Somerset 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 Somerset averaged 7.15% for the week of 2023-09-21, compared to the national average of 7.19% for the same period.

    The average rate for the prior week (2023-09-14) was 6.94% and one month ago for the week of 2023-08-17, the average rate was 6.95%.

    Somerset's average rate one year ago was 5.78%.

    For refis of the same type during the week of 2023-09-21, the average rate was 6.17%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-09-21 7.19%
    Somerset 30 Year Fixed Rate 2023-09-21 7.15%
    Somerset 30 Year Fixed Rate Refi 2023-09-21 6.17%
    Somerset 15 Year Fixed Rate 2023-09-21 6.44%
    Somerset 15 Year Fixed Rate Refi 2023-09-21 6.64%
    Somerset 30 Year FHA 2023-09-21 6.67%
    Somerset 30 Year FHA Refi 2023-09-21 7.04%
    Somerset 30 Year USDA 2023-09-21 7.22%
    Somerset 30 Year USDA Refi 2023-09-21 7.12%
    Somerset 30 Year VA 2023-09-21 7.01%
    Somerset 30 Year VA Refi 2023-09-21 6.92%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Somerset, KY.

    Somerset 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 Somerset, KY 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
    The Citizens National Bank of Somerset 109 5.05% $2,358
    L & N Federal Credit Union 34 5.17% $2,315
    QUICKEN LOANS, LLC 32 5.11% $6,463
    Forcht Bank 16 4.50% $2,215
    UNITED WHOLESALE MORTGAGE, LLC 16 5.84% $4,576
    The Monticello Banking Company 13 4.50% $2,576
    Republic State Mortgage Co. 12 4.96% $3,456
    Wells Fargo Bank 9 5.38% $4,792
    Truist 8 4.99% $3,651
    AMERIFIRST FINANCIAL CORPORATION 8 5.00% $4,504
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 5.31% $5,215
    Community Trust Bank, Inc. 8 4.67% $2,134
    Guardian Savings Bank, A Federal Savings Bank 7 3.98% $1,074
    Bank of England 7 4.41% $4,527
    AMERISAVE MORTGAGE CORPORATION 7 4.89% $9,587
    VANDERBILT MORTGAGE AND FINANCE, INC. 6 6.58% $4,712
    HOME POINT FINANCIAL CORPORATION 6 4.48% $4,100
    LOANDEPOT.COM, LLC 6 4.54% $4,418
    Union Savings Bank 5 3.65% $1,344
    Prosperity Home Mortgage, LLC 4 5.75% $4,788
    Northpointe Bank 4 5.84% $5,714
    AMERICAN MORTGAGE SERVICE COMPANY 4 4.69% $3,479
    Stock Yards Bank & Trust Company 3 5.92% $4,334
    SOUTH CENTRAL BANK, INC. 3 4.54% $2,961
    BROKER SOLUTIONS, INC. 3 4.32% $5,479
    Farm Credit Mid-America, ACA 3 4.69% $4,601
    The Central Trust Bank 3 4.46% $4,563
    COMMONWEALTH 3 4.29% $2,391
    Mr. Cooper ( Nationstar Mortgage ) 3 3.83% $7,042
    GUARANTEED RATE, INC. 3 5.06% $3,209
    HOMESIDE FINANCIAL, LLC 3 6.33% $4,327
    CALIBER HOME LOANS, INC. 2 4.81% $4,084
    Abound Federal Credit Union 2 4.88% $2,588
    U.S. Bank 2 3.63% $4,254
    MOVEMENT MORTGAGE, LLC 2 3.62% $3,300
    Republic Bank & Trust Company 2 4.69% $3,384
    Discover Bank 2 6.24% $0
    GENEVA FINANCIAL, LLC 2 4.50% $4,815
    Arvest Bank 2 5.25% $4,364
    STOCKTON MORTGAGE CORPORATION 2 5.50% $4,159
    JPMorgan Chase Bank 2 4.81% $3,294
    FREEDOM MORTGAGE CORPORATION 2 5.25% $4,881
    Bank of America 2 4.25% $4,594
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.31% $2,747
    CARDINAL FINANCIAL 2 4.43% $5,401
    RESOURCE FINANCIAL SERVICES, INC. 1 4.00% $3,054
    ROYAL UNITED MORTGAGE LLC 1 4.38% $4,528
