Red Wing Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Red Wing averaged
6.45%
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 6.18%.
Red Wing's average rate one year ago was 7.42%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.39%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Red Wing 30 Year Fixed Rate | 2024-11-07 | 6.45% |
| Red Wing 30 Year Fixed Rate Refi | 2024-11-07 | 7.39% |
| Red Wing 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Red Wing 15 Year Fixed Rate Refi | 2024-11-07 | 6.2% |
| Red Wing 30 Year FHA | 2024-11-07 | 6.63% |
| Red Wing 30 Year FHA Refi | 2024-11-07 | 6.63% |
| Red Wing 30 Year USDA | 2024-11-07 | 6.58% |
| Red Wing 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Red Wing 30 Year VA | 2024-11-07 | 6.44% |
| Red Wing 30 Year VA Refi | 2024-11-07 | 6.24% |
Red Wing 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 Red Wing, MN 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.).
Red Wing Average Closing Costs & Other Stats
Red Wing, MN's 77 lenders originated 754
loans during 2023. The total origination value was $147,800,000, with an average loan value of
$196,021.
Red Wing's average closing costs are $4,871.
The top Red Wing lender as defined by loan originations is Merchants Bank, with
34 loans originated. Their average total fees are
$3,991, which is $3,391
lower than the next largest lender,
Bell Bank.
The lowest fee Red Wing lenders (with over 10 loans originated) are
Merchants Bank ($3,991), NEWREZ LLC ($4,265), GUARANTEED RATE, INC. ($4,735), UNITED WHOLESALE MORTGAGE, LLC ($5,535) and QUICKEN LOANS, LLC ($6,120).
The lowest rate Red Wing lenders (with over 10 loans originated) are
NEWREZ LLC (6.40%), Merchants Bank (6.55%), QUICKEN LOANS, LLC (6.56%), Bell Bank (6.80%) and UNITED WHOLESALE MORTGAGE, LLC (6.84%).
Red Wing, MN 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 |
|---|---|---|---|---|
| Merchants Bank | $44,085,000 | $15,700,000 | -64.4% | 10.6% |
| Bell Bank | $22,840,000 | $8,715,000 | -61.8% | 5.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $14,930,000 | $7,470,000 | -50.0% | 5.1% |
| QUICKEN LOANS, LLC | $8,150,000 | $6,635,000 | -18.6% | 4.5% |
| NEWREZ LLC | $9,810,000 | $6,110,000 | -37.7% | 4.1% |
| Frandsen Bank & Trust | $155,000 | $5,665,000 | 3,554.8% | 3.8% |
| GUARANTEED RATE, INC. | $8,195,000 | $5,405,000 | -34.0% | 3.7% |
| CROSSCOUNTRY MORTGAGE, LLC | $4,430,000 | $4,110,000 | -7.2% | 2.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $5,460,000 | $4,085,000 | -25.2% | 2.8% |
| Wells Fargo Bank | $10,330,000 | $3,395,000 | -67.1% | 2.3% |
| Prosperity Home Mortgage, LLC | $4,520,000 | $3,275,000 | -27.5% | 2.2% |
| LOANDEPOT.COM, LLC | $10,775,000 | $3,175,000 | -70.5% | 2.1% |
| American Mortgage & Equity Consultants, Inc. | $1,180,000 | $3,000,000 | 154.2% | 2.0% |
| FREEDOM MORTGAGE CORPORATION | $7,400,000 | $2,835,000 | -61.7% | 1.9% |
| COMPEER FINANCIAL, FLCA | $2,110,000 | $2,695,000 | 27.7% | 1.8% |
| Think Mutual Bank | $4,950,000 | $2,550,000 | -48.5% | 1.7% |
| Mortgage Research Center, LLC | $2,845,000 | $2,315,000 | -18.6% | 1.6% |
