Richmond Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Richmond averaged
6.97%
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
7.21% and
one month ago for the week of 2023-08-10, the
average rate was 6.95%.
Richmond's average rate one year ago was 5.78%.
For refis of the same type during the week of 2023-09-14, the average rate
was 7.58%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
Richmond 30 Year Fixed Rate | 2023-09-14 | 6.97% |
Richmond 30 Year Fixed Rate Refi | 2023-09-14 | 7.58% |
Richmond 15 Year Fixed Rate | 2023-09-14 | 6.71% |
Richmond 15 Year Fixed Rate Refi | 2023-09-14 | 7.11% |
Richmond 30 Year FHA | 2023-09-14 | 6.43% |
Richmond 30 Year FHA Refi | 2023-09-14 | 7.19% |
Richmond 30 Year USDA | 2023-09-14 | 7.18% |
Richmond 30 Year USDA Refi | 2023-09-14 | 6.98% |
Richmond 30 Year VA | 2023-09-14 | 6.91% |
Richmond 30 Year VA Refi | 2023-09-14 | 6.61% |
Richmond 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 Richmond, 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.).
Richmond Average Closing Costs & Other Stats
Richmond, IN's 83 lenders originated 1,497
loans during 2022. The total origination value was $350,155,000, with an average loan value of
$233,904.
Richmond's average closing costs are $3,483.
The top Richmond lender as defined by loan originations is First Bank Richmond, with
94 loans originated. Their average total fees are
$2,940, which is $222
higher than the next largest lender,
Three Rivers Federal Credit Union.
The lowest fee Richmond lenders (with over 10 loans originated) are
The Huntington National Bank ($2,158), U.S. Bank ($2,574), JPMorgan Chase Bank ($2,619), First Financial Bank ($2,632) and Three Rivers Federal Credit Union ($2,718).
The lowest rate Richmond lenders (with over 10 loans originated) are
First Bank Richmond (4.53%), U.S. Bank (4.78%), CALIBER HOME LOANS, INC. (4.85%), JPMorgan Chase Bank (5.04%) and The Huntington National Bank (5.04%).
Richmond, 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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
---|---|---|---|---|
Three Rivers Federal Credit Union | $342,355,000 | $187,930,000 | -45.1% | 53.7% |
First Bank Richmond | $40,535,000 | $23,200,000 | -42.8% | 6.6% |
CALIBER HOME LOANS, INC. | $35,010,000 | $16,965,000 | -51.5% | 4.8% |
First Financial Bank | $85,000 | $15,280,000 | 17,876.5% | 4.4% |
QUICKEN LOANS, LLC | $15,795,000 | $9,645,000 | -38.9% | 2.8% |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $9,735,000 | $9,105,000 | -6.5% | 2.6% |
U.S. Bank | $8,140,000 | $7,025,000 | -13.7% | 2.0% |
The Huntington National Bank | $1,565,000 | $6,120,000 | 291.1% | 1.7% |
JPMorgan Chase Bank | $3,240,000 | $3,995,000 | 23.3% | 1.1% |
Greenville National Bank | $4,240,000 | $3,110,000 | -26.7% | 0.9% |
Mortgage Research Center, LLC | $3,115,000 | $3,025,000 | -2.9% | 0.9% |
DAS Acquisition Company, LLC | $4,350,000 | $2,990,000 | -31.3% | 0.9% |
Farm Credit Mid-America, ACA | $3,065,000 | $2,825,000 | -7.8% | 0.8% |
MYCUMORTGAGE, LLC | $1,595,000 | $2,600,000 | 63.0% | 0.7% |
WALKER & DUNLOP, LLC | $2,525,000 | n/a | 0.7% | |
