Union Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Union averaged
7.15%
for the week of 2023-03-16, compared to the national average of
6.6% for the same period.
The average rate for the prior week (2023-03-09) was
7.28% and
one month ago for the week of 2023-02-09, the
average rate was 6.87%.
Union's average rate one year ago was 4.5%.
For refis of the same type during the week of 2023-03-16, the average rate
was 7.28%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
| Union 30 Year Fixed Rate | 2023-03-16 | 7.15% |
| Union 30 Year Fixed Rate Refi | 2023-03-16 | 7.28% |
| Union 15 Year Fixed Rate | 2023-03-16 | 6.51% |
| Union 15 Year Fixed Rate Refi | 2023-03-16 | 6.46% |
| Union 30 Year FHA | 2023-03-16 | 6.67% |
| Union 30 Year FHA Refi | 2023-03-16 | 6.55% |
| Union 30 Year USDA | 2023-03-16 | 6.84% |
| Union 30 Year USDA Refi | 2023-03-16 | 3.1% |
| Union 30 Year VA | 2023-03-16 | 7.14% |
| Union 30 Year VA Refi | 2023-03-16 | 6.02% |
Union 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, SC 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 Average Closing Costs & Other Stats
Union, SC's 42 lenders originated 377
loans during 2021. The total origination value was $56,265,000, with an average loan value of
$149,244.
Union's average closing costs are $4,259.
The top Union lender as defined by loan originations is Arthur State Bank, with
32 loans originated. Their average total fees are
$2,813, which is $2,590
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Union lenders (with over 10 loans originated) are
Arthur State Bank ($2,813), .
The lowest rate Union lenders (with over 10 loans originated) are
Arthur State Bank (3.19%), .
Union, SC 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| Arthur State Bank | $12,605,000 | $10,720,000 | -15.0% | 19.1% |
| QUICKEN LOANS, LLC | $4,010,000 | $5,540,000 | 38.2% | 9.8% |
| FOUNDERS FEDERAL CREDIT UNION | $2,750,000 | $2,715,000 | -1.3% | 4.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,525,000 | $2,450,000 | -3.0% | 4.4% |
| AgFirst Farm Credit Bank | $805,000 | $1,755,000 | 118.0% | 3.1% |
| MOVEMENT MORTGAGE, LLC | $900,000 | $1,710,000 | 90.0% | 3.0% |
| FREEDOM MORTGAGE CORPORATION | $1,740,000 | $1,690,000 | -2.9% | 3.0% |
| First Heritage Mortgage, LLC | $1,515,000 | n/a | 2.7% | |
| Mortgage Research Center, LLC | $570,000 | $1,225,000 | 114.9% | 2.2% |
| Wells Fargo Bank | $450,000 | $1,065,000 | 136.7% | 1.9% |
| MIDLAND MORTGAGE CORPORATION | $465,000 | $1,055,000 | 126.9% | 1.9% |
| PENNYMAC LOAN SERVICES, LLC | $390,000 | $965,000 | 147.4% | 1.7% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $850,000 | $905,000 | 6.5% | 1.6% |
| NEW DAY FINANCIAL, LLC | $390,000 | $835,000 | 114.1% | 1.5% |
| South State Bank | $70,000 | $830,000 | 1,085.7% | 1.5% |
| LOANDEPOT.COM, LLC | $225,000 | $795,000 | 253.3% | 1.4% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $655,000 | $760,000 | 16.0% | 1.4% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $1,110,000 | $740,000 | -33.3% | 1.3% |
| GUILD MORTGAGE COMPANY | $505,000 | $735,000 | 45.5% | 1.3% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $445,000 | $730,000 | 64.0% | 1.3% |