| Associated Bank | $1,660,000 | $2,220,000 | 33.7% | 1.5% |
| First Federal Bank | $685,000 | $2,175,000 | 217.5% | 1.5% |
| Bremer Bank | $595,000 | $2,130,000 | 258.0% | 1.4% |
| U.S. Bank | $5,120,000 | $1,990,000 | -61.1% | 1.3% |
| AFFINITY PLUS | $2,550,000 | $1,820,000 | -28.6% | 1.2% |
| Century Mortgage Company DBA Century Lending Company | $860,000 | $1,515,000 | 76.2% | 1.0% |
| GUARANTEED RATE AFFINITY, LLC | $985,000 | $1,340,000 | 36.0% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $2,530,000 | $1,330,000 | -47.4% | 0.9% |
| Lake City Federal Bank | $1,295,000 | n/a | 0.9% | |
| Royal Credit Union | $1,255,000 | $1,270,000 | 1.2% | 0.9% |
| Servion, Inc. | $3,215,000 | $1,220,000 | -62.1% | 0.8% |
| ALTRA | $14,590,000 | $1,185,000 | -91.9% | 0.8% |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $1,185,000 | n/a | 0.8% | |
| Gate City Bank | $185,000 | $1,105,000 | 497.3% | 0.7% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $470,000 | $1,035,000 | 120.2% | 0.7% |
| AMERISAVE MORTGAGE CORPORATION | $300,000 | $955,000 | 218.3% | 0.6% |
| AXIA FINANCIAL, LLC | $1,125,000 | $950,000 | -15.6% | 0.6% |
| CMG MORTGAGE, INC. | $765,000 | $935,000 | 22.2% | 0.6% |
| Old National Bank | $600,000 | $920,000 | 53.3% | 0.6% |
| Flagstar Bank, FSB | $1,130,000 | $875,000 | -22.6% | 0.6% |
| NAVY FEDERAL CREDIT UNION | $235,000 | $820,000 | 248.9% | 0.6% |
| Alliance Bank | $895,000 | $765,000 | -14.5% | 0.5% |
| IOWA BANKERS MORTGAGE CORPORATION | $460,000 | $730,000 | 58.7% | 0.5% |
| SUN WEST MORTGAGE COMPANY, INC. | $720,000 | n/a | 0.5% | |
| Home Federal Savings Bank | $2,160,000 | $715,000 | -66.9% | 0.5% |
| WINGS FINANCIAL | $3,585,000 | $715,000 | -80.1% | 0.5% |
| EVERETT FINANCIAL, INC. | $935,000 | $700,000 | -25.1% | 0.5% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $2,275,000 | $685,000 | -69.9% | 0.5% |
| Community Resource Bank | $1,305,000 | $675,000 | -48.3% | 0.5% |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $165,000 | $675,000 | 309.1% | 0.5% |
| HIWAY | $750,000 | $670,000 | -10.7% | 0.5% |
| Tradition Mortgage, LLC | $1,275,000 | $650,000 | -49.0% | 0.4% |
| WESTconsin Credit Union | $1,440,000 | $645,000 | -55.2% | 0.4% |
| Carrington Mortgage Services, LLC | $1,265,000 | $630,000 | -50.2% | 0.4% |
| BROKER SOLUTIONS, INC. | $3,635,000 | $615,000 | -83.1% | 0.4% |
| CARDINAL FINANCIAL | $3,575,000 | $600,000 | -83.2% | 0.4% |
| CITY-COUNTY CREDIT UNION | $135,000 | $600,000 | 344.4% | 0.4% |
| Alerus Financial | $1,505,000 | $570,000 | -62.1% | 0.4% |
| Foresight Bank | $350,000 | $550,000 | 57.1% | 0.4% |
| LAKEVIEW LOAN SERVICING, LLC | $430,000 | $540,000 | 25.6% | 0.4% |
| Hiawatha National Bank | $315,000 | $525,000 | 66.7% | 0.4% |
| SUMMIT FUNDING, INC. | $475,000 | n/a | 0.3% | |
| First Alliance Credit Union | $665,000 | $460,000 | -30.8% | 0.3% |
| FIRST CENTENNIAL MORTGAGE CORPORATION | $455,000 | n/a | 0.3% | |
| MEGASTAR FINANCIAL CORP. | $270,000 | $435,000 | 61.1% | 0.3% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $430,000 | n/a | 0.3% | |
