Pella 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 Pella averaged 6.55% for the week of 2023-11-30, compared to the national average of 7.22% for the same period.

    The average rate for the prior week (2023-11-22) was 6.52% and one month ago for the week of 2023-10-26, the average rate was 6.92%.

    Pella's average rate one year ago was 6.01%.

    For refis of the same type during the week of 2023-11-30, the average rate was 7.62%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-11-30 7.22%
    Pella 30 Year Fixed Rate 2023-11-30 6.55%
    Pella 30 Year Fixed Rate Refi 2023-11-30 7.62%
    Pella 15 Year Fixed Rate 2023-11-30 6.46%
    Pella 15 Year Fixed Rate Refi 2023-11-30 7.06%
    Pella 30 Year FHA 2023-11-30 6.95%
    Pella 30 Year FHA Refi 2023-11-30 7.15%
    Pella 30 Year USDA 2023-11-30 6.9%
    Pella 30 Year USDA Refi 2023-11-30 7.1%
    Pella 30 Year VA 2023-11-30 6.87%
    Pella 30 Year VA Refi 2023-11-30 6.87%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Pella, IA.

    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.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    IOWA BANKERS MORTGAGE CORPORATION 70 4.11% $2,103
    COMMUNITY 1ST CREDIT UNION 22 4.31% $2,080
    GREENSTATE CREDIT UNION 21 3.89% $1,976
    Wells Fargo Bank 15 4.73% $2,852
    U.S. Bank 13 4.38% $2,632
    Lincoln Savings Bank 13 4.84% $2,974
    QUICKEN LOANS, LLC 11 5.01% $6,557
    VERIDIAN CREDIT UNION 11 4.11% $1,706
    Bank Iowa 11 4.59% $2,118
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 5.20% $2,643
    Luana Savings Bank 6 3.86% $1,228
    West Gate Bank 6 4.08% $2,402
    GERSHMAN INVESTMENT CORP. 6 4.50% $2,399
    MidWestOne Bank 6 5.19% $3,402
    Deere Employees Credit Union 5 4.25% $2,749
    Premier Credit Union 4 4.94% $4,923
    HOMESERVICES LENDING, LLC 4 5.25% $4,293
    I. H. MISSISSIPPI VALLEY CREDIT UNION 4 3.97% $1,574
    FRONTIER FINANCIAL, INC. 4 5.56% $3,404
    Great Southern Bank 4 5.00% $2,287
    The Central Trust Bank 3 4.79% $6,456
    TOP FLITE FINANCIAL, INC. 3 5.75% $4,076
    Barrington Bank & Trust Company, N.A. 3 5.33% $4,403
    Flagstar Bank, FSB 2 4.31% $4,332
    GREATER IOWA CREDIT UNION 2 5.75% $2,013
    JPMorgan Chase Bank 2 3.88% $5,103
    Northwest Bank 2 4.13% $4,920
    Princeton Mortgage Corporation 2 4.69% $2,973
    NEWREZ LLC 2 4.25% $3,110
    RUHL MORTGAGE, LLC 2 5.44% $2,441
    Truist 2 5.50% $3,112
    UNITED WHOLESALE MORTGAGE, LLC 2 4.62% $3,326
    CARDINAL FINANCIAL 2 5.99% $6,123
    INTERSTATE HOME LOAN CENTER, INC. 1 4.00% $8,937
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $7,365
    AmeriHome Mortgage Company, LLC 1 5.50% $2,934
    AMERISAVE MORTGAGE CORPORATION 1 2.99% $7,829
    Bankers Trust Company 1 5.13% $2,136
    Bank of America 1 4.25% $3,016
    BETTER MORTGAGE CORPORATION 1 4.38% $3,258
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $3,084
    Collins Community Credit Union 1 5.13% $1,512
    Farm Credit Mid-America, ACA 1 3.85% $7,093
    FINANCE OF AMERICA MORTGAGE LLC 1 5.75% $5,121
    Financial Funding Solutions, Inc. 1 6.63% $7,513
    FIRST COMMUNITY MORTGAGE, INC. 1 6.00% $5,130
    First PREMIER Bank 1 3.75% $2,881
    First Savings Bank 1 5.38% $1,474
    Fortress Bank 1 6.00% $1,911
    FREEDOM MORTGAGE CORPORATION 1 7.13% $5,288
    Gateway First Bank 1 5.88% $3,062
    Hills Bank and Trust Company 1 3.75% $1,461
    Academy Bank 1 4.88% $2,562
    Ixonia Bank 1 5.63% $3,195
    LOANDEPOT.COM, LLC 1 3.25% $3,205
    Midwest Heritage Bank FSB 1 4.38% $2,550
    Mortgage Research Center, LLC 1 5.50% $3,492
    Mr. Cooper ( Nationstar Mortgage ) 1 4.99% $5,430
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.38% $6,413
    NAVY FEDERAL CREDIT UNION 1 5.50% $1,795
    Plains Commerce Bank 1 4.38% $3,898
    PREMIA MORTGAGE, LLC 1 3.75% $2,913
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.88% $2,403
    Regions Bank 1 4.88% $4,394
    Stifel Bank and Trust 1 3.50% $2,700
    The Huntington National Bank 1 4.58% $3,431