    SouthPoint Bank 1 3.63% $8,214
    SOUTHWEST FUNDING, LP 1 4.75% $7,461
    SWBC MORTGAGE CORPORATION 1 5.63% $2,895
    The Huntington National Bank 1 3.75% $3,628
    Traditional Bank, Inc. 1 4.45% $2,135
    USAA Federal Savings Bank 1 6.25% $3,746
    21ST MORTGAGE CORPORATION 1 8.80% $3,403
    Wyndham Capital Mortgage, Inc. 1 6.63% $5,238
    AgFirst Farm Credit Bank 1 3.00% $5,059
    ALLIANT CREDIT UNION 1 5.25% $4,130
    Ally Bank 1 5.38% $2,387
    AMERICAN FINANCING CORPORATION 1 4.50% $5,393
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.88% $3,166
    ASCEND FEDERAL CREDIT UNION 1 3.50% $3,234
    BAYSHORE MORTGAGE FUNDING, LLC 1 4.63% $6,601
    BETTER MORTGAGE CORPORATION 1 5.38% $4,707
    Carrington Mortgage Services, LLC 1 5.25% $6,525
    Central Bank 1 5.50% $2,186
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $3,460
    Commercial Bank 1 2.74% $0
    CROSSCOUNTRY MORTGAGE, LLC 1 5.38% $3,429
    ENVOY MORTGAGE, LTD 1 5.50% $4,682
    Equity Prime Mortgage LLC 1 4.13% $2,724
    EVERETT FINANCIAL, INC. 1 7.50% $2,187
    Fifth Third Bank 1 5.38% $9,438
    FINANCE OF AMERICA MORTGAGE LLC 1 5.25% $4,531
    FirstBank 1 6.49% $3,423
    First Farmers Bank and Trust Company 1 5.88% $2,607
    First Option Mortgage, LLC 1 5.00% $3,135
    GENERAL ELECTRIC CREDIT UNION 1 2.50% $2,558
    GoPrime Mortgage, Inc. 1 5.99% $5,385
    HOMESTEAD FUNDING CORP. 1 4.13% $8,198
    Hometown Lenders, Inc. 1 4.25% $2,985
    Leaders Credit Union 1 4.25% $2,900
    MICHIGAN MUTUAL, INC. 1 3.50% $3,164
    Mortgage Research Center, LLC 1 5.75% $1,541
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $3,124
    MYCUMORTGAGE, LLC 1 7.38% $2,882
    NAVY FEDERAL CREDIT UNION 1 4.00% $2,066
    NEWREZ LLC 1 7.63% $3,682
    OPTION FINANCIAL, LLC 1 3.38% $2,379
    PENNYMAC LOAN SERVICES, LLC 1 5.50% $6,688
    PHH Mortgage Corporation 1 4.25% $3,100
    Plains Commerce Bank 1 6.25% $6,183
    PLANET HOME LENDING, LLC 1 3.25% $1,250
    PNC Bank 1 4.25% $2,596
    POLARIS HOME FUNDING CORP. 1 6.63% $4,456
    PREMIA MORTGAGE, LLC 1 3.88% $1,364
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $4,770
    Regions Bank 1 5.25% $3,182
    RELIANCE FIRST CAPITAL, LLC 1 3.13% $10,853
    RESIDENTIAL BANCORP 1 3.88% $4,318

    Somerset Average Closing Costs & Other Stats

    Somerset, KY's 99 lenders originated 1,269 loans during 2022. The total origination value was $217,645,000, with an average loan value of $171,509.

    Somerset's average closing costs are $4,092.

    The top Somerset lender as defined by loan originations is The Citizens National Bank of Somerset, with 109 loans originated. Their average total fees are $2,358, which is $43 higher than the next largest lender, L & N Federal Credit Union.

    The lowest fee Somerset lenders (with over 10 loans originated) are Forcht Bank ($2,215), L & N Federal Credit Union ($2,315), The Citizens National Bank of Somerset ($2,358), The Monticello Banking Company ($2,576) and Republic State Mortgage Co. ($3,456).

    The lowest rate Somerset lenders (with over 10 loans originated) are The Monticello Banking Company (4.50%), Forcht Bank (4.50%), Republic State Mortgage Co. (4.96%), The Citizens National Bank of Somerset (5.05%) and QUICKEN LOANS, LLC (5.11%).

