Spencer 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 Spencer averaged 6.63% for the week of 2025-05-22, compared to the national average of 6.86% for the same period.

    The average rate for the prior week (2025-05-15) was 6.68% and one month ago for the week of 2025-04-17, the average rate was 6.9%.

    Spencer's average rate one year ago was 6.99%.

    For refis of the same type during the week of 2025-05-22, the average rate was 7.36%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2025-05-22 6.86%
    Spencer 30 Year Fixed Rate 2025-05-22 6.63%
    Spencer 30 Year Fixed Rate Refi 2025-05-22 7.36%
    Spencer 15 Year Fixed Rate 2025-05-22 6.01%
    Spencer 15 Year Fixed Rate Refi 2025-05-22 5.91%
    Spencer 30 Year FHA 2025-05-22 6.51%
    Spencer 30 Year FHA Refi 2025-05-22 6.51%
    Spencer 30 Year USDA 2025-05-22 6.53%
    Spencer 30 Year USDA Refi 2025-05-22 6.63%
    Spencer 30 Year VA 2025-05-22 6.52%
    Spencer 30 Year VA Refi 2025-05-22 6.62%
    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 lender, 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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Northwest Bank 66 6.79% $2,725
    IOWA BANKERS MORTGAGE CORPORATION 11 6.13% $2,279
    Central Bank 9 6.18% $3,643
    U.S. Bank 6 6.56% $3,248
    V.I.P. MORTGAGE, INC. 3 6.66% $3,973
    QUICKEN LOANS, LLC 3 6.99% $7,462
    GREENSTATE CREDIT UNION 2 6.68% $3,271
    Bankers' Bank 2 6.88% $3,069
    Flanagan State Bank 1 7.00% $7,152
    AmeriHome Mortgage Company, LLC 1 7.63% $4,517
    CROSSCOUNTRY MORTGAGE, LLC 1 6.99% $3,701
    Farm Credit Mid-America, ACA 1 7.63% $8,775
    Fidelity Bank & Trust 1 6.77% $600
    FIRST 1 7.38% $5,787
    Ally Bank 1 6.00% $11,429
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $7,204

    Spencer Average Closing Costs & Other Stats

    Spencer, IA's 16 lenders originated 269 loans during 2024. The total origination value was $52,045,000, with an average loan value of $193,476.

    Spencer's average closing costs are $3,235.

    The top Spencer lender as defined by loan originations is Northwest Bank, with 66 loans originated. Their average total fees are $2,725, which is $446 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 ($2,279), Northwest Bank ($2,725), .

    The lowest rate Spencer lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION (6.13%), Northwest Bank (6.79%), .

    Spencer, IA 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 2023 Loan Value 2024 Loan Value % Change 2024 Market Share
    Northwest Bank $18,460,000 $17,695,000 -4.1% 34.0%
    COLLIERS MORTGAGE LLC $14,150,000 n/a 27.2%
    Mortgage Research Center, LLC $400,000 $2,810,000 602.5% 5.4%
    IOWA BANKERS MORTGAGE CORPORATION $3,025,000 $2,325,000 -23.1% 4.5%
    Flanagan State Bank $1,950,000 $2,250,000 15.4% 4.3%
    Central Bank $1,055,000 $1,835,000 73.9% 3.5%
    U.S. Bank $1,230,000 $1,245,000 1.2% 2.4%
    QUICKEN LOANS, LLC $1,415,000 $1,225,000 -13.4% 2.4%
    V.I.P. MORTGAGE, INC. $2,295,000 $935,000 -59.3% 1.8%
    Farm Credit Mid-America, ACA $745,000 $825,000 10.7% 1.6%
    Fidelity Bank & Trust $705,000 n/a 1.4%
    Bankers' Bank $180,000 $650,000 261.1% 1.2%
    GREENSTATE CREDIT UNION $720,000 $470,000 -34.7% 0.9%
    FREEDOM MORTGAGE CORPORATION $125,000 $360,000 188.0% 0.7%
    FIRST $565,000 $295,000 -47.8% 0.6%
    Ally Bank $285,000 n/a 0.5%
    FIRST COMMUNITY MORTGAGE, INC. $280,000 n/a 0.5%
    Nations Lending Corporation $275,000 n/a 0.5%
    Mr. Cooper ( Nationstar Mortgage ) $95,000 $265,000 178.9% 0.5%
    AMERICAN FINANCIAL RESOURCES, INC. $255,000 n/a 0.5%
    First National Bank of Omaha $245,000 n/a 0.5%
    Primebank $245,000 n/a 0.5%
    UNITED WHOLESALE MORTGAGE, LLC $245,000 n/a 0.5%
    GUARANTEED RATE, INC. $235,000 n/a 0.5%
    Carrington Mortgage Services, LLC $230,000 n/a 0.4%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $205,000 $225,000 9.8% 0.4%
    HOMEOWNERS FINANCIAL GROUP USA, LLC $610,000 $160,000 -73.8% 0.3%
    CROSSCOUNTRY MORTGAGE, LLC $155,000 n/a 0.3%
    United Bank of Iowa $715,000 $145,000 -79.7% 0.3%
    Equity Prime Mortgage LLC $135,000 n/a 0.3%
    Peoples Bank $135,000 n/a 0.3%
    AmeriHome Mortgage Company, LLC $125,000 n/a 0.2%
    NEW DAY FINANCIAL, LLC $245,000 $85,000 -65.3% 0.2%
    MEMBERS1st Community Credit Union $75,000 n/a 0.1%
    NEWREZ LLC $75,000 n/a 0.1%
    SIOUX FALLS $75,000 n/a 0.1%
    Telco Triad Community Credit Union $45,000 n/a 0.1%
    Figure Lending LLC $35,000 n/a 0.1%
    NAVY FEDERAL CREDIT UNION $1,160,000 $35,000 -97.0% 0.1%
    Bank of America $25,000 n/a 0.0%
    Flagstar Bank, FSB $15,000 n/a 0.0%

