Salem 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 Salem averaged 6.24% for the week of 2024-10-10, compared to the national average of 6.32% for the same period.

    The average rate for the prior week (2024-10-03) was 6.34% and one month ago for the week of 2024-09-05, the average rate was 6.27%.

    Salem's average rate one year ago was 7.31%.

    For refis of the same type during the week of 2024-10-10, the average rate was 6.82%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-10-10 6.32%
    Salem 30 Year Fixed Rate 2024-10-10 6.24%
    Salem 30 Year Fixed Rate Refi 2024-10-10 6.82%
    Salem 15 Year Fixed Rate 2024-10-10 5.41%
    Salem 15 Year Fixed Rate Refi 2024-10-10 6.01%
    Salem 30 Year FHA 2024-10-10 6.43%
    Salem 30 Year FHA Refi 2024-10-10 6%
    Salem 30 Year USDA 2024-10-10 5.98%
    Salem 30 Year USDA Refi 2024-10-10 6.08%
    Salem 30 Year VA 2024-10-10 5.65%
    Salem 30 Year VA Refi 2024-10-10 5.65%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Salem, OH.

    Salem 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 Salem, OH 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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HANCOCK COUNTY SAVINGS BANK, FSB, INC. 62 6.30% $1,989
    The Huntington National Bank 61 6.87% $3,902
    QUICKEN LOANS, LLC 35 6.87% $5,899
    Ixonia Bank 26 7.29% $5,437
    CROSSCOUNTRY MORTGAGE, LLC 25 7.19% $6,267
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 7.14% $4,143
    The Farmers National Bank of Canfield 22 6.75% $3,834
    JPMorgan Chase Bank 19 7.10% $3,327
    UNITED WHOLESALE MORTGAGE, LLC 19 6.82% $6,284
    NEWREZ LLC 19 6.32% $3,214
    First Federal Bank of the Midwest 19 6.76% $3,624
    First Commonwealth Bank 14 6.91% $3,569
    Seven Seventeen Credit Union 13 6.30% $3,693
    Citizens Bank 7 6.84% $4,142
    Farm Credit Mid-America, ACA 6 7.40% $4,945
    MICHIGAN MUTUAL, INC. 6 7.44% $7,597
    GUARANTEED RATE, INC. 5 6.74% $5,025
    HOWARD HANNA FINANCIAL SERVICES, INC. 5 6.43% $4,183
    UNION HOME MORTGAGE CORP. 3 6.92% $6,117
    RUOFF MORTGAGE COMPANY, INC. 3 6.79% $4,288
    Clearview Federal Credit Union 3 6.45% $3,335
    WEST PENN FINANCIAL SERVICE CENTER, INC. 3 6.21% $2,972
    Bank of England 2 6.69% $6,005
    GVC MORTGAGE, INC. 2 7.49% $4,483
    Mortgage Research Center, LLC 2 7.06% $4,661
    PNC Bank 2 6.69% $3,062
    POLARIS HOME FUNDING CORP. 2 7.25% $5,046
    PREMIER LENDING, INC. 2 6.88% $5,364
    First National Bank of Pennsylvania 2 6.56% $3,404
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $5,603
    Victorian Finance, LLC 2 6.25% $4,943
    Wells Fargo Bank 2 6.31% $4,667
    AMERISAVE MORTGAGE CORPORATION 2 7.00% $6,089
    RAPID MORTGAGE COMPANY 2 7.43% $11,255
    ROYAL UNITED MORTGAGE LLC 2 6.56% $6,174
    BROKER SOLUTIONS, INC. 2 6.81% $5,195
    CHURCHILL MORTGAGE CORPORATION 2 6.69% $5,672
    Merchants Bank of Indiana 2 6.44% $2,636
    The Park National Bank 1 7.50% $5,382
    TOP FLITE FINANCIAL, INC. 1 7.38% $4,857
    Bank of America 1 6.25% $8,761
    USAA Federal Savings Bank 1 7.38% $2,955
    U.S. Bank 1 8.13% $3,508
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.75% $4,225
    VERITAS FUNDING, LLC 1 7.38% $9,884
    EVANSVILLE TEACHERS 1 7.75% $3,232
    Equity Prime Mortgage LLC 1 6.50% $16,198
    EMM LOANS LLC 1 6.88% $9,049
    Florida Capital Bank 1 6.99% $2,836
    Discover Bank 1 7.74% $0
    KeyBank 1 6.88% $3,794
    ZILLOW HOME LOANS, LLC 1 6.63% $5,682
    Mr. Cooper ( Nationstar Mortgage ) 1 6.49% $7,788
    NAVY FEDERAL CREDIT UNION 1 7.88% $2,244
    CHEVRON 1 6.38% $7,716
    NFM, INC. 1 8.25% $4,927
    Old National Bank 1 7.75% $7,871
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.00% $5,378
    Paramount Residential Mortgage Group, Inc. 1 6.99% $4,089
    PENNYMAC LOAN SERVICES, LLC 1 6.88% $7,309
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $6,490
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $5,396
    Carrington Mortgage Services, LLC 1 6.38% $5,601
    Republic State Mortgage Co. 1 7.00% $1,007
    S&T Bank 1 6.13% $3,278
    STOCKTON MORTGAGE CORPORATION 1 7.38% $3,735
    BAY EQUITY LLC 1 7.63% $7,978

