Somerset Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Somerset averaged 7.13% for the week of 2023-12-07, compared to the national average of 7.03% for the same period.

The average rate for the prior week (2023-11-30) was 6.92% and one month ago for the week of 2023-11-02, the average rate was 7.46%.

Somerset's average rate one year ago was 6.59%.

For refis of the same type during the week of 2023-12-07, the average rate was 7.33%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-12-07 7.03%
Somerset 30 Year Fixed Rate 2023-12-07 7.13%
Somerset 30 Year Fixed Rate Refi 2023-12-07 7.33%
Somerset 15 Year Fixed Rate 2023-12-07 6.29%
Somerset 15 Year Fixed Rate Refi 2023-12-07 6.08%
Somerset 30 Year FHA 2023-12-07 7.02%
Somerset 30 Year FHA Refi 2023-12-07 7.02%
Somerset 30 Year USDA 2023-12-07 7.02%
Somerset 30 Year USDA Refi 2023-12-07 6.62%
Somerset 30 Year VA 2023-12-07 6.74%
Somerset 30 Year VA Refi 2023-12-07 6.34%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Somerset, PA.

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.).

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
SOMERSET TRUST COMPANY 49 5.30% $3,586
1st Summit Bank 27 4.44% $3,105
Wells Fargo Bank 23 5.53% $4,476
QUICKEN LOANS, LLC 20 5.40% $6,484
First National Bank of Pennsylvania 20 4.97% $4,347
First Commonwealth Bank 17 5.74% $4,159
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 5.51% $5,856
FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION 14 4.15% $3,721
PNC Bank 12 4.48% $4,528
UNITED WHOLESALE MORTGAGE, LLC 9 5.30% $6,412
PENNYMAC LOAN SERVICES, LLC 9 4.42% $4,088
InFirst Bank 6 5.12% $3,487
Citizens Bank 5 5.38% $5,454
PENNSYLVANIA STATE EMPLOYEES Credit Union 5 5.35% $2,698
KeyBank 5 3.67% $4,865
Washington Financial Bank 4 5.16% $6,574
AmeriServ Financial Bank 4 5.90% $3,136
Flagstar Bank, FSB 4 5.47% $5,113
MidAtlantic Farm Credit, ACA 4 6.08% $5,228
S&T Bank 4 4.59% $3,872
First Federal Bank of the Midwest 4 4.84% $4,602
GUARANTEED RATE, INC. 3 6.38% $4,813
UNION HOME MORTGAGE CORP. 3 5.63% $5,983
GUARANTEED RATE AFFINITY, LLC 3 4.13% $7,409
CALIBER HOME LOANS, INC. 3 5.58% $5,645
WEST PENN FINANCIAL SERVICE CENTER, INC. 3 6.17% $4,131
Bank of England 3 6.54% $6,070
Ally Bank 2 4.88% $3,878
PLAZA HOME MORTGAGE, INC. 2 4.31% $8,199
PLANET HOME LENDING, LLC 2 4.50% $3,906
CROSSCOUNTRY MORTGAGE, LLC 2 5.56% $6,687
Dollar Bank, Federal Savings Bank 2 5.06% $6,849
ROYAL UNITED MORTGAGE LLC 2 3.88% $7,107
Sail Mortgage Corp. 2 4.50% $5,458
The Farmers National Bank of Emlenton 2 5.00% $9,197
HOWARD HANNA FINANCIAL SERVICES, INC. 2 4.88% $6,657
Union Savings Bank 2 4.63% $4,880
NAVY FEDERAL CREDIT UNION 2 7.13% $3,346
Mr. Cooper ( Nationstar Mortgage ) 2 4.43% $11,265
LOANDEPOT.COM, LLC 2 4.75% $5,385
Waterstone Mortgage Corporation 1 7.63% $4,601
WesBanco 1 4.63% $5,564
York Traditions Bank 1 5.50% $4,729
21ST MORTGAGE CORPORATION 1 7.70% $7,042
Alcova Mortgage LLC 1 6.88% $6,263
Alerus Financial 1 6.38% $5,393
AMERICAN FINANCING CORPORATION 1 4.50% $4,188
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.38% $4,605
AMERISAVE MORTGAGE CORPORATION 1 4.38% $9,092
Bank of America 1 4.00% $3,466
CHESSIE 1 4.00% $3,216
Clearview Federal Credit Union 1 5.34% $3,319
CMG MORTGAGE, INC. 1 7.38% $5,949
CNB Bank 1 4.38% $5,950
EMM LOANS LLC 1 3.25% $9,952
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.38% $4,690
First Federal Savings and Loan Association of Greene Co 1 3.05% $2,318
Fulton Bank 1 6.13% $5,323
Gateway First Bank 1 5.13% $5,654
GUILD MORTGAGE COMPANY 1 5.50% $6,832
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 4.13% $4,363
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.25% $3,285
HOME POINT FINANCIAL CORPORATION 1 5.88% $7,147
HOMESIDE FINANCIAL, LLC 1 3.75% $18,561
JPMorgan Chase Bank 1 7.00% $4,283
MEMBERS 1ST FEDERAL CREDIT UNION 1 6.25% $3,669
M&T Bank 1 3.25% $5,137
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $14,754
NASA Federal Credit Union 1 4.88% $4,034
Northwest Bank 1 4.50% $1,715
OCMBC, INC. 1 0.00% $0
PEOPLESBANK, A CODORUS VALLEY COMPANY 1 5.63% $6,666
Princeton Mortgage Corporation 1 6.13% $8,890
Quontic Bank 1 9.88% $12,658
Raymond James Bank 1 3.75% $6,042
RELIANCE FIRST CAPITAL, LLC 1 5.63% $5,541
RESIDENTIAL BANCORP 1 4.25% $10,979
SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $6,700
The Huntington National Bank 1 6.38% $6,084
Truist 1 5.25% $7,819
UBS Bank USA 1 2.63% $13,662
Victorian Finance, LLC 1 3.25% $4,292

