Selma 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 Selma averaged 6.75% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 6.98% and one month ago for the week of 2023-02-09, the average rate was 6.47%.

    Selma's average rate one year ago was 3.56%.

    For refis of the same type during the week of 2023-03-16, the average rate was 7.17%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Selma 30 Year Fixed Rate 2023-03-16 6.75%
    Selma 30 Year Fixed Rate Refi 2023-03-16 7.17%
    Selma 15 Year Fixed Rate 2023-03-16 6.88%
    Selma 15 Year Fixed Rate Refi 2023-03-16 6.74%
    Selma 30 Year FHA 2023-03-16 6.35%
    Selma 30 Year FHA Refi 2023-03-16 5.98%
    Selma 30 Year USDA 2023-03-16 6.21%
    Selma 30 Year VA 2023-03-16 6.29%
    Selma 30 Year VA Refi 2023-03-16 5.73%
    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 Bank 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 Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Selma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $87,875 (-10.5%) $123,967 (-8.0%) 0.00 194
    2018-02-01 $87,500 (-12.3%) $119,418 (-14.8%) 0.00 202
    2018-03-01 $87,250 (-5.0%) $119,007 (-12.0%) 0.00 208
    2018-04-01 $87,500 (-2.7%) $120,503 (-5.5%) 0.00 215
    2018-05-01 $87,500 (-7.2%) $123,107 (-6.9%) 0.00 214
    2018-06-01 $87,250 (-10.7%) $123,901 (-8.7%) 0.00 204
    2018-07-01 $86,700 (-12.6%) $124,665 (-6.5%) 0.00 205
    2018-08-01 $86,700 (-3.7%) $125,392 (-0.8%) 0.00 201
    2018-09-01 $89,450 (-0.6%) $126,830 (-1.0%) 0.00 198
    2018-10-01 $89,975 (-5.3%) $131,519 (0.0%) 0.00 188
    2018-11-01 $90,000 (-5.3%) $126,535 (-4.5%) 0.00 188
    2018-12-01 $90,450 (-0.6%) $122,688 (-5.4%) 0.00 183
    2019-01-01 $90,875 (3.4%) $120,513 (-2.8%) 0.00 177
    2019-02-01 $98,000 (12.0%) $124,335 (4.1%) 0.00 187
    2019-03-01 $102,429 (17.4%) $128,461 (7.9%) 0.00 184
    2019-04-01 $106,429 (21.6%) $130,191 (8.0%) 0.00 178
    2019-05-01 $103,750 (18.6%) $135,421 (10.0%) 0.00 170
    2019-06-01 $99,000 (13.5%) $135,185 (9.1%) 0.00 173
    2019-07-01 $99,000 (14.2%) $136,562 (9.5%) 0.00 179
    2019-08-01 $99,182 (14.4%) $134,911 (7.6%) 0.00 176
    2019-09-01 $99,080 (10.8%) $132,715 (4.6%) 0.00 176
    2019-10-01 $99,000 (10.0%) $131,420 (-0.1%) 0.00 175
    2019-11-01 $98,000 (8.9%) $129,827 (2.6%) 0.00 177
    2019-12-01 $96,875 (7.1%) $124,341 (1.4%) 0.00 183
    2020-01-01 $95,100 (4.7%) $120,698 (0.2%) 0.00 170
    2020-02-01 $94,500 (-3.6%) $117,924 (-5.2%) 0.00 160
    2020-03-01 $93,250 (-9.0%) $115,821 (-9.8%) 0.00 160
    2020-04-01 $90,000 (-15.4%) $115,326 (-11.4%) 0.00 151
    2020-05-01 $89,900 (-13.4%) $118,821 (-12.3%) 0.00 147
    2020-06-01 $91,375 (-7.7%) $119,187 (-11.8%) 0.00 143
    2020-07-01 $94,725 (-4.3%) $126,047 (-7.7%) 0.00 127
    2020-08-01 $95,000 (-4.2%) $128,821 (-4.5%) 0.00 116
    2020-09-01 $99,375 (0.3%) $129,976 (-2.1%) 0.00 119
    2020-10-01 $101,200 (2.2%) $134,350 (2.2%) 0.00 123
    2020-11-01 $96,250 (-1.8%) $127,871 (-1.5%) 0.00 117
    2020-12-01 $96,125 (-0.8%) $129,333 (4.0%) 0.00 104
    2021-01-01 $92,500 (-2.7%) $127,026 (5.2%) 0.00 96
    2021-02-01 $97,250 (2.9%) $127,485 (8.1%) 0.00 96
    2021-03-01 $100,750 (8.0%) $126,545 (9.3%) 0.00 86
    2021-04-01 $119,450 (32.7%) $136,129 (18.0%) 0.00 73
    2021-05-01 $119,400 (32.8%) $136,730 (15.1%) 0.00 81
    2021-06-01 $87,450 (-4.3%) $133,839 (12.3%) 0.00 89
    2021-07-01 $104,450 (10.3%) $141,134 (12.0%) 0.00 83
    2021-08-01 $94,975 (0.0%) $127,730 (-0.9%) 0.00 91
    2021-09-01 $93,650 (-5.8%) $127,627 (-1.8%) 0.00 94
    2021-10-01 $87,250 (-13.8%) $118,012 (-12.2%) 0.00 89
    2021-11-01 $81,250 (-15.6%) $112,825 (-11.8%) 0.00 83
    2021-12-01 $78,650 (-18.2%) $102,258 (-20.9%) 0.00 82
    2022-01-01 $70,700 (-23.6%) $107,439 (-15.4%) 0.00 73
    2022-02-01 $71,300 (-26.7%) $116,158 (-8.9%) 0.00 69
    2022-03-01 $87,750 (-12.9%) $124,962 (-1.3%) 0.00 63
    2022-04-01 $80,000 (-33.0%) $123,871 (-9.0%) 0.00 64
    2022-05-01 $79,950 (-33.0%) $128,004 (-6.4%) 0.00 63
    2022-06-01 $87,500 (0.1%) $130,038 (-2.8%) 0.00 61
    2022-07-01 $80,000 (-23.4%) $124,520 (-11.8%) 0.00 70
    2022-08-01 $80,000 (-15.8%) $115,006 (-10.0%) 0.00 79
    2022-09-01 $77,450 (-17.3%) $105,785 (-17.1%) 0.00 84
    2022-10-01 $79,900 (-8.4%) $105,318 (-10.8%) 0.00 76
    2022-11-01 $80,000 (-1.5%) $108,878 (-3.5%) 0.00 73
    2022-12-01 $80,000 (1.7%) $124,582 (21.8%) 0.00 75
    2023-01-01 $95,475 (35.0%) $138,747 (29.1%) 0.00 65
    2023-02-01 $71,925 (0.9%) $125,797 (8.3%) 0.00 60
    Selma's median listing price for 2023-02-01 was $71,925, a difference of $625 (0.9%) versus the prior year and $-23,550 versus the prior month.

