Selma Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Selma averaged
6.77%
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
6.57% and
one month ago for the week of 2025-05-29, the
average rate was 6.79%.
Selma's average rate one year ago was 7.06%.
For refis of the same type during the week of 2025-07-03, the average rate
was 6.87%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-07-03 | 6.67% |
| Selma 30 Year Fixed Rate | 2025-07-03 | 6.77% |
| Selma 30 Year Fixed Rate Refi | 2025-07-03 | 6.87% |
| Selma 15 Year Fixed Rate | 2025-07-03 | 5.7% |
| Selma 15 Year Fixed Rate Refi | 2025-07-03 | 6.3% |
| Selma 30 Year FHA | 2025-07-03 | 0.2% |
| Selma 30 Year FHA Refi | 2025-07-03 | 0% |
| Selma 30 Year USDA | 2025-07-03 | 0.2% |
| Selma 30 Year USDA Refi | 2025-07-03 | -0.2% |
| Selma 30 Year VA | 2025-07-03 | -0.1% |
| Selma 30 Year VA Refi | 2025-07-03 | 0.2% |
Selma 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 Selma, AL 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.).
Selma Average Closing Costs & Other Stats
Selma, AL's 29 lenders originated 255
loans during 2024. The total origination value was $37,915,000, with an average loan value of
$148,686.
Selma's average closing costs are $4,666.
The top Selma lender as defined by loan originations is JPMorgan Chase Bank, with
5 loans originated. Their average total fees are
$3,819, which is $542
higher than the next largest lender,
Trustmark National Bank.
The lowest fee Selma lenders (with over 10 loans originated) are
.
The lowest rate Selma lenders (with over 10 loans originated) are
.
Selma, AL 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 |
|---|---|---|---|---|
| WALKER & DUNLOP, LLC | $3,915,000 | n/a | 10.3% | |
| QUICKEN LOANS, LLC | $3,375,000 | $3,440,000 | 1.9% | 9.1% |
| Trustmark National Bank | $3,800,000 | $1,870,000 | -50.8% | 4.9% |
| 21ST MORTGAGE CORPORATION | $585,000 | $1,590,000 | 171.8% | 4.2% |
| CMG MORTGAGE, INC. | $255,000 | $1,385,000 | 443.1% | 3.7% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,660,000 | $1,205,000 | -27.4% | 3.2% |
| Hamilton Mortgage Corporation | $1,060,000 | $1,095,000 | 3.3% | 2.9% |
| Marion Bank & Trust Company | $2,120,000 | $1,015,000 | -52.1% | 2.7% |
| ServisFirst Bank | $1,015,000 | n/a | 2.7% | |
| FirstBank | $610,000 | $825,000 | 35.2% | 2.2% |
| Mortgage Research Center, LLC | $1,075,000 | $825,000 | -23.3% | 2.2% |
| JPMorgan Chase Bank | $765,000 | n/a | 2.0% | |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $725,000 | $765,000 | 5.5% | 2.0% |
| UNION HOME MORTGAGE CORP. | $685,000 | n/a | 1.8% | |
| CROSSCOUNTRY MORTGAGE, LLC | $920,000 | $670,000 | -27.2% | 1.8% |
| FIRST COMMUNITY MORTGAGE, INC. | $165,000 | $625,000 | 278.8% | 1.6% |
| GMFS LLC | $615,000 | $605,000 | -1.6% | 1.6% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $260,000 | $585,000 | 125.0% | 1.5% |
| NAVY FEDERAL CREDIT UNION | $260,000 | $565,000 | 117.3% | 1.5% |
| Bank of America | $95,000 | $530,000 | 457.9% | 1.4% |
| American Mortgage & Equity Consultants, Inc. | $490,000 | n/a | 1.3% | |
| STOCKTON MORTGAGE CORPORATION | $220,000 | $470,000 | 113.6% | 1.2% |
| Regions Bank | $755,000 | $430,000 | -43.0% | 1.1% |
| GUILD MORTGAGE COMPANY | $660,000 | $375,000 | -43.2% | 1.0% |
| Morgan Stanley Private Bank | $360,000 | n/a | 0.9% | |
| GUARANTEED RATE, INC. | $55,000 | $345,000 | 527.3% | 0.9% |
| BROKER SOLUTIONS, INC. | $340,000 | n/a | 0.9% | |
| TJC Mortgage, Inc. | $405,000 | $340,000 | -16.0% | 0.9% |
| PENNYMAC LOAN SERVICES, LLC | $75,000 | $315,000 | 320.0% | 0.8% |
| Princeton Mortgage Corporation | $315,000 | n/a | 0.8% | |
| FBC MORTGAGE, LLC | $305,000 | n/a | 0.8% | |
| Central State Bank | $275,000 | n/a | 0.7% | |
| Consumer First Mortgage, Inc. | $440,000 | $270,000 | -38.6% | 0.7% |
| Cornerstone First Mortgage, Inc | $255,000 | $270,000 | 5.9% | 0.7% |
| TRIAD FINANCIAL SERVICES, INC. | $635,000 | $265,000 | -58.3% | 0.7% |
| ALABAMA STATE EMPLOYEES CREDIT UNION | $120,000 | $255,000 | 112.5% | 0.7% |
| MAX Credit Union | $255,000 | n/a | 0.7% | |
| ZILLOW HOME LOANS, LLC | $250,000 | n/a | 0.7% | |