| Ally Bank | $690,000 | n/a | 1.2% | |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $200,000 | $680,000 | 240.0% | 1.2% |
| KELLER MORTGAGE, LLC | $260,000 | $585,000 | 125.0% | 1.0% |
| LAKEVIEW LOAN SERVICING, LLC | $245,000 | $580,000 | 136.7% | 1.0% |
| Truist Bank | $1,225,000 | $550,000 | -55.1% | 1.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $155,000 | $540,000 | 248.4% | 1.0% |
| Synovus Bank | $480,000 | n/a | 0.9% | |
| APEX HOME LOANS, INC. | $235,000 | $450,000 | 91.5% | 0.8% |
| Mr. Cooper ( Nationstar Mortgage ) | $65,000 | $445,000 | 584.6% | 0.8% |
| CALIBER HOME LOANS, INC. | $505,000 | $415,000 | -17.8% | 0.7% |
| HOME POINT FINANCIAL CORPORATION | $405,000 | n/a | 0.7% | |
| Blue Ridge Bank | $850,000 | $400,000 | -52.9% | 0.7% |
| SHARONVIEW FEDERAL CREDIT UNION | $400,000 | n/a | 0.7% | |
| Renasant Bank | $370,000 | n/a | 0.7% | |
| GSF Mortgage Corporation | $245,000 | $365,000 | 49.0% | 0.6% |
| Bank of America | $220,000 | $360,000 | 63.6% | 0.6% |
| First Piedmont Federal Savings and Loan Association of Gaffney | $355,000 | n/a | 0.6% | |
| Towne Bank | $355,000 | n/a | 0.6% | |
| First-Citizens Bank & Trust Company | $960,000 | $350,000 | -63.5% | 0.6% |
| First Community Bank | $55,000 | $315,000 | 472.7% | 0.6% |
| NEWREZ LLC | $315,000 | n/a | 0.6% | |
| 1ST SIGNATURE LENDING, LLC | $500,000 | $310,000 | -38.0% | 0.6% |
| SOUTHWEST STAGE FUNDING, LLC | $280,000 | n/a | 0.5% | |
| CAPITAL CENTER, L.L.C. | $270,000 | n/a | 0.5% | |
| Bank of England | $265,000 | n/a | 0.5% | |
| CALCON MUTUAL MORTGAGE LLC | $265,000 | n/a | 0.5% | |
| SOUTHWEST FUNDING, LP | $500,000 | $260,000 | -48.0% | 0.5% |
| ENVOY MORTGAGE, LTD | $260,000 | $250,000 | -3.8% | 0.4% |
| SWBC MORTGAGE CORPORATION | $235,000 | n/a | 0.4% | |
| LENDUS, LLC | $205,000 | $225,000 | 9.8% | 0.4% |
| STATE EMPLOYEES' | $225,000 | n/a | 0.4% | |
| NAVY FEDERAL CREDIT UNION | $55,000 | $215,000 | 290.9% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $105,000 | $210,000 | 100.0% | 0.4% |
| ON Q FINANCIAL, INC. | $125,000 | $210,000 | 68.0% | 0.4% |
| PNC Bank | $205,000 | n/a | 0.4% | |
| 21ST MORTGAGE CORPORATION | $280,000 | $200,000 | -28.6% | 0.4% |
| GUARANTEED RATE, INC. | $195,000 | n/a | 0.3% | |
| Palmetto State Bank | $195,000 | n/a | 0.3% | |
| Ameris Bank | $185,000 | n/a | 0.3% | |
| FINANCE OF AMERICA MORTGAGE LLC | $185,000 | $185,000 | 0.0% | 0.3% |
| First Guaranty Mortgage Corporation | $165,000 | $185,000 | 12.1% | 0.3% |
| NATIONS DIRECT MORTGAGE, LLC | $175,000 | n/a | 0.3% | |
| ROYAL UNITED MORTGAGE LLC | $45,000 | $175,000 | 288.9% | 0.3% |
| GMFS LLC | $165,000 | n/a | 0.3% | |
| SOUTH CAROLINA FEDERAL CREDIT UNION | $105,000 | $165,000 | 57.1% | 0.3% |
| USAA Federal Savings Bank | $790,000 | $165,000 | -79.1% | 0.3% |
| First Federal Bank | $155,000 | n/a | 0.3% | |
| First Horizon Bank | $155,000 | n/a | 0.3% | |
| Flagstar Bank, FSB | $150,000 | n/a | 0.3% | |
| Low VA Rates, LLC | $145,000 | n/a | 0.3% | |
| MICHIGAN MUTUAL, INC. | $145,000 | n/a | 0.3% | |
| CHURCHILL MORTGAGE CORPORATION | $135,000 | n/a | 0.2% | |
| Colten Mortgage, LLC | $135,000 | n/a | 0.2% | |
