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 6.96% for the week of 2023-11-22, compared to the national average of 7.29% for the same period.

    The average rate for the prior week (2023-11-16) was 7.01% and one month ago for the week of 2023-10-19, the average rate was 7%.

    Spencer's average rate one year ago was 5.98%.

    For refis of the same type during the week of 2023-11-22, the average rate was 7.79%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-11-22 7.29%
    Spencer 30 Year Fixed Rate 2023-11-22 6.96%
    Spencer 30 Year Fixed Rate Refi 2023-11-22 7.79%
    Spencer 15 Year Fixed Rate 2023-11-22 6.47%
    Spencer 15 Year Fixed Rate Refi 2023-11-22 6.57%
    Spencer 30 Year FHA 2023-11-22 0.2%
    Spencer 30 Year FHA Refi 2023-11-22 0%
    Spencer 30 Year USDA 2023-11-22 0.1%
    Spencer 30 Year USDA Refi 2023-11-22 0.2%
    Spencer 30 Year VA 2023-11-22 0%
    Spencer 30 Year VA Refi 2023-11-22 0.1%
    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Northwest Bank 65 4.72% $2,854
    IOWA BANKERS MORTGAGE CORPORATION 22 4.70% $2,069
    Central Bank 8 4.70% $4,279
    FIRST 6 4.12% $2,895
    QUICKEN LOANS, LLC 5 4.70% $5,836
    Flanagan State Bank 4 5.03% $5,555
    Tradition Mortgage, LLC 4 4.62% $4,906
    Bankers' Bank 2 4.75% $3,788
    Mr. Cooper ( Nationstar Mortgage ) 2 4.31% $3,038
    U.S. Bank 2 3.88% $2,936
    GREENSTATE CREDIT UNION 1 4.38% $1,872
    GUARANTEED RATE, INC. 1 3.55% $2,559
    Farm Credit Mid-America, ACA 1 3.60% $9,651
    LOANDEPOT.COM, LLC 1 5.75% $6,289
    Manufacturers Bank & Trust Company 1 5.13% $2,121
    VERIDIAN CREDIT UNION 1 5.00% $1,576
    M&T Bank 1 5.63% $6,491
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.00% $3,654
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.99% $6,223
    Carrington Mortgage Services, LLC 1 5.50% $5,468
    Regent Financial Group, Inc. 1 5.99% $4,773
    CARDINAL FINANCIAL 1 5.50% $3,445
    Wells Fargo Bank 1 4.13% $13,125
    First National Bank of Omaha 1 8.13% $5,822
    FREEDOM MORTGAGE CORPORATION 1 5.88% $4,824

    Spencer Average Closing Costs & Other Stats

    Spencer, IA's 25 lenders originated 322 loans during 2022. The total origination value was $47,240,000, with an average loan value of $146,708.

    Spencer's average closing costs are $2,949.

    The top Spencer lender as defined by loan originations is Northwest Bank, with 65 loans originated. Their average total fees are $2,854, which is $785 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 ($2,069), Northwest Bank ($2,854), .

    The lowest rate Spencer lenders (with over 10 loans originated) are IOWA BANKERS MORTGAGE CORPORATION (4.70%), Northwest Bank (4.72%), .

