
| AMERICAN FINANCIAL NETWORK, INC. | $245,000 | n/a | 0.2% | |
| CALIBER HOME LOANS, INC. | $245,000 | n/a | 0.2% | |
| DELMAR FINANCIAL COMPANY | $235,000 | n/a | 0.2% | |
| First Federal Bank | $530,000 | $235,000 | -55.7% | 0.2% |
| Mid-Continent Funding, Inc. | $245,000 | $235,000 | -4.1% | 0.2% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $440,000 | $225,000 | -48.9% | 0.2% |
| MEGASTAR FINANCIAL CORP. | $225,000 | n/a | 0.2% | |
| Platinum Bank | $225,000 | n/a | 0.2% | |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $225,000 | n/a | 0.2% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $1,085,000 | $215,000 | -80.2% | 0.2% |
| Figure Lending LLC | $150,000 | $200,000 | 33.3% | 0.2% |
| GUARANTEED RATE AFFINITY, LLC | $195,000 | n/a | 0.2% | |
| MILEND, INC. | $615,000 | $195,000 | -68.3% | 0.2% |
| V.I.P. MORTGAGE, INC. | $195,000 | n/a | 0.2% | |
| Axos Bank | $185,000 | n/a | 0.1% | |
| Carrington Mortgage Services, LLC | $185,000 | n/a | 0.1% | |
| Centier Bank | $185,000 | n/a | 0.1% | |
| Flagstar Bank, FSB | $510,000 | $185,000 | -63.7% | 0.1% |
| American Mortgage & Equity Consultants, Inc. | $765,000 | $180,000 | -76.5% | 0.1% |
| Century Mortgage Company DBA Century Lending Company | $180,000 | n/a | 0.1% | |
| First Bank & Trust | $705,000 | $180,000 | -74.5% | 0.1% |
| BETTER MORTGAGE CORPORATION | $785,000 | $175,000 | -77.7% | 0.1% |
| COMMUNITY MORTGAGE FUNDING, LLC | $175,000 | n/a | 0.1% | |
| Equity Prime Mortgage LLC | $175,000 | n/a | 0.1% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $160,000 | n/a | 0.1% | |
| PNC Bank | $155,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $145,000 | $145,000 | 0.0% | 0.1% |
| THRIVENT Federal Credit Union | $135,000 | n/a | 0.1% | |
| TOWER | $125,000 | n/a | 0.1% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $410,000 | $120,000 | -70.7% | 0.1% |
| Think Mutual Bank | $300,000 | $105,000 | -65.0% | 0.1% |
| The Huntington National Bank | $910,000 | $80,000 | -91.2% | 0.1% |
| Cornerstone State Bank | $75,000 | n/a | 0.1% | |
| BUILDING TRADES FEDERAL CREDIT UNION | $65,000 | n/a | 0.1% | |
| Coastal Community Bank | $65,000 | n/a | 0.1% | |
| NAVY FEDERAL CREDIT UNION | $780,000 | $55,000 | -92.9% | 0.0% |
| NOVATION CREDIT UNION | $55,000 | n/a | 0.0% | |
| Midwest Heritage Bank FSB | $45,000 | n/a | 0.0% | |
| SPIRE Credit Union | $25,000 | $45,000 | 80.0% | 0.0% |
| BMO Harris Bank | $25,000 | n/a | 0.0% | |
| CAPITAL CREDIT UNION | $25,000 | n/a | 0.0% | |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $15,000 | n/a | 0.0% |
Owatonna's top lender by overall market share is CROSSCOUNTRY MORTGAGE, LLC, with 14.2% market share. In second place, with 13.0%, is National Bank of Commerce, having originated $16,005,000 in loans. In third place, with 5.7%, is GUARANTEED RATE, INC., having originated $7,065,000 in loans. In fourth place, with 4.7%, is U.S. Bank, having originated $5,810,000 in loans. In fifth place, with 4.7%, is Bremer Bank, having originated $5,790,000 in loans.
Owatonna, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 394 | $101,750,000 | $258,249 |
| Cash Out Refi | 72 | $12,520,000 | $173,889 |
| Other | 44 | $3,290,000 | $74,773 |
| Home Improvement | 37 | $2,565,000 | $69,324 |
| Refi | 17 | $3,445,000 | $202,647 |
Owatonna's most frequently cited loan purpose was Home Purchase, with 394 originations. The 2nd most popular reason was Cash Out Refi, with 72 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 236 | $67,130,000 | $284,449 |
| 7-8% | 128 | $27,240,000 | $212,813 |
| 5-6% | 72 | $14,880,000 | $206,667 |
| Over 8% | 72 | $7,200,000 | $100,000 |
| <2.5% | 12 | $180,000 | $15,000 |
| 4-5% | 2 | $500,000 | $250,000 |
During 2023, Owatonna's most frequently originated rate bucket was 6-7%, with 236 originations.
Loan Sizing (Owatonna, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 237 | $62,945,000 | $265,591 |
| $100k-200k | 179 | $28,035,000 | $156,620 |
| $100,000 or less | 124 | $5,600,000 | $45,161 |
| $400k-600k | 21 | $9,475,000 | $451,190 |
| $600k-1000k | 2 | $1,510,000 | $755,000 |
| $Over $1MM | 1 | $16,005,000 | $16,005,000 |
Owatonna's loan sizing saw the bucket of loans from $200k-400k with 237 originations, totaling $62,945,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 266 | $65,320,000 | $245,564 |
| 60-80% | 112 | $40,490,000 | $361,518 |
| Under 20% | 76 | $2,410,000 | $31,711 |
| 20-40% | 44 | $3,890,000 | $88,409 |
| 40-60% | 28 | $4,360,000 | $155,714 |
| Over 100% | 3 | $755,000 | $251,667 |
Owatonna's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 266 originations, totaling $65,320,000 in origination value.