Salem Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Salem averaged
6.62%
for the week of 2025-07-03, compared to the national average of
6.67% for the same period.
The average rate for the prior week (2025-06-26) was
6.92% and
one month ago for the week of 2025-05-29, the
average rate was 7.24%.
Salem's average rate one year ago was 7.01%.
For refis of the same type during the week of 2025-07-03, the average rate
was 8.14%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-07-03 | 6.67% |
| Salem 30 Year Fixed Rate | 2025-07-03 | 6.62% |
| Salem 30 Year Fixed Rate Refi | 2025-07-03 | 8.14% |
| Salem 15 Year Fixed Rate | 2025-07-03 | 5.6% |
| Salem 15 Year Fixed Rate Refi | 2025-07-03 | 6.4% |
| Salem 30 Year FHA | 2025-07-03 | 0.07% |
| Salem 30 Year FHA Refi | 2025-07-03 | 0% |
| Salem 30 Year USDA | 2025-07-03 | 0% |
| Salem 30 Year USDA Refi | 2025-07-03 | -0.1% |
| Salem 30 Year VA | 2025-07-03 | 0.15% |
| Salem 30 Year VA Refi | 2025-07-03 | 0.2% |
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.).
Salem Average Closing Costs & Other Stats
Salem, OH's 75 lenders originated 1,806
loans during 2024. The total origination value was $247,330,000, with an average loan value of
$136,949.
Salem's average closing costs are $4,523.
The top Salem lender as defined by loan originations is The Huntington National Bank, with
55 loans originated. Their average total fees are
$4,161, which is $1,839
higher than the next largest lender,
HANCOCK COUNTY SAVINGS BANK, FSB, INC..
The lowest fee Salem lenders (with over 10 loans originated) are
HANCOCK COUNTY SAVINGS BANK, FSB, INC. ($2,322), First Commonwealth Bank ($3,740), The Farmers National Bank of Canfield ($3,808), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,861) and NEWREZ LLC ($3,877).
The lowest rate Salem lenders (with over 10 loans originated) are
HANCOCK COUNTY SAVINGS BANK, FSB, INC. (6.43%), NEWREZ LLC (6.66%), First Commonwealth Bank (6.68%), The Huntington National Bank (6.75%) and The Farmers National Bank of Canfield (6.75%).
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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| The Huntington National Bank | $29,845,000 | $34,840,000 | 16.7% | 14.1% |
| QUICKEN LOANS, LLC | $15,315,000 | $20,765,000 | 35.6% | 8.4% |
| The Farmers National Bank of Canfield | $11,205,000 | $14,455,000 | 29.0% | 5.8% |
| CROSSCOUNTRY MORTGAGE, LLC | $9,795,000 | $14,200,000 | 45.0% | 5.7% |
| HANCOCK COUNTY SAVINGS BANK, FSB, INC. | $13,340,000 | $13,695,000 | 2.7% | 5.5% |
| Wayne Savings Community Bank | $11,550,000 | $12,680,000 | 9.8% | 5.1% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $13,135,000 | $12,615,000 | -4.0% | 5.1% |
| First Federal Bank of the Midwest | $27,355,000 | $12,135,000 | -55.6% | 4.9% |
| Ixonia Bank | $8,500,000 | $10,515,000 | 23.7% | 4.3% |
| First Commonwealth Bank | $4,420,000 | $7,540,000 | 70.6% | 3.0% |
| Mortgage Research Center, LLC | $4,250,000 | $5,655,000 | 33.1% | 2.3% |
| Citizens Bank | $4,520,000 | $5,275,000 | 16.7% | 2.1% |
| UNITED WHOLESALE MORTGAGE, LLC | $6,105,000 | $4,945,000 | -19.0% | 2.0% |
| Seven Seventeen Credit Union | $3,730,000 | $4,405,000 | 18.1% | 1.8% |