    Pella Average Closing Costs & Other Stats

    Pella, IA's 66 lenders originated 875 loans during 2022. The total origination value was $170,925,000, with an average loan value of $195,343.

    Pella's average closing costs are $3,068.

    The top Pella lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with 70 loans originated. Their average total fees are $2,103, which is $22 higher than the next largest lender, COMMUNITY 1ST CREDIT UNION.

    The lowest fee Pella lenders (with over 10 loans originated) are VERIDIAN CREDIT UNION ($1,706), GREENSTATE CREDIT UNION ($1,976), COMMUNITY 1ST CREDIT UNION ($2,080), IOWA BANKERS MORTGAGE CORPORATION ($2,103) and Bank Iowa ($2,118).

    The lowest rate Pella lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (3.89%), IOWA BANKERS MORTGAGE CORPORATION (4.11%), VERIDIAN CREDIT UNION (4.11%), COMMUNITY 1ST CREDIT UNION (4.31%) and U.S. Bank (4.38%).

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    IOWA BANKERS MORTGAGE CORPORATION $51,435,000 $22,060,000 -57.1% 12.9%
    Luana Savings Bank $3,270,000 $11,655,000 256.4% 6.8%
    GREENSTATE CREDIT UNION $7,775,000 $8,825,000 13.5% 5.2%
    COMMUNITY 1ST CREDIT UNION $6,485,000 $8,220,000 26.8% 4.8%
    U.S. Bank $7,155,000 $7,645,000 6.8% 4.5%
    Leighton State Bank $9,135,000 $7,325,000 -19.8% 4.3%
    Washington State Bank $6,520,000 $7,185,000 10.2% 4.2%
    Bank Iowa $7,995,000 $7,170,000 -10.3% 4.2%
    QUICKEN LOANS, LLC $12,860,000 $4,970,000 -61.4% 2.9%
    VERIDIAN CREDIT UNION $3,790,000 $4,955,000 30.7% 2.9%
    Wells Fargo Bank $14,195,000 $4,905,000 -65.4% 2.9%
    MidWestOne Bank $25,325,000 $4,035,000 -84.1% 2.4%
    Lincoln Savings Bank $3,840,000 $3,980,000 3.6% 2.3%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $14,255,000 $3,905,000 -72.6% 2.3%
    Availa Bank $345,000 $3,405,000 887.0% 2.0%
    Grandbridge Real Estate Capital LLC $3,225,000 n/a 1.9%
    HOMESERVICES LENDING, LLC $2,175,000 $2,945,000 35.4% 1.7%
    Mortgage Research Center, LLC $1,960,000 $2,375,000 21.2% 1.4%
    Great Southern Bank $1,130,000 $2,115,000 87.2% 1.2%
    The Central Trust Bank $520,000 $2,000,000 284.6% 1.2%
    Community Choice Credit Union $680,000 $1,935,000 184.6% 1.1%
    West Gate Bank $7,090,000 $1,880,000 -73.5% 1.1%
    Peoples Savings Bank $1,345,000 $1,835,000 36.4% 1.1%
    Flagstar Bank, FSB $785,000 $1,250,000 59.2% 0.7%
    JPMorgan Chase Bank $1,035,000 $1,235,000 19.3% 0.7%
    Deere Employees Credit Union $550,000 $1,230,000 123.6% 0.7%
    Farm Credit Mid-America, ACA $2,360,000 $1,225,000 -48.1% 0.7%
    GERSHMAN INVESTMENT CORP. $1,735,000 $1,205,000 -30.5% 0.7%
    NAVY FEDERAL CREDIT UNION $215,000 $1,190,000 453.5% 0.7%
    FRONTIER FINANCIAL, INC. $1,175,000 n/a 0.7%
    Barrington Bank & Trust Company, N.A. $1,870,000 $1,150,000 -38.5% 0.7%
    UNITED WHOLESALE MORTGAGE, LLC $980,000 $1,060,000 8.2% 0.6%
    PREMIA MORTGAGE, LLC $985,000 n/a 0.6%
    NEWREZ LLC $280,000 $970,000 246.4% 0.6%
    Fortress Bank $1,685,000 $960,000 -43.0% 0.6%
    Bankers Trust Company $1,080,000 $955,000 -11.6% 0.6%
    First National Bank, Ames, Iowa $890,000 n/a 0.5%
    Premier Credit Union $175,000 $880,000 402.9% 0.5%
    LOANDEPOT.COM, LLC $1,915,000 $865,000 -54.8% 0.5%
    Northwest Bank $835,000 $785,000 -6.0% 0.5%
    I. H. MISSISSIPPI VALLEY CREDIT UNION $780,000 n/a 0.5%
    Ixonia Bank $1,395,000 $765,000 -45.2% 0.4%
    TOP FLITE FINANCIAL, INC. $205,000 $745,000 263.4% 0.4%
    The Federal Savings Bank $730,000 n/a 0.4%
    BROKER SOLUTIONS, INC. $865,000 $725,000 -16.2% 0.4%
    GUILD MORTGAGE COMPANY $860,000 $725,000 -15.7% 0.4%
    Midwest Heritage Bank FSB $1,395,000 $720,000 -48.4% 0.4%
    Princeton Mortgage Corporation $690,000 n/a 0.4%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $880,000 $630,000 -28.4% 0.4%
