Spencer Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Spencer averaged 6.55% for the week of 2024-04-18, compared to the national average of 7.1% for the same period.

    The average rate for the prior week (2024-04-11) was 6.53% and one month ago for the week of 2024-03-14, the average rate was 6.39%.

    Spencer's average rate one year ago was 6.02%.

    For refis of the same type during the week of 2024-04-18, the average rate was 7.1%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-04-18 7.1%
    Spencer 30 Year Fixed Rate 2024-04-18 6.55%
    Spencer 30 Year Fixed Rate Refi 2024-04-18 7.1%
    Spencer 15 Year Fixed Rate 2024-04-18 6.59%
    Spencer 15 Year Fixed Rate Refi 2024-04-18 6.79%
    Spencer 30 Year FHA 2024-04-18 6.66%
    Spencer 30 Year FHA Refi 2024-04-18 7.16%
    Spencer 30 Year USDA 2024-04-18 7.06%
    Spencer 30 Year USDA Refi 2024-04-18 6.86%
    Spencer 30 Year VA 2024-04-18 6.76%
    Spencer 30 Year VA Refi 2024-04-18 6.66%
    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 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 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
    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
    Spencer's median listing price for 2024-03-01 was $252,000, a difference of $42,100 (20.1%) versus the prior year and $2,575 versus the prior month.

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

    Spencer's average listing price for 2024-03-01 was $275,389, a difference of $33,563 (13.9%) versus the prior year and $15,839 versus the prior month.

    For the 2024-03-01 period, Spencer had 37 MLS listings, a difference of 1 listings (3%) versus the prior month and 6 listings (19%) 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
    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
    Spencer's median listing age (time on market) for 2024-03-01 was 0 days.

    Spencer's median square footage for active listings during the 2024-03-01 period was 1,653 sqft. One year prior, the average listing was 1,568 sqft.

    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.