Peru Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Peru averaged
7.07%
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
7.29% and
one month ago for the week of 2024-06-13, the
average rate was 7.15%.
Peru's average rate one year ago was 6.96%.
For refis of the same type during the week of 2024-07-18, the average rate
was 6.77%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
Peru 30 Year Fixed Rate | 2024-07-18 | 7.07% |
Peru 30 Year Fixed Rate Refi | 2024-07-18 | 6.77% |
Peru 15 Year Fixed Rate | 2024-07-18 | 5.95% |
Peru 15 Year Fixed Rate Refi | 2024-07-18 | 6.55% |
Peru 30 Year FHA | 2024-07-18 | 7.13% |
Peru 30 Year FHA Refi | 2024-07-18 | 6.79% |
Peru 30 Year USDA | 2024-07-18 | 6.63% |
Peru 30 Year USDA Refi | 2024-07-18 | 6.63% |
Peru 30 Year VA | 2024-07-18 | 6.1% |
Peru 30 Year VA Refi | 2024-07-18 | 6.3% |
Peru 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 Peru, IN 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.).
Peru Average Closing Costs & Other Stats
Peru, IN's 43 lenders originated 509
loans during 2023. The total origination value was $57,585,000, with an average loan value of
$113,134.
Peru's average closing costs are $3,502.
The top Peru lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with
19 loans originated. Their average total fees are
$2,731, which is $799
higher than the next largest lender,
First Farmers Bank and Trust Company.
The lowest fee Peru lenders (with over 10 loans originated) are
Crossroads Bank ($1,759), First Farmers Bank and Trust Company ($1,932), BEACON CREDIT UNION ($2,092), RUOFF MORTGAGE COMPANY, INC. ($2,731) and STOCKTON MORTGAGE CORPORATION ($3,989).
The lowest rate Peru lenders (with over 10 loans originated) are
Crossroads Bank (6.39%), BEACON CREDIT UNION (6.70%), STOCKTON MORTGAGE CORPORATION (6.99%), RUOFF MORTGAGE COMPANY, INC. (7.13%) and First Farmers Bank and Trust Company (7.34%).
Peru, IN 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 |
---|---|---|---|---|
RUOFF MORTGAGE COMPANY, INC. | $8,920,000 | $5,800,000 | -35.0% | 10.1% |
First Farmers Bank and Trust Company | $8,290,000 | $5,670,000 | -31.6% | 9.8% |
BEACON CREDIT UNION | $4,260,000 | $4,575,000 | 7.4% | 7.9% |
STOCKTON MORTGAGE CORPORATION | $2,740,000 | $3,445,000 | 25.7% | 6.0% |
PLAZA HOME MORTGAGE, INC. | $2,785,000 | $2,495,000 | -10.4% | 4.3% |
QUICKEN LOANS, LLC | $5,125,000 | $2,460,000 | -52.0% | 4.3% |
First Federal Savings Bank | $275,000 | $2,120,000 | 670.9% | 3.7% |
Mortgage Research Center, LLC | $2,560,000 | $1,895,000 | -26.0% | 3.3% |
First Merchants Bank | $865,000 | $1,705,000 | 97.1% | 3.0% |
MOVEMENT MORTGAGE, LLC | $755,000 | $1,580,000 | 109.3% | 2.7% |
Crossroads Bank | $3,470,000 | $1,485,000 | -57.2% | 2.6% |
PNC Bank | $3,190,000 | $1,080,000 | -66.1% | 1.9% |
First Bank of Berne | $455,000 | $1,010,000 | 122.0% | 1.8% |
Solidarity Community Federal Credit Union | $1,830,000 | $940,000 | -48.6% | 1.6% |
PENNYMAC LOAN SERVICES, LLC | $755,000 | $850,000 | 12.6% | 1.5% |
UNITED WHOLESALE MORTGAGE, LLC | $1,265,000 | $815,000 | -35.6% | 1.4% |
GVC MORTGAGE, INC. | $2,600,000 | $795,000 | -69.4% | 1.4% |
American Mortgage & Equity Consultants, Inc. | $765,000 | n/a | 1.3% | |
HALLMARK HOME MORTGAGE, LLC | $590,000 | $680,000 | 15.3% | 1.2% |
