Spencer Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

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%
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, 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.