    Spencer's top lender by overall market share is Northwest Bank, with 34.0% market share. In second place, with 27.2%, is COLLIERS MORTGAGE LLC, having originated $14,150,000 in loans. In third place, with 5.4%, is Mortgage Research Center, LLC, having originated $2,810,000 in loans. In fourth place, with 4.5%, is IOWA BANKERS MORTGAGE CORPORATION, having originated $2,325,000 in loans. In fifth place, with 4.3%, is Flanagan State Bank, having originated $2,250,000 in loans.

    Spencer Housing Market Trends (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 $145,975 (8.3%) $164,113 (5.9%) 0.00 66
    2018-02-01 $142,625 (3.5%) $161,219 (3.2%) 0.00 61
    2018-03-01 $151,400 (9.7%) $170,134 (2.3%) 0.00 59
    2018-04-01 $155,925 (5.9%) $179,759 (0.7%) 0.00 56
    2018-05-01 $154,925 (3.6%) $174,932 (-2.4%) 0.00 56
    2018-06-01 $165,200 (1.3%) $187,605 (5.9%) 0.00 64
    2018-07-01 $153,650 (-9.6%) $180,869 (0.3%) 0.00 58
    2018-08-01 $149,250 (-9.3%) $181,336 (-0.1%) 0.00 71
    2018-09-01 $138,750 (-11.6%) $169,235 (-2.1%) 0.00 92
    2018-10-01 $128,950 (-19.2%) $168,988 (-4.4%) 0.00 84
    2018-11-01 $142,450 (-10.1%) $174,448 (0.7%) 0.00 79
    2018-12-01 $148,500 (-4.2%) $176,906 (5.0%) 0.00 73
    2019-01-01 $149,800 (2.6%) $186,430 (13.6%) 0.00 65
    2019-02-01 $152,725 (7.1%) $188,136 (16.7%) 0.00 58
    2019-03-01 $148,100 (-2.2%) $184,518 (8.5%) 0.00 68
    2019-04-01 $142,050 (-8.9%) $180,943 (0.7%) 0.00 80
    2019-05-01 $142,150 (-8.3%) $178,885 (2.3%) 0.00 86
    2019-06-01 $139,450 (-15.6%) $178,991 (-4.6%) 0.00 81
    2019-07-01 $136,500 (-11.2%) $172,161 (-4.8%) 0.00 85
    2019-08-01 $138,805 (-7.0%) $181,219 (-0.1%) 0.00 87
    2019-09-01 $142,261 (2.5%) $192,822 (13.9%) 0.00 92
    2019-10-01 $144,566 (12.1%) $200,558 (18.7%) 0.00 96
    2019-11-01 $162,400 (14.0%) $206,633 (18.5%) 0.00 90
    2019-12-01 $159,700 (7.5%) $207,605 (17.4%) 0.00 83
    2020-01-01 $155,950 (4.1%) $201,419 (8.0%) 0.00 71
    2020-02-01 $155,950 (2.1%) $198,749 (5.6%) 0.00 67
    2020-03-01 $149,375 (0.9%) $196,891 (6.7%) 0.00 54
    2020-04-01 $129,925 (-8.5%) $196,108 (8.4%) 0.00 50
    2020-05-01 $130,700 (-8.1%) $203,712 (13.9%) 0.00 49
    2020-06-01 $153,725 (10.2%) $214,445 (19.8%) 0.00 53
    2020-07-01 $199,900 (46.5%) $239,921 (39.4%) 0.00 52
    2020-08-01 $177,450 (27.8%) $213,941 (18.1%) 0.00 56
    2020-09-01 $184,975 (30.0%) $210,806 (9.3%) 0.00 58
    2020-10-01 $169,000 (16.9%) $221,396 (10.4%) 0.00 47
    2020-11-01 $182,925 (12.6%) $215,714 (4.4%) 0.00 35
    2020-12-01 $189,450 (18.6%) $229,031 (10.3%) 0.00 33
    2021-01-01 $138,900 (-10.9%) $229,101 (13.7%) 0.00 32
    2021-02-01 $139,200 (-10.7%) $255,226 (28.4%) 0.00 30
    2021-03-01 $192,500 (28.9%) $302,617 (53.7%) 0.00 22
    2021-04-01 $177,000 (36.2%) $289,548 (47.7%) 0.00 24
