Storm Lake Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Storm Lake averaged 6.44% for the week of 2024-11-14, compared to the national average of 6.78% for the same period.

    The average rate for the prior week (2024-11-07) was 6.55% and one month ago for the week of 2024-10-10, the average rate was 6.08%.

    Storm Lake's average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-11-14, the average rate was 6.68%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-11-14 6.78%
    Storm Lake 30 Year Fixed Rate 2024-11-14 6.44%
    Storm Lake 30 Year Fixed Rate Refi 2024-11-14 6.68%
    Storm Lake 15 Year Fixed Rate 2024-11-14 5.89%
    Storm Lake 15 Year Fixed Rate Refi 2024-11-14 6.39%
    Storm Lake 30 Year FHA 2024-11-14 0.1%
    Storm Lake 30 Year FHA Refi 2024-11-14 0.1%
    Storm Lake 30 Year USDA 2024-11-14 -0.2%
    Storm Lake 30 Year USDA Refi 2024-11-14 -0.2%
    Storm Lake 30 Year VA 2024-11-14 -0.1%
    Storm Lake 30 Year VA Refi 2024-11-14 -0.1%
    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Central Bank 50 6.30% $3,719
    United Bank of Iowa 19 7.13% $3,359
    Northwest Bank 8 6.53% $3,777
    QUICKEN LOANS, LLC 4 6.87% $7,229
    Flanagan State Bank 3 6.67% $4,181
    Bankers' Bank 2 7.06% $3,488
    LOANDEPOT.COM, LLC 1 7.63% $3,053
    Mortgage Research Center, LLC 1 7.38% $12,913
    Mr. Cooper ( Nationstar Mortgage ) 1 6.99% $13,239
    SOUTHWEST STAGE FUNDING, LLC 1 6.38% $4,864
    U.S. Bank 1 6.63% $2,518
    VERIDIAN CREDIT UNION 1 6.25% $1,950
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $5,667
    Wells Fargo Bank 1 7.25% $2,678
    CARDINAL FINANCIAL 1 5.75% $4,569
    GREENSTATE CREDIT UNION 1 6.88% $2,069
    GUILD MORTGAGE COMPANY 1 7.25% $4,929
    IOWA BANKERS MORTGAGE CORPORATION 1 6.63% $1,653
    JPMorgan Chase Bank 1 6.49% $2,802

    Storm Lake Average Closing Costs & Other Stats

    Storm Lake, IA's 19 lenders originated 239 loans during 2023. The total origination value was $37,095,000, with an average loan value of $155,209.

    Storm Lake's average closing costs are $3,814.

    The top Storm Lake lender as defined by loan originations is Central Bank, with 50 loans originated. Their average total fees are $3,719, which is $360 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 ($3,359), Central Bank ($3,719), .

    The lowest rate Storm Lake lenders (with over 10 loans originated) are Central Bank (6.30%), United Bank of Iowa (7.13%), .

