Paducah Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Paducah averaged
7.12%
for the week of 2024-07-18, compared to the national average of
6.77% for the same period.
The average rate for the prior week (2024-07-11) was
7.24% and
one month ago for the week of 2024-06-13, the
average rate was 7.2%.
Paducah's average rate one year ago was 7.11%.
For refis of the same type during the week of 2024-07-18, the average rate
was 6.67%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Paducah 30 Year Fixed Rate | 2024-07-18 | 7.12% |
| Paducah 30 Year Fixed Rate Refi | 2024-07-18 | 6.67% |
| Paducah 15 Year Fixed Rate | 2024-07-18 | 6.25% |
| Paducah 15 Year Fixed Rate Refi | 2024-07-18 | 6.45% |
| Paducah 30 Year FHA | 2024-07-18 | 6.64% |
| Paducah 30 Year FHA Refi | 2024-07-18 | 6.39% |
| Paducah 30 Year USDA | 2024-07-18 | 6.53% |
| Paducah 30 Year USDA Refi | 2024-07-18 | 6.53% |
| Paducah 30 Year VA | 2024-07-18 | 6.4% |
| Paducah 30 Year VA Refi | 2024-07-18 | 6.4% |
Paducah 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 Paducah, KY-IL 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.).
Paducah Average Closing Costs & Other Stats
Paducah, KY-IL's 67 lenders originated 1,239
loans during 2023. The total origination value was $210,735,000, with an average loan value of
$170,085.
Paducah's average closing costs are $4,019.
The top Paducah lender as defined by loan originations is Independence Bank of Kentucky, with
36 loans originated. Their average total fees are
$2,816, which is $2,611
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Paducah lenders (with over 10 loans originated) are
Independence Bank of Kentucky ($2,816), Magnolia Bank ($2,960), Community Mortgage Banc Corporation ($3,170), GERSHMAN INVESTMENT CORP. ($3,327) and U.S. Bank ($3,612).
The lowest rate Paducah lenders (with over 10 loans originated) are
Independence Bank of Kentucky (6.50%), STOCKTON MORTGAGE CORPORATION (6.67%), Magnolia Bank (6.70%), Regions Bank (6.81%) and U.S. Bank (6.88%).
Paducah, KY-IL 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 |
|---|---|---|---|---|
| The Paducah Bank and Trust Company | $36,840,000 | $30,655,000 | -16.8% | 14.5% |
| Independence Bank of Kentucky | $20,830,000 | $20,520,000 | -1.5% | 9.7% |
| QUICKEN LOANS, LLC | $18,365,000 | $14,570,000 | -20.7% | 6.9% |
| STOCKTON MORTGAGE CORPORATION | $6,105,000 | $10,465,000 | 71.4% | 5.0% |
| EVERETT FINANCIAL, INC. | $18,515,000 | $10,275,000 | -44.5% | 4.9% |
| U.S. Bank | $25,290,000 | $10,005,000 | -60.4% | 4.7% |
| Regions Bank | $18,180,000 | $9,895,000 | -45.6% | 4.7% |
| GERSHMAN INVESTMENT CORP. | $5,350,000 | $9,560,000 | 78.7% | 4.5% |
| FNB Bank, Inc. | $12,050,000 | $9,460,000 | -21.5% | 4.5% |
| Mortgage Research Center, LLC | $6,850,000 | $8,475,000 | 23.7% | 4.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $10,285,000 | $4,690,000 | -54.4% | 2.2% |
| FirstTrust Home Loans, Inc. | $245,000 | $3,355,000 | 1,269.4% | 1.6% |
| LOANDEPOT.COM, LLC | $7,540,000 | $3,150,000 | -58.2% | 1.5% |
| RUOFF MORTGAGE COMPANY, INC. | $395,000 | $2,865,000 | 625.3% | 1.4% |
