Picayune Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Picayune averaged
6.94%
for the week of 2023-09-14, compared to the national average of
7.18% for the same period.
The average rate for the prior week (2023-09-07) was
7.08% and
one month ago for the week of 2023-08-10, the
average rate was 7.02%.
Picayune's average rate one year ago was 5.55%.
For refis of the same type during the week of 2023-09-14, the average rate
was 7.68%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
| Picayune 30 Year Fixed Rate | 2023-09-14 | 6.94% |
| Picayune 30 Year Fixed Rate Refi | 2023-09-14 | 7.68% |
| Picayune 15 Year Fixed Rate | 2023-09-14 | 6.31% |
| Picayune 15 Year Fixed Rate Refi | 2023-09-14 | 7.11% |
| Picayune 30 Year FHA | 2023-09-14 | 6.66% |
| Picayune 30 Year FHA Refi | 2023-09-14 | 7.09% |
| Picayune 30 Year USDA | 2023-09-14 | 6.57% |
| Picayune 30 Year USDA Refi | 2023-09-14 | 6.78% |
| Picayune 30 Year VA | 2023-09-14 | 6.42% |
| Picayune 30 Year VA Refi | 2023-09-14 | 6.81% |
Picayune 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 Picayune, MS 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.).
Picayune Average Closing Costs & Other Stats
Picayune, MS's 76 lenders originated 1,204
loans during 2022. The total origination value was $218,120,000, with an average loan value of
$181,163.
Picayune's average closing costs are $5,112.
The top Picayune lender as defined by loan originations is QUICKEN LOANS, LLC, with
34 loans originated. Their average total fees are
$6,296, which is $1,546
higher than the next largest lender,
Regions Bank.
The lowest fee Picayune lenders (with over 10 loans originated) are
KEESLER ($3,427), BankPlus ($3,437), GMFS LLC ($4,402), Regions Bank ($4,750) and EUSTIS AND AMERICAN MORTGAGE COMPANY ($4,808).
The lowest rate Picayune lenders (with over 10 loans originated) are
KEESLER (4.01%), GMFS LLC (4.73%), LOANDEPOT.COM, LLC (4.84%), BankPlus (5.04%) and QUICKEN LOANS, LLC (5.06%).
Picayune, MS 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 |
|---|---|---|---|---|
| QUICKEN LOANS, LLC | $33,620,000 | $17,005,000 | -49.4% | 7.8% |
| PLANET HOME LENDING, LLC | $24,850,000 | $15,440,000 | -37.9% | 7.1% |
| BankPlus | $18,320,000 | $13,495,000 | -26.3% | 6.2% |
| GMFS LLC | $18,165,000 | $11,810,000 | -35.0% | 5.4% |
| First National Bank of Picayune | $8,095,000 | $9,720,000 | 20.1% | 4.5% |
| EUSTIS AND AMERICAN MORTGAGE COMPANY | $10,520,000 | $8,950,000 | -14.9% | 4.1% |
| Regions Bank | $5,840,000 | $8,590,000 | 47.1% | 3.9% |
| KEESLER | $8,035,000 | $8,230,000 | 2.4% | 3.8% |
| Mortgage Research Center, LLC | $5,920,000 | $7,040,000 | 18.9% | 3.2% |
| Hancock Whitney Bank | $9,630,000 | $6,775,000 | -29.6% | 3.1% |
| BancorpSouth Bank | $270,000 | $5,725,000 | 2,020.4% | 2.6% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $2,635,000 | $4,835,000 | 83.5% | 2.2% |
| LOANDEPOT.COM, LLC | $7,940,000 | $4,525,000 | -43.0% | 2.1% |
| DRAPER AND KRAMER MORTGAGE CORP. | $735,000 | $4,115,000 | 459.9% | 1.9% |
| NAVY FEDERAL CREDIT UNION | $2,630,000 | $3,695,000 | 40.5% | 1.7% |
| UNION HOME MORTGAGE CORP. | $4,805,000 | $3,475,000 | -27.7% | 1.6% |
| 21ST MORTGAGE CORPORATION | $2,705,000 | $3,155,000 | 16.6% | 1.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,500,000 | $3,060,000 | 104.0% | 1.4% |
