Storm Lake Mortgage Rates & Closing Costs

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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 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%
    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 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. 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
    Storm Lake's median listing price for 2023-08-01 was $271,000, a difference of $45,250 (20.0%) versus the prior year and $0 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 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. 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
    Storm Lake's median listing age (time on market) for 2023-08-01 was 0 days.

    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.