Pella Mortgage Rates
30 Year Fixed Rate mortgages in Pella averaged
5.87%
for the week of 2022-06-30, compared to the national average of
5.7% for the same period.
The average rate for the prior week (2022-06-23) was
5.88% and
one month ago for the week of 2022-05-26, the
average rate was 4.97%.
Pella's average rate one year ago was 3.28%.
For refis of the same type during the week of 2022-06-30, the average rate
was 5.85%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2022-06-30 | 5.7% |
| Pella 30 Year Fixed Rate | 2022-06-30 | 5.87% |
| Pella 30 Year Fixed Rate Refi | 2022-06-30 | 5.85% |
| Pella 15 Year Fixed Rate | 2022-06-30 | 5.48% |
| Pella 15 Year Fixed Rate Refi | 2022-06-30 | 5.24% |
| Pella 30 Year FHA | 2022-06-30 | 5.64% |
| Pella 30 Year FHA Refi | 2022-06-30 | 5.83% |
| Pella 30 Year USDA | 2022-06-30 | 5.5% |
| Pella 30 Year USDA Refi | 2022-06-30 | 6.16% |
| Pella 30 Year VA | 2022-06-30 | 5.6% |
| Pella 30 Year VA Refi | 2022-06-30 | 5.38% |
Pella Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lendor, 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, IA's 72 lenders originated 1,338
loans during 2021. The total origination value was $254,640,000, with an average loan value of
$190,314.
The top Pella lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with
199 loans originated. Their average total fees are
$1,706, which is $1,274
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Pella lenders (with over 10 loans originated) are
IOWA BANKERS MORTGAGE CORPORATION ($1,706), West Gate Bank ($1,834), COMMUNITY 1ST CREDIT UNION ($1,840), Bank Iowa ($1,876) and Wells Fargo Bank ($2,116).
The lowest rate Pella lenders (with over 10 loans originated) are
Bank Iowa (2.85%), West Gate Bank (2.86%), IOWA BANKERS MORTGAGE CORPORATION (2.87%), MidWestOne Bank (3.06%) and U.S. Bank (3.06%).
Pella, IA Lender 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| IOWA BANKERS MORTGAGE CORPORATION | $61,710,000 | $51,435,000 | -16.7% | 20.2% |
| MidWestOne Bank | $8,210,000 | $25,325,000 | 208.5% | 9.9% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $18,835,000 | $14,255,000 | -24.3% | 5.6% |
| Wells Fargo Bank | $10,570,000 | $14,195,000 | 34.3% | 5.6% |
| QUICKEN LOANS, LLC | $12,880,000 | $12,860,000 | -0.2% | 5.1% |
| Leighton State Bank | $5,125,000 | $9,135,000 | 78.2% | 3.6% |
| Bank Iowa | $13,655,000 | $7,995,000 | -41.5% | 3.1% |
| GREENSTATE CREDIT UNION | $4,570,000 | $7,775,000 | 70.1% | 3.1% |
| U.S. Bank | $8,095,000 | $7,155,000 | -11.6% | 2.8% |
| West Gate Bank | $7,290,000 | $7,090,000 | -2.7% | 2.8% |
| Washington State Bank | $6,290,000 | $6,520,000 | 3.7% | 2.6% |
| COMMUNITY 1ST CREDIT UNION | $5,420,000 | $6,485,000 | 19.6% | 2.5% |
| Lincoln Savings Bank | $3,815,000 | $3,840,000 | 0.7% | 1.5% |
| VERIDIAN CREDIT UNION | $3,705,000 | $3,790,000 | 2.3% | 1.5% |
| FREEDOM MORTGAGE CORPORATION | $1,705,000 | $3,585,000 | 110.3% | 1.4% |
| Luana Savings Bank | $2,110,000 | $3,270,000 | 55.0% | 1.3% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,500,000 | $2,425,000 | 61.7% | 1.0% |
