Spencer Mortgage Rates

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

    30 Year Fixed Rate mortgages in Spencer averaged 5.6% for the week of 2022-06-30, compared to the national average of 5.7% for the same period.

    The average rate for the prior week (2022-06-23) was 5.51% and one month ago for the week of 2022-05-26, the average rate was 4.8%.

    Spencer's average rate one year ago was 3.32%.

    For refis of the same type during the week of 2022-06-30, the average rate was 5.52%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2022-06-30 5.7%
    Spencer 30 Year Fixed Rate 2022-06-30 5.6%
    Spencer 30 Year Fixed Rate Refi 2022-06-30 5.52%
    Spencer 15 Year Fixed Rate 2022-06-30 4.93%
    Spencer 15 Year Fixed Rate Refi 2022-06-30 5%
    Spencer 30 Year FHA 2022-06-30 6.21%
    Spencer 30 Year FHA Refi 2022-06-30 6.05%
    Spencer 30 Year USDA 2022-06-30 5.42%
    Spencer 30 Year USDA Refi 2022-06-30 5.64%
    Spencer 30 Year VA 2022-06-30 5.49%
    Spencer 30 Year VA Refi 2022-06-30 5.15%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Spencer, IA.

    Spencer Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lendor, for only loans originated in the Spencer, IA 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 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Northwest Bank 106 3.05% $2,088
    IOWA BANKERS MORTGAGE CORPORATION 42 2.94% $1,850
    Bankers' Bank 11 3.03% $2,842
    Tradition Mortgage, LLC 8 3.26% $2,754
    U.S. Bank 8 3.08% $2,441
    QUICKEN LOANS, LLC 6 3.02% $4,726
    FIRST 4 3.41% $2,535
    Central Bank 4 2.94% $3,382
    Wells Fargo Bank 4 3.09% $3,040
    Flanagan State Bank 3 3.13% $4,832
    Fortress Bank 3 2.63% $2,331
    AMERISAVE MORTGAGE CORPORATION 2 2.93% $6,943
    GREENSTATE CREDIT UNION 2 3.38% $1,938
    Bank Midwest 2 3.43% $2,475
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.31% $2,664
    Heritage Bank 1 2.75% $3,367
    CRESCENT MORTGAGE COMPANY 1 3.00% $1,746
    EMBRACE HOME LOANS, INC. 1 3.75% $2,794
    PENNYMAC LOAN SERVICES, LLC 1 2.88% $7,203
    BETTER MORTGAGE CORPORATION 1 2.75% $1,127
    Servion, Inc. 1 3.25% $2,695
    Bell Bank 1 2.99% $5,166
    United Bank of Iowa 1 3.75% $3,127
    Carrington Mortgage Services, LLC 1 4.75% $4,358
    First Western Bank & Trust 1 3.25% $2,822
    American State Bank 1 3.00% $4,306
    FREEDOM MORTGAGE CORPORATION 1 3.25% $3,919

    Spencer, IA's 27 lenders originated 598 loans during 2021. The total origination value was $84,580,000, with an average loan value of $141,438.

    The top Spencer lender as defined by loan originations is Northwest Bank, with 106 loans originated. Their average total fees are $2,088, which is $239 higher than the next largest lender, IOWA BANKERS MORTGAGE CORPORATION.

    The lowest fee Spencer lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION ($1,850), Northwest Bank ($2,088), Bankers' Bank ($2,842), .

    The lowest rate Spencer lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION (2.94%), Bankers' Bank (3.03%), Northwest Bank (3.05%), .