    Salem Average Closing Costs & Other Stats

    Salem, OH's 67 lenders originated 1,670 loans during 2023. The total origination value was $224,020,000, with an average loan value of $134,144.

    Salem's average closing costs are $4,364.

    The top Salem lender as defined by loan originations is HANCOCK COUNTY SAVINGS BANK, FSB, INC., with 62 loans originated. Their average total fees are $1,989, which is $1,912 lower than the next largest lender, The Huntington National Bank.

    The lowest fee Salem lenders (with over 10 loans originated) are HANCOCK COUNTY SAVINGS BANK, FSB, INC. ($1,989), NEWREZ LLC ($3,214), JPMorgan Chase Bank ($3,327), First Commonwealth Bank ($3,569) and First Federal Bank of the Midwest ($3,624).

    The lowest rate Salem lenders (with over 10 loans originated) are Seven Seventeen Credit Union (6.30%), HANCOCK COUNTY SAVINGS BANK, FSB, INC. (6.30%), NEWREZ LLC (6.32%), The Farmers National Bank of Canfield (6.75%) and First Federal Bank of the Midwest (6.76%).

    Salem, OH 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
    The Huntington National Bank $41,525,000 $29,845,000 -28.1% 13.3%
    First Federal Bank of the Midwest $22,765,000 $27,355,000 20.2% 12.2%
    QUICKEN LOANS, LLC $19,985,000 $15,315,000 -23.4% 6.8%
    HANCOCK COUNTY SAVINGS BANK, FSB, INC. $19,625,000 $13,340,000 -32.0% 6.0%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $17,825,000 $13,135,000 -26.3% 5.9%
    Wayne Savings Community Bank $10,585,000 $11,550,000 9.1% 5.2%
    The Farmers National Bank of Canfield $19,670,000 $11,205,000 -43.0% 5.0%
    CROSSCOUNTRY MORTGAGE, LLC $7,545,000 $9,795,000 29.8% 4.4%
    Ixonia Bank $845,000 $8,500,000 905.9% 3.8%
    UNITED WHOLESALE MORTGAGE, LLC $2,965,000 $6,105,000 105.9% 2.7%
    Citizens Bank $7,925,000 $4,520,000 -43.0% 2.0%
    First Commonwealth Bank $6,905,000 $4,420,000 -36.0% 2.0%
    Mortgage Research Center, LLC $5,180,000 $4,250,000 -18.0% 1.9%
    Consumers National Bank $1,630,000 $3,735,000 129.1% 1.7%
    Seven Seventeen Credit Union $6,095,000 $3,730,000 -38.8% 1.7%
    JPMorgan Chase Bank $3,705,000 $3,200,000 -13.6% 1.4%
    NEWREZ LLC $3,305,000 $3,165,000 -4.2% 1.4%
    PNC Bank $5,785,000 $2,875,000 -50.3% 1.3%
    Clearview Federal Credit Union $2,120,000 $2,045,000 -3.5% 0.9%
    WEST PENN FINANCIAL SERVICE CENTER, INC. $3,990,000 $1,875,000 -53.0% 0.8%
    First National Bank of Pennsylvania $1,490,000 $1,480,000 -0.7% 0.7%
    Farm Credit Mid-America, ACA $2,245,000 $1,460,000 -35.0% 0.7%
    MICHIGAN MUTUAL, INC. $765,000 $1,425,000 86.3% 0.6%
    POLARIS HOME FUNDING CORP. $1,205,000 $1,275,000 5.8% 0.6%
    HOWARD HANNA FINANCIAL SERVICES, INC. $1,720,000 $1,250,000 -27.3% 0.6%