    Fidelity Bank $630,000 n/a 0.4%
    Financial Funding Solutions, Inc. $625,000 n/a 0.4%
    GREATER IOWA CREDIT UNION $945,000 $600,000 -36.5% 0.4%
    MOVEMENT MORTGAGE, LLC $320,000 $580,000 81.3% 0.3%
    AMERISAVE MORTGAGE CORPORATION $710,000 $525,000 -26.1% 0.3%
    PENNYMAC LOAN SERVICES, LLC $1,400,000 $490,000 -65.0% 0.3%
    EVERETT FINANCIAL, INC. $480,000 n/a 0.3%
    CALIBER HOME LOANS, INC. $555,000 $465,000 -16.2% 0.3%
    Bank of America $205,000 $445,000 117.1% 0.3%
    Truist $640,000 $440,000 -31.3% 0.3%
    Regions Bank $335,000 $415,000 23.9% 0.2%
    Gateway First Bank $195,000 $395,000 102.6% 0.2%
    BETTER MORTGAGE CORPORATION $910,000 $390,000 -57.1% 0.2%
    Stifel Bank and Trust $355,000 n/a 0.2%
    The Huntington National Bank $435,000 $355,000 -18.4% 0.2%
    MARINE $440,000 $335,000 -23.9% 0.2%
    Chickasaw Community Bank $835,000 $320,000 -61.7% 0.2%
    21ST MORTGAGE CORPORATION $525,000 $315,000 -40.0% 0.2%
    Tradition Mortgage, LLC $295,000 n/a 0.2%
    Collins Community Credit Union $2,285,000 $285,000 -87.5% 0.2%
    FINANCE OF AMERICA MORTGAGE LLC $680,000 $285,000 -58.1% 0.2%
    COMPASS MORTGAGE, INC. $1,965,000 $280,000 -85.8% 0.2%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $275,000 n/a 0.2%
    AMERICAN PACIFIC MORTGAGE CORPORATION $265,000 n/a 0.2%
    GUARANTEED RATE, INC. $1,060,000 $265,000 -75.0% 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $2,425,000 $260,000 -89.3% 0.2%
    LAKEVIEW LOAN SERVICING, LLC $1,360,000 $250,000 -81.6% 0.1%
    LAND HOME FINANCIAL SERVICES, INC. $800,000 $240,000 -70.0% 0.1%
    ZILLOW HOME LOANS, LLC $235,000 n/a 0.1%
    Carrington Mortgage Services, LLC $95,000 $230,000 142.1% 0.1%
    ALLIANT $225,000 n/a 0.1%
    Hills Bank and Trust Company $225,000 n/a 0.1%
    SUN WEST MORTGAGE COMPANY, INC. $225,000 n/a 0.1%
    RUHL MORTGAGE, LLC $220,000 n/a 0.1%
    AmeriHome Mortgage Company, LLC $215,000 n/a 0.1%
    INTERSTATE HOME LOAN CENTER, INC. $205,000 n/a 0.1%
    Vibrant Credit Union $205,000 $205,000 0.0% 0.1%
    FIRST COMMUNITY MORTGAGE, INC. $195,000 n/a 0.1%
    Academy Bank $185,000 n/a 0.1%
    EMM LOANS LLC $185,000 n/a 0.1%
    PENTAGON FEDERAL CREDIT UNION $185,000 n/a 0.1%
    PLAZA HOME MORTGAGE, INC. $390,000 $175,000 -55.1% 0.1%
    THE FAMILY CREDIT UNION $175,000 n/a 0.1%
    First Savings Bank $165,000 n/a 0.1%
    HOMESIDE FINANCIAL, LLC $535,000 $165,000 -69.2% 0.1%
    SPRING EQ, LLC $155,000 n/a 0.1%
    CHURCHILL MORTGAGE CORPORATION $145,000 n/a 0.1%
    FREEDOM MORTGAGE CORPORATION $3,585,000 $145,000 -96.0% 0.1%
    Farmers State Bank $180,000 $135,000 -25.0% 0.1%
    MID AMERICA MORTGAGE, INC. $165,000 $135,000 -18.2% 0.1%
    First Interstate Bank $130,000 n/a 0.1%
    AMERICAN INTERNET MORTGAGE, INC. $125,000 n/a 0.1%
    Contract Exchange Corporation $125,000 n/a 0.1%
    First Federal Bank $125,000 n/a 0.1%
    First PREMIER Bank $125,000 n/a 0.1%
    LIMA ONE CAPITAL, LLC $125,000 n/a 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $230,000 $125,000 -45.7% 0.1%
    Plains Commerce Bank $75,000 $125,000 66.7% 0.1%
    USAA Federal Savings Bank $1,485,000 $125,000 -91.6% 0.1%
    First State Bank $115,000 n/a 0.1%
    NEW DAY FINANCIAL, LLC $125,000 $115,000 -8.0% 0.1%
    RESIDENTIAL MORTGAGE NETWORK, INC. $230,000 $115,000 -50.0% 0.1%
    DUPACO COMMUNITY $580,000 $100,000 -82.8% 0.1%
    DAS Acquisition Company, LLC $440,000 $65,000 -85.2% 0.0%
    Figure Lending LLC $65,000 n/a 0.0%
    ROYAL UNITED MORTGAGE LLC $65,000 n/a 0.0%
    CHERRY CREEK MORTGAGE, LLC $35,000 n/a 0.0%
    Dubuque Bank and Trust Company $35,000 n/a 0.0%
    PNC Bank $25,000 n/a 0.0%
    Serve Credit Union $500,000 $25,000 -95.0% 0.0%

