Storm Lake 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 Storm Lake averaged 6.57% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 7% and one month ago for the week of 2023-02-09, the average rate was 6.49%.

    Storm Lake's average rate one year ago was 3.92%.

    For refis of the same type during the week of 2023-03-16, the average rate was 6.57%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Storm Lake 30 Year Fixed Rate 2023-03-16 6.57%
    Storm Lake 30 Year Fixed Rate Refi 2023-03-16 6.57%
    Storm Lake 15 Year Fixed Rate 2023-03-16 6.36%
    Storm Lake 15 Year Fixed Rate Refi 2023-03-16 5.92%
    Storm Lake 30 Year FHA 2023-03-16 6.58%
    Storm Lake 30 Year FHA Refi 2023-03-16 6.63%
    Storm Lake 30 Year USDA 2023-03-16 6.6%
    Storm Lake 30 Year VA 2023-03-16 6.6%
    Storm Lake 30 Year VA Refi 2023-03-16 6.23%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Storm Lake, IA.

    Storm Lake 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 Storm Lake, 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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Central Bank 58 3.22% $3,098
    United Bank of Iowa 19 3.55% $3,193
    Northwest Bank 11 3.09% $2,353
    QUICKEN LOANS, LLC 6 3.00% $5,102
    Heritage Bank 5 2.80% $2,998
    Wells Fargo Bank 5 3.08% $2,143
    U.S. Bank 4 3.09% $2,615
    Bankers' Bank 4 3.22% $2,720
    IOWA BANKERS MORTGAGE CORPORATION 4 2.81% $2,851
    Flanagan State Bank 2 3.38% $3,157
    I. H. MISSISSIPPI VALLEY CREDIT UNION 1 2.88% $2,352
    LAND HOME FINANCIAL SERVICES, INC. 1 2.99% $2,666
    LOANDEPOT.COM, LLC 1 3.13% $1,685
    MID AMERICA MORTGAGE, INC. 1 3.13% $1,724
    NEWREZ LLC 1 3.25% $2,548
    PLAZA HOME MORTGAGE, INC. 1 3.38% $1,751
    PNC Bank 1 3.25% $3,808
    Tradition Mortgage, LLC 1 3.38% $2,589
    Triumph Bank 1 2.63% $1,760
    VERIDIAN CREDIT UNION 1 3.63% $1,700
    ZILLOW HOME LOANS, LLC 1 3.38% $2,160
    Bank of America 1 3.13% $2,828
    BROKER SOLUTIONS, INC. 1 2.88% $4,163
    COMPASS MORTGAGE, INC. 1 3.63% $3,952
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.75% $2,578
    Farm Credit Mid-America, ACA 1 3.60% $5,031
    Fortress Bank 1 2.88% $1,722
    GREENSTATE CREDIT UNION 1 2.38% $1,974
    GUILD MORTGAGE COMPANY 1 3.25% $2,932
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.25% $2,633

    Storm Lake Average Closing Costs & Other Stats

    Storm Lake, IA's 30 lenders originated 459 loans during 2021. The total origination value was $66,835,000, with an average loan value of $145,610.

    Storm Lake's average closing costs are $3,444.

    The top Storm Lake lender as defined by loan originations is Central Bank, with 58 loans originated. Their average total fees are $3,098, which is $94 lower than the next largest lender, United Bank of Iowa.

    The lowest fee Storm Lake lenders (with over 10 loans originated) are Northwest Bank ($2,353), Central Bank ($3,098), United Bank of Iowa ($3,193), .

    The lowest rate Storm Lake lenders (with over 10 loans originated) are Northwest Bank (3.09%), Central Bank (3.22%), United Bank of Iowa (3.55%), .

