Somerset Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Somerset averaged
6.66%
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
6.89% and
one month ago for the week of 2023-02-09, the
average rate was 6.38%.
Somerset's average rate one year ago was 3.91%.
For refis of the same type during the week of 2023-03-16, the average rate
was 6.02%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
| Somerset 30 Year Fixed Rate | 2023-03-16 | 6.66% |
| Somerset 30 Year Fixed Rate Refi | 2023-03-16 | 6.02% |
| Somerset 15 Year Fixed Rate | 2023-03-16 | 6.57% |
| Somerset 15 Year Fixed Rate Refi | 2023-03-16 | 6.39% |
| Somerset 30 Year FHA | 2023-03-16 | 6.75% |
| Somerset 30 Year FHA Refi | 2023-03-16 | 6.33% |
| Somerset 30 Year USDA | 2023-03-16 | 6.61% |
| Somerset 30 Year USDA Refi | 2023-03-16 | 6.41% |
| Somerset 30 Year VA | 2023-03-16 | 6.38% |
| Somerset 30 Year VA Refi | 2023-03-16 | 6.15% |
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, PA 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, PA's 92 lenders originated 2,015
loans during 2021. The total origination value was $277,625,000, with an average loan value of
$137,779.
Somerset's average closing costs are $4,340.
The top Somerset lender as defined by loan originations is SOMERSET TRUST COMPANY, with
74 loans originated. Their average total fees are
$3,327, which is $1,894
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Somerset lenders (with over 10 loans originated) are
SOMERSET TRUST COMPANY ($3,327), First Commonwealth Bank ($3,915), HOWARD HANNA FINANCIAL SERVICES, INC. ($3,976), Wells Fargo Bank ($4,010) and First National Bank of Pennsylvania ($4,126).
The lowest rate Somerset lenders (with over 10 loans originated) are
First National Bank of Pennsylvania (2.89%), PNC Bank (2.99%), QUICKEN LOANS, LLC (3.05%), Citizens Bank (3.06%) and AFFORDABLE MORTGAGE ADVISORS, LLC. (3.07%).
Somerset, PA 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| SOMERSET TRUST COMPANY | $61,070,000 | $42,350,000 | -30.7% | 15.3% |
| First National Bank of Pennsylvania | $22,440,000 | $20,350,000 | -9.3% | 7.3% |
| First Commonwealth Bank | $19,210,000 | $18,660,000 | -2.9% | 6.7% |
| QUICKEN LOANS, LLC | $13,775,000 | $18,575,000 | 34.8% | 6.7% |
| 1st Summit Bank | $11,290,000 | $12,410,000 | 9.9% | 4.5% |
| FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION | $11,580,000 | $12,130,000 | 4.7% | 4.4% |
| Wells Fargo Bank | $10,585,000 | $11,220,000 | 6.0% | 4.0% |
| PNC Bank | $7,940,000 | $8,950,000 | 12.7% | 3.2% |
| AFFORDABLE MORTGAGE ADVISORS, LLC. | $10,495,000 | $7,600,000 | -27.6% | 2.7% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $5,780,000 | $6,680,000 | 15.6% | 2.4% |
| Dollar Bank, Federal Savings Bank | $3,215,000 | $6,035,000 | 87.7% | 2.2% |