    Pella's top lender by overall market share is IOWA BANKERS MORTGAGE CORPORATION, with 12.9% market share. In second place, with 6.8%, is Luana Savings Bank, having originated $11,655,000 in loans. In third place, with 5.2%, is GREENSTATE CREDIT UNION, having originated $8,825,000 in loans. In fourth place, with 4.8%, is COMMUNITY 1ST CREDIT UNION, having originated $8,220,000 in loans. In fifth place, with 4.5%, is U.S. Bank, having originated $7,645,000 in loans.

    Pella, IA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 483 $114,675,000 $237,422
    Cash Out Refi 164 $23,600,000 $143,902
    Refi 111 $22,835,000 $205,721
    Home Improvement 61 $4,915,000 $80,574
    Other 56 $4,900,000 $87,500

    Pella's most frequently cited loan purpose was Home Purchase, with 483 originations. The 2nd most popular reason was Cash Out Refi, with 164 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 182 $35,190,000 $193,352
    3-4% 178 $46,770,000 $262,753
    4-5% 156 $31,230,000 $200,192
    <2.5% 88 $8,050,000 $91,477
    2.5-3% 75 $16,955,000 $226,067
    6-7% 56 $8,090,000 $144,464
    7-8% 25 $2,635,000 $105,400
    Over 8% 18 $700,000 $38,889

    During 2022, Pella's most frequently originated rate bucket was 5-6%, with 182 originations.

    Loan Sizing (Pella, IA MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 316 $46,880,000 $148,354
    $100,000 or less 266 $13,280,000 $49,925
    $200k-400k 231 $63,745,000 $275,952
    $400k-600k 44 $20,290,000 $461,136
    $600k-1000k 14 $9,950,000 $710,714
    $Over $1MM 4 $16,780,000 $4,195,000

    Pella's loan sizing saw the bucket of loans from $100k-200k with 316 originations, totaling $46,880,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 319 $70,355,000 $220,549
    60-80% 180 $40,470,000 $224,833
    Under 20% 112 $7,700,000 $68,750
    20-40% 83 $7,095,000 $85,482
    40-60% 76 $21,950,000 $288,816
    Over 100% 5 $1,485,000 $297,000

    Pella's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 319 originations, totaling $70,355,000 in origination value.