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 7.03% for the week of 2024-11-07, compared to the national average of 6.79% for the same period.

    The average rate for the prior week (2024-10-31) was 6.76% and one month ago for the week of 2024-10-03, the average rate was 6.36%.

    Somerset's average rate one year ago was 7.9%.

    For refis of the same type during the week of 2024-11-07, the average rate was 6.79%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-11-07 6.79%
    Somerset 30 Year Fixed Rate 2024-11-07 7.03%
    Somerset 30 Year Fixed Rate Refi 2024-11-07 6.79%
    Somerset 15 Year Fixed Rate 2024-11-07 5.8%
    Somerset 15 Year Fixed Rate Refi 2024-11-07 6.5%
    Somerset 30 Year FHA 2024-11-07 6.19%
    Somerset 30 Year FHA Refi 2024-11-07 6.63%
    Somerset 30 Year USDA 2024-11-07 6.68%
    Somerset 30 Year USDA Refi 2024-11-07 6.58%
    Somerset 30 Year VA 2024-11-07 6.36%
    Somerset 30 Year VA Refi 2024-11-07 6.54%
    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    The Citizens National Bank of Somerset 32 7.24% $2,100
    QUICKEN LOANS, LLC 24 6.95% $5,779
    L & N Federal Credit Union 20 6.99% $2,211
    Community Trust Bank, Inc. 14 6.19% $2,018
    HOMESIDE FINANCIAL, LLC 9 6.60% $8,517
    UNITED WHOLESALE MORTGAGE, LLC 8 6.85% $5,352
    Forcht Bank 7 7.16% $2,784
    STOCKTON MORTGAGE CORPORATION 6 6.81% $5,321
    Truist 6 6.88% $4,570
    VANDERBILT MORTGAGE AND FINANCE, INC. 6 8.08% $5,118
    Northpointe Bank 5 6.75% $6,282
    JPMorgan Chase Bank 4 6.66% $4,583
    Fifth Third Bank 4 7.31% $5,154
    BROKER SOLUTIONS, INC. 4 7.72% $8,121
    U.S. Bank 3 7.08% $3,989
    Guardian Savings Bank, A Federal Savings Bank 3 5.96% $815
    Farm Credit Mid-America, ACA 3 7.42% $5,246
    LOANDEPOT.COM, LLC 3 6.92% $3,933
    ZILLOW HOME LOANS, LLC 2 7.00% $8,175
    GUARANTEED RATE, INC. 2 6.86% $5,516
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.81% $4,621
    PNC Bank 2 6.94% $3,831
    POLARIS HOME FUNDING CORP. 2 6.25% $6,166
    Bank of England 2 6.94% $6,339
    RUOFF MORTGAGE COMPANY, INC. 2 6.94% $4,449
    First Financial Bank 2 6.69% $3,767
    Flagstar Bank, FSB 2 6.99% $4,549
    AMERICAN HERITAGE LENDING, INC. 2 8.31% $6,325
    NAVY FEDERAL CREDIT UNION 2 7.06% $6,522
    Union Savings Bank 2 6.56% $1,370
    Wells Fargo Bank 2 6.69% $5,656
    Ally Bank 2 5.88% $8,589
    WRIGHT-PATT CREDIT UNION, INC. 2 7.25% $3,346
    PROVIDENT FUNDING ASSOCIATES, L.P. 1 6.38% $6,690
    Regions Bank 1 8.00% $3,067
    Renasant Bank 1 7.63% $4,261
    Republic State Mortgage Co. 1 6.63% $4,318
    SouthPoint Bank 1 6.63% $635
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.88% $5,410
    THE EQUITABLE MORTGAGE CORPORATION 1 6.25% $2,920
    Third Federal Savings and Loan Association of Cleveland 1 5.99% $2,702
    TOP FLITE FINANCIAL, INC. 1 7.13% $13,317
    Abound Federal Credit Union 1 6.75% $2,762
    Western Ohio Mortgage Corporation 1 7.13% $3,765
    Traditional Bank, Inc. 1 5.13% $2,793
    A&D Mortgage LLC 1 9.25% $20,272
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $3,542
    BAY EQUITY LLC 1 7.38% $4,220
    BLACK HILLS FEDERAL CREDIT UNION 1 6.13% $7,447
    Carrington Mortgage Services, LLC 1 5.88% $4,519
    COMMONWEALTH 1 6.13% $2,216
    CPM Federal Credit Union 1 7.50% $3,779
    Eagle Savings Bank 1 6.38% $0
    EASTMAN 1 5.25% $5,141
    EVANSVILLE TEACHERS 1 7.50% $4,068
    FCN Bank 1 6.50% $3,958
    First Horizon Bank 1 7.63% $4,139
    Gateway First Bank 1 7.38% $4,843
    GENEVA FINANCIAL, LLC 1 6.50% $3,197
    GREENSTATE CREDIT UNION 1 7.63% $4,469
    Heartland Bank 1 7.50% $4,658
    LENDSURE MORTGAGE CORP. 1 9.88% $8,677
    Morgan Stanley Private Bank 1 6.75% $3,510
    MORTGAGE INVESTORS GROUP, INC. 1 6.88% $2,978
    Mortgage Research Center, LLC 1 6.50% $4,723
    MOVEMENT MORTGAGE, LLC 1 7.44% $3,696
    Mr. Cooper ( Nationstar Mortgage ) 1 7.49% $4,636
    M&T Bank 1 6.75% $7,772
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.63% $6,602
    NBKC BANK 1 8.13% $8,886
    NEWREZ LLC 1 6.99% $3,553
    NFM, INC. 1 7.00% $5,084
    Paramount Residential Mortgage Group, Inc. 1 8.63% $6,914
    PENNYMAC LOAN SERVICES, LLC 1 6.88% $3,208
    Plains Commerce Bank 1 6.88% $2,949
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.13% $9,801
    Prosperity Home Mortgage, LLC 1 6.63% $3,388

