Pella Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Pella averaged
6.65%
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
6.38% and
one month ago for the week of 2024-10-03, the
average rate was 5.78%.
Pella's average rate one year ago was 7.62%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.29%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Pella 30 Year Fixed Rate | 2024-11-07 | 6.65% |
| Pella 30 Year Fixed Rate Refi | 2024-11-07 | 7.29% |
| Pella 15 Year Fixed Rate | 2024-11-07 | 6.2% |
| Pella 15 Year Fixed Rate Refi | 2024-11-07 | 6.1% |
| Pella 30 Year FHA | 2024-11-07 | 6.33% |
| Pella 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Pella 30 Year USDA | 2024-11-07 | 6.28% |
| Pella 30 Year USDA Refi | 2024-11-07 | 6.48% |
| Pella 30 Year VA | 2024-11-07 | 6.34% |
| Pella 30 Year VA Refi | 2024-11-07 | 6.54% |
Pella 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 Pella, 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.).
Pella Average Closing Costs & Other Stats
Pella, IA's 51 lenders originated 654
loans during 2023. The total origination value was $114,710,000, with an average loan value of
$175,398.
Pella's average closing costs are $3,240.
The top Pella lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with
60 loans originated. Their average total fees are
$2,034, which is $1,450
lower than the next largest lender,
Wells Fargo Bank.
The lowest fee Pella lenders (with over 10 loans originated) are
IOWA BANKERS MORTGAGE CORPORATION ($2,034), COMMUNITY 1ST CREDIT UNION ($2,226), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,312), Wells Fargo Bank ($3,484) and .
The lowest rate Pella lenders (with over 10 loans originated) are
IOWA BANKERS MORTGAGE CORPORATION (6.19%), COMMUNITY 1ST CREDIT UNION (6.30%), Wells Fargo Bank (6.68%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.88%) and .
Pella, 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 |
|---|---|---|---|---|
| IOWA BANKERS MORTGAGE CORPORATION | $22,060,000 | $14,965,000 | -32.2% | 13.0% |
| COMMUNITY 1ST CREDIT UNION | $8,220,000 | $8,825,000 | 7.4% | 7.7% |
| Leighton State Bank | $7,325,000 | $8,615,000 | 17.6% | 7.5% |
| Wells Fargo Bank | $4,905,000 | $5,665,000 | 15.5% | 4.9% |
| Bank Iowa | $7,170,000 | $5,595,000 | -22.0% | 4.9% |
| Washington State Bank | $7,185,000 | $4,010,000 | -44.2% | 3.5% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,905,000 | $3,840,000 | -1.7% | 3.3% |
| QUICKEN LOANS, LLC | $4,970,000 | $3,400,000 | -31.6% | 3.0% |
| GREENSTATE CREDIT UNION | $8,825,000 | $3,295,000 | -62.7% | 2.9% |
| Peoples Savings Bank | $1,835,000 | $3,155,000 | 71.9% | 2.8% |
| VERIDIAN CREDIT UNION | $4,955,000 | $3,040,000 | -38.6% | 2.7% |
| Raccoon Valley Bank | $2,985,000 | n/a | 2.6% | |
| BROKER SOLUTIONS, INC. | $725,000 | $2,780,000 | 283.4% | 2.4% |
| U.S. Bank | $7,645,000 | $2,735,000 | -64.2% | 2.4% |
| HOMESERVICES LENDING, LLC | $2,945,000 | $2,645,000 | -10.2% | 2.3% |
| MidWestOne Bank | $4,035,000 | $2,055,000 | -49.1% | 1.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,060,000 | $1,845,000 | 74.1% | 1.6% |
| Lincoln Savings Bank | $3,980,000 | $1,830,000 | -54.0% | 1.6% |
| Farm Credit Mid-America, ACA | $1,225,000 | $1,660,000 | 35.5% | 1.4% |
| PENNYMAC LOAN SERVICES, LLC | $490,000 | $1,505,000 | 207.1% | 1.3% |
| Ixonia Bank | $765,000 | $1,245,000 | 62.7% | 1.1% |