| Community Mortgage Banc Corporation | $2,165,000 | $2,730,000 | 26.1% | 1.3% |
| AMERISAVE MORTGAGE CORPORATION | $1,870,000 | $2,590,000 | 38.5% | 1.2% |
| River Valley AgCredit, ACA | $545,000 | $2,520,000 | 362.4% | 1.2% |
| Truist | $2,370,000 | $2,460,000 | 3.8% | 1.2% |
| The Cecilian Bank | $2,405,000 | n/a | 1.1% | |
| Magnolia Bank | $4,635,000 | $2,250,000 | -51.5% | 1.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,820,000 | $1,910,000 | 4.9% | 0.9% |
| 21ST MORTGAGE CORPORATION | $1,630,000 | $1,860,000 | 14.1% | 0.9% |
| Banterra Bank | $3,480,000 | $1,860,000 | -46.6% | 0.9% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $1,300,000 | $1,775,000 | 36.5% | 0.8% |
| CapStar Bank | $430,000 | $1,665,000 | 287.2% | 0.8% |
| USAA Federal Savings Bank | $2,810,000 | $1,475,000 | -47.5% | 0.7% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $1,275,000 | n/a | 0.6% | |
| PENNYMAC LOAN SERVICES, LLC | $2,560,000 | $1,160,000 | -54.7% | 0.6% |
| VILLAGE CAPITAL MORTGAGE | $350,000 | $1,085,000 | 210.0% | 0.5% |
| FREEDOM MORTGAGE CORPORATION | $2,845,000 | $980,000 | -65.6% | 0.5% |
| Farm Credit Mid-America, ACA | $965,000 | n/a | 0.5% | |
| FLAT BRANCH MORTGAGE, INC. | $505,000 | $935,000 | 85.1% | 0.4% |
| Prosperity Home Mortgage, LLC | $770,000 | n/a | 0.4% | |
| BROKER SOLUTIONS, INC. | $1,280,000 | $755,000 | -41.0% | 0.4% |
| Legence Bank | $395,000 | $725,000 | 83.5% | 0.3% |
| Renasant Bank | $760,000 | $715,000 | -5.9% | 0.3% |
| Farmers Bank and Trust Company | $1,635,000 | $710,000 | -56.6% | 0.3% |
| HOMESIDE FINANCIAL, LLC | $210,000 | $710,000 | 238.1% | 0.3% |
| Wells Fargo Bank | $2,245,000 | $710,000 | -68.4% | 0.3% |
| CARDINAL FINANCIAL | $670,000 | n/a | 0.3% | |
| First Financial Bank | $695,000 | $670,000 | -3.6% | 0.3% |
| Citizens Bank | $1,740,000 | $655,000 | -62.4% | 0.3% |
| Discover Bank | $270,000 | $615,000 | 127.8% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $2,020,000 | $615,000 | -69.6% | 0.3% |
| DAS Acquisition Company, LLC | $440,000 | $565,000 | 28.4% | 0.3% |
| Simmons Bank | $545,000 | n/a | 0.3% | |
| UNION HOME MORTGAGE CORP. | $505,000 | n/a | 0.2% | |
| NEWREZ LLC | $675,000 | $495,000 | -26.7% | 0.2% |
| T2 FINANCIAL LLC | $485,000 | n/a | 0.2% | |
| The Federal Savings Bank | $675,000 | $480,000 | -28.9% | 0.2% |
| Barrington Bank & Trust Company, N.A. | $200,000 | $470,000 | 135.0% | 0.2% |
| EVANSVILLE TEACHERS | $1,560,000 | $460,000 | -70.5% | 0.2% |
| ACOPIA, LLC | $1,695,000 | $450,000 | -73.5% | 0.2% |
| AMERICAN FINANCING CORPORATION | $805,000 | $445,000 | -44.7% | 0.2% |
| ENVOY MORTGAGE, LTD | $425,000 | n/a | 0.2% | |
| CMG MORTGAGE, INC. | $420,000 | n/a | 0.2% | |
| SouthernTrust Bank | $335,000 | $410,000 | 22.4% | 0.2% |
| United Southern Bank | $405,000 | n/a | 0.2% | |
| BETTER MORTGAGE CORPORATION | $320,000 | $400,000 | 25.0% | 0.2% |
| MYCUMORTGAGE, LLC | $135,000 | $390,000 | 188.9% | 0.2% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $195,000 | $380,000 | 94.9% | 0.2% |
| NEW DAY FINANCIAL, LLC | $265,000 | $380,000 | 43.4% | 0.2% |
| Bank of America | $515,000 | $375,000 | -27.2% | 0.2% |
| Willamette Valley Bank | $375,000 | n/a | 0.2% | |
