Storm Lake Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Storm Lake averaged
6.49%
for the week of 2025-06-18, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2025-06-12) was
6.52% and
one month ago for the week of 2025-05-15, the
average rate was 6.59%.
Storm Lake's average rate one year ago was 6.53%.
For refis of the same type during the week of 2025-06-18, the average rate
was 6.71%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Storm Lake 30 Year Fixed Rate | 2025-06-18 | 6.49% |
| Storm Lake 30 Year Fixed Rate Refi | 2025-06-18 | 6.71% |
| Storm Lake 15 Year Fixed Rate | 2025-06-18 | 5.96% |
| Storm Lake 15 Year Fixed Rate Refi | 2025-06-18 | 6.46% |
| Storm Lake 30 Year FHA | 2025-06-18 | 0% |
| Storm Lake 30 Year FHA Refi | 2025-06-18 | 0% |
| Storm Lake 30 Year USDA | 2025-06-18 | -0.2% |
| Storm Lake 30 Year USDA Refi | 2025-06-18 | 0.1% |
| Storm Lake 30 Year VA | 2025-06-18 | 0.1% |
| Storm Lake 30 Year VA Refi | 2025-06-18 | 0% |
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 | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
|---|---|---|---|
| Central Bank | 66 | 6.29% | $4,001 |
| United Bank of Iowa | 12 | 7.06% | $2,897 |
| QUICKEN LOANS, LLC | 4 | 7.19% | $5,837 |
| Northwest Bank | 4 | 6.97% | $3,000 |
| Farm Credit Mid-America, ACA | 3 | 7.58% | $6,221 |
| U.S. Bank | 2 | 7.00% | $2,142 |
| BROKER SOLUTIONS, INC. | 2 | 7.00% | $4,518 |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | 1 | 7.63% | $3,424 |
| IOWA BANKERS MORTGAGE CORPORATION | 1 | 6.25% | $2,439 |
| LAND HOME FINANCIAL SERVICES, INC. | 1 | 6.88% | $3,295 |
| Lincoln Savings Bank | 1 | 6.25% | $2,537 |
| PHH Mortgage Corporation | 1 | 7.38% | $4,165 |
| SUCCESS MORTGAGE PARTNERS, INC. | 1 | 6.63% | $5,049 |
| AMERISAVE MORTGAGE CORPORATION | 1 | 6.88% | $8,441 |
| V.I.P. MORTGAGE, INC. | 1 | 6.99% | $3,294 |
| Bankers' Bank | 1 | 6.50% | $2,338 |
| Bank Iowa | 1 | 6.88% | $3,089 |
| Bell Bank | 1 | 6.99% | $2,638 |
| Flanagan State Bank | 1 | 7.13% | $7,977 |
| GREENSTATE CREDIT UNION | 1 | 6.63% | $2,701 |
| GUILD MORTGAGE COMPANY | 1 | 6.50% | $2,893 |
Storm Lake Average Closing Costs & Other Stats
Storm Lake, IA's 21 lenders originated 248
loans during 2024. The total origination value was $54,210,000, with an average loan value of
$218,589.
Storm Lake's average closing costs are $3,934.
The top Storm Lake lender as defined by loan originations is Central Bank, with
66 loans originated. Their average total fees are
$4,001, which is $1,104
higher than the next largest lender,
United Bank of Iowa.
The lowest fee Storm Lake lenders (with over 10 loans originated) are
United Bank of Iowa ($2,897), Central Bank ($4,001), .
The lowest rate Storm Lake lenders (with over 10 loans originated) are
Central Bank (6.29%), United Bank of Iowa (7.06%), .