| MOVEMENT MORTGAGE, LLC | $230,000 | $425,000 | 84.8% | 0.3% |
| The Huntington National Bank | $1,830,000 | $415,000 | -77.3% | 0.3% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $1,715,000 | $410,000 | -76.1% | 0.3% |
| TOWNE MORTGAGE COMPANY | $405,000 | n/a | 0.3% | |
| Bank of England | $420,000 | $400,000 | -4.8% | 0.3% |
| Summit Mortgage Corporation | $1,430,000 | $400,000 | -72.0% | 0.3% |
| BAY EQUITY LLC | $815,000 | $390,000 | -52.1% | 0.3% |
| Plains Commerce Bank | $430,000 | $390,000 | -9.3% | 0.3% |
| WNB Financial, N.A. | $840,000 | $385,000 | -54.2% | 0.3% |
| AMERICAN FINANCIAL NETWORK, INC. | $380,000 | n/a | 0.3% | |
| Ixonia Bank | $270,000 | $360,000 | 33.3% | 0.2% |
| IDEAL | $480,000 | $355,000 | -26.0% | 0.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,830,000 | $345,000 | -81.1% | 0.2% |
| HomeTown Bank | $740,000 | $335,000 | -54.7% | 0.2% |
| SIRVA MORTGAGE, INC. | $325,000 | n/a | 0.2% | |
| Castle Rock Bank | $320,000 | n/a | 0.2% | |
| TOP FLITE FINANCIAL, INC. | $315,000 | n/a | 0.2% | |
| USAA Federal Savings Bank | $1,505,000 | $315,000 | -79.1% | 0.2% |
| Truist | $205,000 | $310,000 | 51.2% | 0.2% |
| VERIDIAN CREDIT UNION | $305,000 | n/a | 0.2% | |
| Sunrise Banks | $275,000 | n/a | 0.2% | |
| Vermillion State Bank | $275,000 | n/a | 0.2% | |
| Citizens State Bank of La Crosse | $265,000 | n/a | 0.2% | |
| Gold Coast Bank | $265,000 | n/a | 0.2% | |
| M&T Bank | $145,000 | $265,000 | 82.8% | 0.2% |
| Paramount Residential Mortgage Group, Inc. | $425,000 | $265,000 | -37.6% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $255,000 | n/a | 0.2% | |
| Stifel Bank and Trust | $255,000 | n/a | 0.2% | |
| Bank of America | $500,000 | $245,000 | -51.0% | 0.2% |
| DEEPHAVEN MORTGAGE LLC | $235,000 | n/a | 0.2% | |
| MEMBERS COOPERATIVE | $235,000 | n/a | 0.2% | |
| Neighborhood Loans, Inc. | $235,000 | n/a | 0.2% | |
| PLAZA HOME MORTGAGE, INC. | $235,000 | n/a | 0.2% | |
| Peoples State Bank of Plainview | $565,000 | $230,000 | -59.3% | 0.2% |
| Barrington Bank & Trust Company, N.A. | $1,230,000 | $225,000 | -81.7% | 0.2% |
| Citizens Community Federal | $1,750,000 | $225,000 | -87.1% | 0.2% |
| NEW DAY FINANCIAL, LLC | $255,000 | $215,000 | -15.7% | 0.1% |
| Citizens Bank | $205,000 | $210,000 | 2.4% | 0.1% |
| Coulee Bank | $205,000 | n/a | 0.1% | |
| The First National Bank of River Falls | $245,000 | $205,000 | -16.3% | 0.1% |
| MILEND, INC. | $195,000 | n/a | 0.1% | |
| TRIAD FINANCIAL SERVICES, INC. | $65,000 | $190,000 | 192.3% | 0.1% |
| SPIRE Credit Union | $1,170,000 | $180,000 | -84.6% | 0.1% |
| The State Bank of Faribault | $680,000 | $165,000 | -75.7% | 0.1% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $145,000 | n/a | 0.1% | |
| Highland Bank | $145,000 | n/a | 0.1% | |
| The Loan Store, Inc. | $145,000 | n/a | 0.1% | |
| Baxter Credit Union | $465,000 | $140,000 | -69.9% | 0.1% |
| BETTER MORTGAGE CORPORATION | $135,000 | n/a | 0.1% | |
| MARINE | $290,000 | $115,000 | -60.3% | 0.1% |
| FINANCE OF AMERICA REVERSE LLC | $105,000 | n/a | 0.1% | |
| Johnson Bank | $105,000 | n/a | 0.1% | |