| AMERICAN FINANCING CORPORATION | $245,000 | n/a | 0.6% | |
| LAKEVIEW LOAN SERVICING, LLC | $205,000 | $235,000 | 14.6% | 0.6% |
| T2 FINANCIAL LLC | $235,000 | n/a | 0.6% | |
| AMERISAVE MORTGAGE CORPORATION | $215,000 | n/a | 0.6% | |
| Merchants Bank of Indiana | $215,000 | n/a | 0.6% | |
| Northpointe Bank | $120,000 | $210,000 | 75.0% | 0.6% |
| NEW DAY FINANCIAL, LLC | $615,000 | $205,000 | -66.7% | 0.5% |
| Mutual Savings Credit Union | $85,000 | $200,000 | 135.3% | 0.5% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $195,000 | n/a | 0.5% | |
| Flagstar Bank, FSB | $195,000 | n/a | 0.5% | |
| NexBank | $195,000 | n/a | 0.5% | |
| CANOPY MORTGAGE, LLC | $185,000 | n/a | 0.5% | |
| FREEDOM MORTGAGE CORPORATION | $185,000 | n/a | 0.5% | |
| LIBERTY HOME MORTGAGE CORPORATION | $185,000 | n/a | 0.5% | |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $175,000 | n/a | 0.5% | |
| SouthPoint Bank | $140,000 | $170,000 | 21.4% | 0.4% |
| AmRes Corporation | $155,000 | n/a | 0.4% | |
| South State Bank | $155,000 | n/a | 0.4% | |
| VAN DYK MORTGAGE CORPORATION | $145,000 | n/a | 0.4% | |
| VILLAGE CAPITAL MORTGAGE | $135,000 | n/a | 0.4% | |
| AMWEST FUNDING CORP. | $125,000 | n/a | 0.3% | |
| Discover Bank | $120,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $395,000 | $115,000 | -70.9% | 0.3% |
| LIMA ONE CAPITAL, LLC | $160,000 | $95,000 | -40.6% | 0.3% |
| Paramount Residential Mortgage Group, Inc. | $95,000 | n/a | 0.3% | |
| Figure Lending LLC | $25,000 | $80,000 | 220.0% | 0.2% |
| CHURCHILL MORTGAGE CORPORATION | $75,000 | n/a | 0.2% | |
| NORWICH COMMERCIAL GROUP, INC. | $75,000 | n/a | 0.2% | |
| PNC Bank | $360,000 | $75,000 | -79.2% | 0.2% |
| Synovus Bank | $70,000 | n/a | 0.2% | |
| Guardian Credit Union | $190,000 | $55,000 | -71.1% | 0.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $445,000 | $55,000 | -87.6% | 0.1% |
| AMERICA'S FIRST | $35,000 | n/a | 0.1% | |
| NEWREZ LLC | $35,000 | n/a | 0.1% | |
| Wells Fargo Bank | $35,000 | n/a | 0.1% |
Selma's top lender by overall market share is WALKER & DUNLOP, LLC, with 10.3% market share. In second place, with 9.1%, is QUICKEN LOANS, LLC, having originated $3,440,000 in loans. In third place, with 4.9%, is Trustmark National Bank, having originated $1,870,000 in loans. In fourth place, with 4.2%, is 21ST MORTGAGE CORPORATION, having originated $1,590,000 in loans. In fifth place, with 3.7%, is CMG MORTGAGE, INC., having originated $1,385,000 in loans.
Selma, AL Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 159 | $24,045,000 | $151,226 |
| Refi | 33 | $8,055,000 | $244,091 |
| Other | 25 | $1,655,000 | $66,200 |
| Cash Out Refi | 25 | $3,435,000 | $137,400 |
| Home Improvement | 13 | $725,000 | $55,769 |
Selma's most frequently cited loan purpose was Home Purchase, with 159 originations. The 2nd most popular reason was Refi, with 33 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 92 | $14,020,000 | $152,391 |
| Over 8% | 64 | $5,590,000 | $87,344 |
| 7-8% | 40 | $5,790,000 | $144,750 |
| 5-6% | 26 | $7,510,000 | $288,846 |
| 4-5% | 5 | $545,000 | $109,000 |
| <2.5% | 3 | $45,000 | $15,000 |
| 3-4% | 1 | $135,000 | $135,000 |
During 2024, Selma's most frequently originated rate bucket was 6-7%, with 92 originations.
Loan Sizing (Selma, AL MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 116 | $6,740,000 | $58,103 |
| $100k-200k | 98 | $14,480,000 | $147,755 |
| $200k-400k | 35 | $9,265,000 | $264,714 |
| $400k-600k | 3 | $1,385,000 | $461,667 |
| $Over $1MM | 2 | $5,320,000 | $2,660,000 |
| $600k-1000k | 1 | $725,000 | $725,000 |
Selma's loan sizing saw the bucket of loans from $100,000 or less with 116 originations, totaling $6,740,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 139 | $20,995,000 | $151,043 |
| 60-80% | 28 | $8,100,000 | $289,286 |
| 20-40% | 24 | $1,490,000 | $62,083 |
| Under 20% | 19 | $425,000 | $22,368 |
| 40-60% | 16 | $1,440,000 | $90,000 |
| Over 100% | 5 | $1,135,000 | $227,000 |
Selma's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 139 originations, totaling $20,995,000 in origination value.