| Farm Credit Mid-America, ACA | $1,700,000 | $2,360,000 | 38.8% | 0.9% |
| Collins Community Credit Union | $2,285,000 | $2,285,000 | 0.0% | 0.9% |
| HOMESERVICES LENDING, LLC | $2,485,000 | $2,175,000 | -12.5% | 0.9% |
| COMPASS MORTGAGE, INC. | $1,925,000 | $1,965,000 | 2.1% | 0.8% |
| Mortgage Research Center, LLC | $2,615,000 | $1,960,000 | -25.0% | 0.8% |
| LOANDEPOT.COM, LLC | $605,000 | $1,915,000 | 216.5% | 0.8% |
| Barrington Bank & Trust Company, N.A. | $535,000 | $1,870,000 | 249.5% | 0.7% |
| GERSHMAN INVESTMENT CORP. | $1,940,000 | $1,735,000 | -10.6% | 0.7% |
| Fortress Bank | $2,665,000 | $1,685,000 | -36.8% | 0.7% |
| USAA Federal Savings Bank | $205,000 | $1,485,000 | 624.4% | 0.6% |
| PENNYMAC LOAN SERVICES, LLC | $835,000 | $1,400,000 | 67.7% | 0.5% |
| Ixonia Bank | $145,000 | $1,395,000 | 862.1% | 0.5% |
| Midwest Heritage Bank FSB | $650,000 | $1,395,000 | 114.6% | 0.5% |
| LAKEVIEW LOAN SERVICING, LLC | $725,000 | $1,360,000 | 87.6% | 0.5% |
| Peoples Savings Bank | $1,150,000 | $1,345,000 | 17.0% | 0.5% |
| CORNHUSKER BANK | $1,225,000 | n/a | 0.5% | |
| Great Southern Bank | $3,540,000 | $1,130,000 | -68.1% | 0.4% |
| Bankers Trust Company | $1,080,000 | n/a | 0.4% | |
| GUARANTEED RATE, INC. | $750,000 | $1,060,000 | 41.3% | 0.4% |
| JPMorgan Chase Bank | $710,000 | $1,035,000 | 45.8% | 0.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $865,000 | $980,000 | 13.3% | 0.4% |
| GREATER IOWA CREDIT UNION | $965,000 | $945,000 | -2.1% | 0.4% |
| BETTER MORTGAGE CORPORATION | $340,000 | $910,000 | 167.6% | 0.4% |
| HOME POINT FINANCIAL CORPORATION | $305,000 | $905,000 | 196.7% | 0.4% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $475,000 | $880,000 | 85.3% | 0.3% |
| BROKER SOLUTIONS, INC. | $825,000 | $865,000 | 4.8% | 0.3% |
| GUILD MORTGAGE COMPANY | $1,515,000 | $860,000 | -43.2% | 0.3% |
| Chickasaw Community Bank | $500,000 | $835,000 | 67.0% | 0.3% |
| Northwest Bank | $415,000 | $835,000 | 101.2% | 0.3% |
| LAND HOME FINANCIAL SERVICES, INC. | $1,430,000 | $800,000 | -44.1% | 0.3% |
| Flagstar Bank, FSB | $145,000 | $785,000 | 441.4% | 0.3% |
| American State Bank | $125,000 | $750,000 | 500.0% | 0.3% |
| AMERISAVE MORTGAGE CORPORATION | $1,475,000 | $710,000 | -51.9% | 0.3% |
| Paramount Residential Mortgage Group, Inc. | $215,000 | $685,000 | 218.6% | 0.3% |
| Community Choice Credit Union | $1,900,000 | $680,000 | -64.2% | 0.3% |
| FINANCE OF AMERICA MORTGAGE LLC | $250,000 | $680,000 | 172.0% | 0.3% |
| Low VA Rates, LLC | $85,000 | $670,000 | 688.2% | 0.3% |
| Truist Bank | $265,000 | $640,000 | 141.5% | 0.3% |
| NBKC BANK | $610,000 | n/a | 0.2% | |
| DUPACO COMMUNITY | $580,000 | n/a | 0.2% | |
| INLANTA MORTGAGE, INC. | $540,000 | $560,000 | 3.7% | 0.2% |
| CALIBER HOME LOANS, INC. | $235,000 | $555,000 | 136.2% | 0.2% |
| Deere Employees Credit Union | $85,000 | $550,000 | 547.1% | 0.2% |
| LEADERONE FINANCIAL CORPORATION | $165,000 | $545,000 | 230.3% | 0.2% |
| VILLAGE CAPITAL & INVESTMENT LLC | $525,000 | $545,000 | 3.8% | 0.2% |