| Slovenian Savings & Loan Association of Franklin-Conemaugh | $6,245,000 | $4,985,000 | -20.2% | 1.8% |
| Brentwood Bank | $330,000 | $4,775,000 | 1,347.0% | 1.7% |
| Citizens Bank | $5,765,000 | $4,700,000 | -18.5% | 1.7% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,865,000 | $4,570,000 | 145.0% | 1.6% |
| FREEDOM MORTGAGE CORPORATION | $3,610,000 | $3,685,000 | 2.1% | 1.3% |
| AmeriServ Financial Bank | $3,750,000 | $2,880,000 | -23.2% | 1.0% |
| Mortgage Research Center, LLC | $2,850,000 | $2,370,000 | -16.8% | 0.9% |
| S&T Bank | $1,245,000 | $2,340,000 | 88.0% | 0.8% |
| Wayne Bank | $2,295,000 | n/a | 0.8% | |
| GUARANTEED RATE AFFINITY, LLC | $310,000 | $2,250,000 | 625.8% | 0.8% |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $870,000 | $2,095,000 | 140.8% | 0.8% |
| Morgan Stanley Private Bank | $2,055,000 | n/a | 0.7% | |
| JPMorgan Chase Bank | $240,000 | $1,920,000 | 700.0% | 0.7% |
| NEWREZ LLC | $445,000 | $1,915,000 | 330.3% | 0.7% |
| EQUITY RESOURCES, INC. | $1,870,000 | $1,900,000 | 1.6% | 0.7% |
| InFirst Bank | $1,955,000 | $1,885,000 | -3.6% | 0.7% |
| Northwest Bank | $2,060,000 | $1,760,000 | -14.6% | 0.6% |
| Victorian Finance, LLC | $1,045,000 | $1,645,000 | 57.4% | 0.6% |
| LOANDEPOT.COM, LLC | $1,595,000 | $1,595,000 | 0.0% | 0.6% |
| PENNSYLVANIA STATE EMPLOYEES Credit Union | $1,320,000 | $1,565,000 | 18.6% | 0.6% |
| PENNYMAC LOAN SERVICES, LLC | $635,000 | $1,565,000 | 146.5% | 0.6% |
| The Huntington National Bank | $690,000 | $1,510,000 | 118.8% | 0.5% |
| NAVY FEDERAL CREDIT UNION | $895,000 | $1,490,000 | 66.5% | 0.5% |
| Sail Mortgage Corp. | $615,000 | $1,365,000 | 122.0% | 0.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $275,000 | $1,345,000 | 389.1% | 0.5% |
| GUARANTEED RATE, INC. | $815,000 | $1,345,000 | 65.0% | 0.5% |
| BROKER SOLUTIONS, INC. | $845,000 | $1,330,000 | 57.4% | 0.5% |
| HOME POINT FINANCIAL CORPORATION | $300,000 | $1,230,000 | 310.0% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $530,000 | $1,200,000 | 126.4% | 0.4% |
| PENTAGON FEDERAL CREDIT UNION | $65,000 | $1,185,000 | 1,723.1% | 0.4% |
| C-B-W Schools Federal Credit Union | $940,000 | $1,150,000 | 22.3% | 0.4% |
| AMERICAN FINANCING CORPORATION | $585,000 | $1,145,000 | 95.7% | 0.4% |
| NORWICH COMMERCIAL GROUP, INC. | $745,000 | $1,135,000 | 52.3% | 0.4% |
| Riverview Bank | $1,820,000 | $1,085,000 | -40.4% | 0.4% |
| Flagstar Bank, FSB | $740,000 | $1,055,000 | 42.6% | 0.4% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,035,000 | $1,050,000 | 1.4% | 0.4% |
| VILLAGE CAPITAL & INVESTMENT LLC | $735,000 | $1,015,000 | 38.1% | 0.4% |
| NATIONS RELIABLE LENDING, LLC | $605,000 | $1,010,000 | 66.9% | 0.4% |
| City National Bank | $955,000 | n/a | 0.3% | |
| CHESSIE | $125,000 | $945,000 | 656.0% | 0.3% |