    Somerset Average Closing Costs & Other Stats

    Somerset, KY's 77 lenders originated 926 loans during 2023. The total origination value was $158,970,000, with an average loan value of $171,674.

    Somerset's average closing costs are $4,319.

    The top Somerset lender as defined by loan originations is The Citizens National Bank of Somerset, with 32 loans originated. Their average total fees are $2,100, which is $3,678 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Somerset lenders (with over 10 loans originated) are Community Trust Bank, Inc. ($2,018), The Citizens National Bank of Somerset ($2,100), L & N Federal Credit Union ($2,211), QUICKEN LOANS, LLC ($5,779) and .

    The lowest rate Somerset lenders (with over 10 loans originated) are Community Trust Bank, Inc. (6.19%), QUICKEN LOANS, LLC (6.95%), L & N Federal Credit Union (6.99%), The Citizens National Bank of Somerset (7.24%) and .

    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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    The Citizens National Bank of Somerset $35,425,000 $14,205,000 -59.9% 8.9%
    QUICKEN LOANS, LLC $16,410,000 $11,705,000 -28.7% 7.4%
    United Cumberland Bank $4,065,000 $8,810,000 116.7% 5.5%
    Community Trust Bank, Inc. $5,460,000 $8,255,000 51.2% 5.2%
    HOMESIDE FINANCIAL, LLC $1,875,000 $7,730,000 312.3% 4.9%
    UNITED WHOLESALE MORTGAGE, LLC $7,635,000 $6,835,000 -10.5% 4.3%
    L & N Federal Credit Union $8,620,000 $5,895,000 -31.6% 3.7%
    Mortgage Research Center, LLC $7,625,000 $5,825,000 -23.6% 3.7%
    Forcht Bank $6,070,000 $4,240,000 -30.1% 2.7%
    The Monticello Banking Company $7,835,000 $4,135,000 -47.2% 2.6%
    SOUTH CENTRAL BANK, INC. $4,460,000 $3,545,000 -20.5% 2.2%
    VANDERBILT MORTGAGE AND FINANCE, INC. $3,475,000 $3,315,000 -4.6% 2.1%
    Cumberland Valley National Bank & Trust Company $1,785,000 $3,270,000 83.2% 2.1%
    Northpointe Bank $885,000 $2,670,000 201.7% 1.7%
    NAVY FEDERAL CREDIT UNION $765,000 $2,630,000 243.8% 1.7%
    First Southern National Bank $4,130,000 $2,555,000 -38.1% 1.6%
    Truist $3,525,000 $2,385,000 -32.3% 1.5%
    BROKER SOLUTIONS, INC. $595,000 $2,235,000 275.6% 1.4%
    STOCKTON MORTGAGE CORPORATION $2,245,000 $1,995,000 -11.1% 1.3%
    AMERISAVE MORTGAGE CORPORATION $2,275,000 $1,770,000 -22.2% 1.1%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $1,440,000 $1,750,000 21.5% 1.1%
    Republic State Mortgage Co. $6,410,000 $1,700,000 -73.5% 1.1%
    Mr. Cooper ( Nationstar Mortgage ) $1,375,000 $1,670,000 21.5% 1.1%
    LOANDEPOT.COM, LLC $1,265,000 $1,640,000 29.6% 1.0%
    FREEDOM MORTGAGE CORPORATION $2,230,000 $1,480,000 -33.6% 0.9%
    COMMONWEALTH $1,765,000 $1,385,000 -21.5% 0.9%
    U.S. Bank $1,050,000 $1,350,000 28.6% 0.8%
    21ST MORTGAGE CORPORATION $1,425,000 $1,335,000 -6.3% 0.8%
    POLARIS HOME FUNDING CORP. $1,490,000 $1,300,000 -12.8% 0.8%
    Fifth Third Bank $545,000 $1,285,000 135.8% 0.8%
