Selma Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Selma averaged 7.38% 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 6.92% and one month ago for the week of 2023-08-10, the average rate was 7.06%.

Selma's average rate one year ago was 5.69%.

For refis of the same type during the week of 2023-09-14, the average rate was 7.68%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-09-14 7.18%
Selma 30 Year Fixed Rate 2023-09-14 7.38%
Selma 30 Year Fixed Rate Refi 2023-09-14 7.68%
Selma 15 Year Fixed Rate 2023-09-14 6.51%
Selma 15 Year Fixed Rate Refi 2023-09-14 6.51%
Selma 30 Year FHA 2023-09-14 6.99%
Selma 30 Year FHA Refi 2023-09-14 6.79%
Selma 30 Year USDA 2023-09-14 6.88%
Selma 30 Year USDA Refi 2023-09-14 7.18%
Selma 30 Year VA 2023-09-14 7.01%
Selma 30 Year VA Refi 2023-09-14 6.91%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Selma, AL.

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.).

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Trustmark National Bank 12 5.32% $3,458
QUICKEN LOANS, LLC 11 5.47% $5,235
HOMESTAR FINANCIAL CORPORATION 5 5.05% $2,428
Hamilton Mortgage Corporation 4 5.22% $3,258
CMG MORTGAGE, INC. 4 5.50% $4,918
UNITED WHOLESALE MORTGAGE, LLC 4 5.56% $3,360
JPMorgan Chase Bank 3 4.91% $1,800
Regions Bank 3 4.17% $2,698
South State Bank 2 5.44% $2,026
BancorpSouth 2 4.50% $5,754
ROYAL UNITED MORTGAGE LLC 2 6.00% $5,464
CALIBER HOME LOANS, INC. 2 5.41% $4,692
CROSSCOUNTRY MORTGAGE, LLC 2 4.81% $4,264
FirstBank 2 4.24% $3,092
GMFS LLC 2 3.44% $6,403
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.99% $4,339
Wells Fargo Bank 1 6.25% $1,996
Ally Bank 1 5.00% $1,712
ZILLOW HOME LOANS, LLC 1 6.00% $4,984
AMERICAN FINANCING CORPORATION 1 3.88% $5,093
CERTAINTY HOME LOANS, LLC 1 5.33% $4,723
HOME POINT FINANCIAL CORPORATION 1 3.75% $4,699
LOANDEPOT.COM, LLC 1 2.99% $3,866
MICHIGAN MUTUAL, INC. 1 7.13% $5,013
Mortgage Research Center, LLC 1 4.50% $360
MOVEMENT MORTGAGE, LLC 1 3.56% $2,814
Mr. Cooper ( Nationstar Mortgage ) 1 3.00% $8,130
NAVY FEDERAL CREDIT UNION 1 4.13% $2,367
Northpointe Bank 1 3.75% $2,785
Renasant Bank 1 5.38% $4,164
Stifel Bank and Trust 1 4.63% $1,975
UNION HOME MORTGAGE CORP. 1 4.25% $17,447
U.S. Bank 1 3.13% $2,019

Selma Average Closing Costs & Other Stats

Selma, AL's 33 lenders originated 320 loans during 2022. The total origination value was $39,880,000, with an average loan value of $124,625.

Selma's average closing costs are $4,267.

The top Selma lender as defined by loan originations is Trustmark National Bank, with 12 loans originated. Their average total fees are $3,458, which is $1,777 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Selma lenders (with over 10 loans originated) are Trustmark National Bank ($3,458), QUICKEN LOANS, LLC ($5,235), .

The lowest rate Selma lenders (with over 10 loans originated) are Trustmark National Bank (5.32%), QUICKEN LOANS, LLC (5.47%), .