Somerset Average Closing Costs & Other Stats

Somerset, PA's 82 lenders originated 1,572 loans during 2022. The total origination value was $210,710,000, with an average loan value of $134,039.

Somerset's average closing costs are $4,529.

The top Somerset lender as defined by loan originations is SOMERSET TRUST COMPANY, with 49 loans originated. Their average total fees are $3,586, which is $481 higher than the next largest lender, 1st Summit Bank.

The lowest fee Somerset lenders (with over 10 loans originated) are 1st Summit Bank ($3,105), SOMERSET TRUST COMPANY ($3,586), FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION ($3,721), First Commonwealth Bank ($4,159) and First National Bank of Pennsylvania ($4,347).

The lowest rate Somerset lenders (with over 10 loans originated) are FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION (4.15%), 1st Summit Bank (4.44%), PNC Bank (4.48%), First National Bank of Pennsylvania (4.97%) and SOMERSET TRUST COMPANY (5.30%).

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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
SOMERSET TRUST COMPANY $42,350,000 $35,265,000 -16.7% 16.7%
First National Bank of Pennsylvania $20,350,000 $20,250,000 -0.5% 9.6%
First Commonwealth Bank $18,660,000 $17,270,000 -7.4% 8.2%
1st Summit Bank $12,410,000 $16,155,000 30.2% 7.7%
QUICKEN LOANS, LLC $18,575,000 $9,070,000 -51.2% 4.3%
PNC Bank $8,950,000 $7,775,000 -13.1% 3.7%
FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION $12,130,000 $7,285,000 -39.9% 3.5%
Wells Fargo Bank $11,220,000 $6,460,000 -42.4% 3.1%
PRIMELENDING, A PLAINSCAPITAL COMPANY $6,680,000 $6,090,000 -8.8% 2.9%
Slovenian Savings & Loan Association of Franklin-Conemaugh $4,985,000 $4,865,000 -2.4% 2.3%
AFFORDABLE MORTGAGE ADVISORS, LLC. $7,600,000 $4,495,000 -40.9% 2.1%
UNITED WHOLESALE MORTGAGE, LLC $4,570,000 $3,180,000 -30.4% 1.5%
AmeriServ Financial Bank $2,880,000 $2,950,000 2.4% 1.4%
PENNSYLVANIA STATE EMPLOYEES Credit Union $1,565,000 $2,620,000 67.4% 1.2%
Mortgage Research Center, LLC $2,370,000 $2,315,000 -2.3% 1.1%
InFirst Bank $1,885,000 $2,060,000 9.3% 1.0%
KeyBank $705,000 $2,050,000 190.8% 1.0%
First Federal Bank of the Midwest $330,000 $1,840,000 457.6% 0.9%
Citizens Bank $4,700,000 $1,780,000 -62.1% 0.8%
PENNYMAC LOAN SERVICES, LLC $1,565,000 $1,775,000 13.4% 0.8%
S&T Bank $2,340,000 $1,630,000 -30.3% 0.8%
Washington Financial Bank $1,575,000 n/a 0.7%
NAVY FEDERAL CREDIT UNION $1,490,000 $1,530,000 2.7% 0.7%
MidAtlantic Farm Credit, ACA $1,500,000 n/a 0.7%
WesBanco Bank, Inc. $940,000 $1,380,000 46.8% 0.7%
GUARANTEED RATE, INC. $1,345,000 $1,375,000 2.2% 0.7%
LOANDEPOT.COM, LLC $1,595,000 $1,305,000 -18.2% 0.6%
Dollar Bank, Federal Savings Bank $6,035,000 $1,300,000 -78.5% 0.6%
Mr. Cooper ( Nationstar Mortgage ) $1,050,000 $1,255,000 19.5% 0.6%
CNB Bank $310,000 $1,175,000 279.0% 0.6%
UBS Bank USA $1,155,000 n/a 0.5%
MUTUAL OF OMAHA MORTGAGE, INC. $115,000 $1,100,000 856.5% 0.5%
