Spencer Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Spencer averaged
6.64%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.27% and
one month ago for the week of 2024-10-03, the
average rate was 5.87%.
Spencer's average rate one year ago was 7.31%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.79%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Spencer 30 Year Fixed Rate | 2024-11-07 | 6.64% |
| Spencer 30 Year Fixed Rate Refi | 2024-11-07 | 6.79% |
| Spencer 15 Year Fixed Rate | 2024-11-07 | 6.1% |
| Spencer 15 Year Fixed Rate Refi | 2024-11-07 | 6% |
| Spencer 30 Year FHA | 2024-11-07 | 6.63% |
| Spencer 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Spencer 30 Year USDA | 2024-11-07 | 6.58% |
| Spencer 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Spencer 30 Year VA | 2024-11-07 | 6.34% |
| Spencer 30 Year VA Refi | 2024-11-07 | 6.54% |
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 | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Northwest Bank | 64 | 6.38% | $3,170 |
| IOWA BANKERS MORTGAGE CORPORATION | 16 | 6.30% | $2,440 |
| V.I.P. MORTGAGE, INC. | 8 | 6.48% | $3,433 |
| U.S. Bank | 7 | 6.82% | $3,841 |
| Central Bank | 4 | 6.37% | $3,499 |
| Farm Credit Mid-America, ACA | 3 | 6.92% | $6,361 |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | 2 | 7.19% | $3,481 |
| FIRST | 2 | 6.19% | $3,023 |
| JPMorgan Chase Bank | 1 | 7.50% | $500 |
| Lincoln Savings Bank | 1 | 7.63% | $2,379 |
| Luana Savings Bank | 1 | 6.13% | $1,560 |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | 1 | 6.99% | $8,863 |
| QUICKEN LOANS, LLC | 1 | 6.99% | $6,698 |
| Tradition Mortgage, LLC | 1 | 6.88% | $3,583 |
| AMERICAN FINANCING CORPORATION | 1 | 5.99% | $2,336 |
| Wells Fargo Bank | 1 | 7.38% | $4,125 |
| Bankers' Bank | 1 | 6.00% | $2,385 |
| Deere Employees Credit Union | 1 | 5.13% | $3,106 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 6.63% | $3,161 |
| Flanagan State Bank | 1 | 6.00% | $4,623 |
| Great Southern Bank | 1 | 5.25% | $3,257 |
| GREENSTATE CREDIT UNION | 1 | 5.88% | $4,577 |
| Heritage Bank | 1 | 6.25% | $3,713 |
Spencer Average Closing Costs & Other Stats
Spencer, IA's 23 lenders originated 293
loans during 2023. The total origination value was $40,715,000, with an average loan value of
$138,959.
Spencer's average closing costs are $3,122.
The top Spencer lender as defined by loan originations is Northwest Bank, with
64 loans originated. Their average total fees are
$3,170, which is $730
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 ($2,440), Northwest Bank ($3,170), .
The lowest rate Spencer lenders (with over 10 loans originated) are
IOWA BANKERS MORTGAGE CORPORATION (6.30%), Northwest Bank (6.38%), .
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Northwest Bank | $21,065,000 | $18,460,000 | -12.4% | 45.3% |
| IOWA BANKERS MORTGAGE CORPORATION | $4,525,000 | $3,025,000 | -33.1% | 7.4% |
| V.I.P. MORTGAGE, INC. | $2,295,000 | n/a | 5.6% | |
| Flanagan State Bank | $2,195,000 | $1,950,000 | -11.2% | 4.8% |
| QUICKEN LOANS, LLC | $1,410,000 | $1,415,000 | 0.4% | 3.5% |
| U.S. Bank | $555,000 | $1,230,000 | 121.6% | 3.0% |
| NAVY FEDERAL CREDIT UNION | $1,160,000 | n/a | 2.8% | |
| Central Bank | $2,365,000 | $1,055,000 | -55.4% | 2.6% |
| Pioneer Bank | $755,000 | n/a | 1.9% | |
| Farm Credit Mid-America, ACA | $365,000 | $745,000 | 104.1% | 1.8% |
| GREENSTATE CREDIT UNION | $305,000 | $720,000 | 136.1% | 1.8% |
| United Bank of Iowa | $65,000 | $715,000 | 1,000.0% | 1.8% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $485,000 | $610,000 | 25.8% | 1.5% |
| FIRST | $1,020,000 | $565,000 | -44.6% | 1.4% |