    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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    Central Bank $18,415,000 $13,095,000 -28.9% 35.3%
    United Bank of Iowa $6,905,000 $6,520,000 -5.6% 17.6%
    Northwest Bank $895,000 $2,370,000 164.8% 6.4%
    QUICKEN LOANS, LLC $1,670,000 $2,065,000 23.7% 5.6%
    Barings Multifamily Capital $2,055,000 n/a 5.5%
    Flanagan State Bank $1,600,000 $1,340,000 -16.3% 3.6%
    Mr. Cooper ( Nationstar Mortgage ) $280,000 $905,000 223.2% 2.4%
    Bank Midwest $205,000 $690,000 236.6% 1.9%
    GREENSTATE CREDIT UNION $215,000 $475,000 120.9% 1.3%
    NAVY FEDERAL CREDIT UNION $345,000 n/a 0.9%
    Bankers' Bank $205,000 $330,000 61.0% 0.9%
    Mortgage Research Center, LLC $935,000 $325,000 -65.2% 0.9%
    SOUTHWEST STAGE FUNDING, LLC $320,000 n/a 0.9%
    HOMEOWNERS FINANCIAL GROUP USA, LLC $300,000 n/a 0.8%
    The Union State Bank of Everest $275,000 n/a 0.7%
    UNITED WHOLESALE MORTGAGE, LLC $135,000 $275,000 103.7% 0.7%
    VERIDIAN CREDIT UNION $250,000 $250,000 0.0% 0.7%
    Barrington Bank & Trust Company, N.A. $245,000 n/a 0.7%
    AMERISAVE MORTGAGE CORPORATION $370,000 $240,000 -35.1% 0.6%
    Wells Fargo Bank $340,000 $230,000 -32.4% 0.6%
    American State Bank $2,010,000 $215,000 -89.3% 0.6%
    PENNYMAC LOAN SERVICES, LLC $215,000 n/a 0.6%
    Bethpage Federal Credit Union $205,000 n/a 0.6%
    IOWA BANKERS MORTGAGE CORPORATION $655,000 $205,000 -68.7% 0.6%
    LOANDEPOT.COM, LLC $275,000 $205,000 -25.5% 0.6%
    CHARTER WEST BANK $195,000 n/a 0.5%
    MUTUAL OF OMAHA MORTGAGE, INC. $155,000 $195,000 25.8% 0.5%
    Heritage Bank $845,000 $190,000 -77.5% 0.5%
    AMERICAN PACIFIC MORTGAGE CORPORATION $135,000 $185,000 37.0% 0.5%
    BROKER SOLUTIONS, INC. $180,000 n/a 0.5%
    CARDINAL FINANCIAL $175,000 n/a 0.5%
    JPMorgan Chase Bank $65,000 $175,000 169.2% 0.5%
    ROYAL UNITED MORTGAGE LLC $170,000 n/a 0.5%
    GNB Bank $155,000 n/a 0.4%
    Bank Iowa $145,000 n/a 0.4%
    U.S. Bank $360,000 $145,000 -59.7% 0.4%
    Plains Commerce Bank $240,000 $135,000 -43.8% 0.4%
    V.I.P. MORTGAGE, INC. $125,000 n/a 0.3%
    Flagstar Bank, FSB $185,000 $105,000 -43.2% 0.3%
    Neighborhood Loans, Inc. $105,000 n/a 0.3%
    Carrington Mortgage Services, LLC $75,000 $85,000 13.3% 0.2%
    The Security National Bank of Sioux City, Iowa $85,000 n/a 0.2%
    Coastal Community Bank $80,000 n/a 0.2%
    GUILD MORTGAGE COMPANY $280,000 $65,000 -76.8% 0.2%
    Servion, Inc. $55,000 n/a 0.1%
    Ames National Corporation/Reliance State Bank $35,000 n/a 0.1%
    HOMEBRIDGE FINANCIAL SERVICES, INC. $35,000 n/a 0.1%

    Storm Lake's top lender by overall market share is Central Bank, with 35.3% market share. In second place, with 17.6%, is United Bank of Iowa, having originated $6,520,000 in loans. In third place, with 6.4%, is Northwest Bank, having originated $2,370,000 in loans. In fourth place, with 5.6%, is QUICKEN LOANS, LLC, having originated $2,065,000 in loans. In fifth place, with 5.5%, is Barings Multifamily Capital, having originated $2,055,000 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 $120,371 (-18.9%) $142,162 (-12.5%) 0.00 32
    2019-04-01 $114,446 (-14.5%) $142,698 (-3.8%) 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 (-25.2%) $113,238 (-20.4%) 0.00 27
    2020-04-01 $90,000 (-21.4%) $124,666 (-12.6%) 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
    2023-03-01 $223,500 (19.7%) $232,152 (4.0%) 0.00 29
    2023-04-01 $228,000 (6.1%) $238,148 (4.9%) 0.00 27
    2023-05-01 $260,250 (23.1%) $288,685 (24.4%) 0.00 25
    2023-06-01 $280,750 (32.2%) $301,076 (45.9%) 0.00 29
    2023-07-01 $271,000 (14.8%) $256,316 (-2.4%) 0.00 28
    2023-08-01 $271,000 (20.0%) $252,166 (1.8%) 0.00 32
    2023-09-01 $267,000 (13.7%) $253,506 (4.9%) 0.00 33
    2023-10-01 $249,375 (1.0%) $242,836 (-1.0%) 0.00 30
    2023-11-01 $234,500 (2.9%) $240,365 (0.6%) 0.00 32
    2023-12-01 $228,000 (0.0%) $228,680 (-2.0%) 0.00 27
    2024-01-01 $235,250 (3.2%) $231,327 (-2.0%) 0.00 25
    2024-02-01 $235,250 (4.1%) $229,794 (-2.5%) 0.00 25
    2024-03-01 $235,000 (5.2%) $245,262 (5.7%) 0.00 30
    2024-04-01 $226,475 (-0.7%) $246,398 (3.5%) 0.00 33
    2024-05-01 $236,000 (-9.3%) $254,708 (-11.8%) 0.00 40
    2024-06-01 $249,500 (-11.1%) $265,360 (-11.9%) 0.00 40
    2024-07-01 $234,500 (-13.5%) $243,329 (-5.1%) 0.00 37
    2024-08-01 $214,000 (-21.0%) $254,323 (0.9%) 0.00 44
    2024-09-01 $211,500 (-20.8%) $272,189 (7.4%) 0.00 38
    2024-10-01 $234,500 (-6.0%) $293,604 (20.9%) 0.00 37
    Storm Lake's median listing price for 2024-10-01 was $234,500, a difference of $-14,875 (-6.0%) versus the prior year and $23,000 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 2024-10-01 was $293,604, a difference of $50,768 (20.9%) versus the prior year and $21,415 versus the prior month.

