Somerset Mortgage Rates & Closing Costs
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% |
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.).
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. LouisDate | 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 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. LouisDate | 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 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.