FREEDOM MORTGAGE CORPORATION | $11,425,000 | $2,405,000 | -78.9% | 0.7% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $735,000 | $2,215,000 | 201.4% | 0.6% |
INSPIRE HOME LOANS INC. | $1,785,000 | n/a | 0.5% | |
The Farmers & Merchants State Bank | $495,000 | $1,680,000 | 239.4% | 0.5% |
AMERICAN MORTGAGE SERVICE COMPANY | $1,640,000 | $1,670,000 | 1.8% | 0.5% |
First Merchants Bank | $1,845,000 | $1,600,000 | -13.3% | 0.5% |
Merchants Bank of Indiana | $1,455,000 | $1,445,000 | -0.7% | 0.4% |
Mr. Cooper ( Nationstar Mortgage ) | $1,610,000 | $1,440,000 | -10.6% | 0.4% |
Fifth Third Bank | $1,145,000 | $1,410,000 | 23.1% | 0.4% |
NEW DAY FINANCIAL, LLC | $1,160,000 | $1,370,000 | 18.1% | 0.4% |
Flagstar Bank, FSB | $810,000 | $1,280,000 | 58.0% | 0.4% |
LOANDEPOT.COM, LLC | $2,730,000 | $1,275,000 | -53.3% | 0.4% |
RUOFF MORTGAGE COMPANY, INC. | $3,370,000 | $1,180,000 | -65.0% | 0.3% |
UNITED WHOLESALE MORTGAGE, LLC | $1,020,000 | $1,110,000 | 8.8% | 0.3% |
ROYAL UNITED MORTGAGE LLC | $765,000 | $1,025,000 | 34.0% | 0.3% |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $310,000 | $955,000 | 208.1% | 0.3% |
Bath State Bank | $1,705,000 | $875,000 | -48.7% | 0.2% |
GVC MORTGAGE, INC. | $1,635,000 | $865,000 | -47.1% | 0.2% |
PENNYMAC LOAN SERVICES, LLC | $2,350,000 | $850,000 | -63.8% | 0.2% |
AMERIFIRST FINANCIAL CORPORATION | $1,685,000 | $840,000 | -50.1% | 0.2% |
BETTER MORTGAGE CORPORATION | $690,000 | $805,000 | 16.7% | 0.2% |
FORUM Credit Union | $470,000 | $760,000 | 61.7% | 0.2% |
POLARIS HOME FUNDING CORP. | $220,000 | $750,000 | 240.9% | 0.2% |
MUTUAL OF OMAHA MORTGAGE, INC. | $740,000 | n/a | 0.2% | |
BROKER SOLUTIONS, INC. | $710,000 | n/a | 0.2% | |
Wells Fargo Bank | $1,245,000 | $665,000 | -46.6% | 0.2% |
HOME POINT FINANCIAL CORPORATION | $640,000 | $625,000 | -2.3% | 0.2% |
LAKEVIEW LOAN SERVICING, LLC | $525,000 | $605,000 | 15.2% | 0.2% |
Barrington Bank & Trust Company, N.A. | $625,000 | $595,000 | -4.8% | 0.2% |
Somerville Bank | $975,000 | $585,000 | -40.0% | 0.2% |
AMERICAN PACIFIC MORTGAGE CORPORATION | $195,000 | $575,000 | 194.9% | 0.2% |
AMERISAVE MORTGAGE CORPORATION | $620,000 | $575,000 | -7.3% | 0.2% |
NAVY FEDERAL CREDIT UNION | $1,285,000 | $570,000 | -55.6% | 0.2% |
Carrington Mortgage Services, LLC | $930,000 | $555,000 | -40.3% | 0.2% |
PNC Bank | $935,000 | $555,000 | -40.6% | 0.2% |
Security Federal Savings Bank | $555,000 | n/a | 0.2% | |
Old National Bank | $110,000 | $545,000 | 395.5% | 0.2% |
USAA Federal Savings Bank | $825,000 | $545,000 | -33.9% | 0.2% |
NEWREZ LLC | $840,000 | $475,000 | -43.5% | 0.1% |
Citizens State Bank of New Castle | $300,000 | $460,000 | 53.3% | 0.1% |
Ally Bank | $455,000 | n/a | 0.1% | |
Union Savings And Loan Association | $1,390,000 | $415,000 | -70.1% | 0.1% |
First National Bank of America | $405,000 | n/a | 0.1% | |
EVERETT FINANCIAL, INC. | $380,000 | n/a | 0.1% | |
FCN Bank | $500,000 | $370,000 | -26.0% | 0.1% |
ALLIED MORTGAGE GROUP, INC. | $350,000 | n/a | 0.1% | |
First Bank of Berne | $345,000 | n/a | 0.1% | |
First Federal Bank of the Midwest | $345,000 | n/a | 0.1% | |
UNION HOME MORTGAGE CORP. | $250,000 | $345,000 | 38.0% | 0.1% |
Elements Financial Federal Credit Union | $320,000 | $330,000 | 3.1% | 0.1% |