    For the 2024-10-01 period, Storm Lake had 37 MLS listings, a difference of -1 listings (-3%) versus the prior month and 7 listings (23%) 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 1,670 sqft
    2019-04-01 0 days 1,639 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
    2023-03-01 0 days 1,587 sqft
    2023-04-01 0 days 1,786 sqft
    2023-05-01 0 days 1,837 sqft
    2023-06-01 0 days 1,864 sqft
    2023-07-01 0 days 1,907 sqft
    2023-08-01 0 days 1,982 sqft
    2023-09-01 0 days 1,860 sqft
    2023-10-01 0 days 2,069 sqft
    2023-11-01 0 days 2,032 sqft
    2023-12-01 0 days 1,824 sqft
    2024-01-01 0 days 1,700 sqft
    2024-02-01 0 days 1,602 sqft
    2024-03-01 0 days 1,636 sqft
    2024-04-01 0 days 1,568 sqft
    2024-05-01 0 days 1,649 sqft
    2024-06-01 0 days 1,749 sqft
    2024-07-01 0 days 1,672 sqft
    2024-08-01 0 days 1,581 sqft
    2024-09-01 0 days 1,600 sqft
    2024-10-01 0 days 1,691 sqft
    Storm Lake's median listing age (time on market) for 2024-10-01 was 0 days.

    Storm Lake's median square footage for active listings during the 2024-10-01 period was 1,691 sqft. One year prior, the average listing was 2,069 sqft.

    Storm Lake, IA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 154 $28,550,000 $185,390
    Cash Out Refi 30 $3,760,000 $125,333
    Home Improvement 23 $1,165,000 $50,652
    Other 16 $1,090,000 $68,125
    Refi 16 $2,530,000 $158,125

    Storm Lake's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 72 $11,140,000 $154,722
    7-8% 63 $8,915,000 $141,508
    5-6% 53 $12,315,000 $232,358
    Over 8% 38 $2,890,000 $76,053
    <2.5% 2 $10,000 $5,000
    4-5% 2 $120,000 $60,000

    During 2023, Storm Lake's most frequently originated rate bucket was 6-7%, with 72 originations.

    Loan Sizing (Storm Lake, IA MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 89 $13,215,000 $148,483
    $100,000 or less 88 $4,730,000 $53,750
    $200k-400k 54 $13,960,000 $258,519
    $400k-600k 7 $3,135,000 $447,857
    $Over $1MM 1 $2,055,000 $2,055,000

    Storm Lake's loan sizing saw the bucket of loans from $100k-200k with 89 originations, totaling $13,215,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 118 $21,440,000 $181,695
    60-80% 39 $7,895,000 $202,436
    Under 20% 30 $1,230,000 $41,000
    20-40% 21 $1,235,000 $58,810
    40-60% 20 $2,970,000 $148,500
    Over 100% 2 $620,000 $310,000

    Storm Lake's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 118 originations, totaling $21,440,000 in origination value.