Community First Bank of Indiana | $550,000 | $635,000 | 15.5% | 1.1% |
Ixonia Bank | $625,000 | n/a | 1.1% | |
The Huntington National Bank | $760,000 | $595,000 | -21.7% | 1.0% |
The Farmers & Merchants State Bank | $195,000 | $535,000 | 174.4% | 0.9% |
Security Federal Savings Bank | $1,245,000 | $515,000 | -58.6% | 0.9% |
DIRECT MORTGAGE LOANS, LLC | $505,000 | n/a | 0.9% | |
TEACHERS CREDIT UNION | $135,000 | $480,000 | 255.6% | 0.8% |
Farm Credit Mid-America, ACA | $640,000 | $470,000 | -26.6% | 0.8% |
Regions Bank | $560,000 | $460,000 | -17.9% | 0.8% |
FREEDOM MORTGAGE CORPORATION | $435,000 | $455,000 | 4.6% | 0.8% |
UNION HOME MORTGAGE CORP. | $505,000 | $455,000 | -9.9% | 0.8% |
Flagstar Bank, FSB | $1,955,000 | $445,000 | -77.2% | 0.8% |
Mr. Cooper ( Nationstar Mortgage ) | $705,000 | $440,000 | -37.6% | 0.8% |
CALIBER HOME LOANS, INC. | $695,000 | $420,000 | -39.6% | 0.7% |
FLAT BRANCH MORTGAGE, INC. | $235,000 | $385,000 | 63.8% | 0.7% |
21ST MORTGAGE CORPORATION | $175,000 | $370,000 | 111.4% | 0.6% |
Wolfe Financial, Inc | $355,000 | n/a | 0.6% | |
BROKER SOLUTIONS, INC. | $465,000 | $325,000 | -30.1% | 0.6% |
Elements Financial Federal Credit Union | $320,000 | n/a | 0.6% | |
JPMorgan Chase Bank | $955,000 | $320,000 | -66.5% | 0.6% |
Nations Lending Corporation | $380,000 | $305,000 | -19.7% | 0.5% |
PURDUE FEDERAL CREDIT UNION | $300,000 | n/a | 0.5% | |
NEWREZ LLC | $155,000 | $290,000 | 87.1% | 0.5% |
MUTUAL OF OMAHA MORTGAGE, INC. | $105,000 | $265,000 | 152.4% | 0.5% |
NAVY FEDERAL CREDIT UNION | $65,000 | $260,000 | 300.0% | 0.5% |
VILLAGE CAPITAL MORTGAGE | $150,000 | $255,000 | 70.0% | 0.4% |
FIRST COMMUNITY MORTGAGE, INC. | $250,000 | n/a | 0.4% | |
THRIVE MORTGAGE, LLC | $240,000 | n/a | 0.4% | |
Century Mortgage Company DBA Century Lending Company | $235,000 | n/a | 0.4% | |
LEADERONE FINANCIAL CORPORATION | $1,200,000 | $230,000 | -80.8% | 0.4% |
VANDERBILT MORTGAGE AND FINANCE, INC. | $250,000 | $225,000 | -10.0% | 0.4% |
TRIAD FINANCIAL SERVICES, INC. | $420,000 | $200,000 | -52.4% | 0.3% |
CORNERSTONE HOME LENDING, INC. | $195,000 | n/a | 0.3% | |
FORUM Credit Union | $195,000 | n/a | 0.3% | |
ROYAL UNITED MORTGAGE LLC | $310,000 | $195,000 | -37.1% | 0.3% |
Fire Police City County Federal Credit Union | $185,000 | n/a | 0.3% | |
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $55,000 | $175,000 | 218.2% | 0.3% |
Barrington Bank & Trust Company, N.A. | $250,000 | $175,000 | -30.0% | 0.3% |
PLANET HOME LENDING, LLC | $250,000 | $175,000 | -30.0% | 0.3% |
ACADEMY MORTGAGE CORPORATION | $165,000 | n/a | 0.3% | |
AMERISAVE MORTGAGE CORPORATION | $200,000 | $165,000 | -17.5% | 0.3% |
Key Mortgage Services, Inc. | $165,000 | n/a | 0.3% | |
LENOX FINANCIAL MORTGAGE CORPORATION | $165,000 | n/a | 0.3% | |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $400,000 | $160,000 | -60.0% | 0.3% |
ENDEAVOR CAPITAL, LLC. | $155,000 | n/a | 0.3% | |
GUARANTEED RATE, INC. | $155,000 | n/a | 0.3% | |
Merchants Bank of Indiana | $115,000 | $155,000 | 34.8% | 0.3% |
Three Rivers Federal Credit Union | $85,000 | $155,000 | 82.4% | 0.3% |
VERITAS FUNDING, LLC | $155,000 | n/a | 0.3% | |
1st Source Bank | $75,000 | $145,000 | 93.3% | 0.3% |
LOANPAL, LLC | $145,000 | n/a | 0.3% | |