FREEDOM MORTGAGE CORPORATION $3,685,000 $975,000 -73.5% 0.5%
GUARANTEED RATE AFFINITY, LLC $2,250,000 $975,000 -56.7% 0.5%
HOMESIDE FINANCIAL, LLC $970,000 n/a 0.5%
First United Corporation $330,000 $920,000 178.8% 0.4%
Union Savings Bank $135,000 $900,000 566.7% 0.4%
HOWARD HANNA FINANCIAL SERVICES, INC. $2,095,000 $880,000 -58.0% 0.4%
UNION HOME MORTGAGE CORP. $775,000 $810,000 4.5% 0.4%
Hometown Bank of Pennsylvania $75,000 $805,000 973.3% 0.4%
Truist $345,000 $770,000 123.2% 0.4%
Commercial Bank and Trust of PA $765,000 $765,000 0.0% 0.4%
First Option Mortgage, LLC $725,000 n/a 0.3%
Northwest Bank $1,760,000 $705,000 -59.9% 0.3%
ALLIED MORTGAGE GROUP, INC. $125,000 $670,000 436.0% 0.3%
HOMESPIRE MORTGAGE CORPORATION $420,000 $665,000 58.3% 0.3%
PEOPLESBANK, A CODORUS VALLEY COMPANY $655,000 n/a 0.3%
Flagstar Bank, FSB $1,055,000 $625,000 -40.8% 0.3%
Raymond James Bank $625,000 n/a 0.3%
USAA Federal Savings Bank $190,000 $610,000 221.1% 0.3%
Capital Bank $205,000 $585,000 185.4% 0.3%
NEW DAY FINANCIAL, LLC $420,000 $570,000 35.7% 0.3%
EMM LOANS LLC $335,000 $540,000 61.2% 0.3%
CALIBER HOME LOANS, INC. $670,000 $530,000 -20.9% 0.3%
The Farmers National Bank of Emlenton $510,000 n/a 0.2%
SERVICE 1ST $505,000 n/a 0.2%
Sail Mortgage Corp. $1,365,000 $490,000 -64.1% 0.2%
The Federal Savings Bank $185,000 $490,000 164.9% 0.2%
CMG MORTGAGE, INC. $105,000 $475,000 352.4% 0.2%
NEWREZ LLC $1,915,000 $450,000 -76.5% 0.2%
PLAZA HOME MORTGAGE, INC. $220,000 $450,000 104.5% 0.2%
Nations Lending Corporation $145,000 $440,000 203.4% 0.2%
TRIAD FINANCIAL SERVICES, INC. $130,000 $430,000 230.8% 0.2%
Clearview Federal Credit Union $130,000 $425,000 226.9% 0.2%
The Huntington National Bank $1,510,000 $420,000 -72.2% 0.2%
VILLAGE CAPITAL MORTGAGE $1,015,000 $420,000 -58.6% 0.2%
CFSBANK $470,000 $415,000 -11.7% 0.2%
M&T Bank $160,000 $415,000 159.4% 0.2%
Community Bank $395,000 n/a 0.2%
WEST PENN FINANCIAL SERVICE CENTER, INC. $220,000 $395,000 79.5% 0.2%
Alcova Mortgage LLC $690,000 $385,000 -44.2% 0.2%
SOUTHERN TRUST MORTGAGE, LLC $125,000 $380,000 204.0% 0.2%
Ally Bank $185,000 $350,000 89.2% 0.2%
EQUITY RESOURCES, INC. $1,900,000 $350,000 -81.6% 0.2%
U.S. Bank $310,000 $335,000 8.1% 0.2%
LAKEVIEW LOAN SERVICING, LLC $720,000 $330,000 -54.2% 0.2%
Alerus Financial $325,000 n/a 0.2%
Bank of England $480,000 $325,000 -32.3% 0.2%
RELIANCE FIRST CAPITAL, LLC $240,000 $325,000 35.4% 0.2%
CHESSIE $945,000 $320,000 -66.1% 0.2%
AMERISAVE MORTGAGE CORPORATION $1,200,000 $315,000 -73.8% 0.1%
Fulton Bank $315,000 n/a 0.1%
UTILITIES EMPLOYEES CREDIT UNION $315,000 n/a 0.1%
CROSSCOUNTRY MORTGAGE, LLC $1,345,000 $310,000 -77.0% 0.1%
GUILD MORTGAGE COMPANY $305,000 n/a 0.1%
HOME POINT FINANCIAL CORPORATION $1,230,000 $305,000 -75.2% 0.1%
PLANET HOME LENDING, LLC $295,000 n/a 0.1%
MOVEMENT MORTGAGE, LLC $780,000 $285,000 -63.5% 0.1%
Quontic Bank $285,000 n/a 0.1%
RESIDENTIAL BANCORP. $155,000 $265,000 71.0% 0.1%
