Spencer Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Spencer averaged
6.64%
for the week of 2025-07-03, compared to the national average of
6.67% for the same period.
The average rate for the prior week (2025-06-26) was
6.54% and
one month ago for the week of 2025-05-29, the
average rate was 6.86%.
Spencer's average rate one year ago was 6.73%.
For refis of the same type during the week of 2025-07-03, the average rate
was 6.87%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-07-03 | 6.67% |
| Spencer 30 Year Fixed Rate | 2025-07-03 | 6.64% |
| Spencer 30 Year Fixed Rate Refi | 2025-07-03 | 6.87% |
| Spencer 15 Year Fixed Rate | 2025-07-03 | 6% |
| Spencer 15 Year Fixed Rate Refi | 2025-07-03 | 5.7% |
| Spencer 30 Year FHA | 2025-07-03 | 0.1% |
| Spencer 30 Year FHA Refi | 2025-07-03 | 0% |
| Spencer 30 Year USDA | 2025-07-03 | 0.2% |
| Spencer 30 Year USDA Refi | 2025-07-03 | 0.2% |
| Spencer 30 Year VA | 2025-07-03 | 0% |
| Spencer 30 Year VA Refi | 2025-07-03 | 0.2% |
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, 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.