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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
Trustmark National Bank $6,460,000 $4,565,000 -29.3% 11.4%
QUICKEN LOANS, LLC $8,750,000 $3,570,000 -59.2% 9.0%
CMG MORTGAGE, INC. $1,065,000 $2,905,000 172.8% 7.3%
Hamilton Mortgage Corporation $2,190,000 $2,035,000 -7.1% 5.1%
Troy Bank and Trust Company $1,675,000 n/a 4.2%
UNITED WHOLESALE MORTGAGE, LLC $2,010,000 $1,570,000 -21.9% 3.9%
Regions Bank $4,190,000 $1,480,000 -64.7% 3.7%
Mortgage Research Center, LLC $1,605,000 $1,475,000 -8.1% 3.7%
LOANDEPOT.COM, LLC $1,055,000 $980,000 -7.1% 2.5%
CROSSCOUNTRY MORTGAGE, LLC $2,245,000 $945,000 -57.9% 2.4%
Mutual Savings Credit Union $475,000 $890,000 87.4% 2.2%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,485,000 $870,000 -41.4% 2.2%
CALIBER HOME LOANS, INC. $180,000 $810,000 350.0% 2.0%
21ST MORTGAGE CORPORATION $1,265,000 $750,000 -40.7% 1.9%
FirstBank $1,015,000 $675,000 -33.5% 1.7%
Hometown Lenders, Inc. $575,000 $675,000 17.4% 1.7%
GMFS LLC $980,000 $620,000 -36.7% 1.6%
BancorpSouth Bank $115,000 $610,000 430.4% 1.5%
GUILD MORTGAGE COMPANY $1,115,000 $540,000 -51.6% 1.4%
VANDERBILT MORTGAGE AND FINANCE, INC. $600,000 $540,000 -10.0% 1.4%
ALABAMA STATE EMPLOYEES CREDIT UNION $300,000 $535,000 78.3% 1.3%
HOMESTAR FINANCIAL CORPORATION $85,000 $535,000 529.4% 1.3%
JPMorgan Chase Bank $170,000 $490,000 188.2% 1.2%
PNC Bank $455,000 $460,000 1.1% 1.2%
BROKER SOLUTIONS, INC. $420,000 $405,000 -3.6% 1.0%
Mr. Cooper ( Nationstar Mortgage ) $530,000 $390,000 -26.4% 1.0%
UNION HOME MORTGAGE CORP. $375,000 n/a 0.9%
MOVEMENT MORTGAGE, LLC $95,000 $370,000 289.5% 0.9%
PANORAMA MORTGAGE GROUP, LLC $370,000 n/a 0.9%
NEWREZ LLC $260,000 $330,000 26.9% 0.8%
South State Bank $320,000 n/a 0.8%
CERTAINTY HOME LOANS, LLC $285,000 n/a 0.7%
Northpointe Bank $965,000 $275,000 -71.5% 0.7%
Wells Fargo Bank $1,550,000 $275,000 -82.3% 0.7%
Carrington Mortgage Services, LLC $330,000 $270,000 -18.2% 0.7%
Flagstar Bank, FSB $455,000 $260,000 -42.9% 0.7%
TRIAD FINANCIAL SERVICES, INC. $635,000 $255,000 -59.8% 0.6%
USAA Federal Savings Bank $105,000 $255,000 142.9% 0.6%
SUN WEST MORTGAGE COMPANY, INC. $295,000 $250,000 -15.3% 0.6%
Guardian Credit Union $935,000 $245,000 -73.8% 0.6%
Alabama One Credit Union $225,000 n/a 0.6%
MILEND, INC. $225,000 n/a 0.6%
AMERISAVE MORTGAGE CORPORATION $220,000 $200,000 -9.1% 0.5%
LIMA ONE CAPITAL, LLC $115,000 $190,000 65.2% 0.5%
BETTER MORTGAGE CORPORATION $145,000 $185,000 27.6% 0.5%
LAKEVIEW LOAN SERVICING, LLC $370,000 $185,000 -50.0% 0.5%
AMERICAN FINANCING CORPORATION $175,000 n/a 0.4%
HOME POINT FINANCIAL CORPORATION $320,000 $165,000 -48.4% 0.4%
NEW DAY FINANCIAL, LLC $220,000 $165,000 -25.0% 0.4%
Renasant Bank $175,000 $160,000 -8.6% 0.4%
ROYAL UNITED MORTGAGE LLC $120,000 $160,000 33.3% 0.4%
PENNYMAC LOAN SERVICES, LLC $610,000 $155,000 -74.6% 0.4%
Community Bank of Mississippi $160,000 $150,000 -6.3% 0.4%
CHURCHILL MORTGAGE CORPORATION $135,000 n/a 0.3%
CSL Financial, LLC $135,000 n/a 0.3%
DIRECT MORTGAGE LOANS, LLC $135,000 n/a 0.3%
NAVY FEDERAL CREDIT UNION $1,010,000 $130,000 -87.1% 0.3%
Bank of America $125,000 n/a 0.3%
EMM LOANS LLC $125,000 n/a 0.3%
M&T Bank $75,000 $125,000 66.7% 0.3%
EVERETT FINANCIAL, INC. $120,000 n/a 0.3%
River Bank & Trust $115,000 n/a 0.3%
BAY EQUITY LLC $105,000 n/a 0.3%
First Bank of Alabama $105,000 n/a 0.3%
MICHIGAN MUTUAL, INC. $125,000 $105,000 -16.0% 0.3%
SouthPoint Bank $645,000 $100,000 -84.5% 0.3%
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $125,000 $95,000 -24.0% 0.2%
FIDELITY BANK $75,000 $85,000 13.3% 0.2%
ZILLOW HOME LOANS, LLC $85,000 n/a 0.2%
Ally Bank $75,000 n/a 0.2%
RELIANCE FIRST CAPITAL, LLC $350,000 $75,000 -78.6% 0.2%
Stifel Bank and Trust $75,000 n/a 0.2%
Citizens Bank $300,000 $65,000 -78.3% 0.2%
U.S. Bank $35,000 n/a 0.1%
1st Franklin Financial Corporation $15,000 n/a 0.0%