York Traditions Bank $265,000 n/a 0.1%
Gateway First Bank $75,000 $255,000 240.0% 0.1%
IMPAC MORTGAGE CORP. $255,000 n/a 0.1%
21ST MORTGAGE CORPORATION $45,000 $250,000 455.6% 0.1%
NORWICH COMMERCIAL GROUP, INC. $1,135,000 $250,000 -78.0% 0.1%
First Guaranty Mortgage Corporation $245,000 n/a 0.1%
PENTAGON FEDERAL CREDIT UNION $1,185,000 $240,000 -79.7% 0.1%
PREMIA MORTGAGE, LLC $235,000 n/a 0.1%
AMERICAN FINANCING CORPORATION $1,145,000 $230,000 -79.9% 0.1%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $925,000 $230,000 -75.1% 0.1%
Ameris Bank $225,000 n/a 0.1%
Brentwood Bank $4,775,000 $225,000 -95.3% 0.1%
Integrity Home Mortgage Corp $225,000 n/a 0.1%
Mars Bank $135,000 $225,000 66.7% 0.1%
JPMorgan Chase Bank $1,920,000 $220,000 -88.5% 0.1%
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $245,000 $210,000 -14.3% 0.1%
Victorian Finance, LLC $1,645,000 $210,000 -87.2% 0.1%
Princeton Mortgage Corporation $205,000 n/a 0.1%
PennCrest Bank $145,000 $200,000 37.9% 0.1%
Barrington Bank & Trust Company, N.A. $230,000 $195,000 -15.2% 0.1%
Elderton State Bank $185,000 n/a 0.1%
Westmoreland Federal Savings $185,000 n/a 0.1%
Discover Bank $55,000 $180,000 227.3% 0.1%
ROYAL UNITED MORTGAGE LLC $125,000 $180,000 44.0% 0.1%
Chicago Mortgage Solutions LLC $175,000 n/a 0.1%
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. $165,000 n/a 0.1%
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED $200,000 $165,000 -17.5% 0.1%
WELCOME HOME FINANCE, L.P. $75,000 $165,000 120.0% 0.1%
LENDINGHOME FUNDING CORPORATION $160,000 n/a 0.1%
Reliance Savings Bank $415,000 $160,000 -61.4% 0.1%
Hometown Equity Mortgage, LLC $155,000 n/a 0.1%
PATRIOT $155,000 n/a 0.1%
Equity Prime Mortgage LLC $150,000 n/a 0.1%
Bank of America $935,000 $140,000 -85.0% 0.1%
Jersey Shore State Bank $615,000 $140,000 -77.2% 0.1%
OCMBC, INC. $130,000 n/a 0.1%
EDUCATIONAL SYSTEMS $125,000 n/a 0.1%
NFM, INC. $115,000 n/a 0.1%
Colonial Savings, F.A. $165,000 $105,000 -36.4% 0.0%
LIBERTY HOME MORTGAGE CORPORATION $105,000 n/a 0.0%
SUCCESS MORTGAGE PARTNERS, INC. $95,000 n/a 0.0%
United Bank $305,000 $95,000 -68.9% 0.0%
Citibank $85,000 n/a 0.0%
MEMBERS 1ST FEDERAL CREDIT UNION $85,000 n/a 0.0%
NATIONS RELIABLE LENDING, LLC $1,010,000 $85,000 -91.6% 0.0%
Waterstone Mortgage Corporation $175,000 $85,000 -51.4% 0.0%
NASA Federal Credit Union $75,000 n/a 0.0%
CREDIT HUMAN FEDERAL CREDIT UNION $65,000 n/a 0.0%
FIRST CREDIT CORPORATION OF NEW YORK, INC. $65,000 n/a 0.0%
ROUNDPOINT MORTGAGE SERVICING CORPORATION $65,000 n/a 0.0%
HOMEBRIDGE FINANCIAL SERVICES, INC. $225,000 $60,000 -73.3% 0.0%
First Federal Savings and Loan Association of Greene Co $65,000 $55,000 -15.4% 0.0%
ARC Federal Credit Union $45,000 n/a 0.0%
Community State Bank of Orbisonia $45,000 n/a 0.0%
Figure Lending LLC $80,000 $45,000 -43.8% 0.0%
LEHIGH VALLEY EDUCATORS $35,000 n/a 0.0%
USX Federal Credit Union $35,000 n/a 0.0%
AMERICAN HERITAGE FCU $25,000 n/a 0.0%