| NEWREZ LLC | $3,165,000 | $4,010,000 | 26.7% | 1.6% |
| PNC Bank | $2,875,000 | $3,100,000 | 7.8% | 1.3% |
| FREEDOM MORTGAGE CORPORATION | $870,000 | $2,660,000 | 205.7% | 1.1% |
| JPMorgan Chase Bank | $3,200,000 | $2,615,000 | -18.3% | 1.1% |
| POLARIS HOME FUNDING CORP. | $1,275,000 | $2,535,000 | 98.8% | 1.0% |
| WEST PENN FINANCIAL SERVICE CENTER, INC. | $1,875,000 | $2,420,000 | 29.1% | 1.0% |
| NAVY FEDERAL CREDIT UNION | $545,000 | $2,155,000 | 295.4% | 0.9% |
| Farm Credit Mid-America, ACA | $1,460,000 | $2,125,000 | 45.5% | 0.9% |
| Brentwood Bank | $2,105,000 | n/a | 0.9% | |
| UNION HOME MORTGAGE CORP. | $435,000 | $1,835,000 | 321.8% | 0.7% |
| Consumers National Bank | $3,735,000 | $1,665,000 | -55.4% | 0.7% |
| PENNYMAC LOAN SERVICES, LLC | $750,000 | $1,545,000 | 106.0% | 0.6% |
| Flagstar Bank, FSB | $380,000 | $1,410,000 | 271.1% | 0.6% |
| U.S. Bank | $395,000 | $1,400,000 | 254.4% | 0.6% |
| LIBERTY HOME MORTGAGE CORPORATION | $280,000 | $1,155,000 | 312.5% | 0.5% |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $1,250,000 | $1,140,000 | -8.8% | 0.5% |
| KeyBank | $710,000 | $1,105,000 | 55.6% | 0.4% |
| Third Federal Savings and Loan Association of Cleveland | $785,000 | $1,030,000 | 31.2% | 0.4% |
| First National Bank of Pennsylvania | $1,480,000 | $990,000 | -33.1% | 0.4% |
| S1L, Inc. | $970,000 | n/a | 0.4% | |
| AFFORDABLE MORTGAGE ADVISORS, LLC. | $240,000 | $920,000 | 283.3% | 0.4% |
| Discover Bank | $380,000 | $900,000 | 136.8% | 0.4% |
| VILLAGE CAPITAL MORTGAGE | $895,000 | n/a | 0.4% | |
| LOANDEPOT.COM, LLC | $535,000 | $885,000 | 65.4% | 0.4% |
| Merchants Bank of Indiana | $575,000 | $795,000 | 38.3% | 0.3% |
| ZILLOW HOME LOANS, LLC | $250,000 | $790,000 | 216.0% | 0.3% |
| USAA Federal Savings Bank | $400,000 | $745,000 | 86.3% | 0.3% |
| NEW DAY FINANCIAL, LLC | $1,030,000 | $695,000 | -32.5% | 0.3% |
| BROKER SOLUTIONS, INC. | $415,000 | $670,000 | 61.4% | 0.3% |
| Nations Lending Corporation | $645,000 | $665,000 | 3.1% | 0.3% |
| RAPID MORTGAGE COMPANY | $1,180,000 | $655,000 | -44.5% | 0.3% |
| Equity Prime Mortgage LLC | $960,000 | $610,000 | -36.5% | 0.2% |
| MICHIGAN MUTUAL, INC. | $1,425,000 | $605,000 | -57.5% | 0.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $525,000 | $595,000 | 13.3% | 0.2% |
| NATIONWIDE MORTGAGE BANKERS, INC. | $335,000 | $595,000 | 77.6% | 0.2% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $545,000 | n/a | 0.2% | |
| FIRST CHOICE AMERICA COMMUNITY FEDERAL CREDIT UNION | $440,000 | $525,000 | 19.3% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $505,000 | n/a | 0.2% | |
| TOP FLITE FINANCIAL, INC. | $240,000 | $500,000 | 108.3% | 0.2% |
| RUOFF MORTGAGE COMPANY, INC. | $515,000 | $485,000 | -5.8% | 0.2% |
| LEADERONE FINANCIAL CORPORATION | $85,000 | $475,000 | 458.8% | 0.2% |
| Magnolia Bank | $175,000 | $475,000 | 171.4% | 0.2% |
| AMERICAN FINANCIAL RESOURCES, INC. | $415,000 | $465,000 | 12.0% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $255,000 | $455,000 | 78.4% | 0.2% |
| Cf Bank | $450,000 | n/a | 0.2% | |
| Clearview Federal Credit Union | $2,045,000 | $420,000 | -79.5% | 0.2% |
| EUSTIS AND AMERICAN MORTGAGE COMPANY | $420,000 | n/a | 0.2% | |