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    Northwest Bank $34,705,000 $21,065,000 -39.3% 44.6%
    IOWA BANKERS MORTGAGE CORPORATION $16,355,000 $4,525,000 -72.3% 9.6%
    American State Bank $1,995,000 $3,765,000 88.7% 8.0%
    Central Bank $1,525,000 $2,365,000 55.1% 5.0%
    Flanagan State Bank $2,860,000 $2,195,000 -23.3% 4.6%
    QUICKEN LOANS, LLC $2,740,000 $1,410,000 -48.5% 3.0%
    Tradition Mortgage, LLC $1,470,000 $1,190,000 -19.0% 2.5%
    Mortgage Research Center, LLC $795,000 $1,105,000 39.0% 2.3%
    FIRST $1,035,000 $1,020,000 -1.4% 2.2%
    FREEDOM MORTGAGE CORPORATION $1,575,000 $965,000 -38.7% 2.0%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $525,000 $570,000 8.6% 1.2%
    U.S. Bank $2,135,000 $555,000 -74.0% 1.2%
    HOMEOWNERS FINANCIAL GROUP USA, LLC $245,000 $485,000 98.0% 1.0%
    Flagstar Bank, FSB $395,000 $410,000 3.8% 0.9%
    Premier Bank $405,000 n/a 0.9%
    Wells Fargo Bank $1,105,000 $370,000 -66.5% 0.8%
    Farm Credit Mid-America, ACA $365,000 n/a 0.8%
    LOANDEPOT.COM, LLC $370,000 $360,000 -2.7% 0.8%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $325,000 n/a 0.7%
    GREENSTATE CREDIT UNION $650,000 $305,000 -53.1% 0.6%
    Bankers' Bank $4,380,000 $290,000 -93.4% 0.6%
    PLANET HOME LENDING, LLC $270,000 n/a 0.6%
    Regent Financial Group, Inc. $265,000 n/a 0.6%
    North American Savings Bank, F.S.B. $245,000 n/a 0.5%
    Mr. Cooper ( Nationstar Mortgage ) $330,000 $210,000 -36.4% 0.4%
    Carrington Mortgage Services, LLC $290,000 $200,000 -31.0% 0.4%
    Wyndham Capital Mortgage, Inc. $175,000 n/a 0.4%
    CROSSCOUNTRY MORTGAGE, LLC $165,000 n/a 0.3%
    First National Bank of Omaha $155,000 n/a 0.3%
    M&T Bank $145,000 n/a 0.3%
    VERIDIAN CREDIT UNION $125,000 $145,000 16.0% 0.3%
    GUARANTEED RATE, INC. $135,000 n/a 0.3%
    First PREMIER Bank $130,000 n/a 0.3%
    Plains Commerce Bank $125,000 n/a 0.3%
    ROYAL UNITED MORTGAGE LLC $120,000 n/a 0.3%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $865,000 $115,000 -86.7% 0.2%
    HOMEBRIDGE FINANCIAL SERVICES, INC. $115,000 n/a 0.2%
    LAKEVIEW LOAN SERVICING, LLC $115,000 n/a 0.2%
    JPMorgan Chase Bank $85,000 n/a 0.2%
    Old National Bank $85,000 n/a 0.2%
    AMERISAVE MORTGAGE CORPORATION $375,000 $65,000 -82.7% 0.1%
    Manufacturers Bank & Trust Company $65,000 n/a 0.1%
    United Bank of Iowa $520,000 $65,000 -87.5% 0.1%

    Spencer's top lender by overall market share is Northwest Bank, with 44.6% market share. In second place, with 9.6%, is IOWA BANKERS MORTGAGE CORPORATION, having originated $4,525,000 in loans. In third place, with 8.0%, is American State Bank, having originated $3,765,000 in loans. In fourth place, with 5.0%, is Central Bank, having originated $2,365,000 in loans. In fifth place, with 4.6%, is Flanagan State Bank, having originated $2,195,000 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 $154,950 (3.7%) $174,742 (-2.5%) 0.00 57
    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 $138,500 (-11.7%) $167,764 (-3.0%) 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 (2.4%) 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 (2.7%) $192,822 (14.9%) 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
    Spencer's median listing price for 2023-10-01 was $218,225, a difference of $22,625 (11.6%) versus the prior year and $-6,775 versus the prior month.

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

    Spencer's average listing price for 2023-10-01 was $241,590, a difference of $26,149 (12.1%) versus the prior year and $-13,942 versus the prior month.

    For the 2023-10-01 period, Spencer had 35 MLS listings, a difference of 8 listings (30%) versus the prior month and -2 listings (-5%) 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 1,681 sqft
    2018-05-01 0 days 1,687 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 1,660 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
    Spencer's median listing age (time on market) for 2023-10-01 was 0 days.

    Spencer's median square footage for active listings during the 2023-10-01 period was 1,632 sqft. One year prior, the average listing was 1,512 sqft.

    Spencer, IA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 193 $32,955,000 $170,751
    Refi 49 $6,555,000 $133,776
    Cash Out Refi 37 $5,005,000 $135,270
    Other 23 $1,445,000 $62,826
    Home Improvement 20 $1,280,000 $64,000

    Spencer's most frequently cited loan purpose was Home Purchase, with 193 originations. The 2nd most popular reason was Refi, with 49 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    4-5% 113 $19,325,000 $171,018
    3-4% 81 $11,065,000 $136,605
    5-6% 69 $9,035,000 $130,942
    6-7% 25 $3,705,000 $148,200
    <2.5% 14 $1,090,000 $77,857
    2.5-3% 12 $2,060,000 $171,667
    Over 8% 4 $350,000 $87,500
    7-8% 3 $205,000 $68,333

    During 2022, Spencer's most frequently originated rate bucket was 4-5%, with 113 originations.

    Loan Sizing (Spencer, IA MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 147 $20,985,000 $142,755
    $100,000 or less 116 $6,790,000 $58,534
    $200k-400k 51 $13,515,000 $265,000
    $400k-600k 5 $2,335,000 $467,000
    $Over $1MM 2 $2,940,000 $1,470,000
    $600k-1000k 1 $675,000 $675,000

    Spencer's loan sizing saw the bucket of loans from $100k-200k with 147 originations, totaling $20,985,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 161 $26,775,000 $166,304
    60-80% 75 $13,365,000 $178,200
    20-40% 34 $2,200,000 $64,706
    40-60% 25 $3,195,000 $127,800
    Under 20% 22 $700,000 $31,818
    Over 100% 3 $555,000 $185,000

    Spencer's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 161 originations, totaling $26,775,000 in origination value.