    JPMorgan Chase Bank $515,000 $1,160,000 125.2% 0.7%
    NEW DAY FINANCIAL, LLC $1,240,000 $1,110,000 -10.5% 0.7%
    PENNYMAC LOAN SERVICES, LLC $3,095,000 $935,000 -69.8% 0.6%
    Union Savings Bank $1,455,000 $935,000 -35.7% 0.6%
    Wells Fargo Bank $1,890,000 $925,000 -51.1% 0.6%
    Paramount Residential Mortgage Group, Inc. $145,000 $885,000 510.3% 0.6%
    Renasant Bank $850,000 n/a 0.5%
    Farm Credit Mid-America, ACA $1,550,000 $825,000 -46.8% 0.5%
    M&T Bank $825,000 n/a 0.5%
    First Financial Bank $770,000 n/a 0.5%
    ZILLOW HOME LOANS, LLC $760,000 n/a 0.5%
    GoPrime Mortgage, Inc. $145,000 $750,000 417.2% 0.5%
    RUOFF MORTGAGE COMPANY, INC. $735,000 n/a 0.5%
    WRIGHT-PATT CREDIT UNION, INC. $105,000 $720,000 585.7% 0.5%
    Magnolia Bank $165,000 $680,000 312.1% 0.4%
    GUARANTEED RATE, INC. $875,000 $665,000 -24.0% 0.4%
    MOVEMENT MORTGAGE, LLC $360,000 $665,000 84.7% 0.4%
    Bank of England $2,965,000 $645,000 -78.2% 0.4%
    PNC Bank $470,000 $645,000 37.2% 0.4%
    City National Bank of West Virginia $605,000 n/a 0.4%
    TOP FLITE FINANCIAL, INC. $605,000 n/a 0.4%
    UNIVERSITY OF KENTUCKY $715,000 $605,000 -15.4% 0.4%
    EVANSVILLE TEACHERS $45,000 $590,000 1,211.1% 0.4%
    Towne Bank $565,000 n/a 0.4%
    FCN Bank $505,000 n/a 0.3%
    SOUTHPOINT FINANCIAL SERVICES, INC. $905,000 $505,000 -44.2% 0.3%
    Guardian Savings Bank, A Federal Savings Bank $2,165,000 $495,000 -77.1% 0.3%
    USAA Federal Savings Bank $1,255,000 $490,000 -61.0% 0.3%
    CARDINAL FINANCIAL $765,000 $470,000 -38.6% 0.3%
    The Huntington National Bank $935,000 $460,000 -50.8% 0.3%
    SouthPoint Bank $535,000 $455,000 -15.0% 0.3%
    First Savings Bank $445,000 n/a 0.3%
    CROSSCOUNTRY MORTGAGE, LLC $445,000 $435,000 -2.2% 0.3%
    Discover Bank $295,000 $435,000 47.5% 0.3%
    Commerce Home Mortgage, Inc. $430,000 n/a 0.3%
    Coastal Community Bank $405,000 n/a 0.3%
    Ally Bank $115,000 $400,000 247.8% 0.3%
    First Vision Bank of Tennessee $395,000 n/a 0.2%
    DAS Acquisition Company, LLC $345,000 $390,000 13.0% 0.2%
    BAY EQUITY LLC $385,000 n/a 0.2%
    A&D Mortgage LLC $375,000 n/a 0.2%
    EASTMAN $375,000 n/a 0.2%
    Carrington Mortgage Services, LLC $545,000 $350,000 -35.8% 0.2%
    Central Bank $185,000 $345,000 86.5% 0.2%
    GENEVA FINANCIAL, LLC $595,000 $330,000 -44.5% 0.2%
    Abound Federal Credit Union $1,055,000 $320,000 -69.7% 0.2%
    CMG MORTGAGE, INC. $320,000 n/a 0.2%
    Minster Bank $315,000 n/a 0.2%
    AMERICAN HERITAGE LENDING, INC. $310,000 n/a 0.2%
    BLACK HILLS FEDERAL CREDIT UNION $305,000 n/a 0.2%
    EMERY FEDERAL CREDIT UNION $305,000 n/a 0.2%
    Princeton Mortgage Corporation $295,000 n/a 0.2%
    ROSS MORTGAGE CORPORATION $145,000 $295,000 103.4% 0.2%
    FirstBank $275,000 $290,000 5.5% 0.2%
    LENDSURE MORTGAGE CORP. $285,000 n/a 0.2%
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. $275,000 n/a 0.2%
    Morgan Stanley Private Bank $275,000 n/a 0.2%