    Spencer, IA Lender 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
    Northwest Bank $47,770,000 $34,705,000 -27.3% 41.0%
    IOWA BANKERS MORTGAGE CORPORATION $15,125,000 $16,355,000 8.1% 19.3%
    Bankers' Bank $4,380,000 n/a 5.2%
    Flanagan State Bank $3,220,000 $2,860,000 -11.2% 3.4%
    QUICKEN LOANS, LLC $2,110,000 $2,740,000 29.9% 3.2%
    U.S. Bank $1,585,000 $2,135,000 34.7% 2.5%
    American State Bank $635,000 $1,995,000 214.2% 2.4%
    FREEDOM MORTGAGE CORPORATION $435,000 $1,575,000 262.1% 1.9%
    Central Bank $1,360,000 $1,525,000 12.1% 1.8%
    Tradition Mortgage, LLC $1,555,000 $1,470,000 -5.5% 1.7%
    Wells Fargo Bank $370,000 $1,105,000 198.6% 1.3%
    FIRST $80,000 $1,035,000 1,193.8% 1.2%
    Bank Midwest $395,000 $1,015,000 157.0% 1.2%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $2,590,000 $865,000 -66.6% 1.0%
    Mortgage Research Center, LLC $1,190,000 $795,000 -33.2% 0.9%
    Fortress Bank $695,000 n/a 0.8%
    GREENSTATE CREDIT UNION $650,000 n/a 0.8%
    USAA Federal Savings Bank $410,000 $600,000 46.3% 0.7%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $380,000 $525,000 38.2% 0.6%
    United Bank of Iowa $25,000 $520,000 1,980.0% 0.6%
    CRESCENT MORTGAGE COMPANY $420,000 n/a 0.5%
    Flagstar Bank, FSB $395,000 n/a 0.5%
    AMERISAVE MORTGAGE CORPORATION $375,000 n/a 0.4%
    LOANDEPOT.COM, LLC $340,000 $370,000 8.8% 0.4%
    PENNYMAC LOAN SERVICES, LLC $370,000 n/a 0.4%
    BETTER MORTGAGE CORPORATION $350,000 n/a 0.4%
    Axos Bank $335,000 n/a 0.4%
    Mr. Cooper ( Nationstar Mortgage ) $330,000 n/a 0.4%
    Carrington Mortgage Services, LLC $290,000 n/a 0.3%
    Paramount Residential Mortgage Group, Inc. $55,000 $260,000 372.7% 0.3%
    Bell Bank $255,000 n/a 0.3%
    VILLAGE CAPITAL & INVESTMENT LLC $220,000 $250,000 13.6% 0.3%
    Deere Employees Credit Union $245,000 n/a 0.3%
    HOMEOWNERS FINANCIAL GROUP USA, LLC $165,000 $245,000 48.5% 0.3%
    FINANCE OF AMERICA MORTGAGE LLC $225,000 n/a 0.3%
    NP, Inc. $195,000 n/a 0.2%
    GUILD MORTGAGE COMPANY $135,000 $185,000 37.0% 0.2%
    SIRVA MORTGAGE, INC. $185,000 n/a 0.2%
    First Western Bank & Trust $165,000 n/a 0.2%
    PLAZA HOME MORTGAGE, INC. $285,000 $165,000 -42.1% 0.2%
    First Guaranty Mortgage Corporation $145,000 n/a 0.2%
    Low VA Rates, LLC $145,000 n/a 0.2%
    STEARNS LENDING, LLC $145,000 n/a 0.2%
    EMBRACE HOME LOANS, INC. $125,000 n/a 0.1%
    Servion, Inc. $105,000 $125,000 19.0% 0.1%
    VERIDIAN CREDIT UNION $425,000 $125,000 -70.6% 0.1%
    Heritage Bank $95,000 $105,000 10.5% 0.1%
    NAVY FEDERAL CREDIT UNION $155,000 $105,000 -32.3% 0.1%
    Arvest Bank $85,000 n/a 0.1%
    Hometown Lenders, Inc. $75,000 n/a 0.1%
    SOUTHWEST STAGE FUNDING, LLC $75,000 n/a 0.1%
    PENTAGON FEDERAL CREDIT UNION $60,000 n/a 0.1%
    CHURCHILL MORTGAGE CORPORATION $55,000 n/a 0.1%
    NEWREZ LLC $55,000 n/a 0.1%

    Spencer's top lender by overall market share is Northwest Bank, with 41.0% market share. In second place, with 19.3%, is IOWA BANKERS MORTGAGE CORPORATION, having originated $16,355,000 in loans. In third place, with 5.2%, is Bankers' Bank, having originated $4,380,000 in loans. In third place, with 3.4%, is Flanagan State Bank, having originated $2,860,000 in loans. In third place, with 3.2%, is QUICKEN LOANS, LLC, having originated $2,740,000 in loans.

    Spencer, IA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 231 $36,565,000 $158,290
    Refi 193 $28,895,000 $149,715
    Cash Out Refi 119 $16,625,000 $139,706
    Home Improvement 28 $950,000 $33,929
    Other 27 $1,545,000 $57,222

    Spencer's most frequently cited loan purpose was Home Purchase, with 231 originations. The 2nd most popular reason was Refi, with 193 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    2.5-3% 245 $38,905,000 $158,796
    <2.5% 184 $24,140,000 $131,196
    3-4% 136 $18,020,000 $132,500
    4-5% 22 $2,650,000 $120,455
    5-6% 10 $850,000 $85,000
    7-8% 1 $15,000 $15,000

    During 2021, Spencer's most frequently originated rate bucket was 2.5-3%, with 245 originations.

