Storm Lake Mortgage Rates

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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 5.67% for the week of 2022-06-30, compared to the national average of 5.7% for the same period.

    The average rate for the prior week (2022-06-23) was 5.98% and one month ago for the week of 2022-05-26, the average rate was 5.07%.

    Storm Lake's average rate one year ago was 3.3%.

    For refis of the same type during the week of 2022-06-30, the average rate was 5.57%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2022-06-30 5.7%
    Storm Lake 30 Year Fixed Rate 2022-06-30 5.67%
    Storm Lake 30 Year Fixed Rate Refi 2022-06-30 5.57%
    Storm Lake 15 Year Fixed Rate 2022-06-30 5.59%
    Storm Lake 15 Year Fixed Rate Refi 2022-06-30 4.85%
    Storm Lake 30 Year FHA 2022-06-30 5.8%
    Storm Lake 30 Year FHA Refi 2022-06-30 5.85%
    Storm Lake 30 Year USDA 2022-06-30 5.7%
    Storm Lake 30 Year VA 2022-06-30 5.88%
    Storm Lake 30 Year VA Refi 2022-06-30 5.52%
    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 lendor, 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. Total Fees
    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, 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.

    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 Lender 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 third place, with 5.0%, is Northwest Bank, having originated $3,310,000 in loans. In third place, with 4.4%, is Flanagan State Bank, having originated $2,910,000 in loans.

    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.

    Market Conditions (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 $152,475 (30.0%) $172,484 (35.9%) 0.00 31
    2018-02-01 $155,000 (44.9%) $173,924 (41.5%) 0.00 31
    2018-03-01 $149,900 (51.6%) $162,428 (24.3%) 0.00 32
    2018-04-01 $133,950 (41.0%) $148,260 (-6.7%) 0.00 31
    2018-05-01 $110,450 (-3.7%) $140,968 (0.6%) 0.00 27
    2018-06-01 $119,900 (34.3%) $149,152 (30.5%) 0.00 26
    2018-07-01 $133,250 (16.4%) $167,993 (14.7%) 0.00 27
    2018-08-01 $131,200 (-0.8%) $163,703 (-6.2%) 0.00 30
    2018-09-01 $127,900 (-10.5%) $155,341 (-14.1%) 0.00 31
    2018-10-01 $119,000 (-14.7%) $133,368 (-24.6%) 0.00 41
    2018-11-01 $112,250 (-8.7%) $133,374 (-16.7%) 0.00 40
    2018-12-01 $117,500 (-16.0%) $131,986 (-20.5%) 0.00 35
    2019-01-01 $119,000 (-22.0%) $134,891 (-21.8%) 0.00 32
    2019-02-01 $118,200 (-23.7%) $133,234 (-23.4%) 0.00 33
    2019-03-01 $120,071 (-19.9%) $138,606 (-14.7%) 0.00 31
    2019-04-01 $117,821 (-12.0%) $139,950 (-5.6%) 0.00 31
    2019-05-01 $117,500 (6.4%) $148,582 (5.4%) 0.00 37
    2019-06-01 $112,500 (-6.2%) $146,634 (-1.7%) 0.00 36
    2019-07-01 $127,250 (-4.5%) $143,985 (-14.3%) 0.00 34
    2019-08-01 $125,643 (-4.2%) $142,265 (-13.1%) 0.00 32
    2019-09-01 $116,500 (-8.9%) $139,341 (-10.3%) 0.00 31
    2019-10-01 $102,000 (-14.3%) $136,733 (2.5%) 0.00 29
    2019-11-01 $90,000 (-19.8%) $117,862 (-11.6%) 0.00 25
    2019-12-01 $90,000 (-23.4%) $115,093 (-12.8%) 0.00 20
    2020-01-01 $90,000 (-24.4%) $109,238 (-19.0%) 0.00 20
    2020-02-01 $74,900 (-36.6%) $92,854 (-30.3%) 0.00 26
    2020-03-01 $90,000 (-25.0%) $110,997 (-19.9%) 0.00 27
    2020-04-01 $90,000 (-23.6%) $120,896 (-13.6%) 0.00 27
    2020-05-01 $90,000 (-23.4%) $137,261 (-7.6%) 0.00 27
    2020-06-01 $127,000 (12.9%) $156,882 (7.0%) 0.00 26
    2020-07-01 $133,950 (5.3%) $212,111 (47.3%) 0.00 28
    2020-08-01 $175,000 (39.3%) $230,713 (62.2%) 0.00 31
    2020-09-01 $175,000 (50.2%) $249,972 (79.4%) 0.00 29
    2020-10-01 $165,000 (61.8%) $232,773 (70.2%) 0.00 29
    2020-11-01 $169,450 (88.3%) $231,653 (96.6%) 0.00 26
    2020-12-01 $169,450 (88.3%) $255,064 (121.6%) 0.00 23
    2021-01-01 $190,000 (111.1%) $258,729 (136.9%) 0.00 20
    2021-02-01 $190,000 (153.7%) $274,843 (196.0%) 0.00 18
    2021-03-01 $200,000 (122.2%) $274,976 (147.7%) 0.00 17
    2021-04-01 $246,000 (173.3%) $304,466 (151.8%) 0.00 18
    2021-05-01 $246,000 (173.3%) $325,371 (137.1%) 0.00 16
    2021-06-01 $217,000 (70.9%) $283,252 (80.6%) 0.00 18
    2021-07-01 $215,000 (60.5%) $240,291 (13.3%) 0.00 15
    2021-08-01 $162,000 (-7.4%) $167,307 (-27.5%) 0.00 18
    2021-09-01 $194,500 (11.1%) $187,407 (-25.0%) 0.00 20
    2021-10-01 $199,000 (20.6%) $203,132 (-12.7%) 0.00 24
    2021-11-01 $184,900 (9.1%) $204,824 (-11.6%) 0.00 27
    2021-12-01 $199,000 (17.4%) $204,632 (-19.8%) 0.00 25
    2022-01-01 $215,000 (13.2%) $229,417 (-11.3%) 0.00 23
    2022-02-01 $225,000 (18.4%) $247,877 (-9.8%) 0.00 21
    2022-03-01 $215,000 (7.5%) $229,918 (-16.4%) 0.00 21
    2022-04-01 $215,000 (-12.6%) $227,021 (-25.4%) 0.00 15
    2022-05-01 $215,000 (-12.6%) $232,146 (-28.7%) 0.00 13
    2022-06-01 $212,450 (-2.1%) $202,310 (-28.6%) 0.00 18
    Storm Lake's median listing price for 2022-06-01 was $212,450, a difference of $-4,550 (-2.1%) versus the prior year and $-2,550 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 2022-06-01 was $202,310, a difference of $-80,942 (-28.6%) versus the prior year and $-29,836 versus the prior month.