| HOMESERVICES LENDING, LLC | $450,000 | n/a | 1.1% | |
| Midstates Bank | $430,000 | n/a | 1.1% | |
| Plains Commerce Bank | $125,000 | $410,000 | 228.0% | 1.0% |
| Deere Employees Credit Union | $400,000 | n/a | 1.0% | |
| Mortgage Research Center, LLC | $1,105,000 | $400,000 | -63.8% | 1.0% |
| FOUR POINTS | $325,000 | n/a | 0.8% | |
| Lincoln Savings Bank | $255,000 | n/a | 0.6% | |
| Reliabank Dakota | $250,000 | n/a | 0.6% | |
| NEW DAY FINANCIAL, LLC | $245,000 | n/a | 0.6% | |
| Heritage Bank | $240,000 | n/a | 0.6% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $325,000 | $205,000 | -36.9% | 0.5% |
| Bankers' Bank | $290,000 | $180,000 | -37.9% | 0.4% |
| Luana Savings Bank | $175,000 | n/a | 0.4% | |
| Wells Fargo Bank | $370,000 | $165,000 | -55.4% | 0.4% |
| CARDINAL FINANCIAL | $570,000 | $155,000 | -72.8% | 0.4% |
| JPMorgan Chase Bank | $85,000 | $155,000 | 82.4% | 0.4% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $135,000 | n/a | 0.3% | |
| AMERICAN FINANCIAL NETWORK, INC. | $125,000 | n/a | 0.3% | |
| BROKER SOLUTIONS, INC. | $125,000 | n/a | 0.3% | |
| FREEDOM MORTGAGE CORPORATION | $965,000 | $125,000 | -87.0% | 0.3% |
| American State Bank | $3,765,000 | $120,000 | -96.8% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $115,000 | $105,000 | -8.7% | 0.3% |
| Great Southern Bank | $105,000 | n/a | 0.3% | |
| AMERICAN FINANCING CORPORATION | $95,000 | n/a | 0.2% | |
| Mr. Cooper ( Nationstar Mortgage ) | $210,000 | $95,000 | -54.8% | 0.2% |
| Coastal Community Bank | $90,000 | n/a | 0.2% | |
| Tradition Mortgage, LLC | $1,190,000 | $85,000 | -92.9% | 0.2% |
| VERIDIAN CREDIT UNION | $145,000 | $85,000 | -41.4% | 0.2% |
| PNC Bank | $55,000 | n/a | 0.1% |
Spencer's top lender by overall market share is Northwest Bank, with 45.3% market share. In second place, with 7.4%, is IOWA BANKERS MORTGAGE CORPORATION, having originated $3,025,000 in loans. In third place, with 5.6%, is V.I.P. MORTGAGE, INC., having originated $2,295,000 in loans. In fourth place, with 4.8%, is Flanagan State Bank, having originated $1,950,000 in loans. In fifth place, with 3.5%, is QUICKEN LOANS, LLC, having originated $1,415,000 in loans.
Spencer, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 189 | $32,325,000 | $171,032 |
| Other | 32 | $1,500,000 | $46,875 |
| Refi | 28 | $3,480,000 | $124,286 |
| Home Improvement | 22 | $750,000 | $34,091 |
| Cash Out Refi | 22 | $2,660,000 | $120,909 |
Spencer's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Other, with 32 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 124 | $18,210,000 | $146,855 |
| 5-6% | 63 | $10,575,000 | $167,857 |
| 7-8% | 53 | $6,495,000 | $122,547 |
| Over 8% | 34 | $2,160,000 | $63,529 |
| 4-5% | 7 | $1,835,000 | $262,143 |
| <2.5% | 5 | $25,000 | $5,000 |
During 2023, Spencer's most frequently originated rate bucket was 6-7%, with 124 originations.
Loan Sizing (Spencer, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 125 | $6,345,000 | $50,760 |
| $100k-200k | 104 | $14,680,000 | $141,154 |
| $200k-400k | 53 | $13,765,000 | $259,717 |
| $400k-600k | 8 | $3,710,000 | $463,750 |
| $600k-1000k | 3 | $2,215,000 | $738,333 |
Spencer's loan sizing saw the bucket of loans from $100,000 or less with 125 originations, totaling $6,345,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 140 | $24,300,000 | $173,571 |
| 20-40% | 44 | $2,490,000 | $56,591 |
| 60-80% | 41 | $7,335,000 | $178,902 |
| Under 20% | 39 | $1,015,000 | $26,026 |
| 40-60% | 20 | $3,460,000 | $173,000 |
| Over 100% | 1 | $375,000 | $375,000 |
Spencer's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 140 originations, totaling $24,300,000 in origination value.