    Storm Lake, 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 2020 Loan Value 2021 Loan Value % Change 2021 Market Share
    Central Bank $34,000,000 $31,475,000 -7.4% 47.1%
    United Bank of Iowa $5,495,000 $7,085,000 28.9% 10.6%
    QUICKEN LOANS, LLC $2,545,000 $3,625,000 42.4% 5.4%
    Northwest Bank $4,755,000 $3,310,000 -30.4% 5.0%
    Flanagan State Bank $2,555,000 $2,910,000 13.9% 4.4%
    IOWA BANKERS MORTGAGE CORPORATION $2,010,000 $1,590,000 -20.9% 2.4%
    Heritage Bank $2,990,000 $1,540,000 -48.5% 2.3%
    Wells Fargo Bank $295,000 $1,375,000 366.1% 2.1%
    FREEDOM MORTGAGE CORPORATION $880,000 $975,000 10.8% 1.5%
    Farm Credit Mid-America, ACA $710,000 $965,000 35.9% 1.4%
    U.S. Bank $75,000 $930,000 1,140.0% 1.4%
    LAND HOME FINANCIAL SERVICES, INC. $135,000 $890,000 559.3% 1.3%
    Bankers' Bank $845,000 n/a 1.3%
    Bank of America $290,000 $530,000 82.8% 0.8%
    Mortgage Research Center, LLC $270,000 $500,000 85.2% 0.7%
    Tradition Mortgage, LLC $345,000 $480,000 39.1% 0.7%
    USAA Federal Savings Bank $260,000 $475,000 82.7% 0.7%
    LOANDEPOT.COM, LLC $240,000 $410,000 70.8% 0.6%
    HOMEOWNERS FINANCIAL GROUP USA, LLC $135,000 $405,000 200.0% 0.6%
    ZILLOW HOME LOANS, LLC $340,000 n/a 0.5%
    Fortress Bank $335,000 n/a 0.5%
    Luana Savings Bank $305,000 n/a 0.5%
    GSF Mortgage Corporation $285,000 n/a 0.4%
    GUILD MORTGAGE COMPANY $185,000 $280,000 51.4% 0.4%
    THOMPSON KANE & COMPANY, LLC $275,000 n/a 0.4%
    Triumph Bank $275,000 n/a 0.4%
    PLAZA HOME MORTGAGE, INC. $45,000 $265,000 488.9% 0.4%
    BROKER SOLUTIONS, INC. $165,000 $240,000 45.5% 0.4%
    NEW DAY FINANCIAL, LLC $235,000 n/a 0.4%
    PNC Bank $215,000 n/a 0.3%
    Carrington Mortgage Services, LLC $220,000 $210,000 -4.5% 0.3%
    NEWREZ LLC $210,000 n/a 0.3%
    AMERISAVE MORTGAGE CORPORATION $75,000 $200,000 166.7% 0.3%
    EMBRACE HOME LOANS, INC. $185,000 n/a 0.3%
    Neighborhood Loans, Inc. $185,000 n/a 0.3%
    Colonial Savings, F.A. $160,000 n/a 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $310,000 $160,000 -48.4% 0.2%
    Community Savings Bank $155,000 n/a 0.2%
    COMPASS MORTGAGE, INC. $155,000 n/a 0.2%
    ROYAL UNITED MORTGAGE LLC $160,000 $155,000 -3.1% 0.2%
    PENNYMAC LOAN SERVICES, LLC $145,000 n/a 0.2%
    I. H. MISSISSIPPI VALLEY CREDIT UNION $135,000 n/a 0.2%
    GREENSTATE CREDIT UNION $345,000 $130,000 -62.3% 0.2%
    Lakeview Community Capital, LLC $125,000 n/a 0.2%
    VERIDIAN CREDIT UNION $210,000 $125,000 -40.5% 0.2%
    MID AMERICA MORTGAGE, INC. $115,000 n/a 0.2%
    VILLAGE CAPITAL & INVESTMENT LLC $95,000 $115,000 21.1% 0.2%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $425,000 $110,000 -74.1% 0.2%
    Green Belt Bank & Trust $105,000 n/a 0.2%
    GREATER IOWA CREDIT UNION $95,000 n/a 0.1%
    Midwest Heritage Bank FSB $290,000 $95,000 -67.2% 0.1%
    Arvest Bank $85,000 n/a 0.1%
    Gateway First Bank $55,000 $65,000 18.2% 0.1%
    MOVEMENT MORTGAGE, LLC $65,000 n/a 0.1%
    Peoples Bank $55,000 n/a 0.1%
    AMERICAN ADVISORS GROUP $35,000 n/a 0.1%
    American State Bank $35,000 n/a 0.1%
    Figure Lending LLC $35,000 n/a 0.1%
    Union Bank and Trust Company $25,000 n/a 0.0%