    2021-05-01 $199,250 (52.5%) $305,208 (49.8%) 0.00 23
    2021-06-01 $159,900 (4.0%) $277,765 (29.5%) 0.00 26
    2021-07-01 $185,900 (-7.0%) $255,078 (6.3%) 0.00 31
    2021-08-01 $189,950 (7.0%) $247,182 (15.5%) 0.00 34
    2021-09-01 $194,950 (5.4%) $264,577 (25.5%) 0.00 29
    2021-10-01 $172,900 (2.3%) $259,295 (17.1%) 0.00 25
    2021-11-01 $148,575 (-18.8%) $214,946 (-0.4%) 0.00 22
    2021-12-01 $146,500 (-22.7%) $214,329 (-6.4%) 0.00 25
    2022-01-01 $150,000 (8.0%) $243,811 (6.4%) 0.00 20
    2022-02-01 $195,000 (40.1%) $221,150 (-13.4%) 0.00 30
    2022-03-01 $195,400 (1.5%) $224,836 (-25.7%) 0.00 28
    2022-04-01 $199,000 (12.4%) $255,461 (-11.8%) 0.00 21
    2022-05-01 $194,050 (-2.6%) $223,049 (-26.9%) 0.00 25
    2022-06-01 $189,200 (18.3%) $211,510 (-23.9%) 0.00 37
    2022-07-01 $189,900 (2.2%) $211,065 (-17.3%) 0.00 41
    2022-08-01 $203,600 (7.2%) $228,812 (-7.4%) 0.00 36
    2022-09-01 $214,950 (10.3%) $233,036 (-11.9%) 0.00 35
    2022-10-01 $195,600 (13.1%) $215,441 (-16.9%) 0.00 37
    2022-11-01 $194,800 (31.1%) $208,918 (-2.8%) 0.00 41
    2022-12-01 $193,650 (32.2%) $216,225 (0.9%) 0.00 42
    2023-01-01 $195,600 (30.4%) $221,703 (-9.1%) 0.00 34
    2023-02-01 $195,600 (0.3%) $223,066 (0.9%) 0.00 28
    2023-03-01 $209,900 (7.4%) $241,826 (7.6%) 0.00 31
    2023-04-01 $267,450 (34.4%) $269,839 (5.6%) 0.00 30
    2023-05-01 $226,200 (16.6%) $245,946 (10.3%) 0.00 25
    2023-06-01 $211,150 (11.6%) $229,063 (8.3%) 0.00 24
    2023-07-01 $259,900 (36.9%) $281,091 (33.2%) 0.00 22
    2023-08-01 $223,425 (9.7%) $276,125 (20.7%) 0.00 25
    2023-09-01 $225,000 (4.7%) $255,532 (9.7%) 0.00 27
    2023-10-01 $218,225 (11.6%) $241,590 (12.1%) 0.00 35
    2023-11-01 $223,750 (14.9%) $243,521 (16.6%) 0.00 42
    2023-12-01 $243,500 (25.7%) $256,951 (18.8%) 0.00 46
    2024-01-01 $251,100 (28.4%) $264,811 (19.4%) 0.00 39
    2024-02-01 $249,425 (27.5%) $259,550 (16.4%) 0.00 36
    2024-03-01 $252,000 (20.1%) $275,389 (13.9%) 0.00 37
    2024-04-01 $238,950 (-10.7%) $298,940 (10.8%) 0.00 38
    2024-05-01 $229,900 (1.6%) $295,882 (20.3%) 0.00 42
    2024-06-01 $229,900 (8.9%) $291,122 (27.1%) 0.00 46
    2024-07-01 $271,425 (4.4%) $321,469 (14.4%) 0.00 42
    2024-08-01 $246,500 (10.3%) $285,613 (3.4%) 0.00 44
    2024-09-01 $215,800 (-4.1%) $263,610 (3.2%) 0.00 49
    2024-10-01 $223,850 (2.6%) $270,111 (11.8%) 0.00 53
    2024-11-01 $217,500 (-2.8%) $262,037 (7.6%) 0.00 62
    2024-12-01 $219,375 (-9.9%) $273,678 (6.5%) 0.00 53
    2025-01-01 $222,000 (-11.6%) $295,761 (11.7%) 0.00 47
    2025-02-01 $217,500 (-12.8%) $273,055 (5.2%) 0.00 46
    2025-03-01 $216,200 (-14.2%) $284,513 (3.3%) 0.00 44
    2025-04-01 $249,950 (4.6%) $308,115 (3.1%) 0.00 41
    Spencer's median listing price for 2025-04-01 was $249,950, a difference of $11,000 (4.6%) versus the prior year and $33,750 versus the prior month.

