Storm Lake Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Storm Lake averaged
6.56%
for the week of 2023-09-21, compared to the national average of
7.19% for the same period.
The average rate for the prior week (2023-09-14) was
6.65% and
one month ago for the week of 2023-08-17, the
average rate was 6.56%.
Storm Lake's average rate one year ago was 5.69%.
For refis of the same type during the week of 2023-09-21, the average rate
was 7.29%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2023-09-21 | 7.19% |
Storm Lake 30 Year Fixed Rate | 2023-09-21 | 6.56% |
Storm Lake 30 Year Fixed Rate Refi | 2023-09-21 | 7.29% |
Storm Lake 15 Year Fixed Rate | 2023-09-21 | 6.64% |
Storm Lake 15 Year Fixed Rate Refi | 2023-09-21 | 6.54% |
Storm Lake 30 Year FHA | 2023-09-21 | 7.24% |
Storm Lake 30 Year FHA Refi | 2023-09-21 | 6.84% |
Storm Lake 30 Year USDA | 2023-09-21 | 7.22% |
Storm Lake 30 Year USDA Refi | 2023-09-21 | 7.02% |
Storm Lake 30 Year VA | 2023-09-21 | 6.82% |
Storm Lake 30 Year VA Refi | 2023-09-21 | 6.82% |
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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
---|---|---|---|
Central Bank | 52 | 4.48% | $3,723 |
United Bank of Iowa | 19 | 5.44% | $3,203 |
Northwest Bank | 5 | 4.93% | $2,124 |
QUICKEN LOANS, LLC | 4 | 5.78% | $5,176 |
IOWA BANKERS MORTGAGE CORPORATION | 3 | 5.13% | $3,461 |
Bank of America | 2 | 4.50% | $2,799 |
Flagstar Bank, FSB | 1 | 5.75% | $2,741 |
GREENSTATE CREDIT UNION | 1 | 6.63% | $3,566 |
Heritage Bank | 1 | 3.50% | $7,368 |
JPMorgan Chase Bank | 1 | 3.99% | $3,161 |
LOANDEPOT.COM, LLC | 1 | 5.63% | $4,723 |
Mr. Cooper ( Nationstar Mortgage ) | 1 | 5.99% | $4,558 |
Plains Commerce Bank | 1 | 5.99% | $2,337 |
PREMIA MORTGAGE, LLC | 1 | 5.63% | $0 |
Primebank | 1 | 5.00% | $5,826 |
Truist | 1 | 4.99% | $7,740 |
UMB Bank | 1 | 3.50% | $2,160 |
U.S. Bank | 1 | 3.25% | $1,654 |
VERIDIAN CREDIT UNION | 1 | 4.88% | $1,723 |
AMERICAN PACIFIC MORTGAGE CORPORATION | 1 | 5.63% | $3,769 |
Wells Fargo Bank | 1 | 5.75% | $11,796 |
Arvest Bank | 1 | 6.88% | $2,016 |
Colonial Savings, F.A. | 1 | 4.50% | $3,771 |
DUPACO COMMUNITY | 1 | 6.00% | $1,904 |
EVERETT FINANCIAL, INC. | 1 | 4.38% | $1,483 |
Farm Credit Mid-America, ACA | 1 | 7.00% | $4,649 |
Storm Lake Average Closing Costs & Other Stats
Storm Lake, IA's 26 lenders originated 302
loans during 2022. The total origination value was $44,420,000, with an average loan value of
$147,086.
Storm Lake's average closing costs are $3,646.
The top Storm Lake lender as defined by loan originations is Central Bank, with
52 loans originated. Their average total fees are
$3,723, which is $521
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 ($3,203), Central Bank ($3,723), .
The lowest rate Storm Lake lenders (with over 10 loans originated) are
Central Bank (4.48%), United Bank of Iowa (5.44%), .