| WesBanco Bank, Inc. | $520,000 | $940,000 | 80.8% | 0.3% |
| Bank of America | $1,230,000 | $935,000 | -24.0% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $285,000 | $925,000 | 224.6% | 0.3% |
| Standard Bank, PaSB | $835,000 | $800,000 | -4.2% | 0.3% |
| MOVEMENT MORTGAGE, LLC | $485,000 | $780,000 | 60.8% | 0.3% |
| UNION HOME MORTGAGE CORP. | $1,045,000 | $775,000 | -25.8% | 0.3% |
| Commercial Bank and Trust of PA | $1,355,000 | $765,000 | -43.5% | 0.3% |
| ARC HOME LLC | $930,000 | $725,000 | -22.0% | 0.3% |
| LAKEVIEW LOAN SERVICING, LLC | $720,000 | n/a | 0.3% | |
| KeyBank | $695,000 | $705,000 | 1.4% | 0.3% |
| LINKBANK | $705,000 | n/a | 0.3% | |
| Alcova Mortgage LLC | $315,000 | $690,000 | 119.0% | 0.2% |
| Towne Bank | $680,000 | n/a | 0.2% | |
| CALIBER HOME LOANS, INC. | $460,000 | $670,000 | 45.7% | 0.2% |
| Fifth Third Bank | $660,000 | n/a | 0.2% | |
| Jersey Shore State Bank | $615,000 | n/a | 0.2% | |
| Clear Mountain Bank | $555,000 | $585,000 | 5.4% | 0.2% |
| BETTER MORTGAGE CORPORATION | $590,000 | $555,000 | -5.9% | 0.2% |
| CLEARPATH LENDING | $350,000 | $515,000 | 47.1% | 0.2% |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $540,000 | $490,000 | -9.3% | 0.2% |
| Bank of England | $275,000 | $480,000 | 74.5% | 0.2% |
| CFSBANK | $470,000 | n/a | 0.2% | |
| Mid Penn Bank | $185,000 | $470,000 | 154.1% | 0.2% |
| EMBRACE HOME LOANS, INC. | $245,000 | $465,000 | 89.8% | 0.2% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $545,000 | $445,000 | -18.3% | 0.2% |
| HOMESPIRE MORTGAGE CORPORATION | $425,000 | $420,000 | -1.2% | 0.2% |
| NEW DAY FINANCIAL, LLC | $955,000 | $420,000 | -56.0% | 0.2% |
| Reliance Savings Bank | $1,370,000 | $415,000 | -69.7% | 0.1% |
| Carrington Mortgage Services, LLC | $55,000 | $395,000 | 618.2% | 0.1% |
| InterContinental Capital Group, Inc | $395,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $165,000 | $395,000 | 139.4% | 0.1% |
| JLB CORPORATION | $640,000 | $390,000 | -39.1% | 0.1% |
| Truist Bank | $1,845,000 | $345,000 | -81.3% | 0.1% |
| APOLLO TRUST COMPANY | $335,000 | n/a | 0.1% | |
| EMM LOANS LLC | $400,000 | $335,000 | -16.3% | 0.1% |
| First Federal Bank of the Midwest | $780,000 | $330,000 | -57.7% | 0.1% |
| First United Corporation | $480,000 | $330,000 | -31.3% | 0.1% |
| CNB Bank | $310,000 | n/a | 0.1% | |
| U.S. Bank | $665,000 | $310,000 | -53.4% | 0.1% |
| United Bank | $305,000 | n/a | 0.1% | |
| First Citizens Community Bank | $300,000 | n/a | 0.1% | |
| SSB Bank | $145,000 | $295,000 | 103.4% | 0.1% |
| Vellum Mortgage, Inc. | $295,000 | n/a | 0.1% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $300,000 | $285,000 | -5.0% | 0.1% |
| Axos Bank | $275,000 | n/a | 0.1% | |
| KELLER MORTGAGE, LLC | $275,000 | n/a | 0.1% | |
| FEDERATED MORTGAGE CORP. | $265,000 | n/a | 0.1% | |