| CMG MORTGAGE, INC. | $6,805,000 | $2,870,000 | -57.8% | 1.3% |
| The First, A National Banking Association | $1,535,000 | $2,780,000 | 81.1% | 1.3% |
| Trustmark National Bank | $1,100,000 | $2,655,000 | 141.4% | 1.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,405,000 | $2,570,000 | 6.9% | 1.2% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,285,000 | $2,500,000 | 9.4% | 1.1% |
| CALIBER HOME LOANS, INC. | $3,445,000 | $2,300,000 | -33.2% | 1.1% |
| FREEDOM MORTGAGE CORPORATION | $10,815,000 | $2,285,000 | -78.9% | 1.0% |
| DELMAR FINANCIAL COMPANY | $4,150,000 | $2,125,000 | -48.8% | 1.0% |
| MOVEMENT MORTGAGE, LLC | $1,215,000 | $2,065,000 | 70.0% | 0.9% |
| Flagstar Bank, FSB | $1,885,000 | $1,915,000 | 1.6% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $4,080,000 | $1,885,000 | -53.8% | 0.9% |
| Citizens Bank | $260,000 | $1,855,000 | 613.5% | 0.9% |
| Gulf Coast Bank and Trust Company | $3,655,000 | $1,750,000 | -52.1% | 0.8% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $1,675,000 | $1,460,000 | -12.8% | 0.7% |
| Wells Fargo Bank | $3,635,000 | $1,430,000 | -60.7% | 0.7% |
| Citizens Savings Bank | $765,000 | $1,390,000 | 81.7% | 0.6% |
| Community Bank of Mississippi | $625,000 | $1,380,000 | 120.8% | 0.6% |
| USAA Federal Savings Bank | $2,555,000 | $1,325,000 | -48.1% | 0.6% |
| JPMorgan Chase Bank | $2,960,000 | $1,320,000 | -55.4% | 0.6% |
| FIDELITY BANK | $2,100,000 | $1,270,000 | -39.5% | 0.6% |
| AMERISAVE MORTGAGE CORPORATION | $2,750,000 | $1,265,000 | -54.0% | 0.6% |
| North American Savings Bank, F.S.B. | $205,000 | $1,070,000 | 422.0% | 0.5% |
| NEW DAY FINANCIAL, LLC | $590,000 | $1,020,000 | 72.9% | 0.5% |
| NEWREZ LLC | $2,180,000 | $1,020,000 | -53.2% | 0.5% |
| BROKER SOLUTIONS, INC. | $1,075,000 | $1,005,000 | -6.5% | 0.5% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,160,000 | $990,000 | -68.7% | 0.5% |
| CSL Financial, LLC | $55,000 | $980,000 | 1,681.8% | 0.4% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $985,000 | $955,000 | -3.0% | 0.4% |
| Southern Bancorp Bank | $495,000 | $945,000 | 90.9% | 0.4% |
| LAKEVIEW LOAN SERVICING, LLC | $1,470,000 | $905,000 | -38.4% | 0.4% |
| Bank of England | $1,610,000 | $885,000 | -45.0% | 0.4% |
| Magnolia Bank | $525,000 | $885,000 | 68.6% | 0.4% |
| TRIAD FINANCIAL SERVICES, INC. | $780,000 | $875,000 | 12.2% | 0.4% |
| First Federal Savings and Loan Association | $810,000 | n/a | 0.4% | |
| HOMESIDE FINANCIAL, LLC | $300,000 | $780,000 | 160.0% | 0.4% |
| First South Farm Credit, ACA | $770,000 | n/a | 0.4% | |
| NBKC BANK | $715,000 | n/a | 0.3% | |
| BETTER MORTGAGE CORPORATION | $300,000 | $705,000 | 135.0% | 0.3% |
| FBT Mortgage, L.L.C. | $415,000 | $700,000 | 68.7% | 0.3% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $590,000 | $695,000 | 17.8% | 0.3% |
| SOUTHWEST STAGE FUNDING, LLC | $605,000 | $695,000 | 14.9% | 0.3% |
| STANDARD MORTGAGE CORPORATION | $1,140,000 | $690,000 | -39.5% | 0.3% |
| HOME POINT FINANCIAL CORPORATION | $1,650,000 | $675,000 | -59.1% | 0.3% |
| SUMMIT FUNDING, INC. | $125,000 | $655,000 | 424.0% | 0.3% |
| Wyndham Capital Mortgage, Inc. | $650,000 | n/a | 0.3% | |
| INLANTA MORTGAGE, INC. | $1,255,000 | $640,000 | -49.0% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $630,000 | $610,000 | -3.2% | 0.3% |