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

    Spencer's average listing price for 2025-04-01 was $308,115, a difference of $9,175 (3.1%) versus the prior year and $23,602 versus the prior month.

    For the 2025-04-01 period, Spencer had 41 MLS listings, a difference of -3 listings (-7%) versus the prior month and 3 listings (8%) 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 1,663 sqft
    2018-02-01 0 days 1,541 sqft
    2018-03-01 0 days 1,669 sqft
    2018-04-01 0 days 1,685 sqft
    2018-05-01 0 days 1,693 sqft
    2018-06-01 0 days 1,662 sqft
    2018-07-01 0 days 1,672 sqft
    2018-08-01 0 days 1,774 sqft
    2018-09-01 0 days 1,668 sqft
    2018-10-01 0 days 1,585 sqft
    2018-11-01 0 days 1,668 sqft
    2018-12-01 0 days 1,668 sqft
    2019-01-01 0 days 1,672 sqft
    2019-02-01 0 days 1,664 sqft
    2019-03-01 0 days 1,685 sqft
    2019-04-01 0 days 1,681 sqft
    2019-05-01 0 days 1,655 sqft
    2019-06-01 0 days 1,656 sqft
    2019-07-01 0 days 1,658 sqft
    2019-08-01 0 days 1,730 sqft
    2019-09-01 0 days 1,790 sqft
    2019-10-01 0 days 1,829 sqft
    2019-11-01 0 days 1,835 sqft
    2019-12-01 0 days 1,840 sqft
    2020-01-01 0 days 1,842 sqft
    2020-02-01 0 days 1,936 sqft
    2020-03-01 0 days 1,885 sqft
    2020-04-01 0 days 1,819 sqft
    2020-05-01 0 days 1,812 sqft
    2020-06-01 0 days 1,839 sqft
    2020-07-01 0 days 1,817 sqft
    2020-08-01 0 days 1,795 sqft
    2020-09-01 0 days 1,786 sqft
    2020-10-01 0 days 1,960 sqft
    2020-11-01 0 days 1,908 sqft
    2020-12-01 0 days 1,712 sqft
    2021-01-01 0 days 1,613 sqft
    2021-02-01 0 days 1,707 sqft
    2021-03-01 0 days 1,948 sqft
    2021-04-01 0 days 2,092 sqft
    2021-05-01 0 days 2,252 sqft
    2021-06-01 0 days 1,912 sqft
    2021-07-01 0 days 1,867 sqft
    2021-08-01 0 days 1,980 sqft
    2021-09-01 0 days 1,948 sqft
    2021-10-01 0 days 1,521 sqft
    2021-11-01 0 days 1,553 sqft
    2021-12-01 0 days 1,612 sqft
    2022-01-01 0 days 1,644 sqft
    2022-02-01 0 days 1,498 sqft
    2022-03-01 0 days 1,365 sqft
    2022-04-01 0 days 1,540 sqft
    2022-05-01 0 days 1,595 sqft
    2022-06-01 0 days 1,540 sqft
    2022-07-01 0 days 1,643 sqft
    2022-08-01 0 days 1,698 sqft
    2022-09-01 0 days 1,642 sqft
    2022-10-01 0 days 1,512 sqft
    2022-11-01 0 days 1,512 sqft
    2022-12-01 0 days 1,512 sqft
    2023-01-01 0 days 1,512 sqft
    2023-02-01 0 days 1,548 sqft
    2023-03-01 0 days 1,568 sqft
    2023-04-01 0 days 1,642 sqft
    2023-05-01 0 days 1,632 sqft