    Somerset, KY 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
    The Citizens National Bank of Somerset $43,910,000 $35,425,000 -19.3% 16.3%
    QUICKEN LOANS, LLC $29,240,000 $16,410,000 -43.9% 7.5%
    L & N Federal Credit Union $13,365,000 $8,620,000 -35.5% 4.0%
    The Monticello Banking Company $10,640,000 $7,835,000 -26.4% 3.6%
    UNITED WHOLESALE MORTGAGE, LLC $4,775,000 $7,635,000 59.9% 3.5%
    Mortgage Research Center, LLC $7,475,000 $7,625,000 2.0% 3.5%
    Republic State Mortgage Co. $12,060,000 $6,410,000 -46.8% 2.9%
    Forcht Bank $7,975,000 $6,070,000 -23.9% 2.8%
    Community Trust Bank, Inc. $11,260,000 $5,460,000 -51.5% 2.5%
    AMERIFIRST FINANCIAL CORPORATION $4,975,000 $5,280,000 6.1% 2.4%
    SOUTH CENTRAL BANK, INC. $4,425,000 $4,460,000 0.8% 2.0%
    First Southern National Bank $2,470,000 $4,130,000 67.2% 1.9%
    United Cumberland Bank $350,000 $4,065,000 1,061.4% 1.9%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $2,535,000 $3,825,000 50.9% 1.8%
    Truist $4,985,000 $3,525,000 -29.3% 1.6%
    VANDERBILT MORTGAGE AND FINANCE, INC. $2,095,000 $3,475,000 65.9% 1.6%
    HOME POINT FINANCIAL CORPORATION $2,255,000 $3,125,000 38.6% 1.4%
    PENNYMAC LOAN SERVICES, LLC $3,450,000 $3,095,000 -10.3% 1.4%
    Bank of England $2,005,000 $2,965,000 47.9% 1.4%
    Citizens Commerce Bank $185,000 $2,605,000 1,308.1% 1.2%
    AMERISAVE MORTGAGE CORPORATION $2,860,000 $2,275,000 -20.5% 1.0%
    STOCKTON MORTGAGE CORPORATION $5,095,000 $2,245,000 -55.9% 1.0%
    FREEDOM MORTGAGE CORPORATION $9,165,000 $2,230,000 -75.7% 1.0%
    Guardian Savings Bank, A Federal Savings Bank $1,820,000 $2,165,000 19.0% 1.0%
    Wells Fargo Bank $2,845,000 $1,890,000 -33.6% 0.9%
    HOMESIDE FINANCIAL, LLC $470,000 $1,875,000 298.9% 0.9%
    Cumberland Valley National Bank & Trust Company $2,660,000 $1,785,000 -32.9% 0.8%
    COMMONWEALTH $910,000 $1,765,000 94.0% 0.8%
    AMERICAN MORTGAGE SERVICE COMPANY $415,000 $1,690,000 307.2% 0.8%
    Farm Credit Mid-America, ACA $2,460,000 $1,550,000 -37.0% 0.7%
    POLARIS HOME FUNDING CORP. $2,065,000 $1,490,000 -27.8% 0.7%
    Union Savings Bank $565,000 $1,455,000 157.5% 0.7%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $5,570,000 $1,440,000 -74.1% 0.7%
    First Option Mortgage, LLC $5,690,000 $1,435,000 -74.8% 0.7%
    21ST MORTGAGE CORPORATION $1,715,000 $1,425,000 -16.9% 0.7%
    MUTUAL OF OMAHA MORTGAGE, INC. $995,000 $1,385,000 39.2% 0.6%
    Mr. Cooper ( Nationstar Mortgage ) $1,705,000 $1,375,000 -19.4% 0.6%
    LOANDEPOT.COM, LLC $2,460,000 $1,265,000 -48.6% 0.6%
    USAA Federal Savings Bank $2,085,000 $1,255,000 -39.8% 0.6%
    NEW DAY FINANCIAL, LLC $3,485,000 $1,240,000 -64.4% 0.6%
    Abound Federal Credit Union $35,000 $1,055,000 2,914.3% 0.5%
    U.S. Bank $3,610,000 $1,050,000 -70.9% 0.5%
    The Huntington National Bank $825,000 $935,000 13.3% 0.4%
    Equity Prime Mortgage LLC $905,000 n/a 0.4%
    SOUTHPOINT FINANCIAL SERVICES, INC. $250,000 $905,000 262.0% 0.4%