    Storm Lake's top lender by overall market share is Central Bank, with 47.1% market share. In second place, with 10.6%, is United Bank of Iowa, having originated $7,085,000 in loans. In third place, with 5.4%, is QUICKEN LOANS, LLC, having originated $3,625,000 in loans. In fourth place, with 5.0%, is Northwest Bank, having originated $3,310,000 in loans. In fifth place, with 4.4%, is Flanagan State Bank, having originated $2,910,000 in loans.

    Storm Lake Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Storm Lake (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 $153,738 (34.7%) $174,160 (37.2%) 0.00 32
    2018-02-01 $155,000 (47.0%) $173,924 (43.0%) 0.00 32
    2018-03-01 $148,400 (50.1%) $162,428 (23.7%) 0.00 32
    2018-04-01 $133,925 (41.0%) $148,260 (-6.7%) 0.00 31
    2018-05-01 $110,450 (3.7%) $140,968 (3.9%) 0.00 27
    2018-06-01 $122,900 (37.7%) $149,145 (30.5%) 0.00 26
    2018-07-01 $135,325 (20.3%) $165,175 (12.8%) 0.00 28
    2018-08-01 $129,675 (-2.0%) $158,192 (-9.4%) 0.00 29
    2018-09-01 $124,900 (-12.6%) $153,153 (-15.3%) 0.00 30
    2018-10-01 $117,500 (-17.5%) $133,368 (-24.6%) 0.00 42
    2018-11-01 $112,250 (-7.6%) $138,497 (-13.5%) 0.00 42
    2018-12-01 $117,500 (-15.7%) $137,641 (-17.0%) 0.00 37
    2019-01-01 $118,950 (-22.6%) $140,884 (-19.1%) 0.00 34
    2019-02-01 $118,575 (-23.5%) $140,095 (-19.5%) 0.00 35
    2019-03-01 $120,671 (-18.7%) $143,680 (-11.5%) 0.00 32
    2019-04-01 $114,746 (-14.3%) $144,216 (-2.7%) 0.00 32
    2019-05-01 $115,375 (4.5%) $153,213 (8.7%) 0.00 38
    2019-06-01 $109,725 (-10.7%) $149,792 (0.4%) 0.00 37
    2019-07-01 $131,000 (-3.2%) $149,738 (-9.4%) 0.00 33
    2019-08-01 $129,364 (-0.2%) $148,121 (-6.4%) 0.00 30
    2019-09-01 $122,409 (-2.0%) $145,522 (-5.0%) 0.00 29
    2019-10-01 $110,875 (-5.6%) $143,146 (7.3%) 0.00 28
    2019-11-01 $101,000 (-10.0%) $119,267 (-13.9%) 0.00 24
    2019-12-01 $90,000 (-23.4%) $118,321 (-14.0%) 0.00 19
    2020-01-01 $90,000 (-24.3%) $115,101 (-18.3%) 0.00 19
    2020-02-01 $79,700 (-32.8%) $95,669 (-31.7%) 0.00 25
    2020-03-01 $90,000 (-25.4%) $113,238 (-21.2%) 0.00 27