    NBKC BANK $275,000 n/a 0.2%
    The Park National Bank $275,000 n/a 0.2%
    NEWREZ LLC $875,000 $270,000 -69.1% 0.2%
    CHURCHILL MORTGAGE CORPORATION $445,000 $265,000 -40.4% 0.2%
    First Horizon Bank $265,000 n/a 0.2%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $95,000 $255,000 168.4% 0.2%
    Traditional Bank, Inc. $195,000 $255,000 30.8% 0.2%
    Heartland Bank $240,000 n/a 0.2%
    GREENSTATE CREDIT UNION $235,000 n/a 0.1%
    PROVIDENT FUNDING ASSOCIATES, L.P. $225,000 $235,000 4.4% 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $1,385,000 $225,000 -83.8% 0.1%
    AMERICAN FINANCIAL NETWORK, INC. $215,000 n/a 0.1%
    AMERICAN FINANCING CORPORATION $290,000 $215,000 -25.9% 0.1%
    PLANET HOME LENDING, LLC $250,000 $215,000 -14.0% 0.1%
    Whitaker Bank $210,000 n/a 0.1%
    Eagle Savings Bank $205,000 n/a 0.1%
    Gateway First Bank $205,000 n/a 0.1%
    Prosperity Home Mortgage, LLC $790,000 $205,000 -74.1% 0.1%
    THE EQUITABLE MORTGAGE CORPORATION $205,000 n/a 0.1%
    AG Credit, Agricultural Credit Association $195,000 n/a 0.1%
    AMERICAN FINANCIAL RESOURCES, INC. $155,000 $195,000 25.8% 0.1%
    NFM, INC. $350,000 $195,000 -44.3% 0.1%
    The Central Trust Bank $525,000 $185,000 -64.8% 0.1%
    Third Federal Savings and Loan Association of Cleveland $360,000 $185,000 -48.6% 0.1%
    Flagstar Bank, FSB $285,000 $180,000 -36.8% 0.1%
    Plains Commerce Bank $450,000 $175,000 -61.1% 0.1%
    ROYAL UNITED MORTGAGE LLC $170,000 $170,000 0.0% 0.1%
    Western Ohio Mortgage Corporation $165,000 n/a 0.1%
    Citizens Bank $130,000 $155,000 19.2% 0.1%
    Regions Bank $220,000 $155,000 -29.5% 0.1%
    TRIAD FINANCIAL SERVICES, INC. $75,000 $155,000 106.7% 0.1%
    ENDEAVOR CAPITAL, LLC. $145,000 n/a 0.1%
    MORTGAGE INVESTORS GROUP, INC. $145,000 n/a 0.1%
    CINFED Federal Credit Union $125,000 n/a 0.1%
    PRIMARY RESIDENTIAL MORTGAGE, INC. $235,000 $125,000 -46.8% 0.1%
    Bank of America $475,000 $120,000 -74.7% 0.1%
    AMCAP MORTGAGE, LTD. $105,000 n/a 0.1%
    Deere Employees Credit Union $105,000 n/a 0.1%
    ENVOY MORTGAGE, LTD $870,000 $105,000 -87.9% 0.1%
    HOMEBRIDGE FINANCIAL SERVICES, INC. $105,000 n/a 0.1%
    CPM Federal Credit Union $95,000 n/a 0.1%
    CREDIT HUMAN FEDERAL CREDIT UNION $85,000 $95,000 11.8% 0.1%
    FINANCE OF AMERICA REVERSE LLC $95,000 n/a 0.1%
    PARK COMMUNITY CREDIT UNION, INC. $145,000 $90,000 -37.9% 0.1%
    SUN WEST MORTGAGE COMPANY, INC. $90,000 n/a 0.1%
    Bank of Lexington, Inc. $495,000 $85,000 -82.8% 0.1%
    Centra Credit Union $85,000 n/a 0.1%
    Baxter Credit Union $75,000 n/a 0.0%
    Farmers Bank and Trust Company $75,000 n/a 0.0%
    LONGBRIDGE FINANCIAL, LLC $125,000 $75,000 -40.0% 0.0%
    Equity Prime Mortgage LLC $905,000 $65,000 -92.8% 0.0%
    MEMBERS HERITAGE Credit Union $45,000 n/a 0.0%
    Central Kentucky Agricultural Credit Association $35,000 n/a 0.0%
    WesBanco $5,000 n/a 0.0%