| Nations Lending Corporation | $310,000 | $530,000 | 71.0% | 0.2% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $520,000 | n/a | 0.2% | |
| Citizens Bank | $260,000 | $520,000 | 100.0% | 0.2% |
| AmeriHome Mortgage Company, LLC | $470,000 | n/a | 0.2% | |
| GSF Mortgage Corporation | $365,000 | $460,000 | 26.0% | 0.2% |
| XPLORE FEDERAL CREDIT UNION | $460,000 | n/a | 0.2% | |
| EFCU FINANCIAL | $425,000 | n/a | 0.2% | |
| CHURCHILL MORTGAGE CORPORATION | $595,000 | $390,000 | -34.5% | 0.2% |
| CIS Financial Services, Inc. | $390,000 | n/a | 0.2% | |
| AMERICAN FINANCING CORPORATION | $380,000 | n/a | 0.2% | |
| First Internet Bank of Indiana | $365,000 | n/a | 0.2% | |
| U.S. Bank | $415,000 | $360,000 | -13.3% | 0.2% |
| PREMIA MORTGAGE, LLC | $475,000 | $345,000 | -27.4% | 0.2% |
| T2 FINANCIAL LLC | $325,000 | n/a | 0.1% | |
| Barrington Bank & Trust Company, N.A. | $1,545,000 | $320,000 | -79.3% | 0.1% |
| GUILD MORTGAGE COMPANY | $315,000 | n/a | 0.1% | |
| Tyndall Federal Credit Union | $315,000 | n/a | 0.1% | |
| CHEVRON | $135,000 | $305,000 | 125.9% | 0.1% |
| Red River Bank | $250,000 | $305,000 | 22.0% | 0.1% |
| Wilson & Muir Bank & Trust Company | $305,000 | n/a | 0.1% | |
| DIGITAL Federal Credit Union | $300,000 | n/a | 0.1% | |
| Truist | $165,000 | $300,000 | 81.8% | 0.1% |
| EVERETT FINANCIAL, INC. | $295,000 | n/a | 0.1% | |
| Home Bank | $345,000 | $285,000 | -17.4% | 0.1% |
| Synovus Bank | $285,000 | n/a | 0.1% | |
| RESOURCE FINANCIAL SERVICES, INC. | $255,000 | n/a | 0.1% | |
| INTERLINC MORTGAGE SERVICES, LLC | $295,000 | $245,000 | -16.9% | 0.1% |
| PACIFIC RESIDENTIAL MORTGAGE, LLC | $240,000 | n/a | 0.1% | |
| Resource Bank | $75,000 | $240,000 | 220.0% | 0.1% |
| STOCKTON MORTGAGE CORPORATION | $240,000 | n/a | 0.1% | |
| Heritage Bank of St Tammany | $400,000 | $235,000 | -41.3% | 0.1% |
| AMERICAN FINANCIAL RESOURCES, INC. | $95,000 | $210,000 | 121.1% | 0.1% |
| Pelican State Credit Union | $210,000 | n/a | 0.1% | |
| MORTGAGE FINANCIAL SERVICES, LLC | $155,000 | $205,000 | 32.3% | 0.1% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $760,000 | $195,000 | -74.3% | 0.1% |
| Bank of America | $880,000 | $195,000 | -77.8% | 0.1% |
| FirstBank | $190,000 | $195,000 | 2.6% | 0.1% |
| Goldwater Bank, N.A. | $2,665,000 | $195,000 | -92.7% | 0.1% |
| SWBC MORTGAGE CORPORATION | $195,000 | n/a | 0.1% | |
| BAYSHORE MORTGAGE FUNDING, LLC | $185,000 | n/a | 0.1% | |
| FIRST COMMUNITY MORTGAGE, INC. | $235,000 | $185,000 | -21.3% | 0.1% |
| GUARANTEED RATE, INC. | $320,000 | $185,000 | -42.2% | 0.1% |
| HOPE FEDERAL CREDIT UNION | $175,000 | $185,000 | 5.7% | 0.1% |
| PENTAGON FEDERAL CREDIT UNION | $240,000 | $185,000 | -22.9% | 0.1% |
| Hometown Lenders, Inc. | $235,000 | $180,000 | -23.4% | 0.1% |
| FLAT BRANCH MORTGAGE, INC. | $175,000 | n/a | 0.1% | |
| Mid-Continent Funding, Inc. | $175,000 | n/a | 0.1% | |
| Discover Bank | $160,000 | $170,000 | 6.3% | 0.1% |
| Colonial Savings, F.A. | $165,000 | n/a | 0.1% | |
| First Horizon Bank | $1,585,000 | $165,000 | -89.6% | 0.1% |
| PERFORMANCE MORTGAGE LLC | $390,000 | $165,000 | -57.7% | 0.1% |
| Sierra Pacific Mortgage Company, Inc. | $165,000 | n/a | 0.1% | |
| Wolfe Financial, Inc | $155,000 | n/a | 0.1% | |
