Union City Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Union City averaged
6.42%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
6.32% and
one month ago for the week of 2024-09-05, the
average rate was 6.25%.
Union City's average rate one year ago was 7.39%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.22%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
| Union City 30 Year Fixed Rate | 2024-10-10 | 6.42% |
| Union City 30 Year Fixed Rate Refi | 2024-10-10 | 6.22% |
| Union City 15 Year Fixed Rate | 2024-10-10 | 5.21% |
| Union City 15 Year Fixed Rate Refi | 2024-10-10 | 5.81% |
| Union City 30 Year FHA | 2024-10-10 | 6% |
| Union City 30 Year FHA Refi | 2024-10-10 | 5.9% |
| Union City 30 Year USDA | 2024-10-10 | 6.28% |
| Union City 30 Year USDA Refi | 2024-10-10 | 6.28% |
| Union City 30 Year VA | 2024-10-10 | 6.05% |
| Union City 30 Year VA Refi | 2024-10-10 | 5.95% |
Union City 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 Union City, TN 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.).
Union City Average Closing Costs & Other Stats
Union City, TN's 24 lenders originated 496
loans during 2023. The total origination value was $61,990,000, with an average loan value of
$124,980.
Union City's average closing costs are $4,235.
The top Union City lender as defined by loan originations is Leaders Credit Union, with
15 loans originated. Their average total fees are
$2,389, which is $399
lower than the next largest lender,
First Citizens National Bank.
The lowest fee Union City lenders (with over 10 loans originated) are
Leaders Credit Union ($2,389), First Citizens National Bank ($2,788), .
The lowest rate Union City lenders (with over 10 loans originated) are
Leaders Credit Union (6.84%), First Citizens National Bank (6.93%), .
Union City, TN 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 |
|---|---|---|---|---|
| Commercial Bank & Trust Co. | $7,290,000 | $9,180,000 | 25.9% | 14.8% |
| First Citizens National Bank | $4,925,000 | $5,880,000 | 19.4% | 9.5% |
| Leaders Credit Union | $7,845,000 | $5,755,000 | -26.6% | 9.3% |
| QUICKEN LOANS, LLC | $3,790,000 | $4,635,000 | 22.3% | 7.5% |
| Regions Bank | $5,835,000 | $3,455,000 | -40.8% | 5.6% |
| Simmons Bank | $7,495,000 | $3,295,000 | -56.0% | 5.3% |
| ORIX REAL ESTATE CAPITAL, LLC | $2,845,000 | n/a | 4.6% | |
| FIRST COMMUNITY MORTGAGE, INC. | $1,870,000 | $2,015,000 | 7.8% | 3.3% |
| Mortgage Research Center, LLC | $2,040,000 | $1,885,000 | -7.6% | 3.0% |
| Farm Credit Mid-America, ACA | $315,000 | $990,000 | 214.3% | 1.6% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $105,000 | $910,000 | 766.7% | 1.5% |
| First Financial Bank | $1,520,000 | $890,000 | -41.4% | 1.4% |
| MORTGAGE INVESTORS GROUP, INC. | $640,000 | $880,000 | 37.5% | 1.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,005,000 | $735,000 | -26.9% | 1.2% |
| BancorpSouth | $700,000 | n/a | 1.1% | |
| U. T. | $780,000 | $695,000 | -10.9% | 1.1% |
| FREEDOM MORTGAGE CORPORATION | $915,000 | $655,000 | -28.4% | 1.1% |
| Centennial Bank | $625,000 | $650,000 | 4.0% | 1.0% |
| MILEND, INC. | $615,000 | n/a | 1.0% | |
| Independent Bank | $595,000 | n/a | 1.0% | |
| Mr. Cooper ( Nationstar Mortgage ) | $655,000 | $585,000 | -10.7% | 0.9% |
| 21ST MORTGAGE CORPORATION | $910,000 | $470,000 | -48.4% | 0.8% |
| CHURCHILL MORTGAGE CORPORATION | $400,000 | n/a | 0.6% | |
| AMERISAVE MORTGAGE CORPORATION | $365,000 | $360,000 | -1.4% | 0.6% |
| Prosperity Home Mortgage, LLC | $355,000 | n/a | 0.6% | |
| Equity Prime Mortgage LLC | $330,000 | n/a | 0.5% | |
| AMERICAN FINANCING CORPORATION | $270,000 | $300,000 | 11.1% | 0.5% |
| INTERLINC MORTGAGE SERVICES, LLC | $275,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $550,000 | $270,000 | -50.9% | 0.4% |
| CARDINAL FINANCIAL | $260,000 | n/a | 0.4% | |
| NEW DAY FINANCIAL, LLC | $350,000 | $260,000 | -25.7% | 0.4% |
| UNION HOME MORTGAGE CORP. | $260,000 | n/a | 0.4% | |
| U.S. Bank | $550,000 | $245,000 | -55.5% | 0.4% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $225,000 | n/a | 0.4% | |
| American Mortgage & Equity Consultants, Inc. | $205,000 | n/a | 0.3% | |
| Carrington Mortgage Services, LLC | $215,000 | $205,000 | -4.7% | 0.3% |
| MORTGAGEONE, INC. | $205,000 | n/a | 0.3% | |