Gateway First Bank | $325,000 | n/a | 0.1% | |
Third Federal Savings and Loan Association of Cleveland | $135,000 | $325,000 | 140.7% | 0.1% |
SECURITYNATIONAL MORTGAGE COMPANY | $315,000 | n/a | 0.1% | |
AMERICAN FINANCIAL RESOURCES, INC. | $915,000 | $310,000 | -66.1% | 0.1% |
First Option Mortgage, LLC | $75,000 | $280,000 | 273.3% | 0.1% |
MID AMERICA MORTGAGE, INC. | $2,395,000 | $270,000 | -88.7% | 0.1% |
Centier Bank | $265,000 | $265,000 | 0.0% | 0.1% |
Guardian Savings Bank, A Federal Savings Bank | $265,000 | n/a | 0.1% | |
Mercantile Bank of Michigan | $255,000 | n/a | 0.1% | |
PROVIDENT FUNDING ASSOCIATES, L.P. | $155,000 | $250,000 | 61.3% | 0.1% |
Bank of America | $185,000 | $245,000 | 32.4% | 0.1% |
CROSSCOUNTRY MORTGAGE, LLC | $555,000 | $240,000 | -56.8% | 0.1% |
CITY-COUNTY CREDIT UNION | $235,000 | n/a | 0.1% | |
PLANET HOME LENDING, LLC | $175,000 | $230,000 | 31.4% | 0.1% |
CHURCHILL MORTGAGE CORPORATION | $330,000 | $225,000 | -31.8% | 0.1% |
Colonial Savings, F.A. | $215,000 | n/a | 0.1% | |
AMERICAN FINANCING CORPORATION | $125,000 | $210,000 | 68.0% | 0.1% |
SOFI LENDING CORP. | $205,000 | n/a | 0.1% | |
MJW Financial LLC | $720,000 | $200,000 | -72.2% | 0.1% |
EMM LOANS LLC | $195,000 | n/a | 0.1% | |
FORT FINANCIAL Federal Credit Union | $325,000 | $185,000 | -43.1% | 0.1% |
RAPID MORTGAGE COMPANY | $185,000 | n/a | 0.1% | |
SIRVA MORTGAGE, INC. | $175,000 | n/a | 0.0% | |
INDIANA MEMBERS CREDIT UNION | $215,000 | $165,000 | -23.3% | 0.0% |
LIMA ONE CAPITAL, LLC | $165,000 | n/a | 0.0% | |
The Park National Bank | $105,000 | $165,000 | 57.1% | 0.0% |
WesBanco Bank, Inc. | $165,000 | n/a | 0.0% | |
VELOCITY COMMERCIAL CAPITAL, LLC | $160,000 | n/a | 0.0% | |
The Home Loan Expert LLC | $155,000 | n/a | 0.0% | |
GUARANTEED RATE, INC. | $170,000 | $145,000 | -14.7% | 0.0% |
HOMESTAR FINANCIAL CORPORATION | $145,000 | n/a | 0.0% | |
Paramount Residential Mortgage Group, Inc. | $145,000 | n/a | 0.0% | |
PHH Mortgage Corporation | $55,000 | $145,000 | 163.6% | 0.0% |
SUCCESS MORTGAGE PARTNERS, INC. | $155,000 | $145,000 | -6.5% | 0.0% |
BM Real Estate Services, Inc. | $135,000 | n/a | 0.0% | |
Citizens Bank | $485,000 | $135,000 | -72.2% | 0.0% |
JLB CORPORATION | $135,000 | n/a | 0.0% | |
PREMIA MORTGAGE, LLC | $135,000 | n/a | 0.0% | |
Prosperity Home Mortgage, LLC | $135,000 | n/a | 0.0% | |
First Guaranty Mortgage Corporation | $130,000 | n/a | 0.0% | |
PENTAGON FEDERAL CREDIT UNION | $270,000 | $130,000 | -51.9% | 0.0% |
Century Mortgage Company DBA Century Lending Company | $125,000 | n/a | 0.0% | |
Hometown Lenders, Inc. | $245,000 | $115,000 | -53.1% | 0.0% |
WRIGHT-PATT CREDIT UNION, INC. | $400,000 | $105,000 | -73.8% | 0.0% |
Bankers' Bank | $95,000 | n/a | 0.0% | |
COMPASS MORTGAGE, INC. | $245,000 | $95,000 | -61.2% | 0.0% |
LIBERTY HOME MORTGAGE CORPORATION | $95,000 | n/a | 0.0% | |
STAR Financial Bank | $15,000 | $95,000 | 533.3% | 0.0% |
Bank of England | $85,000 | n/a | 0.0% | |
Horizon Bank | $25,000 | $85,000 | 240.0% | 0.0% |
NETWORK CAPITAL FUNDING CORPORATION | $85,000 | n/a | 0.0% | |
The Farmers State Bank | $495,000 | $85,000 | -82.8% | 0.0% |
VILLAGE CAPITAL MORTGAGE | $535,000 | $85,000 | -84.1% | 0.0% |