| APCI Federal Credit Union | $145,000 | n/a | 0.1% | |
| FINANCE OF AMERICA MORTGAGE LLC | $145,000 | n/a | 0.1% | |
| Ally Bank | $490,000 | $135,000 | -72.4% | 0.1% |
| CONTOUR MORTGAGE CORPORATION | $135,000 | n/a | 0.1% | |
| PHH Mortgage Corporation | $135,000 | n/a | 0.1% | |
| Gulf Coast Community Federal Credit Union | $130,000 | n/a | 0.1% | |
| United Community Bank | $130,000 | n/a | 0.1% | |
| Merchants & Marine Bank | $125,000 | n/a | 0.1% | |
| RELIANCE FIRST CAPITAL, LLC | $165,000 | $115,000 | -30.3% | 0.1% |
| The Citizens Bank of Philadelphia, Mississippi | $105,000 | n/a | 0.0% | |
| South State Bank | $95,000 | n/a | 0.0% | |
| COUNTRYPLACE MORTGAGE, LTD. | $150,000 | $85,000 | -43.3% | 0.0% |
| Lakeview Community Capital, LLC | $75,000 | n/a | 0.0% | |
| LONGBRIDGE FINANCIAL, LLC | $75,000 | n/a | 0.0% | |
| AMERICAN ADVISORS GROUP | $235,000 | $65,000 | -72.3% | 0.0% |
| SUNBELT Federal Credit Union | $25,000 | n/a | 0.0% | |
| THE NEW ORLEANS FIREMEN'S FEDERAL CREDIT UNION | $260,000 | $25,000 | -90.4% | 0.0% |
| Figure Lending LLC | $15,000 | n/a | 0.0% |
Picayune's top lender by overall market share is QUICKEN LOANS, LLC, with 7.8% market share. In second place, with 7.1%, is PLANET HOME LENDING, LLC, having originated $15,440,000 in loans. In third place, with 6.2%, is BankPlus, having originated $13,495,000 in loans. In fourth place, with 5.4%, is GMFS LLC, having originated $11,810,000 in loans. In fifth place, with 4.5%, is First National Bank of Picayune, having originated $9,720,000 in loans.
Picayune, MS Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 740 | $145,870,000 | $197,122 |
| Cash Out Refi | 206 | $32,550,000 | $158,010 |
| Refi | 158 | $30,710,000 | $194,367 |
| Other | 53 | $4,315,000 | $81,415 |
| Home Improvement | 47 | $4,675,000 | $99,468 |
Picayune's most frequently cited loan purpose was Home Purchase, with 740 originations. The 2nd most popular reason was Cash Out Refi, with 206 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 262 | $51,440,000 | $196,336 |
| 4-5% | 229 | $46,645,000 | $203,690 |
| 3-4% | 227 | $43,215,000 | $190,374 |
| 6-7% | 166 | $27,930,000 | $168,253 |
| 2.5-3% | 82 | $18,810,000 | $229,390 |
| 7-8% | 56 | $7,480,000 | $133,571 |
| <2.5% | 55 | $5,375,000 | $97,727 |
| Over 8% | 33 | $3,695,000 | $111,970 |
During 2022, Picayune's most frequently originated rate bucket was 5-6%, with 262 originations.
Loan Sizing (Picayune, MS MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 504 | $76,470,000 | $151,726 |
| $200k-400k | 409 | $106,595,000 | $260,623 |
| $100,000 or less | 261 | $16,185,000 | $62,011 |
| $400k-600k | 26 | $12,310,000 | $473,462 |
| $600k-1000k | 3 | $2,045,000 | $681,667 |
| $Over $1MM | 1 | $4,515,000 | $4,515,000 |
Picayune's loan sizing saw the bucket of loans from $100k-200k with 504 originations, totaling $76,470,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 573 | $118,445,000 | $206,710 |
| 60-80% | 248 | $50,260,000 | $202,661 |
| 40-60% | 111 | $16,405,000 | $147,793 |
| 20-40% | 80 | $7,370,000 | $92,125 |
| Under 20% | 50 | $1,600,000 | $32,000 |
| Over 100% | 35 | $8,905,000 | $254,429 |
Picayune's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 573 originations, totaling $118,445,000 in origination value.