| The Central Trust Bank | $2,000,000 | $1,115,000 | -44.3% | 1.0% |
| JPMorgan Chase Bank | $1,235,000 | $1,020,000 | -17.4% | 0.9% |
| Mortgage Research Center, LLC | $2,375,000 | $950,000 | -60.0% | 0.8% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $265,000 | $935,000 | 252.8% | 0.8% |
| Great Southern Bank | $2,115,000 | $865,000 | -59.1% | 0.8% |
| Northwest Bank | $785,000 | $840,000 | 7.0% | 0.7% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $125,000 | $835,000 | 568.0% | 0.7% |
| USAA Federal Savings Bank | $125,000 | $825,000 | 560.0% | 0.7% |
| CARDINAL FINANCIAL | $630,000 | $815,000 | 29.4% | 0.7% |
| Luana Savings Bank | $11,655,000 | $730,000 | -93.7% | 0.6% |
| NAVY FEDERAL CREDIT UNION | $1,190,000 | $685,000 | -42.4% | 0.6% |
| PREMIA MORTGAGE, LLC | $985,000 | $680,000 | -31.0% | 0.6% |
| PNC Bank | $25,000 | $665,000 | 2,560.0% | 0.6% |
| Collins Community Credit Union | $285,000 | $650,000 | 128.1% | 0.6% |
| PENTAGON FEDERAL CREDIT UNION | $185,000 | $650,000 | 251.4% | 0.6% |
| The Huntington National Bank | $355,000 | $635,000 | 78.9% | 0.6% |
| AMERISAVE MORTGAGE CORPORATION | $525,000 | $610,000 | 16.2% | 0.5% |
| Community Choice Credit Union | $1,935,000 | $580,000 | -70.0% | 0.5% |
| Arvest Bank | $575,000 | n/a | 0.5% | |
| Barrington Bank & Trust Company, N.A. | $1,150,000 | $540,000 | -53.0% | 0.5% |
| COMPASS MORTGAGE, INC. | $280,000 | $525,000 | 87.5% | 0.5% |
| Midwest Heritage Bank FSB | $720,000 | $520,000 | -27.8% | 0.5% |
| NEWREZ LLC | $970,000 | $460,000 | -52.6% | 0.4% |
| GUILD MORTGAGE COMPANY | $725,000 | $450,000 | -37.9% | 0.4% |
| ASSEMBLIES OF GOD Credit Union | $445,000 | n/a | 0.4% | |
| ENVOY MORTGAGE, LTD | $445,000 | n/a | 0.4% | |
| MARINE | $335,000 | $445,000 | 32.8% | 0.4% |
| Mr. Cooper ( Nationstar Mortgage ) | $260,000 | $440,000 | 69.2% | 0.4% |
| GUARANTEED RATE, INC. | $265,000 | $435,000 | 64.2% | 0.4% |
| Fortress Bank | $960,000 | $430,000 | -55.2% | 0.4% |
| Premier Credit Union | $880,000 | $425,000 | -51.7% | 0.4% |
| MEMBERS1st Community Credit Union | $415,000 | n/a | 0.4% | |
| TOP FLITE FINANCIAL, INC. | $745,000 | $415,000 | -44.3% | 0.4% |
| CHURCHILL MORTGAGE CORPORATION | $145,000 | $395,000 | 172.4% | 0.3% |
| HOMESIDE FINANCIAL, LLC | $165,000 | $390,000 | 136.4% | 0.3% |
| UNITED | $365,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $865,000 | $360,000 | -58.4% | 0.3% |
| Equity Prime Mortgage LLC | $325,000 | n/a | 0.3% | |
| LAND HOME FINANCIAL SERVICES, INC. | $240,000 | $275,000 | 14.6% | 0.2% |
| GNB Bank | $265,000 | n/a | 0.2% | |
| Truist | $440,000 | $265,000 | -39.8% | 0.2% |
| ZILLOW HOME LOANS, LLC | $235,000 | $265,000 | 12.8% | 0.2% |
| Flagstar Bank, FSB | $1,250,000 | $255,000 | -79.6% | 0.2% |
| State Savings Bank | $255,000 | n/a | 0.2% | |
| VERITAS FUNDING, LLC | $245,000 | n/a | 0.2% | |
| PLANET HOME LENDING, LLC | $225,000 | n/a | 0.2% | |
| Summit Mortgage Corporation | $225,000 | n/a | 0.2% | |
| GREATER IOWA CREDIT UNION | $600,000 | $200,000 | -66.7% | 0.2% |
| Contract Exchange Corporation | $125,000 | $195,000 | 56.0% | 0.2% |
| Tradesmen Community Credit Union | $185,000 | n/a | 0.2% | |
| FRONTIER FINANCIAL, INC. | $1,175,000 | $175,000 | -85.1% | 0.2% |
| MID AMERICA MORTGAGE, INC. | $135,000 | $155,000 | 14.8% | 0.1% |
| ROYAL UNITED MORTGAGE LLC | $65,000 | $155,000 | 138.5% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $155,000 | n/a | 0.1% | |