    Selma's median listing price comes in at 0% of the national average.

    Selma's average listing price for 2023-02-01 was $125,797, a difference of $9,639 (8.3%) versus the prior year and $-12,950 versus the prior month.

    For the 2023-02-01 period, Selma had 60 MLS listings, a difference of -5 listings (-8%) versus the prior month and -9 listings (-13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Selma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,800 sqft
    2018-02-01 0 days 1,765 sqft
    2018-03-01 0 days 1,754 sqft
    2018-04-01 0 days 1,798 sqft
    2018-05-01 0 days 1,807 sqft
    2018-06-01 0 days 1,776 sqft
    2018-07-01 0 days 1,751 sqft
    2018-08-01 0 days 1,807 sqft
    2018-09-01 0 days 1,807 sqft
    2018-10-01 0 days 1,861 sqft
    2018-11-01 0 days 1,831 sqft
    2018-12-01 0 days 1,832 sqft
    2019-01-01 0 days 1,854 sqft
    2019-02-01 0 days 1,872 sqft
    2019-03-01 0 days 1,865 sqft
    2019-04-01 0 days 1,861 sqft
    2019-05-01 0 days 1,904 sqft
    2019-06-01 0 days 1,906 sqft
    2019-07-01 0 days 1,865 sqft
    2019-08-01 0 days 1,893 sqft
    2019-09-01 0 days 1,880 sqft
    2019-10-01 0 days 1,873 sqft
    2019-11-01 0 days 1,858 sqft
    2019-12-01 0 days 1,844 sqft
    2020-01-01 0 days 1,825 sqft
    2020-02-01 0 days 1,828 sqft
    2020-03-01 0 days 1,776 sqft
    2020-04-01 0 days 1,821 sqft
    2020-05-01 0 days 1,864 sqft
    2020-06-01 0 days 1,843 sqft
    2020-07-01 0 days 1,923 sqft
    2020-08-01 0 days 1,944 sqft
    2020-09-01 0 days 1,926 sqft
    2020-10-01 0 days 1,977 sqft
    2020-11-01 0 days 1,919 sqft
    2020-12-01 0 days 1,908 sqft
    2021-01-01 0 days 1,895 sqft
    2021-02-01 0 days 1,850 sqft
    2021-03-01 0 days 1,863 sqft
    2021-04-01 0 days 1,875 sqft
    2021-05-01 0 days 1,856 sqft
    2021-06-01 0 days 1,845 sqft
    2021-07-01 0 days 1,874 sqft
    2021-08-01 0 days 1,854 sqft
    2021-09-01 0 days 1,880 sqft
    2021-10-01 0 days 1,866 sqft
    2021-11-01 0 days 1,833 sqft
    2021-12-01 0 days 1,803 sqft
    2022-01-01 0 days 1,840 sqft
    2022-02-01 0 days 1,827 sqft
    2022-03-01 0 days 1,791 sqft
    2022-04-01 0 days 1,868 sqft
    2022-05-01 0 days 1,764 sqft
    2022-06-01 0 days 1,758 sqft
    2022-07-01 0 days 1,728 sqft
    2022-08-01 0 days 1,730 sqft
    2022-09-01 0 days 1,648 sqft
    2022-10-01 0 days 1,524 sqft
    2022-11-01 0 days 1,586 sqft
    2022-12-01 0 days 1,633 sqft
    2023-01-01 0 days 1,708 sqft
    2023-02-01 0 days 1,669 sqft
    Selma's median listing age (time on market) for 2023-02-01 was 0 days.

    Selma's median square footage for active listings during the 2023-02-01 period was 1,669 sqft. One year prior, the average listing was 1,827 sqft.

    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.