Somerset Mortgage Rates & Closing Costs
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% |
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 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.