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
---|---|---|---|---|
Central Bank | $31,475,000 | $18,415,000 | -41.5% | 41.5% |
United Bank of Iowa | $7,085,000 | $6,905,000 | -2.5% | 15.5% |
American State Bank | $35,000 | $2,010,000 | 5,642.9% | 4.5% |
QUICKEN LOANS, LLC | $3,625,000 | $1,670,000 | -53.9% | 3.8% |
Flanagan State Bank | $2,910,000 | $1,600,000 | -45.0% | 3.6% |
21ST MORTGAGE CORPORATION | $965,000 | n/a | 2.2% | |
Mortgage Research Center, LLC | $500,000 | $935,000 | 87.0% | 2.1% |
Northwest Bank | $3,310,000 | $895,000 | -73.0% | 2.0% |
Heritage Bank | $1,540,000 | $845,000 | -45.1% | 1.9% |
IOWA BANKERS MORTGAGE CORPORATION | $1,590,000 | $655,000 | -58.8% | 1.5% |
Truist | $475,000 | n/a | 1.1% | |
Primebank | $405,000 | n/a | 0.9% | |
PREMIA MORTGAGE, LLC | $385,000 | n/a | 0.9% | |
AMERISAVE MORTGAGE CORPORATION | $200,000 | $370,000 | 85.0% | 0.8% |
Bank of America | $530,000 | $370,000 | -30.2% | 0.8% |
U.S. Bank | $930,000 | $360,000 | -61.3% | 0.8% |
Wells Fargo Bank | $1,375,000 | $340,000 | -75.3% | 0.8% |
FREEDOM MORTGAGE CORPORATION | $975,000 | $310,000 | -68.2% | 0.7% |
UMB Bank | $305,000 | n/a | 0.7% | |
USAA Federal Savings Bank | $475,000 | $305,000 | -35.8% | 0.7% |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $295,000 | n/a | 0.7% | |
GUILD MORTGAGE COMPANY | $280,000 | $280,000 | 0.0% | 0.6% |
Mr. Cooper ( Nationstar Mortgage ) | $160,000 | $280,000 | 75.0% | 0.6% |
LOANDEPOT.COM, LLC | $410,000 | $275,000 | -32.9% | 0.6% |
ALLIANT | $265,000 | n/a | 0.6% | |
VERIDIAN CREDIT UNION | $125,000 | $250,000 | 100.0% | 0.6% |
Peoples Bank | $55,000 | $245,000 | 345.5% | 0.6% |
Plains Commerce Bank | $240,000 | n/a | 0.5% | |
Colonial Savings, F.A. | $160,000 | $230,000 | 43.8% | 0.5% |
GERSHMAN INVESTMENT CORP. | $225,000 | n/a | 0.5% | |
GREENSTATE CREDIT UNION | $130,000 | $215,000 | 65.4% | 0.5% |
Bankers' Bank | $845,000 | $205,000 | -75.7% | 0.5% |
Bank Midwest | $205,000 | n/a | 0.5% | |
Bank of the West | $205,000 | n/a | 0.5% | |
Blue Ridge Bank | $185,000 | n/a | 0.4% | |
Financial Funding Solutions, Inc. | $185,000 | n/a | 0.4% | |
Flagstar Bank, FSB | $185,000 | n/a | 0.4% | |
Arvest Bank | $85,000 | $165,000 | 94.1% | 0.4% |
LAKEVIEW LOAN SERVICING, LLC | $160,000 | n/a | 0.4% | |
Farm Credit Mid-America, ACA | $965,000 | $155,000 | -83.9% | 0.3% |
MUTUAL OF OMAHA MORTGAGE, INC. | $155,000 | n/a | 0.3% | |
FRONTIER FINANCIAL, INC. | $145,000 | n/a | 0.3% | |
AMERICAN PACIFIC MORTGAGE CORPORATION | $135,000 | n/a | 0.3% | |
COMPASS MORTGAGE, INC. | $155,000 | $135,000 | -12.9% | 0.3% |
UNITED WHOLESALE MORTGAGE, LLC | $135,000 | n/a | 0.3% | |
EVERETT FINANCIAL, INC. | $115,000 | n/a | 0.3% | |
First Savings Bank | $105,000 | n/a | 0.2% | |
PENTAGON FEDERAL CREDIT UNION | $95,000 | n/a | 0.2% | |
PLANET HOME LENDING, LLC | $95,000 | n/a | 0.2% | |
Ally Bank | $85,000 | n/a | 0.2% | |
Carrington Mortgage Services, LLC | $210,000 | $75,000 | -64.3% | 0.2% |