    RAPID MORTGAGE COMPANY $2,365,000 $1,180,000 -50.1% 0.5%
    NEW DAY FINANCIAL, LLC $970,000 $1,030,000 6.2% 0.5%
    CARDINAL FINANCIAL $585,000 $1,025,000 75.2% 0.5%
    AMERISAVE MORTGAGE CORPORATION $1,685,000 $985,000 -41.5% 0.4%
    Equity Prime Mortgage LLC $960,000 n/a 0.4%
    FREEDOM MORTGAGE CORPORATION $2,240,000 $870,000 -61.2% 0.4%
    Third Federal Savings and Loan Association of Cleveland $555,000 $785,000 41.4% 0.4%
    Paramount Residential Mortgage Group, Inc. $145,000 $770,000 431.0% 0.3%
    PENNYMAC LOAN SERVICES, LLC $1,175,000 $750,000 -36.2% 0.3%
    GUARANTEED RATE, INC. $2,325,000 $745,000 -68.0% 0.3%
    KeyBank $2,010,000 $710,000 -64.7% 0.3%
    Wells Fargo Bank $985,000 $705,000 -28.4% 0.3%
    Portage Community Bank $685,000 $680,000 -0.7% 0.3%
    Nations Lending Corporation $1,090,000 $645,000 -40.8% 0.3%
    BAY EQUITY LLC $610,000 n/a 0.3%
    21ST MORTGAGE CORPORATION $75,000 $595,000 693.3% 0.3%
    Merchants Bank of Indiana $1,340,000 $575,000 -57.1% 0.3%
    NAVY FEDERAL CREDIT UNION $1,505,000 $545,000 -63.8% 0.2%
    AMERICAN PACIFIC MORTGAGE CORPORATION $850,000 $540,000 -36.5% 0.2%
    LOANDEPOT.COM, LLC $2,630,000 $535,000 -79.7% 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $2,110,000 $525,000 -75.1% 0.2%
    RUOFF MORTGAGE COMPANY, INC. $635,000 $515,000 -18.9% 0.2%
    GVC MORTGAGE, INC. $450,000 n/a 0.2%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $105,000 $450,000 328.6% 0.2%
    FIRST CHOICE AMERICA COMMUNITY FEDERAL CREDIT UNION $265,000 $440,000 66.0% 0.2%
    UNION HOME MORTGAGE CORP. $965,000 $435,000 -54.9% 0.2%
    AMERICAN FINANCIAL RESOURCES, INC. $385,000 $415,000 7.8% 0.2%
    BROKER SOLUTIONS, INC. $1,020,000 $415,000 -59.3% 0.2%
    Carrington Mortgage Services, LLC $675,000 $405,000 -40.0% 0.2%
    USAA Federal Savings Bank $880,000 $400,000 -54.5% 0.2%
    Old National Bank $395,000 n/a 0.2%
    PREMIER LENDING, INC. $395,000 n/a 0.2%
    U.S. Bank $1,495,000 $395,000 -73.6% 0.2%
    Victorian Finance, LLC $280,000 $390,000 39.3% 0.2%
    Discover Bank $155,000 $380,000 145.2% 0.2%
    Flagstar Bank, FSB $285,000 $380,000 33.3% 0.2%
    EVANSVILLE TEACHERS $370,000 n/a 0.2%
    STOCKTON MORTGAGE CORPORATION $365,000 n/a 0.2%
    WesBanco $7,605,000 $365,000 -95.2% 0.2%
    CHURCHILL MORTGAGE CORPORATION $360,000 n/a 0.2%
    CMG MORTGAGE, INC. $355,000 n/a 0.2%
    DRAPER AND KRAMER MORTGAGE CORP. $350,000 n/a 0.2%
    NATIONWIDE MORTGAGE BANKERS, INC. $230,000 $335,000 45.7% 0.1%
    ROYAL UNITED MORTGAGE LLC $585,000 $315,000 -46.2% 0.1%
    Bank of America $250,000 $310,000 24.0% 0.1%
    Republic State Mortgage Co. $95,000 $310,000 226.3% 0.1%
    ADVANCIAL $305,000 n/a 0.1%
    The Park National Bank $620,000 $290,000 -53.2% 0.1%