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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| Central Bank | $13,095,000 | $19,970,000 | 52.5% | 36.8% |
| Community State Bank | $9,035,000 | n/a | 16.7% | |
| United Bank of Iowa | $6,520,000 | $3,025,000 | -53.6% | 5.6% |
| American State Bank | $215,000 | $2,485,000 | 1,055.8% | 4.6% |
| Lincoln Savings Bank | $1,985,000 | n/a | 3.7% | |
| Northwest Bank | $2,370,000 | $1,625,000 | -31.4% | 3.0% |
| BROKER SOLUTIONS, INC. | $180,000 | $1,220,000 | 577.8% | 2.3% |
| Flanagan State Bank | $1,340,000 | $1,105,000 | -17.5% | 2.0% |
| QUICKEN LOANS, LLC | $2,065,000 | $960,000 | -53.5% | 1.8% |
| Farm Credit Mid-America, ACA | $620,000 | n/a | 1.1% | |
| U.S. Bank | $145,000 | $575,000 | 296.6% | 1.1% |
| Mortgage Research Center, LLC | $325,000 | $565,000 | 73.8% | 1.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $275,000 | $510,000 | 85.5% | 0.9% |
| Bank Iowa | $145,000 | $410,000 | 182.8% | 0.8% |
| V.I.P. MORTGAGE, INC. | $125,000 | $390,000 | 212.0% | 0.7% |
| CHARTER WEST BANK | $195,000 | $370,000 | 89.7% | 0.7% |
| AmeriHome Mortgage Company, LLC | $365,000 | n/a | 0.7% | |
| Bankers' Bank | $330,000 | $360,000 | 9.1% | 0.7% |
| IOWA BANKERS MORTGAGE CORPORATION | $205,000 | $360,000 | 75.6% | 0.7% |
| AMERISAVE MORTGAGE CORPORATION | $240,000 | $330,000 | 37.5% | 0.6% |
| GUARANTEED RATE, INC. | $330,000 | n/a | 0.6% | |
| Barrington Bank & Trust Company, N.A. | $245,000 | $325,000 | 32.7% | 0.6% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $300,000 | $305,000 | 1.7% | 0.6% |
| Primebank | $305,000 | n/a | 0.6% | |
| DIGITAL Federal Credit Union | $280,000 | n/a | 0.5% | |
| LAND HOME FINANCIAL SERVICES, INC. | $280,000 | n/a | 0.5% | |
| NAVY FEDERAL CREDIT UNION | $345,000 | $280,000 | -18.8% | 0.5% |
| Great Southern Bank | $275,000 | n/a | 0.5% | |
| NBKC BANK | $275,000 | n/a | 0.5% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $195,000 | $265,000 | 35.9% | 0.5% |
| Paramount Residential Mortgage Group, Inc. | $255,000 | n/a | 0.5% | |
| GUILD MORTGAGE COMPANY | $65,000 | $215,000 | 230.8% | 0.4% |
| RESIDENTIAL BANCORP | $215,000 | n/a | 0.4% | |
| SUCCESS MORTGAGE PARTNERS, INC. | $165,000 | n/a | 0.3% | |
| GREENSTATE CREDIT UNION | $475,000 | $160,000 | -66.3% | 0.3% |
| Bell Bank | $155,000 | n/a | 0.3% | |
| PHH Mortgage Corporation | $125,000 | n/a | 0.2% | |
| BankFirst | $115,000 | n/a | 0.2% | |
| Mr. Cooper ( Nationstar Mortgage ) | $905,000 | $115,000 | -87.3% | 0.2% |
| FIRST | $65,000 | n/a | 0.1% | |
| MEMBERS1st Community Credit Union | $65,000 | n/a | 0.1% | |
| Coastal Community Bank | $80,000 | $45,000 | -43.8% | 0.1% |
Storm Lake's top lender by overall market share is Central Bank, with 36.8% market share. In second place, with 16.7%, is Community State Bank, having originated $9,035,000 in loans. In third place, with 5.6%, is United Bank of Iowa, having originated $3,025,000 in loans. In fourth place, with 4.6%, is American State Bank, having originated $2,485,000 in loans. In fifth place, with 3.7%, is Lincoln Savings Bank, having originated $1,985,000 in loans.
Storm Lake, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 166 | $42,440,000 | $255,663 |
| Home Improvement | 21 | $1,235,000 | $58,810 |
| Cash Out Refi | 21 | $4,915,000 | $234,048 |
| Other | 20 | $1,050,000 | $52,500 |
| Refi | 20 | $4,570,000 | $228,500 |
Storm Lake's most frequently cited loan purpose was Home Purchase, with 166 originations. The 2nd most popular reason was Home Improvement, with 21 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 97 | $17,685,000 | $182,320 |
| 7-8% | 53 | $8,025,000 | $151,415 |
| Over 8% | 45 | $4,855,000 | $107,889 |
| 5-6% | 36 | $7,750,000 | $215,278 |
| <2.5% | 6 | $40,000 | $6,667 |
| 4-5% | 3 | $585,000 | $195,000 |
During 2024, Storm Lake's most frequently originated rate bucket was 6-7%, with 97 originations.
Loan Sizing (Storm Lake, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 105 | $15,165,000 | $144,429 |
| $100,000 or less | 78 | $3,970,000 | $50,897 |
| $200k-400k | 54 | $14,090,000 | $260,926 |
| $Over $1MM | 5 | $17,615,000 | $3,523,000 |
| $400k-600k | 4 | $1,960,000 | $490,000 |
| $600k-1000k | 2 | $1,410,000 | $705,000 |
Storm Lake's loan sizing saw the bucket of loans from $100k-200k with 105 originations, totaling $15,165,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 118 | $24,770,000 | $209,915 |
| 60-80% | 42 | $6,200,000 | $147,619 |
| 20-40% | 33 | $3,735,000 | $113,182 |
| Under 20% | 26 | $1,250,000 | $48,077 |
| 40-60% | 20 | $2,770,000 | $138,500 |
| Over 100% | 1 | $215,000 | $215,000 |
Storm Lake's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 118 originations, totaling $24,770,000 in origination value.