    Northpointe Bank $415,000 $885,000 113.3% 0.4%
    GUARANTEED RATE, INC. $440,000 $875,000 98.9% 0.4%
    NEWREZ LLC $945,000 $875,000 -7.4% 0.4%
    ENVOY MORTGAGE, LTD $885,000 $870,000 -1.7% 0.4%
    Prosperity Home Mortgage, LLC $790,000 n/a 0.4%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $165,000 $765,000 363.6% 0.4%
    NAVY FEDERAL CREDIT UNION $2,295,000 $765,000 -66.7% 0.4%
    UNIVERSITY OF KENTUCKY $620,000 $715,000 15.3% 0.3%
    BETTER MORTGAGE CORPORATION $670,000 $680,000 1.5% 0.3%
    Century Mortgage Company DBA Century Lending Company $650,000 n/a 0.3%
    BROKER SOLUTIONS, INC. $1,470,000 $595,000 -59.5% 0.3%
    GENEVA FINANCIAL, LLC $730,000 $595,000 -18.5% 0.3%
    Stock Yards Bank & Trust Company $715,000 $585,000 -18.2% 0.3%
    SUCCESS MORTGAGE PARTNERS, INC. $585,000 n/a 0.3%
    CALIBER HOME LOANS, INC. $1,190,000 $580,000 -51.3% 0.3%
    EVERETT FINANCIAL, INC. $510,000 $565,000 10.8% 0.3%
    MORTGAGE SOLUTIONS OF COLORADO, LLC $560,000 n/a 0.3%
    Carrington Mortgage Services, LLC $210,000 $545,000 159.5% 0.3%
    Fifth Third Bank $2,830,000 $545,000 -80.7% 0.3%
    HOMESTAR FINANCIAL CORPORATION $95,000 $545,000 473.7% 0.3%
    Limestone Bank, Inc. $535,000 n/a 0.2%
    SouthPoint Bank $535,000 n/a 0.2%
    The Central Trust Bank $525,000 n/a 0.2%
    Republic Bank & Trust Company $165,000 $520,000 215.2% 0.2%
    JPMorgan Chase Bank $1,885,000 $515,000 -72.7% 0.2%
    OPTION FINANCIAL, LLC $510,000 n/a 0.2%
    Bank of Lexington, Inc. $495,000 n/a 0.2%
    GSF Mortgage Corporation $495,000 n/a 0.2%
    Bank of America $680,000 $475,000 -30.1% 0.2%
    PNC Bank $1,195,000 $470,000 -60.7% 0.2%
    Plains Commerce Bank $450,000 n/a 0.2%
    CHURCHILL MORTGAGE CORPORATION $145,000 $445,000 206.9% 0.2%
    CROSSCOUNTRY MORTGAGE, LLC $445,000 n/a 0.2%
    RELIANCE FIRST CAPITAL, LLC $75,000 $435,000 480.0% 0.2%
    First Federal Bank of Kansas City $425,000 n/a 0.2%
    Commercial Bank $75,000 $405,000 440.0% 0.2%
    GMFS LLC $395,000 n/a 0.2%
    MAX Credit Union $395,000 n/a 0.2%
    Barrington Bank & Trust Company, N.A. $665,000 $390,000 -41.4% 0.2%
    MORTGAGE SUPPLIERS, INC. $1,335,000 $370,000 -72.3% 0.2%
    AMERICAN ADVISORS GROUP $365,000 n/a 0.2%
    PLAZA HOME MORTGAGE, INC. $365,000 n/a 0.2%
    MOVEMENT MORTGAGE, LLC $585,000 $360,000 -38.5% 0.2%
    Third Federal Savings and Loan Association of Cleveland $360,000 n/a 0.2%
    NFM, INC. $350,000 n/a 0.2%
    AMERICAN PACIFIC MORTGAGE CORPORATION $685,000 $345,000 -49.6% 0.2%
    DAS Acquisition Company, LLC $755,000 $345,000 -54.3% 0.2%
    RESOURCE FINANCIAL SERVICES, INC. $335,000 n/a 0.2%
    HOMESTEAD FUNDING CORP. $325,000 n/a 0.1%
    ALLIANT CREDIT UNION $315,000 n/a 0.1%
    Leaders Credit Union $305,000 n/a 0.1%
    RAPID MORTGAGE COMPANY $305,000 n/a 0.1%
    Discover Bank $295,000 n/a 0.1%
    PREMIA MORTGAGE, LLC $295,000 n/a 0.1%
    AMERICAN FINANCING CORPORATION $340,000 $290,000 -14.7% 0.1%