| RELIANCE FIRST CAPITAL, LLC | $200,000 | n/a | 0.3% | |
| AMERICAN FINANCIAL NETWORK, INC. | $195,000 | n/a | 0.3% | |
| SeaTrust Mortgage Company | $185,000 | n/a | 0.3% | |
| CROSSCOUNTRY MORTGAGE, LLC | $180,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $1,580,000 | $180,000 | -88.6% | 0.3% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $175,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $85,000 | $175,000 | 105.9% | 0.3% |
| McKenzie Banking Company | $170,000 | n/a | 0.3% | |
| Bank of Tennessee | $165,000 | n/a | 0.3% | |
| Carroll Bank and Trust | $50,000 | $165,000 | 230.0% | 0.3% |
| Brighton Bank | $155,000 | n/a | 0.3% | |
| Northpointe Bank | $155,000 | n/a | 0.3% | |
| MID AMERICA MORTGAGE, INC. | $145,000 | n/a | 0.2% | |
| Mid-Continent Funding, Inc. | $145,000 | n/a | 0.2% | |
| POLARIS HOME FUNDING CORP. | $145,000 | n/a | 0.2% | |
| PREMIER MORTGAGE RESOURCES, L.L.C. | $145,000 | n/a | 0.2% | |
| ROYAL UNITED MORTGAGE LLC | $345,000 | $145,000 | -58.0% | 0.2% |
| RUOFF MORTGAGE COMPANY, INC. | $135,000 | n/a | 0.2% | |
| Discover Bank | $55,000 | $130,000 | 136.4% | 0.2% |
| CMG MORTGAGE, INC. | $175,000 | $125,000 | -28.6% | 0.2% |
| Independence Bank of Kentucky | $125,000 | $125,000 | 0.0% | 0.2% |
| Waterstone Mortgage Corporation | $115,000 | n/a | 0.2% | |
| LEADERONE FINANCIAL CORPORATION | $565,000 | $110,000 | -80.5% | 0.2% |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $105,000 | n/a | 0.2% | |
| COMPASS MORTGAGE, INC. | $105,000 | n/a | 0.2% | |
| SOUTHWEST STAGE FUNDING, LLC | $105,000 | n/a | 0.2% | |
| Wells Fargo Bank | $605,000 | $95,000 | -84.3% | 0.2% |
| BROKER SOLUTIONS, INC. | $635,000 | $85,000 | -86.6% | 0.1% |
| CRESCENT MORTGAGE COMPANY | $135,000 | $85,000 | -37.0% | 0.1% |
| NEWREZ LLC | $85,000 | n/a | 0.1% | |
| JPMorgan Chase Bank | $340,000 | $75,000 | -77.9% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $315,000 | $55,000 | -82.5% | 0.1% |
| FNB Bank, Inc. | $50,000 | n/a | 0.1% | |
| Coastal Community Bank | $30,000 | n/a | 0.0% | |
| Figure Lending LLC | $15,000 | $25,000 | 66.7% | 0.0% |
| FirstBank | $25,000 | n/a | 0.0% | |
| INSOUTH Bank | $25,000 | n/a | 0.0% |
Union City's top lender by overall market share is Commercial Bank & Trust Co., with 14.8% market share. In second place, with 9.5%, is First Citizens National Bank, having originated $5,880,000 in loans. In third place, with 9.3%, is Leaders Credit Union, having originated $5,755,000 in loans. In fourth place, with 7.5%, is QUICKEN LOANS, LLC, having originated $4,635,000 in loans. In fifth place, with 5.6%, is Regions Bank, having originated $3,455,000 in loans.
Union City, TN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 239 | $39,405,000 | $164,874 |
| Refi | 84 | $8,890,000 | $105,833 |
| Home Improvement | 62 | $3,700,000 | $59,677 |
| Other | 59 | $2,985,000 | $50,593 |
| Cash Out Refi | 52 | $7,010,000 | $134,808 |
Union City's most frequently cited loan purpose was Home Purchase, with 239 originations. The 2nd most popular reason was Refi, with 84 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 123 | $17,885,000 | $145,407 |
| Over 8% | 86 | $6,100,000 | $70,930 |
| 7-8% | 83 | $9,805,000 | $118,133 |
| 5-6% | 54 | $9,650,000 | $178,704 |
| <2.5% | 9 | $2,885,000 | $320,556 |
| 4-5% | 1 | $115,000 | $115,000 |
| 2.5-3% | 1 | $205,000 | $205,000 |
During 2023, Union City's most frequently originated rate bucket was 6-7%, with 123 originations.
Loan Sizing (Union City, TN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 249 | $13,485,000 | $54,157 |
| $100k-200k | 173 | $24,295,000 | $140,434 |
| $200k-400k | 63 | $15,535,000 | $246,587 |
| $400k-600k | 7 | $3,455,000 | $493,571 |
| $600k-1000k | 2 | $1,270,000 | $635,000 |
| $Over $1MM | 2 | $3,950,000 | $1,975,000 |
Union City's loan sizing saw the bucket of loans from $100,000 or less with 249 originations, totaling $13,485,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 150 | $23,660,000 | $157,733 |
| 60-80% | 66 | $10,020,000 | $151,818 |
| 20-40% | 55 | $3,615,000 | $65,727 |
| Under 20% | 44 | $1,180,000 | $26,818 |
| 40-60% | 35 | $3,885,000 | $111,000 |
| Over 100% | 9 | $4,295,000 | $477,222 |
Union City's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 150 originations, totaling $23,660,000 in origination value.