Storm Lake Mortgage Rates & Closing Costs
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% |
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.).
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. LouisDate | 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 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. LouisDate | 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 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.