    Loan Sizing (Spencer, IA MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 278 $39,410,000 $141,763
    $100,000 or less 207 $12,985,000 $62,729
    $200k-400k 102 $27,110,000 $265,784
    $400k-600k 10 $4,330,000 $433,000
    $600k-1000k 1 $745,000 $745,000

    Spencer's loan sizing saw the bucket of loans from $100k-200k with 278 originations, totaling $39,410,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    60-80% 228 $34,120,000 $149,649
    80-100% 222 $37,280,000 $167,928
    40-60% 72 $8,390,000 $116,528
    20-40% 40 $2,530,000 $63,250
    Under 20% 26 $670,000 $25,769
    Over 100% 2 $410,000 $205,000

    Spencer's loan sizing saw loans grouped in the 60-80% Loan-to-value bucket with 228 originations, totaling $34,120,000 in origination value.

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spencer (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 $144,500 (7.2%) $162,558 (4.1%) 0.00 63
    2018-02-01 $141,250 (4.7%) $161,106 (4.1%) 0.00 58
    2018-03-01 $154,900 (11.7%) $168,818 (2.1%) 0.00 57
    2018-04-01 $154,900 (3.6%) $177,993 (-0.8%) 0.00 55
    2018-05-01 $154,950 (-10.4%) $175,146 (-2.3%) 0.00 53
    2018-06-01 $164,900 (-4.1%) $182,806 (2.7%) 0.00 60
    2018-07-01 $149,700 (-11.9%) $176,822 (-2.2%) 0.00 55
    2018-08-01 $142,450 (-14.6%) $173,667 (-5.0%) 0.00 69
    2018-09-01 $134,900 (-14.0%) $167,796 (-3.0%) 0.00 88
    2018-10-01 $131,950 (-17.3%) $171,747 (-2.5%) 0.00 79
    2018-11-01 $144,900 (-8.3%) $177,417 (3.2%) 0.00 76
    2018-12-01 $148,500 (-4.1%) $178,132 (6.8%) 0.00 71
    2019-01-01 $149,900 (3.7%) $189,087 (16.3%) 0.00 61
    2019-02-01 $154,900 (9.7%) $192,934 (19.8%) 0.00 55
    2019-03-01 $148,100 (-4.4%) $185,881 (10.1%) 0.00 66
    2019-04-01 $142,700 (-7.9%) $180,539 (1.4%) 0.00 77
    2019-05-01 $141,400 (-8.7%) $177,560 (1.4%) 0.00 84
    2019-06-01 $139,000 (-15.7%) $178,708 (-2.2%) 0.00 79
    2019-07-01 $136,500 (-8.8%) $170,965 (-3.3%) 0.00 83
    2019-08-01 $139,414 (-2.1%) $180,634 (4.0%) 0.00 83
    2019-09-01 $142,814 (5.9%) $191,933 (14.4%) 0.00 89
    2019-10-01 $145,000 (9.9%) $201,907 (17.6%) 0.00 92
    2019-11-01 $164,900 (13.8%) $208,071 (17.3%) 0.00 88
    2019-12-01 $159,700 (7.5%) $213,191 (19.7%) 0.00 80
    2020-01-01 $155,950 (4.0%) $212,687 (12.5%) 0.00 70
    2020-02-01 $156,900 (1.3%) $203,410 (5.4%) 0.00 64
    2020-03-01 $155,950 (5.3%) $203,126 (9.3%) 0.00 52
    2020-04-01 $147,500 (3.4%) $201,383 (11.6%) 0.00 49
    2020-05-01 $149,500 (5.7%) $210,858 (18.8%) 0.00 46
    2020-06-01 $155,000 (11.5%) $216,743 (21.3%) 0.00 48
    2020-07-01 $199,950 (46.5%) $233,534 (36.6%) 0.00 46
    2020-08-01 $185,000 (32.7%) $203,527 (12.7%) 0.00 51
    2020-09-01 $185,000 (29.5%) $201,294 (4.9%) 0.00 52
    2020-10-01 $157,000 (8.3%) $203,558 (0.8%) 0.00 44
    2020-11-01 $174,500 (5.8%) $191,261 (-8.1%) 0.00 32
    2020-12-01 $167,450 (4.9%) $202,057 (-5.2%) 0.00 30
    2021-01-01 $123,799 (-20.6%) $202,741 (-4.7%) 0.00 30
    2021-02-01 $131,200 (-16.4%) $232,928 (14.5%) 0.00 27
    2021-03-01 $186,000 (19.3%) $270,875 (33.4%) 0.00 19
    2021-04-01 $154,900 (5.0%) $257,793 (28.0%) 0.00 20
    2021-05-01 $199,500 (33.4%) $270,695 (28.4%) 0.00 20
    2021-06-01 $154,950 (0.0%) $248,646 (14.7%) 0.00 24
    2021-07-01 $190,450 (-4.8%) $255,584 (9.4%) 0.00 30
    2021-08-01 $205,000 (10.8%) $252,117 (23.9%) 0.00 33
    2021-09-01 $210,000 (13.5%) $266,122 (32.2%) 0.00 28
    2021-10-01 $185,000 (17.8%) $261,500 (28.5%) 0.00 25
    2021-11-01 $149,950 (-14.1%) $230,906 (20.7%) 0.00 22
    2021-12-01 $154,250 (-7.9%) $228,035 (12.9%) 0.00 26
    2022-01-01 $167,500 (35.3%) $257,556 (27.0%) 0.00 20
    2022-02-01 $195,200 (48.8%) $221,952 (-4.7%) 0.00 29
    2022-03-01 $195,600 (5.2%) $228,247 (-15.7%) 0.00 27
    2022-04-01 $199,000 (28.5%) $259,136 (0.5%) 0.00 21
    2022-05-01 $196,900 (-1.3%) $234,438 (-13.4%) 0.00 24
    2022-06-01 $193,900 (25.1%) $211,510 (-14.9%) 0.00 36
    Spencer's median listing price for 2022-06-01 was $193,900, a difference of $38,950 (25.1%) versus the prior year and $-3,000 versus the prior month.