| North American Savings Bank, F.S.B. | $75,000 | $265,000 | 253.3% | 0.1% |
| Firstrust Savings Bank | $255,000 | n/a | 0.1% | |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $265,000 | $245,000 | -7.5% | 0.1% |
| Provident State Bank, Inc. | $245,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $245,000 | n/a | 0.1% | |
| RELIANCE FIRST CAPITAL, LLC | $300,000 | $240,000 | -20.0% | 0.1% |
| Arvest Bank | $235,000 | n/a | 0.1% | |
| George Mason Mortgage, LLC | $235,000 | n/a | 0.1% | |
| NATION ONE MORTGAGE CORPORATION | $185,000 | $235,000 | 27.0% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $430,000 | $230,000 | -46.5% | 0.1% |
| DRAPER AND KRAMER MORTGAGE CORP. | $185,000 | $230,000 | 24.3% | 0.1% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $565,000 | $225,000 | -60.2% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $195,000 | $220,000 | 12.8% | 0.1% |
| WEST PENN FINANCIAL SERVICE CENTER, INC. | $65,000 | $220,000 | 238.5% | 0.1% |
| FINANCE OF AMERICA MORTGAGE LLC | $175,000 | $215,000 | 22.9% | 0.1% |
| Altoona First Savings Bank | $205,000 | n/a | 0.1% | |
| Capital Bank | $205,000 | n/a | 0.1% | |
| STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED | $240,000 | $200,000 | -16.7% | 0.1% |
| MILLENNIUM FINANCIAL GROUP, INC. | $190,000 | n/a | 0.1% | |
| USAA Federal Savings Bank | $1,345,000 | $190,000 | -85.9% | 0.1% |
| Ally Bank | $215,000 | $185,000 | -14.0% | 0.1% |
| AMERICAN FINANCIAL NETWORK, INC. | $185,000 | n/a | 0.1% | |
| SOFI LENDING CORP. | $185,000 | n/a | 0.1% | |
| The Federal Savings Bank | $585,000 | $185,000 | -68.4% | 0.1% |
| FIRST HOME MORTGAGE CORPORATION | $550,000 | $175,000 | -68.2% | 0.1% |
| Waterstone Mortgage Corporation | $175,000 | n/a | 0.1% | |
| Colonial Savings, F.A. | $175,000 | $165,000 | -5.7% | 0.1% |
| Northwest Federal Credit Union | $165,000 | n/a | 0.1% | |
| RESIDENTIAL MORTGAGE SERVICES, INC. | $165,000 | n/a | 0.1% | |
| TD Bank | $165,000 | n/a | 0.1% | |
| Manufacturers and Traders Trust Company | $1,090,000 | $160,000 | -85.3% | 0.1% |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $155,000 | n/a | 0.1% | |
| PHH Mortgage Corporation | $95,000 | $155,000 | 63.2% | 0.1% |
| RESIDENTIAL BANCORP. | $155,000 | n/a | 0.1% | |
| Sierra Pacific Mortgage Company, Inc. | $155,000 | n/a | 0.1% | |
| INTERCOASTAL MORTGAGE COMPANY | $395,000 | $145,000 | -63.3% | 0.1% |
| Nations Lending Corporation | $145,000 | n/a | 0.1% | |
| PennCrest Bank | $410,000 | $145,000 | -64.6% | 0.1% |
| CREDIT UNION MORTGAGE ASSOCIATION, INC. | $350,000 | $135,000 | -61.4% | 0.0% |
| Mars Bank | $135,000 | n/a | 0.0% | |
| Meridian Bank Corporation | $135,000 | n/a | 0.0% | |
| NBKC BANK | $145,000 | $135,000 | -6.9% | 0.0% |
| Union Savings Bank | $215,000 | $135,000 | -37.2% | 0.0% |