Northwest Bank | $115,000 | $75,000 | -34.8% | 0.0% |
ProFed Federal Credit Union | $70,000 | n/a | 0.0% | |
BMO Harris Bank | $210,000 | $65,000 | -69.0% | 0.0% |
Evolve Bank & Trust | $65,000 | n/a | 0.0% | |
PARK COMMUNITY CREDIT UNION, INC. | $65,000 | n/a | 0.0% | |
HONDA Federal Credit Union | $95,000 | $60,000 | -36.8% | 0.0% |
SPRING EQ, LLC | $25,000 | $60,000 | 140.0% | 0.0% |
Discover Bank | $55,000 | n/a | 0.0% | |
FINANCE OF AMERICA MORTGAGE LLC | $125,000 | $55,000 | -56.0% | 0.0% |
AMERICAN ADVISORS GROUP | $240,000 | $50,000 | -79.2% | 0.0% |
Centra Credit Union | $45,000 | n/a | 0.0% | |
Cincinnati Federal | $45,000 | n/a | 0.0% | |
Stifel Bank and Trust | $35,000 | n/a | 0.0% | |
TEACHERS CREDIT UNION | $35,000 | n/a | 0.0% | |
Union Savings Bank | $1,250,000 | $35,000 | -97.2% | 0.0% |
Greenville Federal | $15,000 | n/a | 0.0% | |
Home Loan Investment Bank, F.S.B. | $15,000 | $15,000 | 0.0% | 0.0% |
LCNB National Bank | $15,000 | n/a | 0.0% |
Richmond's top lender by overall market share is Three Rivers Federal Credit Union, with 53.7% market share. In second place, with 6.6%, is First Bank Richmond, having originated $23,200,000 in loans. In third place, with 4.8%, is CALIBER HOME LOANS, INC., having originated $16,965,000 in loans. In fourth place, with 4.4%, is First Financial Bank, having originated $15,280,000 in loans. In fifth place, with 2.8%, is QUICKEN LOANS, LLC, having originated $9,645,000 in loans.
Richmond, IN Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 847 | $117,885,000 | $139,179 |
Cash Out Refi | 285 | $32,695,000 | $114,719 |
Refi | 159 | $187,755,000 | $1,180,849 |
Home Improvement | 112 | $6,430,000 | $57,411 |
Other | 94 | $5,390,000 | $57,340 |
Richmond's most frequently cited loan purpose was Home Purchase, with 847 originations. The 2nd most popular reason was Cash Out Refi, with 285 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 390 | $51,590,000 | $132,282 |
3-4% | 316 | $41,010,000 | $129,778 |
4-5% | 311 | $205,645,000 | $661,238 |
6-7% | 205 | $25,645,000 | $125,098 |
<2.5% | 85 | $5,275,000 | $62,059 |
7-8% | 67 | $6,105,000 | $91,119 |
2.5-3% | 65 | $8,905,000 | $137,000 |
Over 8% | 24 | $1,030,000 | $42,917 |
During 2022, Richmond's most frequently originated rate bucket was 5-6%, with 390 originations.
Loan Sizing (Richmond, IN MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 723 | $42,445,000 | $58,707 |
$100k-200k | 561 | $77,835,000 | $138,743 |
$200k-400k | 196 | $51,880,000 | $264,694 |
$400k-600k | 13 | $5,955,000 | $458,077 |
$600k-1000k | 2 | $1,510,000 | $755,000 |
$Over $1MM | 2 | $170,530,000 | $85,265,000 |
Richmond's loan sizing saw the bucket of loans from $100,000 or less with 723 originations, totaling $42,445,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 657 | $97,685,000 | $148,683 |
60-80% | 370 | $47,770,000 | $129,108 |
20-40% | 142 | $8,030,000 | $56,549 |
40-60% | 134 | $15,380,000 | $114,776 |
Under 20% | 128 | $3,190,000 | $24,922 |
Over 100% | 13 | $2,495,000 | $191,923 |
Richmond's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 657 originations, totaling $97,685,000 in origination value.