    For the 2022-06-01 period, Storm Lake had 18 MLS listings, a difference of 5 listings (38%) versus the prior month and 0 listings (0%) 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 1,681 sqft
    2018-02-01 0 days 1,644 sqft
    2018-03-01 0 days 1,592 sqft
    2018-04-01 0 days 1,656 sqft
    2018-05-01 0 days 1,722 sqft
    2018-06-01 0 days 1,653 sqft
    2018-07-01 0 days 1,911 sqft
    2018-08-01 0 days 1,840 sqft
    2018-09-01 0 days 1,807 sqft
    2018-10-01 0 days 1,568 sqft
    2018-11-01 0 days 1,577 sqft
    2018-12-01 0 days 1,474 sqft
    2019-01-01 0 days 1,478 sqft
    2019-02-01 0 days 1,563 sqft
    2019-03-01 0 days 1,671 sqft
    2019-04-01 0 days 1,651 sqft
    2019-05-01 0 days 1,512 sqft
    2019-06-01 0 days 1,512 sqft
    2019-07-01 0 days 1,632 sqft
    2019-08-01 0 days 1,594 sqft
    2019-09-01 0 days 1,602 sqft
    2019-10-01 0 days 1,694 sqft
    2019-11-01 0 days 1,639 sqft
    2019-12-01 0 days 1,345 sqft
    2020-01-01 0 days 1,628 sqft
    2020-02-01 0 days 1,296 sqft
    2020-03-01 0 days 1,296 sqft
    2020-04-01 0 days 1,296 sqft
    2020-05-01 0 days 1,620 sqft
    2020-06-01 0 days 1,716 sqft
    2020-07-01 0 days 1,882 sqft
    2020-08-01 0 days 2,225 sqft
    2020-09-01 0 days 2,203 sqft
    2020-10-01 0 days 2,180 sqft
    2020-11-01 0 days 2,162 sqft
    2020-12-01 0 days 2,053 sqft
    2021-01-01 0 days 2,100 sqft
    2021-02-01 0 days 2,006 sqft
    2021-03-01 0 days 2,174 sqft
    2021-04-01 0 days 2,296 sqft
    2021-05-01 0 days 2,263 sqft
    2021-06-01 0 days 1,821 sqft
    2021-07-01 0 days 1,409 sqft
    2021-08-01 0 days 1,341 sqft
    2021-09-01 0 days 1,671 sqft
    2021-10-01 0 days 1,412 sqft
    2021-11-01 0 days 1,487 sqft
    2021-12-01 0 days 1,584 sqft
    2022-01-01 0 days 1,479 sqft
    2022-02-01 0 days 1,524 sqft
    2022-03-01 0 days 1,524 sqft
    2022-04-01 0 days 1,412 sqft
    2022-05-01 0 days 1,407 sqft
    2022-06-01 0 days 1,299 sqft
    Storm Lake's median listing age (time on market) for 2022-06-01 was 0 days.

    Storm Lake's median square footage for active listings during the 2022-06-01 period was 1,299 sqft. One year prior, the average listing was 1,821 sqft.