| Clearview Federal Credit Union | $415,000 | $130,000 | -68.7% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $120,000 | $130,000 | 8.3% | 0.0% |
| ALLIED MORTGAGE GROUP, INC. | $340,000 | $125,000 | -63.2% | 0.0% |
| Baxter Credit Union | $125,000 | n/a | 0.0% | |
| CHURCHILL MORTGAGE CORPORATION | $125,000 | n/a | 0.0% | |
| First Commonwealth Federal Credit Union | $125,000 | n/a | 0.0% | |
| Low VA Rates, LLC | $125,000 | n/a | 0.0% | |
| ROYAL UNITED MORTGAGE LLC | $600,000 | $125,000 | -79.2% | 0.0% |
| SOUTHERN TRUST MORTGAGE, LLC | $125,000 | $125,000 | 0.0% | 0.0% |
| Wilmington Savings Fund Society, FSB | $125,000 | n/a | 0.0% | |
| MCLEAN MORTGAGE CORPORATION | $115,000 | n/a | 0.0% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $115,000 | n/a | 0.0% | |
| Bank Independent | $105,000 | n/a | 0.0% | |
| CMG MORTGAGE, INC. | $105,000 | n/a | 0.0% | |
| ENVOY MORTGAGE, LTD | $105,000 | n/a | 0.0% | |
| EVANSVILLE TEACHERS | $105,000 | n/a | 0.0% | |
| National Bank of St. Anne | $105,000 | n/a | 0.0% | |
| UNITED MORTGAGE CORP. | $105,000 | $105,000 | 0.0% | 0.0% |
| Foote Capital Mortgage Company | $95,000 | n/a | 0.0% | |
| THRIVENT Federal Credit Union | $95,000 | n/a | 0.0% | |
| FRICK FINANCIAL FEDERAL CREDIT UNION | $155,000 | $90,000 | -41.9% | 0.0% |
| Century Mortgage Company DBA Century Lending Company | $85,000 | n/a | 0.0% | |
| Figure Lending LLC | $80,000 | n/a | 0.0% | |
| Gateway First Bank | $75,000 | n/a | 0.0% | |
| Hometown Bank of Pennsylvania | $75,000 | n/a | 0.0% | |
| Third Federal Savings and Loan Association of Cleveland | $105,000 | $75,000 | -28.6% | 0.0% |
| WELCOME HOME FINANCE, L.P. | $185,000 | $75,000 | -59.5% | 0.0% |
| First Federal Savings and Loan Association of Greene Co | $135,000 | $65,000 | -51.9% | 0.0% |
| Discover Bank | $85,000 | $55,000 | -35.3% | 0.0% |
| RUOFF MORTGAGE COMPANY, INC. | $55,000 | n/a | 0.0% | |
| TJC Mortgage, Inc. | $55,000 | n/a | 0.0% | |
| 21ST MORTGAGE CORPORATION | $80,000 | $45,000 | -43.8% | 0.0% |
| AMERICAN ADVISORS GROUP | $40,000 | n/a | 0.0% | |
| TIAA, FSB | $280,000 | $35,000 | -87.5% | 0.0% |
Somerset's top lender by overall market share is SOMERSET TRUST COMPANY, with 15.3% market share. In second place, with 7.3%, is First National Bank of Pennsylvania, having originated $20,350,000 in loans. In third place, with 6.7%, is First Commonwealth Bank, having originated $18,660,000 in loans. In fourth place, with 6.7%, is QUICKEN LOANS, LLC, having originated $18,575,000 in loans. In fifth place, with 4.5%, is 1st Summit Bank, having originated $12,410,000 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 | $168,000 (-4.0%) | $230,291 (-0.1%) | 0.00 | 450 |
| 2018-02-01 | $167,200 (-4.4%) | $231,145 (-0.3%) | 0.00 | 441 |
| 2018-03-01 | $169,000 (-1.4%) | $237,729 (3.2%) | 0.00 | 466 |