| MID AMERICA MORTGAGE, INC. | $135,000 | n/a | 0.2% | |
| Network Funding, L.P. | $135,000 | n/a | 0.2% | |
| S. C. STATE FEDERAL CREDIT UNION | $60,000 | $135,000 | 125.0% | 0.2% |
| Gateway First Bank | $130,000 | n/a | 0.2% | |
| Lakeview Community Capital, LLC | $125,000 | n/a | 0.2% | |
| 1st Franklin Financial Corporation | $75,000 | $115,000 | 53.3% | 0.2% |
| ARC HOME LLC | $115,000 | n/a | 0.2% | |
| HOMESIDE FINANCIAL, LLC | $175,000 | $105,000 | -40.0% | 0.2% |
| LOANPAL, LLC | $105,000 | n/a | 0.2% | |
| Paramount Residential Mortgage Group, Inc. | $105,000 | n/a | 0.2% | |
| VILLAGE CAPITAL & INVESTMENT LLC | $105,000 | n/a | 0.2% | |
| CRESCENT MORTGAGE COMPANY | $75,000 | n/a | 0.1% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $125,000 | $75,000 | -40.0% | 0.1% |
| United Community Bank | $115,000 | $75,000 | -34.8% | 0.1% |
| Countybank | $675,000 | $55,000 | -91.9% | 0.1% |
| GREENVILLE FEDERAL CREDIT UNION | $55,000 | n/a | 0.1% | |
| FIRST TECHNOLOGY | $45,000 | n/a | 0.1% |
Union's top lender by overall market share is Arthur State Bank, with 19.1% market share. In second place, with 9.8%, is QUICKEN LOANS, LLC, having originated $5,540,000 in loans. In third place, with 4.8%, is FOUNDERS FEDERAL CREDIT UNION, having originated $2,715,000 in loans. In fourth place, with 4.4%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $2,450,000 in loans. In fifth place, with 3.1%, is AgFirst Farm Credit Bank, having originated $1,755,000 in loans.
Union, SC Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 163 | $26,655,000 | $163,528 |
| Refi | 110 | $16,510,000 | $150,091 |
| Cash Out Refi | 71 | $10,565,000 | $148,803 |
| Other | 20 | $1,240,000 | $62,000 |
| Home Improvement | 13 | $1,295,000 | $99,615 |
Union's most frequently cited loan purpose was Home Purchase, with 163 originations. The 2nd most popular reason was Refi, with 110 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 147 | $21,865,000 | $148,741 |
| 2.5-3% | 124 | $18,990,000 | $153,145 |
| <2.5% | 50 | $9,200,000 | $184,000 |
| 4-5% | 22 | $3,220,000 | $146,364 |
| 5-6% | 11 | $975,000 | $88,636 |
| 6-7% | 8 | $1,000,000 | $125,000 |
| 7-8% | 7 | $365,000 | $52,143 |
| Over 8% | 7 | $455,000 | $65,000 |
During 2021, Union's most frequently originated rate bucket was 3-4%, with 147 originations.
Loan Sizing (Union, SC MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 172 | $25,800,000 | $150,000 |
| $100,000 or less | 135 | $8,775,000 | $65,000 |
| $200k-400k | 62 | $16,150,000 | $260,484 |
| $400k-600k | 6 | $3,050,000 | $508,333 |
| $600k-1000k | 1 | $975,000 | $975,000 |
| $Over $1MM | 1 | $1,515,000 | $1,515,000 |
Union's loan sizing saw the bucket of loans from $100k-200k with 172 originations, totaling $25,800,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 174 | $29,850,000 | $171,552 |
| 60-80% | 96 | $14,340,000 | $149,375 |
| 40-60% | 52 | $6,700,000 | $128,846 |
| 20-40% | 29 | $2,635,000 | $90,862 |
| Under 20% | 13 | $425,000 | $32,692 |
| Over 100% | 1 | $145,000 | $145,000 |
Union's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 174 originations, totaling $29,850,000 in origination value.