    2020-04-01 $90,000 (-21.6%) $124,666 (-13.6%) 0.00 27
    2020-05-01 $92,500 (-19.8%) $146,371 (-4.5%) 0.00 27
    2020-06-01 $146,250 (33.3%) $165,389 (10.4%) 0.00 27
    2020-07-01 $147,250 (12.4%) $168,154 (12.3%) 0.00 28
    2020-08-01 $173,900 (34.4%) $191,244 (29.1%) 0.00 30
    2020-09-01 $175,000 (43.0%) $198,728 (36.6%) 0.00 27
    2020-10-01 $162,500 (46.6%) $187,103 (30.7%) 0.00 28
    2020-11-01 $166,975 (65.3%) $179,197 (50.3%) 0.00 26
    2020-12-01 $167,225 (85.8%) $189,075 (59.8%) 0.00 22
    2021-01-01 $174,950 (94.4%) $193,022 (67.7%) 0.00 19
    2021-02-01 $187,000 (134.6%) $200,506 (109.6%) 0.00 17
    2021-03-01 $193,625 (115.1%) $201,370 (77.8%) 0.00 16
    2021-04-01 $246,000 (173.3%) $235,097 (88.6%) 0.00 16
    2021-05-01 $240,000 (159.5%) $226,720 (54.9%) 0.00 12
    2021-06-01 $168,500 (15.2%) $174,675 (5.6%) 0.00 12
    2021-07-01 $124,900 (-15.2%) $120,189 (-28.5%) 0.00 9
    2021-08-01 $111,250 (-36.0%) $136,138 (-28.8%) 0.00 13
    2021-09-01 $162,250 (-7.3%) $173,385 (-12.8%) 0.00 15
    2021-10-01 $150,000 (-7.7%) $194,013 (3.7%) 0.00 21
    2021-11-01 $148,725 (-10.9%) $196,323 (9.6%) 0.00 23
    2021-12-01 $155,000 (-7.3%) $194,688 (3.0%) 0.00 21
    2022-01-01 $169,900 (-2.9%) $226,876 (17.5%) 0.00 17
    2022-02-01 $189,750 (1.5%) $241,412 (20.4%) 0.00 15
    2022-03-01 $186,750 (-3.6%) $223,173 (10.8%) 0.00 17
    2022-04-01 $215,000 (-12.6%) $227,021 (-3.4%) 0.00 15
    2022-05-01 $211,425 (-11.9%) $232,146 (2.4%) 0.00 14
    2022-06-01 $212,450 (26.1%) $206,424 (18.2%) 0.00 18
    2022-07-01 $236,000 (89.0%) $262,492 (118.4%) 0.00 21
    2022-08-01 $225,750 (102.9%) $247,620 (81.9%) 0.00 25
    2022-09-01 $234,750 (44.7%) $241,716 (39.4%) 0.00 23
    2022-10-01 $247,000 (64.7%) $245,271 (26.4%) 0.00 26
    2022-11-01 $228,000 (53.3%) $239,053 (21.8%) 0.00 28
    2022-12-01 $228,000 (47.1%) $233,309 (19.8%) 0.00 30
    2023-01-01 $228,000 (34.2%) $236,075 (4.1%) 0.00 28
    2023-02-01 $226,000 (19.1%) $235,588 (-2.4%) 0.00 30
    Storm Lake's median listing price for 2023-02-01 was $226,000, a difference of $36,250 (19.1%) versus the prior year and $-2,000 versus the prior month.