| AmeriHome Mortgage Company, LLC | $215,000 | $125,000 | -41.9% | 0.1% |
| NBKC BANK | $125,000 | n/a | 0.1% | |
| Plains Commerce Bank | $125,000 | $125,000 | 0.0% | 0.1% |
| HOMESTAR FINANCIAL CORPORATION | $120,000 | n/a | 0.1% | |
| Bank of America | $445,000 | $105,000 | -76.4% | 0.1% |
| First Interstate Bank | $130,000 | $105,000 | -19.2% | 0.1% |
| Iroquois Federal Savings and Loan Association | $105,000 | n/a | 0.1% | |
| Availa Bank | $3,405,000 | $95,000 | -97.2% | 0.1% |
| FINANCE OF AMERICA REVERSE LLC | $85,000 | n/a | 0.1% | |
| TruBank | $85,000 | n/a | 0.1% | |
| 21ST MORTGAGE CORPORATION | $315,000 | $75,000 | -76.2% | 0.1% |
| AMERICAN FINANCIAL NETWORK, INC. | $75,000 | n/a | 0.1% | |
| RUOFF MORTGAGE COMPANY, INC. | $75,000 | n/a | 0.1% | |
| FREEDOM MORTGAGE CORPORATION | $145,000 | $65,000 | -55.2% | 0.1% |
| TRIAD FINANCIAL SERVICES, INC. | $65,000 | n/a | 0.1% | |
| Charter Bank | $55,000 | n/a | 0.0% | |
| SPRING EQ, LLC | $155,000 | $55,000 | -64.5% | 0.0% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $45,000 | n/a | 0.0% | |
| Serve Credit Union | $25,000 | $35,000 | 40.0% | 0.0% |
| FINANCIAL PLUS Credit Union | $25,000 | n/a | 0.0% | |
| FIRST NEBRASKA Credit Union | $25,000 | n/a | 0.0% | |
| Central Bank | $15,000 | n/a | 0.0% | |
| VisionBank of Iowa | $15,000 | n/a | 0.0% |
Pella's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 13.0% market share. In second place, with 7.7%, is COMMUNITY 1ST CREDIT UNION, having originated $8,825,000 in loans. In third place, with 7.5%, is Leighton State Bank, having originated $8,615,000 in loans. In fourth place, with 4.9%, is Wells Fargo Bank, having originated $5,665,000 in loans. In fifth place, with 4.9%, is Bank Iowa, having originated $5,595,000 in loans.
Pella, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 409 | $87,065,000 | $212,873 |
| Cash Out Refi | 107 | $13,025,000 | $121,729 |
| Refi | 72 | $9,870,000 | $137,083 |
| Other | 43 | $3,385,000 | $78,721 |
| Home Improvement | 23 | $1,365,000 | $59,348 |
Pella's most frequently cited loan purpose was Home Purchase, with 409 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% | 206 | $45,730,000 | $221,990 |
| 5-6% | 119 | $25,405,000 | $213,487 |
| 7-8% | 94 | $16,240,000 | $172,766 |
| <2.5% | 86 | $5,360,000 | $62,326 |
| Over 8% | 48 | $3,860,000 | $80,417 |
| 3-4% | 4 | $170,000 | $42,500 |
| 4-5% | 3 | $855,000 | $285,000 |
During 2023, Pella's most frequently originated rate bucket was 6-7%, with 206 originations.
Loan Sizing (Pella, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 216 | $31,250,000 | $144,676 |
| $100,000 or less | 211 | $10,915,000 | $51,730 |
| $200k-400k | 195 | $53,585,000 | $274,795 |
| $400k-600k | 25 | $11,385,000 | $455,400 |
| $600k-1000k | 5 | $3,225,000 | $645,000 |
| $Over $1MM | 2 | $4,350,000 | $2,175,000 |
Pella's loan sizing saw the bucket of loans from $100k-200k with 216 originations, totaling $31,250,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 240 | $52,540,000 | $218,917 |
| 60-80% | 98 | $24,330,000 | $248,265 |
| Under 20% | 96 | $4,440,000 | $46,250 |
| 20-40% | 77 | $6,985,000 | $90,714 |
| 40-60% | 46 | $8,770,000 | $190,652 |
| Over 100% | 1 | $235,000 | $235,000 |
Pella's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 240 originations, totaling $52,540,000 in origination value.