    Nations Lending Corporation $465,000 $290,000 -37.6% 0.1%
    Flagstar Bank, FSB $1,155,000 $285,000 -75.3% 0.1%
    FirstBank $275,000 n/a 0.1%
    REVERSE MORTGAGE FUNDING LLC $265,000 n/a 0.1%
    PLANET HOME LENDING, LLC $1,390,000 $250,000 -82.0% 0.1%
    Hometown Lenders, Inc. $740,000 $245,000 -66.9% 0.1%
    SWBC MORTGAGE CORPORATION $55,000 $245,000 345.5% 0.1%
    Arvest Bank $265,000 $240,000 -9.4% 0.1%
    CSL Financial, LLC $240,000 n/a 0.1%
    ASCEND FEDERAL CREDIT UNION $235,000 n/a 0.1%
    PRIMARY RESIDENTIAL MORTGAGE, INC. $520,000 $235,000 -54.8% 0.1%
    The Federal Savings Bank $300,000 $235,000 -21.7% 0.1%
    PROVIDENT FUNDING ASSOCIATES, L.P. $225,000 n/a 0.1%
    Regions Bank $105,000 $220,000 109.5% 0.1%
    First Farmers Bank and Trust Company $215,000 n/a 0.1%
    AgFirst Farm Credit Bank $205,000 n/a 0.1%
    The Farmers Bank of Milton $205,000 n/a 0.1%
    Low VA Rates, LLC $155,000 $195,000 25.8% 0.1%
    Traditional Bank, Inc. $195,000 n/a 0.1%
    Central Bank & Trust Company $675,000 $185,000 -72.6% 0.1%
    GUARANTEED RATE AFFINITY, LLC $175,000 $185,000 5.7% 0.1%
    NATIONWIDE MORTGAGE BANKERS, INC. $185,000 n/a 0.1%
    Wyndham Capital Mortgage, Inc. $255,000 $185,000 -27.5% 0.1%
    BAYSHORE MORTGAGE FUNDING, LLC $185,000 $175,000 -5.4% 0.1%
    MICHIGAN MUTUAL, INC. $85,000 $175,000 105.9% 0.1%
    Wilson & Muir Bank & Trust Company $175,000 n/a 0.1%
    ROYAL UNITED MORTGAGE LLC $800,000 $170,000 -78.8% 0.1%
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $205,000 $165,000 -19.5% 0.1%
    Magnolia Bank $1,150,000 $165,000 -85.7% 0.1%
    MYCUMORTGAGE, LLC $165,000 n/a 0.1%
    NETWORK CAPITAL FUNDING CORPORATION $165,000 n/a 0.1%
    KeyBank $160,000 n/a 0.1%
    AMERICAN FINANCIAL RESOURCES, INC. $455,000 $155,000 -65.9% 0.1%
    GENERAL ELECTRIC CREDIT UNION $155,000 n/a 0.1%
    RESIDENTIAL BANCORP. $155,000 n/a 0.1%
    GoPrime Mortgage, Inc. $465,000 $145,000 -68.8% 0.1%
    Paramount Residential Mortgage Group, Inc. $405,000 $145,000 -64.2% 0.1%
    PARK COMMUNITY CREDIT UNION, INC. $275,000 $145,000 -47.3% 0.1%
    ROSS MORTGAGE CORPORATION $525,000 $145,000 -72.4% 0.1%
    FINANCE OF AMERICA MORTGAGE LLC $95,000 $135,000 42.1% 0.1%
    Citizens Bank $570,000 $130,000 -77.2% 0.1%
    LONGBRIDGE FINANCIAL, LLC $125,000 n/a 0.1%
    Ally Bank $95,000 $115,000 21.1% 0.1%
    PHH Mortgage Corporation $105,000 n/a 0.0%
    Sierra Pacific Mortgage Company, Inc. $520,000 $105,000 -79.8% 0.0%
    WRIGHT-PATT CREDIT UNION, INC. $200,000 $105,000 -47.5% 0.0%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $905,000 $95,000 -89.5% 0.0%
    SOUTHWEST FUNDING, LP $95,000 n/a 0.0%
    CREDIT HUMAN FEDERAL CREDIT UNION $540,000 $85,000 -84.3% 0.0%
    DEEPHAVEN MORTGAGE LLC $85,000 n/a 0.0%
    NUMARK CREDIT UNION $55,000 $85,000 54.5% 0.0%
    TRIAD FINANCIAL SERVICES, INC. $35,000 $75,000 114.3% 0.0%
    DIGITAL Federal Credit Union $45,000 n/a 0.0%
    EVANSVILLE TEACHERS $325,000 $45,000 -86.2% 0.0%