MID AMERICA MORTGAGE, INC. | $175,000 | $145,000 | -17.1% | 0.3% |
MORTGAGE SOLUTIONS OF COLORADO, LLC | $145,000 | n/a | 0.3% | |
TOP FLITE FINANCIAL, INC. | $145,000 | n/a | 0.3% | |
Lake City Bank | $1,065,000 | $140,000 | -86.9% | 0.2% |
USAA Federal Savings Bank | $830,000 | $135,000 | -83.7% | 0.2% |
GENEVA FINANCIAL, LLC | $65,000 | $130,000 | 100.0% | 0.2% |
EVERETT FINANCIAL, INC. | $125,000 | n/a | 0.2% | |
FINANCIAL BUILDERS Federal Credit Union | $295,000 | $115,000 | -61.0% | 0.2% |
PANORAMA MORTGAGE GROUP, LLC | $155,000 | $115,000 | -25.8% | 0.2% |
Servion, Inc. | $35,000 | $115,000 | 228.6% | 0.2% |
Equity Prime Mortgage LLC | $95,000 | n/a | 0.2% | |
Notre Dame Federal Credit Union Corporation | $85,000 | n/a | 0.1% | |
Third Federal Savings and Loan Association of Cleveland | $85,000 | n/a | 0.1% | |
First Federal Savings Bank | $275,000 | $65,000 | -76.4% | 0.1% |
MEMBER FIRST MORTGAGE, LLC | $35,000 | $65,000 | 85.7% | 0.1% |
Discover Bank | $55,000 | n/a | 0.1% | |
Northwest Bank | $105,000 | $55,000 | -47.6% | 0.1% |
First Financial Bank | $1,205,000 | $45,000 | -96.3% | 0.1% |
FIRST OHIO HOME FINANCE, INC. | $45,000 | n/a | 0.1% | |
Horizon Bank | $35,000 | $35,000 | 0.0% | 0.1% |
Peru's top lender by overall market share is RUOFF MORTGAGE COMPANY, INC., with 10.1% market share. In second place, with 9.8%, is First Farmers Bank and Trust Company, having originated $5,670,000 in loans. In third place, with 7.9%, is BEACON CREDIT UNION, having originated $4,575,000 in loans. In fourth place, with 6.0%, is STOCKTON MORTGAGE CORPORATION, having originated $3,445,000 in loans. In fifth place, with 4.3%, is PLAZA HOME MORTGAGE, INC., having originated $2,495,000 in loans.
Peru, IN Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 290 | $41,990,000 | $144,793 |
Cash Out Refi | 86 | $8,380,000 | $97,442 |
Other | 54 | $2,430,000 | $45,000 |
Home Improvement | 51 | $2,425,000 | $47,549 |
Refi | 28 | $2,360,000 | $84,286 |
Peru's most frequently cited loan purpose was Home Purchase, with 290 originations. The 2nd most popular reason was Cash Out Refi, with 86 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
7-8% | 172 | $22,250,000 | $129,360 |
6-7% | 154 | $20,690,000 | $134,351 |
Over 8% | 129 | $7,615,000 | $59,031 |
5-6% | 42 | $5,810,000 | $138,333 |
<2.5% | 5 | $35,000 | $7,000 |
4-5% | 1 | $175,000 | $175,000 |
During 2023, Peru's most frequently originated rate bucket was 7-8%, with 172 originations.
Loan Sizing (Peru, IN MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 285 | $16,065,000 | $56,368 |
$100k-200k | 161 | $23,325,000 | $144,876 |
$200k-400k | 58 | $15,550,000 | $268,103 |
$400k-600k | 4 | $1,950,000 | $487,500 |
$600k-1000k | 1 | $695,000 | $695,000 |
Peru's loan sizing saw the bucket of loans from $100,000 or less with 285 originations, totaling $16,065,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 245 | $37,335,000 | $152,388 |
60-80% | 73 | $8,245,000 | $112,945 |
20-40% | 67 | $3,485,000 | $52,015 |
Under 20% | 61 | $1,945,000 | $31,885 |
40-60% | 42 | $3,620,000 | $86,190 |
Over 100% | 6 | $1,380,000 | $230,000 |
Peru's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 245 originations, totaling $37,335,000 in origination value.