Selma's top lender by overall market share is Trustmark National Bank, with 11.4% market share. In second place, with 9.0%, is QUICKEN LOANS, LLC, having originated $3,570,000 in loans. In third place, with 7.3%, is CMG MORTGAGE, INC., having originated $2,905,000 in loans. In fourth place, with 5.1%, is Hamilton Mortgage Corporation, having originated $2,035,000 in loans. In fifth place, with 4.2%, is Troy Bank and Trust Company, having originated $1,675,000 in loans.

Selma, AL Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 201 $25,915,000 $128,930
Refi 47 $7,005,000 $149,043
Cash Out Refi 44 $5,590,000 $127,045
Other 17 $1,005,000 $59,118
Home Improvement 11 $365,000 $33,182

Selma's most frequently cited loan purpose was Home Purchase, with 201 originations. The 2nd most popular reason was Refi, with 47 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
5-6% 76 $10,880,000 $143,158
4-5% 65 $9,415,000 $144,846
3-4% 64 $9,280,000 $145,000
6-7% 34 $3,500,000 $102,941
Over 8% 27 $1,825,000 $67,593
<2.5% 16 $1,250,000 $78,125
7-8% 15 $1,345,000 $89,667
2.5-3% 13 $1,385,000 $106,538

During 2022, Selma's most frequently originated rate bucket was 5-6%, with 76 originations.

Loan Sizing (Selma, AL MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 149 $8,915,000 $59,832
$100k-200k 124 $16,800,000 $135,484
$200k-400k 43 $11,155,000 $259,419
$400k-600k 3 $1,335,000 $445,000
$Over $1MM 1 $1,675,000 $1,675,000

Selma's loan sizing saw the bucket of loans from $100,000 or less with 149 originations, totaling $8,915,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 174 $25,460,000 $146,322
60-80% 68 $7,920,000 $116,471
Under 20% 25 $445,000 $17,800
40-60% 19 $3,165,000 $166,579
20-40% 18 $930,000 $51,667
Over 100% 4 $600,000 $150,000

Selma's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 174 originations, totaling $25,460,000 in origination value.