    Somerset's top lender by overall market share is The Citizens National Bank of Somerset, with 16.3% market share. In second place, with 7.5%, is QUICKEN LOANS, LLC, having originated $16,410,000 in loans. In third place, with 4.0%, is L & N Federal Credit Union, having originated $8,620,000 in loans. In fourth place, with 3.6%, is The Monticello Banking Company, having originated $7,835,000 in loans. In fifth place, with 3.5%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $7,635,000 in loans.

    Somerset Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Somerset (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 $159,900 (0.0%) $207,462 (-0.8%) 0.00 401
    2018-02-01 $159,900 (0.0%) $205,723 (-0.4%) 0.00 413
    2018-03-01 $159,900 (0.0%) $214,127 (2.6%) 0.00 416
    2018-04-01 $168,650 (-0.2%) $212,896 (-1.3%) 0.00 432
    2018-05-01 $169,900 (0.0%) $214,561 (-0.3%) 0.00 439
    2018-06-01 $170,000 (0.6%) $214,704 (1.1%) 0.00 441
    2018-07-01 $175,000 (6.1%) $215,264 (1.9%) 0.00 457
    2018-08-01 $172,225 (3.8%) $210,917 (-0.8%) 0.00 460
    2018-09-01 $175,900 (3.5%) $216,538 (0.7%) 0.00 450
    2018-10-01 $177,600 (4.8%) $217,399 (2.5%) 0.00 431
    2018-11-01 $175,225 (3.1%) $217,836 (2.6%) 0.00 433
    2018-12-01 $175,700 (9.9%) $222,628 (5.9%) 0.00 406
    2019-01-01 $170,600 (6.7%) $217,171 (4.7%) 0.00 387
    2019-02-01 $169,925 (6.3%) $215,848 (4.9%) 0.00 378
    2019-03-01 $169,900 (6.3%) $212,970 (-0.5%) 0.00 385
    2019-04-01 $169,900 (0.7%) $213,819 (0.4%) 0.00 390
    2019-05-01 $169,900 (0.0%) $212,784 (-0.8%) 0.00 395
    2019-06-01 $174,500 (2.7%) $216,373 (0.8%) 0.00 413
    2019-07-01 $179,000 (2.3%) $218,611 (1.6%) 0.00 421
    2019-08-01 $180,609 (4.9%) $221,499 (5.0%) 0.00 393
    2019-09-01 $183,023 (4.1%) $226,319 (4.5%) 0.00 373
    2019-10-01 $185,842 (4.6%) $230,838 (6.2%) 0.00 359
    2019-11-01 $183,900 (5.0%) $228,638 (5.0%) 0.00 346
    2019-12-01 $179,900 (2.4%) $229,158 (2.9%) 0.00 327
    2020-01-01 $179,900 (5.5%) $229,096 (5.5%) 0.00 293
    2020-02-01 $184,900 (8.8%) $239,817 (11.1%) 0.00 304
    2020-03-01 $192,400 (13.2%) $243,654 (14.4%) 0.00 312
    2020-04-01 $199,800 (17.6%) $245,918 (15.0%) 0.00 302
    2020-05-01 $195,000 (14.8%) $240,007 (12.8%) 0.00 271
    2020-06-01 $207,450 (18.9%) $257,377 (19.0%) 0.00 238