    Spencer's median listing price comes in at 0% of the national average.

    Spencer's average listing price for 2022-06-01 was $211,510, a difference of $-37,136 (-14.9%) versus the prior year and $-22,928 versus the prior month.

    For the 2022-06-01 period, Spencer had 36 MLS listings, a difference of 12 listings (50%) versus the prior month and 12 listings (50%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spencer (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,662 sqft
    2018-02-01 0 days 1,542 sqft
    2018-03-01 0 days 1,672 sqft
    2018-04-01 0 days 1,689 sqft
    2018-05-01 0 days 1,693 sqft
    2018-06-01 0 days 1,689 sqft
    2018-07-01 0 days 1,716 sqft
    2018-08-01 0 days 1,807 sqft
    2018-09-01 0 days 1,689 sqft
    2018-10-01 0 days 1,650 sqft
    2018-11-01 0 days 1,672 sqft
    2018-12-01 0 days 1,672 sqft
    2019-01-01 0 days 1,689 sqft
    2019-02-01 0 days 1,679 sqft
    2019-03-01 0 days 1,689 sqft
    2019-04-01 0 days 1,706 sqft
    2019-05-01 0 days 1,664 sqft
    2019-06-01 0 days 1,668 sqft
    2019-07-01 0 days 1,660 sqft
    2019-08-01 0 days 1,805 sqft
    2019-09-01 0 days 1,840 sqft
    2019-10-01 0 days 1,826 sqft
    2019-11-01 0 days 1,841 sqft
    2019-12-01 0 days 1,838 sqft
    2020-01-01 0 days 1,892 sqft
    2020-02-01 0 days 2,016 sqft
    2020-03-01 0 days 1,895 sqft
    2020-04-01 0 days 1,827 sqft
    2020-05-01 0 days 1,830 sqft
    2020-06-01 0 days 1,845 sqft
    2020-07-01 0 days 1,810 sqft
    2020-08-01 0 days 1,796 sqft
    2020-09-01 0 days 1,824 sqft
    2020-10-01 0 days 1,976 sqft
    2020-11-01 0 days 1,908 sqft
    2020-12-01 0 days 1,750 sqft
    2021-01-01 0 days 1,675 sqft
    2021-02-01 0 days 1,782 sqft
    2021-03-01 0 days 2,002 sqft
    2021-04-01 0 days 1,944 sqft
    2021-05-01 0 days 2,252 sqft
    2021-06-01 0 days 1,834 sqft
    2021-07-01 0 days 1,867 sqft
    2021-08-01 0 days 1,980 sqft
    2021-09-01 0 days 1,935 sqft
    2021-10-01 0 days 1,669 sqft
    2021-11-01 0 days 1,666 sqft
    2021-12-01 0 days 1,644 sqft
    2022-01-01 0 days 1,663 sqft
    2022-02-01 0 days 1,540 sqft
    2022-03-01 0 days 1,456 sqft
    2022-04-01 0 days 1,540 sqft
    2022-05-01 0 days 1,621 sqft
    2022-06-01 0 days 1,543 sqft
    Spencer's median listing age (time on market) for 2022-06-01 was 0 days.

    Spencer's median square footage for active listings during the 2022-06-01 period was 1,543 sqft. One year prior, the average listing was 1,834 sqft.