| HOMESIDE FINANCIAL, LLC | $585,000 | $535,000 | -8.5% | 0.2% |
| 21ST MORTGAGE CORPORATION | $335,000 | $525,000 | 56.7% | 0.2% |
| The Central Trust Bank | $520,000 | n/a | 0.2% | |
| UNIVERSAL LENDING CORPORATION | $505,000 | n/a | 0.2% | |
| Serve Credit Union | $315,000 | $500,000 | 58.7% | 0.2% |
| Servion, Inc. | $500,000 | n/a | 0.2% | |
| WINGS FINANCIAL | $495,000 | n/a | 0.2% | |
| American Bank & Trust | $480,000 | n/a | 0.2% | |
| SOVEREIGN LENDING GROUP INCORPORATED | $680,000 | $445,000 | -34.6% | 0.2% |
| DAS Acquisition Company, LLC | $685,000 | $440,000 | -35.8% | 0.2% |
| Great Western Bank | $255,000 | $440,000 | 72.5% | 0.2% |
| MARINE | $410,000 | $440,000 | 7.3% | 0.2% |
| SIRVA MORTGAGE, INC. | $315,000 | $435,000 | 38.1% | 0.2% |
| The Huntington National Bank | $435,000 | n/a | 0.2% | |
| INSPIRE HOME LOANS INC. | $430,000 | n/a | 0.2% | |
| PLAZA HOME MORTGAGE, INC. | $390,000 | n/a | 0.2% | |
| Equity Prime Mortgage LLC | $345,000 | $355,000 | 2.9% | 0.1% |
| Availa Bank | $345,000 | n/a | 0.1% | |
| Regions Bank | $35,000 | $335,000 | 857.1% | 0.1% |
| Bankers' Bank | $325,000 | n/a | 0.1% | |
| CROSSCOUNTRY MORTGAGE, LLC | $185,000 | $325,000 | 75.7% | 0.1% |
| MOVEMENT MORTGAGE, LLC | $320,000 | n/a | 0.1% | |
| SOFI LENDING CORP. | $290,000 | n/a | 0.1% | |
| Waterstone Mortgage Corporation | $285,000 | n/a | 0.1% | |
| NEWREZ LLC | $145,000 | $280,000 | 93.1% | 0.1% |
| Merchants Bank | $265,000 | n/a | 0.1% | |
| Manufacturers and Traders Trust Company | $260,000 | n/a | 0.1% | |
| MORTGAGE ACCESS CORP. | $245,000 | n/a | 0.1% | |
| STEARNS LENDING, LLC | $675,000 | $245,000 | -63.7% | 0.1% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $625,000 | $235,000 | -62.4% | 0.1% |
| AMERICAN ADVISORS GROUP | $90,000 | $230,000 | 155.6% | 0.1% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $230,000 | n/a | 0.1% | |
| RESIDENTIAL MORTGAGE NETWORK, INC. | $105,000 | $230,000 | 119.0% | 0.1% |
| CMG MORTGAGE, INC. | $225,000 | n/a | 0.1% | |
| MEMBERS1st Community Credit Union | $215,000 | n/a | 0.1% | |
| NAVY FEDERAL CREDIT UNION | $685,000 | $215,000 | -68.6% | 0.1% |
| AMCAP MORTGAGE, LTD. | $165,000 | $205,000 | 24.2% | 0.1% |
| Bank of America | $1,145,000 | $205,000 | -82.1% | 0.1% |
| TOP FLITE FINANCIAL, INC. | $265,000 | $205,000 | -22.6% | 0.1% |
| Vibrant Credit Union | $205,000 | n/a | 0.1% | |
| Gateway First Bank | $235,000 | $195,000 | -17.0% | 0.1% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $560,000 | $195,000 | -65.2% | 0.1% |
| UMB Bank | $125,000 | $195,000 | 56.0% | 0.1% |
| Bank of England | $205,000 | $185,000 | -9.8% | 0.1% |
| Farmers State Bank | $1,105,000 | $180,000 | -83.7% | 0.1% |
| PLANET HOME LENDING, LLC | $175,000 | n/a | 0.1% | |
| Premier Credit Union | $55,000 | $175,000 | 218.2% | 0.1% |
| LIBERTY HOME MORTGAGE CORPORATION | $165,000 | n/a | 0.1% | |
| MID AMERICA MORTGAGE, INC. | $165,000 | n/a | 0.1% | |
| Central Bank | $700,000 | $155,000 | -77.9% | 0.1% |
| NP, Inc. | $155,000 | n/a | 0.1% | |