    2020-07-01 $199,900 (11.7%) $255,471 (16.9%) 0.00 235
    2020-08-01 $207,350 (14.8%) $263,699 (19.1%) 0.00 224
    2020-09-01 $219,450 (19.9%) $273,534 (20.9%) 0.00 185
    2020-10-01 $214,450 (15.4%) $265,444 (15.0%) 0.00 188
    2020-11-01 $216,125 (17.5%) $273,886 (19.8%) 0.00 168
    2020-12-01 $219,000 (21.7%) $270,396 (18.0%) 0.00 171
    2021-01-01 $199,900 (11.1%) $269,360 (17.6%) 0.00 166
    2021-02-01 $199,225 (7.8%) $277,473 (15.7%) 0.00 146
    2021-03-01 $219,950 (14.3%) $322,166 (32.2%) 0.00 104
    2021-04-01 $247,450 (23.9%) $341,425 (38.8%) 0.00 110
    2021-05-01 $259,900 (33.3%) $343,384 (43.1%) 0.00 119
    2021-06-01 $269,475 (29.9%) $335,492 (30.4%) 0.00 132
    2021-07-01 $279,000 (39.6%) $345,632 (35.3%) 0.00 153
    2021-08-01 $283,750 (36.9%) $351,681 (33.4%) 0.00 166
    2021-09-01 $254,950 (16.2%) $330,496 (20.8%) 0.00 184
    2021-10-01 $268,500 (25.2%) $335,147 (26.3%) 0.00 177
    2021-11-01 $249,400 (15.4%) $324,610 (18.5%) 0.00 177
    2021-12-01 $245,925 (12.3%) $331,871 (22.7%) 0.00 167
    2022-01-01 $249,000 (24.6%) $328,258 (21.9%) 0.00 157
    2022-02-01 $243,950 (22.5%) $289,794 (4.4%) 0.00 132
    2022-03-01 $238,125 (8.3%) $292,850 (-9.1%) 0.00 119
    2022-04-01 $249,900 (1.0%) $302,295 (-11.5%) 0.00 124
    2022-05-01 $244,450 (-5.9%) $313,606 (-8.7%) 0.00 149
    2022-06-01 $266,725 (-1.0%) $323,142 (-3.7%) 0.00 175
    2022-07-01 $277,777 (-0.4%) $334,383 (-3.3%) 0.00 206
    2022-08-01 $290,000 (2.2%) $341,689 (-2.8%) 0.00 231
    2022-09-01 $274,950 (7.8%) $337,804 (2.2%) 0.00 246
    2022-10-01 $274,950 (2.4%) $333,516 (-0.5%) 0.00 232
    2022-11-01 $269,675 (8.1%) $328,438 (1.2%) 0.00 239
    2022-12-01 $270,000 (9.8%) $330,726 (-0.4%) 0.00 200
    2023-01-01 $264,900 (6.4%) $327,542 (-0.2%) 0.00 186
    2023-02-01 $269,925 (10.7%) $331,199 (14.3%) 0.00 173
    2023-03-01 $274,900 (15.4%) $342,394 (16.9%) 0.00 166
    2023-04-01 $283,500 (13.5%) $356,228 (17.8%) 0.00 156
    2023-05-01 $294,450 (20.5%) $352,910 (12.5%) 0.00 162
    2023-06-01 $283,375 (6.2%) $345,352 (6.9%) 0.00 175
    2023-07-01 $285,000 (2.6%) $336,513 (0.6%) 0.00 190
    2023-08-01 $299,900 (3.4%) $342,241 (0.2%) 0.00 207
    Somerset's median listing price for 2023-08-01 was $299,900, a difference of $9,900 (3.4%) versus the prior year and $14,900 versus the prior month.