DUPACO COMMUNITY | $65,000 | n/a | 0.1% | |
JPMorgan Chase Bank | $65,000 | n/a | 0.1% | |
Tradition Mortgage, LLC | $480,000 | $45,000 | -90.6% | 0.1% |
Storm Lake's top lender by overall market share is Central Bank, with 41.5% market share. In second place, with 15.5%, is United Bank of Iowa, having originated $6,905,000 in loans. In third place, with 4.5%, is American State Bank, having originated $2,010,000 in loans. In fourth place, with 3.8%, is QUICKEN LOANS, LLC, having originated $1,670,000 in loans. In fifth place, with 3.6%, is Flanagan State Bank, having originated $1,600,000 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 | $120,371 (-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 |
Storm Lake's median listing price comes in at 0% of the national average.
Storm Lake's average listing price for 2023-08-01 was $252,166, a difference of $4,546 (1.8%) versus the prior year and $-4,150 versus the prior month.
For the 2023-08-01 period, Storm Lake had 32 MLS listings, a difference of 4 listings (14%) versus the prior month and 7 listings (28%) 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 | 1,670 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 |
Storm Lake's median square footage for active listings during the 2023-08-01 period was 1,982 sqft. One year prior, the average listing was 1,387 sqft.
Storm Lake, IA Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 189 | $32,795,000 | $173,519 |
Cash Out Refi | 42 | $5,300,000 | $126,190 |
Refi | 30 | $3,150,000 | $105,000 |
Home Improvement | 25 | $1,625,000 | $65,000 |
Other | 16 | $1,550,000 | $96,875 |
Storm Lake's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Cash Out Refi, with 42 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 102 | $12,930,000 | $126,765 |
4-5% | 82 | $12,360,000 | $150,732 |
3-4% | 70 | $11,200,000 | $160,000 |
6-7% | 22 | $4,430,000 | $201,364 |
7-8% | 9 | $1,355,000 | $150,556 |
2.5-3% | 8 | $1,170,000 | $146,250 |
<2.5% | 4 | $240,000 | $60,000 |
Over 8% | 3 | $225,000 | $75,000 |
During 2022, Storm Lake's most frequently originated rate bucket was 5-6%, with 102 originations.
Loan Sizing (Storm Lake, IA MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 130 | $19,030,000 | $146,385 |
$100,000 or less | 113 | $6,585,000 | $58,274 |
$200k-400k | 50 | $12,980,000 | $259,600 |
$400k-600k | 6 | $2,690,000 | $448,333 |
$600k-1000k | 2 | $1,450,000 | $725,000 |
$Over $1MM | 1 | $1,685,000 | $1,685,000 |
Storm Lake's loan sizing saw the bucket of loans from $100k-200k with 130 originations, totaling $19,030,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 137 | $22,525,000 | $164,416 |
60-80% | 68 | $9,610,000 | $141,324 |
20-40% | 31 | $4,535,000 | $146,290 |
Under 20% | 31 | $1,535,000 | $49,516 |
40-60% | 25 | $2,955,000 | $118,200 |
Over 100% | 5 | $1,785,000 | $357,000 |
Storm Lake's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 137 originations, totaling $22,525,000 in origination value.