| ROYAL UNITED MORTGAGE LLC | $315,000 | $420,000 | 33.3% | 0.2% |
| Wells Fargo Bank | $705,000 | $415,000 | -41.1% | 0.2% |
| AMERICAN FINANCIAL NETWORK, INC. | $225,000 | $410,000 | 82.2% | 0.2% |
| Coastal Community Bank | $130,000 | $390,000 | 200.0% | 0.2% |
| PENTAGON FEDERAL CREDIT UNION | $385,000 | n/a | 0.2% | |
| CMG MORTGAGE, INC. | $355,000 | $375,000 | 5.6% | 0.2% |
| GUARANTEED RATE, INC. | $745,000 | $360,000 | -51.7% | 0.1% |
| ALLIED MORTGAGE GROUP, INC. | $135,000 | $355,000 | 163.0% | 0.1% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $345,000 | n/a | 0.1% | |
| PREMIER LENDING, INC. | $395,000 | $340,000 | -13.9% | 0.1% |
| AMERISAVE MORTGAGE CORPORATION | $985,000 | $335,000 | -66.0% | 0.1% |
| BAY EQUITY LLC | $610,000 | $335,000 | -45.1% | 0.1% |
| Figure Lending LLC | $155,000 | $330,000 | 112.9% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $330,000 | n/a | 0.1% | |
| Bank of America | $310,000 | $310,000 | 0.0% | 0.1% |
| MOVEMENT MORTGAGE, LLC | $310,000 | n/a | 0.1% | |
| First Federal Savings and Loan Association of Lakewood | $305,000 | n/a | 0.1% | |
| ROUNDPOINT MORTGAGE SERVICING CORPORATION | $305,000 | n/a | 0.1% | |
| PLANET HOME LENDING, LLC | $295,000 | n/a | 0.1% | |
| Victorian Finance, LLC | $390,000 | $290,000 | -25.6% | 0.1% |
| Paramount Residential Mortgage Group, Inc. | $770,000 | $275,000 | -64.3% | 0.1% |
| LIMA ONE CAPITAL, LLC | $270,000 | n/a | 0.1% | |
| Citadel Servicing Corporation | $265,000 | n/a | 0.1% | |
| EMM LOANS LLC | $155,000 | $265,000 | 71.0% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $265,000 | n/a | 0.1% | |
| MYCUMORTGAGE, LLC | $255,000 | $260,000 | 2.0% | 0.1% |
| LOANPAL, LLC | $255,000 | n/a | 0.1% | |
| Plains Commerce Bank | $255,000 | n/a | 0.1% | |
| Sierra Pacific Mortgage Company, Inc. | $255,000 | n/a | 0.1% | |
| WesBanco | $365,000 | $255,000 | -30.1% | 0.1% |
| NFM, INC. | $115,000 | $250,000 | 117.4% | 0.1% |
| STARK FEDERAL CREDIT UNION | $250,000 | $240,000 | -4.0% | 0.1% |
| CLEARPATH LENDING | $235,000 | n/a | 0.1% | |
| The Federal Savings Bank | $215,000 | n/a | 0.1% | |
| Fifth Third Bank | $210,000 | n/a | 0.1% | |
| LAKEVIEW LOAN SERVICING, LLC | $100,000 | $195,000 | 95.0% | 0.1% |
| Gateway First Bank | $190,000 | n/a | 0.1% | |
| ENDEAVOR CAPITAL, LLC. | $185,000 | n/a | 0.1% | |
| FBC MORTGAGE, LLC | $185,000 | n/a | 0.1% | |
| EVERETT FINANCIAL, INC. | $75,000 | $175,000 | 133.3% | 0.1% |
| Carrington Mortgage Services, LLC | $405,000 | $170,000 | -58.0% | 0.1% |
| BAYSHORE MORTGAGE FUNDING, LLC | $165,000 | n/a | 0.1% | |
| FIRST OHIO HOME FINANCE, INC. | $165,000 | n/a | 0.1% | |
| RF Renovo Management Company, LLC | $165,000 | n/a | 0.1% | |
| Texana Bank | $165,000 | n/a | 0.1% | |
| The State Bank and Trust Company | $165,000 | n/a | 0.1% | |
| TRIAD FINANCIAL SERVICES, INC. | $165,000 | n/a | 0.1% | |
| Ally Bank | $155,000 | n/a | 0.1% | |
| CANTON SCHOOL EMPLOYEES | $150,000 | n/a | 0.1% | |
| ABSOLUTE HOME MORTGAGE CORPORATION | $135,000 | n/a | 0.1% | |
| Kearny Bank | $135,000 | n/a | 0.1% | |
| INTERCOASTAL MORTGAGE COMPANY | $125,000 | n/a | 0.1% | |