| Figure Lending LLC | $200,000 | $90,000 | -55.0% | 0.1% |
| PENTAGON FEDERAL CREDIT UNION | $75,000 | n/a | 0.1% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $65,000 | n/a | 0.0% | |
| 21ST MORTGAGE CORPORATION | $120,000 | $55,000 | -54.2% | 0.0% |
| DUPACO COMMUNITY | $55,000 | n/a | 0.0% | |
| Lakeview Bank | $55,000 | n/a | 0.0% | |
| LOANPAL, LLC | $55,000 | n/a | 0.0% | |
| GENISYS | $225,000 | $45,000 | -80.0% | 0.0% |
| SUPERIOR CHOICE | $45,000 | n/a | 0.0% | |
| BANKWEST, INC. | $265,000 | $35,000 | -86.8% | 0.0% |
| MID AMERICA MORTGAGE, INC. | $35,000 | n/a | 0.0% | |
| NBKC BANK | $35,000 | n/a | 0.0% | |
| NOVATION CREDIT UNION | $35,000 | n/a | 0.0% | |
| SMW Financial Credit Union | $35,000 | n/a | 0.0% | |
| Deerwood Bank | $25,000 | n/a | 0.0% | |
| Heartland Credit Union | $55,000 | $25,000 | -54.5% | 0.0% |
| TOPLINE FEDERAL CREDIT UNION | $255,000 | $15,000 | -94.1% | 0.0% |
| MidWestOne Bank | $5,000 | n/a | 0.0% |
Red Wing's top lender by overall market share is Merchants Bank, with 10.6% market share. In second place, with 5.9%, is Bell Bank, having originated $8,715,000 in loans. In third place, with 5.1%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $7,470,000 in loans. In fourth place, with 4.5%, is QUICKEN LOANS, LLC, having originated $6,635,000 in loans. In fifth place, with 4.1%, is NEWREZ LLC, having originated $6,110,000 in loans.
Red Wing, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 470 | $112,950,000 | $240,319 |
| Home Improvement | 86 | $5,640,000 | $65,581 |
| Cash Out Refi | 75 | $15,735,000 | $209,800 |
| Other | 63 | $4,225,000 | $67,063 |
| Refi | 60 | $9,250,000 | $154,167 |
Red Wing's most frequently cited loan purpose was Home Purchase, with 470 originations. The 2nd most popular reason was Home Improvement, with 86 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 283 | $65,845,000 | $232,668 |
| 7-8% | 187 | $36,865,000 | $197,139 |
| 5-6% | 108 | $24,070,000 | $222,870 |
| Over 8% | 71 | $7,125,000 | $100,352 |
| 2.5-3% | 32 | $3,040,000 | $95,000 |
| 4-5% | 11 | $2,435,000 | $221,364 |
| <2.5% | 6 | $260,000 | $43,333 |
| 3-4% | 1 | $5,000 | $5,000 |
During 2023, Red Wing's most frequently originated rate bucket was 6-7%, with 283 originations.
Loan Sizing (Red Wing, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 287 | $78,525,000 | $273,606 |
| $100,000 or less | 213 | $9,595,000 | $45,047 |
| $100k-200k | 195 | $29,765,000 | $152,641 |
| $400k-600k | 50 | $23,090,000 | $461,800 |
| $600k-1000k | 7 | $4,615,000 | $659,286 |
| $Over $1MM | 2 | $2,210,000 | $1,105,000 |
Red Wing's loan sizing saw the bucket of loans from $200k-400k with 287 originations, totaling $78,525,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 300 | $79,900,000 | $266,333 |
| Under 20% | 153 | $6,375,000 | $41,667 |
| 60-80% | 133 | $33,995,000 | $255,602 |
| 20-40% | 60 | $6,990,000 | $116,500 |
| 40-60% | 49 | $10,455,000 | $213,367 |
| Over 100% | 6 | $1,710,000 | $285,000 |
Red Wing's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 300 originations, totaling $79,900,000 in origination value.