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

    Storm Lake's average listing price for 2023-02-01 was $235,588, a difference of $-5,824 (-2.4%) versus the prior year and $-487 versus the prior month.

    For the 2023-02-01 period, Storm Lake had 30 MLS listings, a difference of 2 listings (7%) versus the prior month and 15 listings (100%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Storm Lake (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,699 sqft
    2018-02-01 0 days 1,644 sqft
    2018-03-01 0 days 1,587 sqft
    2018-04-01 0 days 1,655 sqft
    2018-05-01 0 days 1,722 sqft
    2018-06-01 0 days 1,715 sqft
    2018-07-01 0 days 1,859 sqft
    2018-08-01 0 days 1,771 sqft
    2018-09-01 0 days 1,776 sqft
    2018-10-01 0 days 1,541 sqft
    2018-11-01 0 days 1,573 sqft
    2018-12-01 0 days 1,476 sqft
    2019-01-01 0 days 1,478 sqft
    2019-02-01 0 days 1,573 sqft
    2019-03-01 0 days 1,683 sqft
    2019-04-01 0 days 1,652 sqft
    2019-05-01 0 days 1,503 sqft
    2019-06-01 0 days 1,512 sqft
    2019-07-01 0 days 1,644 sqft
    2019-08-01 0 days 1,657 sqft
    2019-09-01 0 days 1,671 sqft
    2019-10-01 0 days 1,680 sqft
    2019-11-01 0 days 1,497 sqft
    2019-12-01 0 days 1,435 sqft
    2020-01-01 0 days 1,642 sqft
    2020-02-01 0 days 1,296 sqft
    2020-03-01 0 days 1,364 sqft
    2020-04-01 0 days 1,308 sqft
    2020-05-01 0 days 1,572 sqft
    2020-06-01 0 days 1,882 sqft
    2020-07-01 0 days 1,933 sqft
    2020-08-01 0 days 2,143 sqft
    2020-09-01 0 days 2,152 sqft
    2020-10-01 0 days 2,122 sqft
    2020-11-01 0 days 2,087 sqft
    2020-12-01 0 days 2,026 sqft
    2021-01-01 0 days 2,006 sqft
    2021-02-01 0 days 1,985 sqft
    2021-03-01 0 days 2,085 sqft
    2021-04-01 0 days 2,091 sqft
    2021-05-01 0 days 2,100 sqft
    2021-06-01 0 days 2,041 sqft
    2021-07-01 0 days 1,573 sqft
    2021-08-01 0 days 1,611 sqft
    2021-09-01 0 days 1,818 sqft
    2021-10-01 0 days 1,600 sqft
    2021-11-01 0 days 1,588 sqft
    2021-12-01 0 days 1,618 sqft
    2022-01-01 0 days 1,593 sqft
    2022-02-01 0 days 1,640 sqft
    2022-03-01 0 days 1,697 sqft
    2022-04-01 0 days 1,356 sqft
    2022-05-01 0 days 1,374 sqft
    2022-06-01 0 days 1,299 sqft
    2022-07-01 0 days 1,299 sqft
    2022-08-01 0 days 1,387 sqft
    2022-09-01 0 days 1,696 sqft
    2022-10-01 0 days 1,765 sqft
    2022-11-01 0 days 1,781 sqft
    2022-12-01 0 days 1,757 sqft
    2023-01-01 0 days 1,780 sqft
    2023-02-01 0 days 1,588 sqft
    Storm Lake's median listing age (time on market) for 2023-02-01 was 0 days.

    Storm Lake's median square footage for active listings during the 2023-02-01 period was 1,588 sqft. One year prior, the average listing was 1,640 sqft.

    Storm Lake, IA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 244 $42,060,000 $172,377
    Refi 126 $16,140,000 $128,095
    Cash Out Refi 62 $7,490,000 $120,806
    Home Improvement 14 $520,000 $37,143
    Other 13 $625,000 $48,077

    Storm Lake's most frequently cited loan purpose was Home Purchase, with 244 originations. The 2nd most popular reason was Refi, with 126 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    3-4% 187 $32,555,000 $174,091
    2.5-3% 125 $18,665,000 $149,320
    <2.5% 92 $11,010,000 $119,674
    4-5% 43 $3,615,000 $84,070
    5-6% 6 $720,000 $120,000
    6-7% 2 $50,000 $25,000
    7-8% 1 $25,000 $25,000
    Over 8% 1 $35,000 $35,000

    During 2021, Storm Lake's most frequently originated rate bucket was 3-4%, with 187 originations.

    Loan Sizing (Storm Lake, IA MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 213 $31,045,000 $145,751
    $100,000 or less 176 $11,060,000 $62,841
    $200k-400k 61 $15,445,000 $253,197
    $400k-600k 7 $3,325,000 $475,000
    $Over $1MM 2 $5,960,000 $2,980,000

    Storm Lake's loan sizing saw the bucket of loans from $100k-200k with 213 originations, totaling $31,045,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 199 $30,975,000 $155,653
    60-80% 147 $24,245,000 $164,932
    40-60% 49 $5,265,000 $107,449
    Under 20% 28 $710,000 $25,357
    20-40% 19 $1,465,000 $77,105
    Over 100% 4 $1,100,000 $275,000

    Storm Lake's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 199 originations, totaling $30,975,000 in origination value.