| Fifth Third Bank | $1,145,000 | $370,000 | -67.7% | 0.2% |
| ENDEAVOR CAPITAL, LLC. | $350,000 | $360,000 | 2.9% | 0.2% |
| TOWNE MORTGAGE COMPANY | $1,420,000 | $360,000 | -74.6% | 0.2% |
| Colonial Savings, F.A. | $355,000 | n/a | 0.2% | |
| MOVEMENT MORTGAGE, LLC | $350,000 | n/a | 0.2% | |
| CRESCENT MORTGAGE COMPANY | $1,060,000 | $340,000 | -67.9% | 0.2% |
| TOP FLITE FINANCIAL, INC. | $490,000 | $340,000 | -30.6% | 0.2% |
| Carrington Mortgage Services, LLC | $465,000 | $320,000 | -31.2% | 0.2% |
| LENDINGHOME FUNDING CORPORATION | $310,000 | n/a | 0.1% | |
| Alliance Bank | $330,000 | $305,000 | -7.6% | 0.1% |
| First Federal Bank | $305,000 | n/a | 0.1% | |
| PENTAGON FEDERAL CREDIT UNION | $240,000 | $305,000 | 27.1% | 0.1% |
| ROYAL UNITED MORTGAGE LLC | $325,000 | $300,000 | -7.7% | 0.1% |
| Equity Prime Mortgage LLC | $295,000 | n/a | 0.1% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,100,000 | $295,000 | -86.0% | 0.1% |
| peoples trust and savings bank | $285,000 | n/a | 0.1% | |
| UBS Bank USA | $275,000 | n/a | 0.1% | |
| NATIONS DIRECT MORTGAGE, LLC | $265,000 | n/a | 0.1% | |
| NFM, INC. | $75,000 | $265,000 | 253.3% | 0.1% |
| DEEPHAVEN MORTGAGE LLC | $255,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $250,000 | n/a | 0.1% | |
| Farmers State Bank of Alto Pass | $245,000 | n/a | 0.1% | |
| Flagstar Bank, FSB | $685,000 | $245,000 | -64.2% | 0.1% |
| CIS Financial Services, Inc. | $230,000 | n/a | 0.1% | |
| CHURCHILL MORTGAGE CORPORATION | $410,000 | $225,000 | -45.1% | 0.1% |
| GUARANTEED RATE, INC. | $345,000 | $225,000 | -34.8% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $145,000 | $225,000 | 55.2% | 0.1% |
| First National Bank of Omaha | $215,000 | n/a | 0.1% | |
| The Huntington National Bank | $970,000 | $215,000 | -77.8% | 0.1% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $655,000 | $205,000 | -68.7% | 0.1% |
| DOMINION FINANCIAL SERVICES, LLC | $200,000 | n/a | 0.1% | |
| JPMorgan Chase Bank | $1,185,000 | $200,000 | -83.1% | 0.1% |
| CORNERSTONE HOME LENDING, INC. | $195,000 | n/a | 0.1% | |
| PNC Bank | $1,495,000 | $185,000 | -87.6% | 0.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $380,000 | $180,000 | -52.6% | 0.1% |
| EMBRACE HOME LOANS, INC. | $195,000 | $175,000 | -10.3% | 0.1% |
| Neighborhood Loans, Inc. | $170,000 | n/a | 0.1% | |
| SIU | $580,000 | $170,000 | -70.7% | 0.1% |
| UNIVERSITY OF KENTUCKY | $170,000 | n/a | 0.1% | |
| LONGBRIDGE FINANCIAL, LLC | $165,000 | n/a | 0.1% | |
| Planters Bank, Inc. | $125,000 | $165,000 | 32.0% | 0.1% |
| AgFirst Farm Credit Bank | $3,455,000 | $155,000 | -95.5% | 0.1% |
| OCMBC, INC. | $155,000 | n/a | 0.1% | |
| POLARIS HOME FUNDING CORP. | $145,000 | n/a | 0.1% | |
| GENERAL ELECTRIC CREDIT UNION | $135,000 | n/a | 0.1% | |
| MORTGAGE INVESTORS GROUP, INC. | $135,000 | n/a | 0.1% | |
| PLANET HOME LENDING, LLC | $135,000 | $125,000 | -7.4% | 0.1% |
| Plains Commerce Bank | $340,000 | $115,000 | -66.2% | 0.1% |
| The Bradford National Bank of Greenville | $325,000 | $115,000 | -64.6% | 0.1% |
| MidFirst Bank | $100,000 | n/a | 0.0% | |
| Ally Bank | $95,000 | n/a | 0.0% | |