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

    Somerset's average listing price for 2023-08-01 was $342,241, a difference of $552 (0.2%) versus the prior year and $5,728 versus the prior month.

    For the 2023-08-01 period, Somerset had 207 MLS listings, a difference of 17 listings (9%) versus the prior month and -24 listings (-10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,871 sqft
    2018-02-01 0 days 1,937 sqft
    2018-03-01 0 days 1,960 sqft
    2018-04-01 0 days 1,910 sqft
    2018-05-01 0 days 1,872 sqft
    2018-06-01 0 days 1,800 sqft
    2018-07-01 0 days 1,823 sqft
    2018-08-01 0 days 1,843 sqft
    2018-09-01 0 days 1,879 sqft
    2018-10-01 0 days 1,895 sqft
    2018-11-01 0 days 1,964 sqft
    2018-12-01 0 days 1,922 sqft
    2019-01-01 0 days 1,836 sqft
    2019-02-01 0 days 1,799 sqft
    2019-03-01 0 days 1,763 sqft
    2019-04-01 0 days 1,786 sqft
    2019-05-01 0 days 1,890 sqft
    2019-06-01 0 days 1,899 sqft
    2019-07-01 0 days 1,984 sqft
    2019-08-01 0 days 2,000 sqft
    2019-09-01 0 days 2,000 sqft
    2019-10-01 0 days 2,007 sqft
    2019-11-01 0 days 2,006 sqft
    2019-12-01 0 days 1,981 sqft
    2020-01-01 0 days 1,934 sqft
    2020-02-01 0 days 2,000 sqft
    2020-03-01 0 days 1,983 sqft
    2020-04-01 0 days 2,020 sqft
    2020-05-01 0 days 1,944 sqft
    2020-06-01 0 days 2,063 sqft
    2020-07-01 0 days 2,064 sqft
    2020-08-01 0 days 2,100 sqft
    2020-09-01 0 days 2,119 sqft
    2020-10-01 0 days 2,079 sqft
    2020-11-01 0 days 2,106 sqft
    2020-12-01 0 days 2,095 sqft
    2021-01-01 0 days 2,072 sqft
    2021-02-01 0 days 2,002 sqft
    2021-03-01 0 days 2,057 sqft
    2021-04-01 0 days 2,218 sqft
    2021-05-01 0 days 2,081 sqft
    2021-06-01 0 days 2,139 sqft
    2021-07-01 0 days 2,100 sqft
    2021-08-01 0 days 2,129 sqft
    2021-09-01 0 days 2,000 sqft
    2021-10-01 0 days 1,980 sqft
    2021-11-01 0 days 1,901 sqft
    2021-12-01 0 days 1,861 sqft
    2022-01-01 0 days 1,870 sqft
    2022-02-01 0 days 1,838 sqft
    2022-03-01 0 days 1,788 sqft
    2022-04-01 0 days 1,988 sqft
    2022-05-01 0 days 1,833 sqft
    2022-06-01 0 days 1,951 sqft
    2022-07-01 0 days 2,068 sqft
    2022-08-01 0 days 2,075 sqft
    2022-09-01 0 days 2,063 sqft
    2022-10-01 0 days 2,038 sqft
    2022-11-01 0 days 1,985 sqft
    2022-12-01 0 days 1,907 sqft
    2023-01-01 0 days 1,872 sqft
    2023-02-01 0 days 1,794 sqft
    2023-03-01 0 days 1,805 sqft
    2023-04-01 0 days 1,820 sqft
    2023-05-01 0 days 1,987 sqft
    2023-06-01 0 days 1,938 sqft
    2023-07-01 0 days 1,840 sqft
    2023-08-01 0 days 1,864 sqft
    Somerset's median listing age (time on market) for 2023-08-01 was 0 days.

    Somerset's median square footage for active listings during the 2023-08-01 period was 1,864 sqft. One year prior, the average listing was 2,075 sqft.

    Somerset, KY Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 730 $143,170,000 $196,123
    Refi 225 $33,005,000 $146,689
    Cash Out Refi 183 $29,985,000 $163,852
    Home Improvement 71 $5,585,000 $78,662
    Other 60 $5,900,000 $98,333

    Somerset's most frequently cited loan purpose was Home Purchase, with 730 originations. The 2nd most popular reason was Refi, with 225 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 343 $61,255,000 $178,586
    4-5% 333 $56,535,000 $169,775
    3-4% 224 $40,910,000 $182,634
    6-7% 169 $25,265,000 $149,497
    7-8% 67 $9,185,000 $137,090
    Over 8% 46 $3,850,000 $83,696
    2.5-3% 46 $8,840,000 $192,174
    <2.5% 10 $2,080,000 $208,000

    During 2022, Somerset's most frequently originated rate bucket was 5-6%, with 343 originations.

    Loan Sizing (Somerset, KY MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 523 $76,315,000 $145,918
    $100,000 or less 360 $21,970,000 $61,028
    $200k-400k 329 $87,295,000 $265,334
    $400k-600k 41 $19,105,000 $465,976
    $600k-1000k 13 $9,085,000 $698,846
    $Over $1MM 3 $3,875,000 $1,291,667

    Somerset's loan sizing saw the bucket of loans from $100k-200k with 523 originations, totaling $76,315,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 533 $107,535,000 $201,754
    60-80% 307 $57,155,000 $186,173
    40-60% 148 $21,930,000 $148,176
    20-40% 144 $11,060,000 $76,806
    Under 20% 75 $3,085,000 $41,133
    Over 100% 21 $5,125,000 $244,048

    Somerset's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 533 originations, totaling $107,535,000 in origination value.