    CALIBER HOME LOANS, INC. $2,075,000 $285,000 -86.3% 0.1%
    Bank of England $400,000 $280,000 -30.0% 0.1%
    LIBERTY HOME MORTGAGE CORPORATION $630,000 $280,000 -55.6% 0.1%
    Hometown Equity Mortgage, LLC $105,000 $270,000 157.1% 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $365,000 $255,000 -30.1% 0.1%
    MYCUMORTGAGE, LLC $450,000 $255,000 -43.3% 0.1%
    STARK FEDERAL CREDIT UNION $125,000 $250,000 100.0% 0.1%
    ZILLOW HOME LOANS, LLC $215,000 $250,000 16.3% 0.1%
    AFFORDABLE MORTGAGE ADVISORS, LLC. $240,000 n/a 0.1%
    TOP FLITE FINANCIAL, INC. $650,000 $240,000 -63.1% 0.1%
    VANDERBILT MORTGAGE AND FINANCE, INC. $250,000 $240,000 -4.0% 0.1%
    Dollar Bank, Federal Savings Bank $1,145,000 $230,000 -79.9% 0.1%
    AMERICAN FINANCIAL NETWORK, INC. $225,000 n/a 0.1%
    CHEVRON $215,000 n/a 0.1%
    PACIFIC RESIDENTIAL MORTGAGE, LLC $305,000 $215,000 -29.5% 0.1%
    ASSOCIATED SCHOOL EMPLOYEES CREDIT UNION, INC. $750,000 $205,000 -72.7% 0.1%
    RELIANCE FIRST CAPITAL, LLC $330,000 $195,000 -40.9% 0.1%
    Magnolia Bank $175,000 n/a 0.1%
    S&T Bank $655,000 $165,000 -74.8% 0.1%
    VERITAS FUNDING, LLC $165,000 n/a 0.1%
    AMCAP MORTGAGE, LTD. $305,000 $155,000 -49.2% 0.1%
    EMM LOANS LLC $155,000 n/a 0.1%
    Figure Lending LLC $355,000 $155,000 -56.3% 0.1%
    Florida Capital Bank $155,000 n/a 0.1%
    ALLIED MORTGAGE GROUP, INC. $135,000 n/a 0.1%
    CARDINAL CREDIT UNION, INC. $405,000 $135,000 -66.7% 0.1%
    GUILD MORTGAGE COMPANY $135,000 n/a 0.1%
    LONGBRIDGE FINANCIAL, LLC $135,000 n/a 0.1%
    Coastal Community Bank $130,000 n/a 0.1%
    American Airlines Federal Credit Union $245,000 $125,000 -49.0% 0.1%
    LENDINGHOME FUNDING CORPORATION $105,000 $125,000 19.0% 0.1%
    AMERICAN FINANCING CORPORATION $350,000 $115,000 -67.1% 0.1%
    Bank of Magnolia Company $115,000 n/a 0.1%
    NFM, INC. $115,000 n/a 0.1%
    Waterstone Mortgage Corporation $5,430,000 $110,000 -98.0% 0.0%
    Hometown Bank $105,000 n/a 0.0%
    GSF Mortgage Corporation $375,000 $100,000 -73.3% 0.0%
    KEMBA FINANCIAL $100,000 n/a 0.0%
    LAKEVIEW LOAN SERVICING, LLC $995,000 $100,000 -89.9% 0.0%
    Home Federal Savings and Loan Association of Niles $95,000 n/a 0.0%
    Unified Bank $95,000 n/a 0.0%
    LEADERONE FINANCIAL CORPORATION $205,000 $85,000 -58.5% 0.0%
    PRIMARY RESIDENTIAL MORTGAGE, INC. $255,000 $85,000 -66.7% 0.0%
    EVERETT FINANCIAL, INC. $185,000 $75,000 -59.5% 0.0%
    West-Aircomm Federal Credit Union $75,000 n/a 0.0%
    Centier Bank $55,000 n/a 0.0%
    FINANCE OF AMERICA REVERSE LLC $125,000 $45,000 -64.0% 0.0%
    Lakeview Community Capital, LLC $145,000 $35,000 -75.9% 0.0%
    The Middlefield Banking Company $25,000 n/a 0.0%