| Traditional Bank, Inc. | $95,000 | n/a | 0.0% | |
| LAKEVIEW LOAN SERVICING, LLC | $1,100,000 | $85,000 | -92.3% | 0.0% |
| CITIZENS EQUITY FIRST | $355,000 | $75,000 | -78.9% | 0.0% |
| F&M Bank | $195,000 | $75,000 | -61.5% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $75,000 | n/a | 0.0% | |
| Arvest Bank | $125,000 | $65,000 | -48.0% | 0.0% |
| RELIANCE FIRST CAPITAL, LLC | $65,000 | n/a | 0.0% | |
| Signature Federal Credit Union | $65,000 | n/a | 0.0% | |
| ALLIANT CREDIT UNION | $235,000 | $55,000 | -76.6% | 0.0% |
| SOUTHPOINT FINANCIAL SERVICES, INC. | $55,000 | n/a | 0.0% | |
| SUPERIOR CHOICE | $55,000 | n/a | 0.0% | |
| Coastal Community Bank | $50,000 | n/a | 0.0% | |
| PHH Mortgage Corporation | $485,000 | $35,000 | -92.8% | 0.0% |
| DUPACO COMMUNITY | $75,000 | $25,000 | -66.7% | 0.0% |
| FirstBank | $310,000 | $25,000 | -91.9% | 0.0% |
| Park Lane Finance Solutions, LLC | $235,000 | $15,000 | -93.6% | 0.0% |
Paducah's top lender by overall market share is The Paducah Bank and Trust Company, with 14.5% market share. In second place, with 9.7%, is Independence Bank of Kentucky, having originated $20,520,000 in loans. In third place, with 6.9%, is QUICKEN LOANS, LLC, having originated $14,570,000 in loans. In fourth place, with 5.0%, is STOCKTON MORTGAGE CORPORATION, having originated $10,465,000 in loans. In fifth place, with 4.9%, is EVERETT FINANCIAL, INC., having originated $10,275,000 in loans.
Paducah, KY-IL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 867 | $168,955,000 | $194,873 |
| Cash Out Refi | 107 | $17,555,000 | $164,065 |
| Refi | 105 | $13,325,000 | $126,905 |
| Other | 85 | $6,195,000 | $72,882 |
| Home Improvement | 75 | $4,705,000 | $62,733 |
Paducah's most frequently cited loan purpose was Home Purchase, with 867 originations. The 2nd most popular reason was Cash Out Refi, with 107 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 390 | $68,300,000 | $175,128 |
| 7-8% | 309 | $56,145,000 | $181,699 |
| Over 8% | 182 | $14,480,000 | $79,560 |
| 5-6% | 118 | $25,670,000 | $217,542 |
| 3-4% | 17 | $335,000 | $19,706 |
| <2.5% | 9 | $55,000 | $6,111 |
| 4-5% | 7 | $1,465,000 | $209,286 |
During 2023, Paducah's most frequently originated rate bucket was 6-7%, with 390 originations.
Loan Sizing (Paducah, KY-IL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 485 | $71,535,000 | $147,495 |
| $100,000 or less | 411 | $23,565,000 | $57,336 |
| $200k-400k | 278 | $73,820,000 | $265,540 |
| $400k-600k | 45 | $21,205,000 | $471,222 |
| $600k-1000k | 15 | $10,935,000 | $729,000 |
| $Over $1MM | 5 | $9,675,000 | $1,935,000 |
Paducah's loan sizing saw the bucket of loans from $100k-200k with 485 originations, totaling $71,535,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 558 | $107,180,000 | $192,079 |
| 60-80% | 185 | $34,305,000 | $185,432 |
| Under 20% | 105 | $3,965,000 | $37,762 |
| 20-40% | 84 | $5,800,000 | $69,048 |
| 40-60% | 80 | $11,140,000 | $139,250 |
| Over 100% | 15 | $3,655,000 | $243,667 |
Paducah's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 558 originations, totaling $107,180,000 in origination value.