| RESIDENTIAL BANCORP. | $145,000 | n/a | 0.1% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $135,000 | n/a | 0.1% | |
| Keystone Savings Bank | $940,000 | $135,000 | -85.6% | 0.1% |
| NEW DAY FINANCIAL, LLC | $525,000 | $125,000 | -76.2% | 0.0% |
| Chicago Mortgage Solutions LLC | $115,000 | n/a | 0.0% | |
| Bank of the West | $105,000 | n/a | 0.0% | |
| NATIONWIDE MORTGAGE BANKERS, INC. | $105,000 | n/a | 0.0% | |
| Raccoon Valley Bank | $530,000 | $105,000 | -80.2% | 0.0% |
| Carrington Mortgage Services, LLC | $95,000 | n/a | 0.0% | |
| FINANCE OF AMERICA REVERSE LLC | $95,000 | n/a | 0.0% | |
| First National Bank of Omaha | $85,000 | n/a | 0.0% | |
| STAR USA FEDERAL CREDIT UNION | $85,000 | n/a | 0.0% | |
| TRIAD FINANCIAL SERVICES, INC. | $155,000 | $85,000 | -45.2% | 0.0% |
| Plains Commerce Bank | $410,000 | $75,000 | -81.7% | 0.0% |
| Citibank | $65,000 | n/a | 0.0% |
Pella's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 20.2% market share. In second place, with 9.9%, is MidWestOne Bank, having originated $25,325,000 in loans. In third place, with 5.6%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $14,255,000 in loans. In third place, with 5.6%, is Wells Fargo Bank, having originated $14,195,000 in loans. In third place, with 5.1%, is QUICKEN LOANS, LLC, having originated $12,860,000 in loans.
Pella, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 507 | $96,345,000 | $190,030 |
| Refi | 494 | $106,730,000 | $216,053 |
| Cash Out Refi | 284 | $46,860,000 | $165,000 |
| Home Improvement | 28 | $2,380,000 | $85,000 |
| Other | 25 | $2,325,000 | $93,000 |
Pella's most frequently cited loan purpose was Home Purchase, with 507 originations. The 2nd most popular reason was Refi, with 494 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 577 | $103,985,000 | $180,217 |
| 3-4% | 342 | $62,400,000 | $182,456 |
| <2.5% | 273 | $65,215,000 | $238,883 |
| 4-5% | 36 | $3,860,000 | $107,222 |
| 5-6% | 12 | $480,000 | $40,000 |
| Over 8% | 8 | $480,000 | $60,000 |
| 7-8% | 5 | $495,000 | $99,000 |
| 6-7% | 4 | $240,000 | $60,000 |
During 2021, Pella's most frequently originated rate bucket was 2.5-3%, with 577 originations.
Loan Sizing (Pella, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 606 | $89,850,000 | $148,267 |
| $200k-400k | 386 | $101,170,000 | $262,098 |
| $100,000 or less | 300 | $18,420,000 | $61,400 |
| $400k-600k | 37 | $17,185,000 | $464,459 |
| $Over $1MM | 6 | $25,480,000 | $4,246,667 |
| $600k-1000k | 3 | $2,535,000 | $845,000 |
Pella's loan sizing saw the bucket of loans from $100k-200k with 606 originations, totaling $89,850,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 454 | $89,970,000 | $198,172 |
| 60-80% | 402 | $96,150,000 | $239,179 |
| 40-60% | 203 | $31,835,000 | $156,823 |
| 20-40% | 99 | $10,005,000 | $101,061 |
| Under 20% | 66 | $2,160,000 | $32,727 |
| Over 100% | 8 | $2,330,000 | $291,250 |
Pella's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 454 originations, totaling $89,970,000 in origination value.