    Salem's top lender by overall market share is The Huntington National Bank, with 13.3% market share. In second place, with 12.2%, is First Federal Bank of the Midwest, having originated $27,355,000 in loans. In third place, with 6.8%, is QUICKEN LOANS, LLC, having originated $15,315,000 in loans. In fourth place, with 6.0%, is HANCOCK COUNTY SAVINGS BANK, FSB, INC., having originated $13,340,000 in loans. In fifth place, with 5.9%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $13,135,000 in loans.

    Salem, OH Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 830 $151,740,000 $182,819
    Home Improvement 270 $15,810,000 $58,556
    Refi 215 $22,595,000 $105,093
    Cash Out Refi 192 $22,850,000 $119,010
    Other 163 $11,025,000 $67,638

    Salem's most frequently cited loan purpose was Home Purchase, with 830 originations. The 2nd most popular reason was Home Improvement, with 270 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 542 $75,470,000 $139,244
    7-8% 444 $59,360,000 $133,694
    Over 8% 367 $42,155,000 $114,864
    5-6% 157 $21,265,000 $135,446
    3-4% 38 $3,120,000 $82,105
    4-5% 15 $4,495,000 $299,667
    <2.5% 5 $365,000 $73,000
    2.5-3% 2 $820,000 $410,000

    During 2023, Salem's most frequently originated rate bucket was 6-7%, with 542 originations.

    Loan Sizing (Salem, OH MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 811 $46,465,000 $57,293
    $100k-200k 592 $82,490,000 $139,341
    $200k-400k 228 $59,130,000 $259,342
    $400k-600k 31 $14,675,000 $473,387
    $600k-1000k 5 $3,945,000 $789,000
    $Over $1MM 3 $17,315,000 $5,771,667

    Salem's loan sizing saw the bucket of loans from $100,000 or less with 811 originations, totaling $46,465,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 588 $95,690,000 $162,738
    20-40% 292 $23,040,000 $78,904
    60-80% 277 $55,365,000 $199,874
    40-60% 214 $22,960,000 $107,290
    Under 20% 196 $6,350,000 $32,398
    Over 100% 12 $3,690,000 $307,500

    Salem's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 588 originations, totaling $95,690,000 in origination value.