    Somerset's top lender by overall market share is The Citizens National Bank of Somerset, with 8.9% market share. In second place, with 7.4%, is QUICKEN LOANS, LLC, having originated $11,705,000 in loans. In third place, with 5.5%, is United Cumberland Bank, having originated $8,810,000 in loans. In fourth place, with 5.2%, is Community Trust Bank, Inc., having originated $8,255,000 in loans. In fifth place, with 4.9%, is HOMESIDE FINANCIAL, LLC, having originated $7,730,000 in loans.

    Somerset, KY Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 552 $112,940,000 $204,601
    Cash Out Refi 127 $21,735,000 $171,142
    Refi 119 $13,895,000 $116,765
    Other 65 $5,385,000 $82,846
    Home Improvement 63 $5,015,000 $79,603

    Somerset's most frequently cited loan purpose was Home Purchase, with 552 originations. The 2nd most popular reason was Cash Out Refi, with 127 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 293 $58,675,000 $200,256
    7-8% 204 $36,570,000 $179,265
    Over 8% 200 $18,110,000 $90,550
    5-6% 132 $27,170,000 $205,833
    3-4% 10 $140,000 $14,000
    4-5% 6 $1,620,000 $270,000
    <2.5% 1 $5,000 $5,000

    During 2023, Somerset's most frequently originated rate bucket was 6-7%, with 293 originations.

    Loan Sizing (Somerset, KY MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 311 $45,805,000 $147,283
    $100,000 or less 306 $17,230,000 $56,307
    $200k-400k 269 $72,015,000 $267,714
    $400k-600k 26 $12,260,000 $471,538
    $600k-1000k 11 $7,365,000 $669,545
    $Over $1MM 3 $4,295,000 $1,431,667

    Somerset's loan sizing saw the bucket of loans from $100k-200k with 311 originations, totaling $45,805,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 376 $77,190,000 $205,293
    60-80% 146 $33,260,000 $227,808
    Under 20% 108 $4,150,000 $38,426
    40-60% 105 $15,895,000 $151,381
    20-40% 89 $7,285,000 $81,854
    Over 100% 22 $4,510,000 $205,000

    Somerset's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 376 originations, totaling $77,190,000 in origination value.