    2023-06-01 0 days 1,626 sqft
    2023-07-01 0 days 1,760 sqft
    2023-08-01 0 days 1,691 sqft
    2023-09-01 0 days 1,810 sqft
    2023-10-01 0 days 1,632 sqft
    2023-11-01 0 days 1,672 sqft
    2023-12-01 0 days 1,663 sqft
    2024-01-01 0 days 1,677 sqft
    2024-02-01 0 days 1,653 sqft
    2024-03-01 0 days 1,653 sqft
    2024-04-01 0 days 1,653 sqft
    2024-05-01 0 days 1,714 sqft
    2024-06-01 0 days 1,671 sqft
    2024-07-01 0 days 1,719 sqft
    2024-08-01 0 days 1,518 sqft
    2024-09-01 0 days 1,527 sqft
    2024-10-01 0 days 1,518 sqft
    2024-11-01 0 days 1,518 sqft
    2024-12-01 0 days 1,521 sqft
    2025-01-01 0 days 1,619 sqft
    2025-02-01 0 days 1,524 sqft
    2025-03-01 0 days 1,533 sqft
    2025-04-01 0 days 1,724 sqft
    Spencer's median listing age (time on market) for 2025-04-01 was 0 days.

    Spencer's median square footage for active listings during the 2025-04-01 period was 1,724 sqft. One year prior, the average listing was 1,653 sqft.

    Spencer, IA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 165 $28,695,000 $173,909
    Home Improvement 32 $1,680,000 $52,500
    Cash Out Refi 27 $2,975,000 $110,185
    Refi 26 $3,800,000 $146,154
    Other 19 $14,895,000 $783,947

    Spencer's most frequently cited loan purpose was Home Purchase, with 165 originations. The 2nd most popular reason was Home Improvement, with 32 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 114 $20,100,000 $176,316
    5-6% 71 $14,805,000 $208,521
    7-8% 38 $6,220,000 $163,684
    Over 8% 35 $2,565,000 $73,286
    4-5% 3 $505,000 $168,333
    <2.5% 1 $5,000 $5,000
    3-4% 1 $7,255,000 $7,255,000

    During 2024, Spencer's most frequently originated rate bucket was 6-7%, with 114 originations.

    Loan Sizing (Spencer, IA MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 114 $5,990,000 $52,544
    $100k-200k 88 $12,780,000 $145,227
    $200k-400k 56 $14,390,000 $256,964
    $400k-600k 7 $3,205,000 $457,857
    $600k-1000k 2 $1,530,000 $765,000
    $Over $1MM 2 $14,150,000 $7,075,000

    Spencer's loan sizing saw the bucket of loans from $100,000 or less with 114 originations, totaling $5,990,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 126 $23,520,000 $186,667
    60-80% 46 $7,530,000 $163,696
    Under 20% 35 $1,115,000 $31,857
    20-40% 27 $1,485,000 $55,000
    40-60% 21 $2,185,000 $104,048
    Over 100% 4 $990,000 $247,500

    Spencer's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 126 originations, totaling $23,520,000 in origination value.