Selma Mortgage Rates & Closing Costs
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% |
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 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.