| 2018-04-01 | $169,000 (-3.2%) | $235,180 (2.7%) | 0.00 | 472 |
| 2018-05-01 | $160,438 (-8.2%) | $230,610 (0.9%) | 0.00 | 467 |
| 2018-06-01 | $166,000 (-5.1%) | $237,183 (4.1%) | 0.00 | 467 |
| 2018-07-01 | $167,250 (-7.0%) | $232,473 (-2.3%) | 0.00 | 480 |
| 2018-08-01 | $165,000 (-5.8%) | $228,908 (-4.1%) | 0.00 | 473 |
| 2018-09-01 | $169,900 (-2.9%) | $230,838 (-4.9%) | 0.00 | 484 |
| 2018-10-01 | $169,900 (-2.7%) | $231,159 (-3.2%) | 0.00 | 475 |
| 2018-11-01 | $169,900 (2.5%) | $232,736 (2.4%) | 0.00 | 448 |
| 2018-12-01 | $169,950 (3.0%) | $231,318 (2.1%) | 0.00 | 432 |
| 2019-01-01 | $176,500 (5.1%) | $238,266 (3.5%) | 0.00 | 394 |
| 2019-02-01 | $177,250 (6.0%) | $240,498 (4.1%) | 0.00 | 370 |
| 2019-03-01 | $174,229 (3.1%) | $232,801 (-2.1%) | 0.00 | 367 |
| 2019-04-01 | $173,329 (2.6%) | $228,243 (-3.0%) | 0.00 | 373 |
| 2019-05-01 | $172,475 (7.5%) | $234,683 (1.8%) | 0.00 | 382 |
| 2019-06-01 | $175,000 (5.4%) | $233,138 (-1.7%) | 0.00 | 394 |
| 2019-07-01 | $174,950 (4.6%) | $235,114 (1.1%) | 0.00 | 406 |
| 2019-08-01 | $170,809 (3.5%) | $230,705 (0.8%) | 0.00 | 412 |
| 2019-09-01 | $164,673 (-3.1%) | $227,657 (-1.4%) | 0.00 | 410 |
| 2019-10-01 | $159,925 (-5.9%) | $225,745 (-2.3%) | 0.00 | 405 |
| 2019-11-01 | $163,500 (-3.8%) | $227,637 (-2.2%) | 0.00 | 384 |
| 2019-12-01 | $169,000 (-0.6%) | $232,484 (0.5%) | 0.00 | 362 |
| 2020-01-01 | $169,000 (-4.3%) | $232,612 (-2.4%) | 0.00 | 339 |
| 2020-02-01 | $169,000 (-4.7%) | $234,541 (-2.5%) | 0.00 | 339 |
| 2020-03-01 | $175,000 (0.4%) | $237,729 (2.1%) | 0.00 | 325 |
| 2020-04-01 | $175,000 (1.0%) | $244,511 (7.1%) | 0.00 | 299 |
| 2020-05-01 | $184,750 (7.1%) | $251,300 (7.1%) | 0.00 | 284 |
| 2020-06-01 | $169,925 (-2.9%) | $250,282 (7.4%) | 0.00 | 312 |
| 2020-07-01 | $178,075 (1.8%) | $258,719 (10.0%) | 0.00 | 285 |
| 2020-08-01 | $175,000 (2.5%) | $261,713 (13.4%) | 0.00 | 254 |
| 2020-09-01 | $188,650 (14.6%) | $278,986 (22.6%) | 0.00 | 227 |
| 2020-10-01 | $206,000 (28.8%) | $295,126 (30.7%) | 0.00 | 210 |
| 2020-11-01 | $220,725 (35.0%) | $311,838 (37.0%) | 0.00 | 196 |
| 2020-12-01 | $228,438 (35.2%) | $325,114 (39.8%) | 0.00 | 165 |
| 2021-01-01 | $237,450 (40.5%) | $346,296 (48.9%) | 0.00 | 137 |
| 2021-02-01 | $211,200 (25.0%) | $345,741 (47.4%) | 0.00 | 131 |
| 2021-03-01 | $231,450 (32.3%) | $354,385 (49.1%) | 0.00 | 117 |
| 2021-04-01 | $231,200 (32.1%) | $350,344 (43.3%) | 0.00 | 114 |
| 2021-05-01 | $228,000 (23.4%) | $348,740 (38.8%) | 0.00 | 108 |
| 2021-06-01 | $202,400 (19.1%) | $368,528 (47.3%) | 0.00 | 118 |
| 2021-07-01 | $184,500 (3.6%) | $340,344 (31.6%) | 0.00 | 134 |
| 2021-08-01 | $180,700 (3.3%) | $325,540 (24.4%) | 0.00 | 152 |
| 2021-09-01 | $174,950 (-7.3%) | $329,352 (18.1%) | 0.00 | 158 |
| 2021-10-01 | $169,450 (-17.7%) | $291,382 (-1.3%) | 0.00 | 147 |