| Northwest Bank | $125,000 | n/a | 0.1% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $540,000 | $115,000 | -78.7% | 0.0% |
| FIRST COMMUNITY MORTGAGE, INC. | $115,000 | n/a | 0.0% | |
| GVC MORTGAGE, INC. | $450,000 | $115,000 | -74.4% | 0.0% |
| WRIGHT-PATT CREDIT UNION, INC. | $115,000 | n/a | 0.0% | |
| ASSOCIATED SCHOOL EMPLOYEES CREDIT UNION, INC. | $205,000 | $110,000 | -46.3% | 0.0% |
| HOMEXPRESS MORTGAGE CORP. | $105,000 | n/a | 0.0% | |
| Waterstone Mortgage Corporation | $110,000 | $105,000 | -4.5% | 0.0% |
| SUCCESS MORTGAGE PARTNERS, INC. | $65,000 | n/a | 0.0% | |
| FINANCE OF AMERICA REVERSE LLC | $45,000 | $55,000 | 22.2% | 0.0% |
| MidFirst Bank | $55,000 | n/a | 0.0% | |
| TELHIO | $55,000 | n/a | 0.0% | |
| 21ST MORTGAGE CORPORATION | $595,000 | $45,000 | -92.4% | 0.0% |
| SUPERIOR FINANCIAL SOLUTIONS, LLC | $45,000 | n/a | 0.0% | |
| SUN Federal Credit Union | $35,000 | n/a | 0.0% | |
| Truliant Federal Credit Union | $25,000 | n/a | 0.0% |
Salem's top lender by overall market share is The Huntington National Bank, with 14.1% market share. In second place, with 8.4%, is QUICKEN LOANS, LLC, having originated $20,765,000 in loans. In third place, with 5.8%, is The Farmers National Bank of Canfield, having originated $14,455,000 in loans. In fourth place, with 5.7%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $14,200,000 in loans. In fifth place, with 5.5%, is HANCOCK COUNTY SAVINGS BANK, FSB, INC., having originated $13,695,000 in loans.
Salem, OH Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 807 | $142,055,000 | $176,029 |
| Home Improvement | 298 | $23,060,000 | $77,383 |
| Refi | 254 | $35,650,000 | $140,354 |
| Cash Out Refi | 251 | $31,665,000 | $126,155 |
| Other | 196 | $14,900,000 | $76,020 |
Salem's most frequently cited loan purpose was Home Purchase, with 807 originations. The 2nd most popular reason was Home Improvement, with 298 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 648 | $104,030,000 | $160,540 |
| Over 8% | 490 | $39,620,000 | $80,857 |
| 7-8% | 366 | $51,500,000 | $140,710 |
| 5-6% | 140 | $28,000,000 | $200,000 |
| 3-4% | 34 | $2,440,000 | $71,765 |
| 4-5% | 17 | $4,275,000 | $251,471 |
| <2.5% | 6 | $30,000 | $5,000 |
| 2.5-3% | 1 | $305,000 | $305,000 |
During 2024, Salem's most frequently originated rate bucket was 6-7%, with 648 originations.
Loan Sizing (Salem, OH MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 785 | $44,945,000 | $57,255 |
| $100k-200k | 661 | $94,025,000 | $142,247 |
| $200k-400k | 315 | $81,845,000 | $259,825 |
| $400k-600k | 37 | $17,615,000 | $476,081 |
| $600k-1000k | 6 | $4,540,000 | $756,667 |
| $Over $1MM | 2 | $4,360,000 | $2,180,000 |
Salem's loan sizing saw the bucket of loans from $100,000 or less with 785 originations, totaling $44,945,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 619 | $111,905,000 | $180,784 |
| 60-80% | 316 | $52,170,000 | $165,095 |
| 20-40% | 312 | $22,390,000 | $71,763 |
| 40-60% | 220 | $27,460,000 | $124,818 |
| Under 20% | 207 | $8,085,000 | $39,058 |
| Over 100% | 18 | $4,090,000 | $227,222 |
Salem's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 619 originations, totaling $111,905,000 in origination value.