Somerset's top lender by overall market share is SOMERSET TRUST COMPANY, with 16.7% market share. In second place, with 9.6%, is First National Bank of Pennsylvania, having originated $20,250,000 in loans. In third place, with 8.2%, is First Commonwealth Bank, having originated $17,270,000 in loans. In fourth place, with 7.7%, is 1st Summit Bank, having originated $16,155,000 in loans. In fifth place, with 4.3%, is QUICKEN LOANS, LLC, having originated $9,070,000 in loans.

Somerset, PA Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 666 $121,290,000 $182,117
Refi 434 $45,180,000 $104,101
Home Improvement 173 $11,025,000 $63,728
Other 171 $13,175,000 $77,047
Cash Out Refi 128 $20,040,000 $156,563

Somerset's most frequently cited loan purpose was Home Purchase, with 666 originations. The 2nd most popular reason was Refi, with 434 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
3-4% 412 $58,830,000 $142,791
4-5% 285 $35,585,000 $124,860
5-6% 273 $43,725,000 $160,165
<2.5% 190 $16,800,000 $88,421
6-7% 146 $19,860,000 $136,027
2.5-3% 130 $17,950,000 $138,077
7-8% 49 $6,095,000 $124,388
Over 8% 11 $775,000 $70,455

During 2022, Somerset's most frequently originated rate bucket was 3-4%, with 412 originations.

Loan Sizing (Somerset, PA MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 797 $43,475,000 $54,548
$100k-200k 480 $66,340,000 $138,208
$200k-400k 231 $61,715,000 $267,165
$400k-600k 41 $19,735,000 $481,341
$600k-1000k 18 $13,290,000 $738,333
$Over $1MM 5 $6,155,000 $1,231,000

Somerset's loan sizing saw the bucket of loans from $100,000 or less with 797 originations, totaling $43,475,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 496 $84,710,000 $170,786
60-80% 364 $63,110,000 $173,379
20-40% 243 $15,895,000 $65,412
40-60% 199 $26,035,000 $130,829
Under 20% 172 $5,500,000 $31,977
Over 100% 15 $3,565,000 $237,667

Somerset's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 496 originations, totaling $84,710,000 in origination value.