| 2021-11-01 | $170,925 (-22.6%) | $302,879 (-2.9%) | 0.00 | 115 |
| 2021-12-01 | $156,000 (-31.7%) | $321,660 (-1.1%) | 0.00 | 109 |
| 2022-01-01 | $134,900 (-43.2%) | $293,772 (-15.2%) | 0.00 | 85 |
| 2022-02-01 | $120,000 (-43.2%) | $254,810 (-26.3%) | 0.00 | 74 |
| 2022-03-01 | $185,000 (-20.1%) | $286,841 (-19.1%) | 0.00 | 84 |
| 2022-04-01 | $209,950 (-9.2%) | $311,726 (-11.0%) | 0.00 | 79 |
| 2022-05-01 | $234,925 (3.0%) | $310,113 (-11.1%) | 0.00 | 85 |
| 2022-06-01 | $225,975 (11.7%) | $314,196 (-14.7%) | 0.00 | 98 |
| 2022-07-01 | $207,450 (12.4%) | $333,025 (-2.2%) | 0.00 | 100 |
| 2022-08-01 | $209,475 (15.9%) | $352,910 (8.4%) | 0.00 | 112 |
| 2022-09-01 | $224,000 (28.0%) | $344,354 (4.6%) | 0.00 | 116 |
| 2022-10-01 | $179,900 (6.2%) | $323,119 (10.9%) | 0.00 | 118 |
| 2022-11-01 | $167,625 (-1.9%) | $304,530 (0.6%) | 0.00 | 119 |
| 2022-12-01 | $175,000 (12.2%) | $302,983 (-5.8%) | 0.00 | 104 |
| 2023-01-01 | $191,950 (42.3%) | $328,067 (11.7%) | 0.00 | 90 |
| 2023-02-01 | $204,000 (70.0%) | $359,830 (41.2%) | 0.00 | 80 |
Somerset's median listing price comes in at 0% of the national average.
Somerset's average listing price for 2023-02-01 was $359,830, a difference of $105,020 (41.2%) versus the prior year and $31,763 versus the prior month.
For the 2023-02-01 period, Somerset had 80 MLS listings, a difference of -10 listings (-11%) versus the prior month and 6 listings (8%) 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 | 1,754 sqft |
| 2018-02-01 | 0 days | 1,725 sqft |
| 2018-03-01 | 0 days | 1,720 sqft |
| 2018-04-01 | 0 days | 1,716 sqft |
| 2018-05-01 | 0 days | 1,714 sqft |
| 2018-06-01 | 0 days | 1,728 sqft |
| 2018-07-01 | 0 days | 1,733 sqft |
| 2018-08-01 | 0 days | 1,716 sqft |
| 2018-09-01 | 0 days | 1,728 sqft |
| 2018-10-01 | 0 days | 1,733 sqft |
| 2018-11-01 | 0 days | 1,734 sqft |
| 2018-12-01 | 0 days | 1,778 sqft |
| 2019-01-01 | 0 days | 1,772 sqft |
| 2019-02-01 | 0 days | 1,772 sqft |
| 2019-03-01 | 0 days | 1,751 sqft |
| 2019-04-01 | 0 days | 1,720 sqft |
| 2019-05-01 | 0 days | 1,730 sqft |
| 2019-06-01 | 0 days | 1,755 sqft |
| 2019-07-01 | 0 days | 1,778 sqft |
| 2019-08-01 | 0 days | 1,769 sqft |
| 2019-09-01 | 0 days | 1,753 sqft |
| 2019-10-01 | 0 days | 1,741 sqft |
| 2019-11-01 | 0 days | 1,760 sqft |
| 2019-12-01 | 0 days | 1,760 sqft |
| 2020-01-01 | 0 days | 1,763 sqft |
| 2020-02-01 | 0 days | 1,743 sqft |
| 2020-03-01 | 0 days | 1,793 sqft |
| 2020-04-01 | 0 days | 1,815 sqft |
| 2020-05-01 | 0 days | 1,848 sqft |
| 2020-06-01 | 0 days | 1,813 sqft |
| 2020-07-01 | 0 days | 1,813 sqft |
| 2020-08-01 | 0 days | 1,792 sqft |
| 2020-09-01 | 0 days | 1,736 sqft |
| 2020-10-01 | 0 days | 1,758 sqft |
| 2020-11-01 | 0 days | 1,785 sqft |
| 2020-12-01 | 0 days | 1,839 sqft |
| 2021-01-01 | 0 days | 1,829 sqft |
| 2021-02-01 | 0 days | 1,843 sqft |
| 2021-03-01 | 0 days | 1,807 sqft |
| 2021-04-01 | 0 days | 1,734 sqft |
| 2021-05-01 | 0 days | 1,754 sqft |
| 2021-06-01 | 0 days | 1,697 sqft |
| 2021-07-01 | 0 days | 1,693 sqft |
| 2021-08-01 | 0 days | 1,632 sqft |
| 2021-09-01 | 0 days | 1,569 sqft |
| 2021-10-01 | 0 days | 1,563 sqft |
| 2021-11-01 | 0 days | 1,578 sqft |
| 2021-12-01 | 0 days | 1,611 sqft |
| 2022-01-01 | 0 days | 1,575 sqft |
| 2022-02-01 | 0 days | 1,463 sqft |
| 2022-03-01 | 0 days | 1,534 sqft |
| 2022-04-01 | 0 days | 1,650 sqft |
| 2022-05-01 | 0 days | 1,630 sqft |
| 2022-06-01 | 0 days | 1,592 sqft |
| 2022-07-01 | 0 days | 1,665 sqft |
| 2022-08-01 | 0 days | 1,603 sqft |
| 2022-09-01 | 0 days | 1,721 sqft |
| 2022-10-01 | 0 days | 1,584 sqft |
| 2022-11-01 | 0 days | 1,587 sqft |
| 2022-12-01 | 0 days | 1,680 sqft |
| 2023-01-01 | 0 days | 1,703 sqft |
| 2023-02-01 | 0 days | 1,699 sqft |
Somerset's median square footage for active listings during the 2023-02-01 period was 1,699 sqft. One year prior, the average listing was 1,463 sqft.
Somerset, PA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 794 | $131,290,000 | $165,353 |
| Refi | 755 | $98,345,000 | $130,258 |
| Cash Out Refi | 216 | $30,230,000 | $139,954 |
| Other | 138 | $11,920,000 | $86,377 |
| Home Improvement | 112 | $5,840,000 | $52,143 |
Somerset's most frequently cited loan purpose was Home Purchase, with 794 originations. The 2nd most popular reason was Refi, with 755 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 679 | $95,365,000 | $140,449 |
| 3-4% | 589 | $82,465,000 | $140,008 |
| <2.5% | 421 | $57,475,000 | $136,520 |
| 4-5% | 124 | $11,660,000 | $94,032 |
| 5-6% | 23 | $1,635,000 | $71,087 |
| 6-7% | 10 | $530,000 | $53,000 |
| 7-8% | 5 | $175,000 | $35,000 |
| Over 8% | 1 | $45,000 | $45,000 |
During 2021, Somerset's most frequently originated rate bucket was 2.5-3%, with 679 originations.
Loan Sizing (Somerset, PA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 869 | $49,905,000 | $57,428 |
| $100k-200k | 767 | $108,195,000 | $141,063 |
| $200k-400k | 332 | $88,810,000 | $267,500 |
| $400k-600k | 34 | $16,070,000 | $472,647 |
| $600k-1000k | 9 | $6,675,000 | $741,667 |
| $Over $1MM | 4 | $7,970,000 | $1,992,500 |
Somerset's loan sizing saw the bucket of loans from $100,000 or less with 869 originations, totaling $49,905,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 665 | $102,695,000 | $154,429 |
| 60-80% | 555 | $89,225,000 | $160,766 |
| 40-60% | 268 | $34,470,000 | $128,619 |
| 20-40% | 195 | $12,135,000 | $62,231 |
| Under 20% | 119 | $3,675,000 | $30,882 |
| Over 100% | 11 | $1,275,000 | $115,909 |
Somerset's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 665 originations, totaling $102,695,000 in origination value.