Union Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Union averaged
7.63%
for the week of 2024-05-02, compared to the national average of
7.22% for the same period.
The average rate for the prior week (2024-04-25) was
7.18% and
one month ago for the week of 2024-03-28, the
average rate was 6.8%.
Union's average rate one year ago was 6.64%.
For refis of the same type during the week of 2024-05-02, the average rate
was 7.42%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-05-02 | 7.22% |
| Union 30 Year Fixed Rate | 2024-05-02 | 7.63% |
| Union 30 Year Fixed Rate Refi | 2024-05-02 | 7.42% |
| Union 15 Year Fixed Rate | 2024-05-02 | 6.27% |
| Union 15 Year Fixed Rate Refi | 2024-05-02 | 6.67% |
| Union 30 Year FHA | 2024-05-02 | 6.69% |
| Union 30 Year FHA Refi | 2024-05-02 | 6.89% |
| Union 30 Year USDA | 2024-05-02 | 6.79% |
| Union 30 Year USDA Refi | 2024-05-02 | 6.99% |
| Union 30 Year VA | 2024-05-02 | 6.88% |
| Union 30 Year VA Refi | 2024-05-02 | 6.68% |
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 39 lenders originated 318
loans during 2023. The total origination value was $44,160,000, with an average loan value of
$138,868.
Union's average closing costs are $4,827.
The top Union lender as defined by loan originations is Arthur State Bank, with
22 loans originated. Their average total fees are
$3,369, which is $746
higher than the next largest lender,
FOUNDERS FEDERAL CREDIT UNION.
The lowest fee Union lenders (with over 10 loans originated) are
FOUNDERS FEDERAL CREDIT UNION ($2,623), Arthur State Bank ($3,369), QUICKEN LOANS, LLC ($5,935), .
The lowest rate Union lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.55%), Arthur State Bank (6.99%), FOUNDERS FEDERAL CREDIT UNION (7.46%), .
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Arthur State Bank | $6,865,000 | $5,445,000 | -20.7% | 12.3% |
| FOUNDERS FEDERAL CREDIT UNION | $7,680,000 | $4,235,000 | -44.9% | 9.6% |
| QUICKEN LOANS, LLC | $4,215,000 | $3,110,000 | -26.2% | 7.0% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $655,000 | $2,165,000 | 230.5% | 4.9% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,080,000 | $1,865,000 | -39.4% | 4.2% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,815,000 | n/a | 4.1% | |
| MOVEMENT MORTGAGE, LLC | $1,805,000 | $1,660,000 | -8.0% | 3.8% |
| Mortgage Research Center, LLC | $1,700,000 | $1,425,000 | -16.2% | 3.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $1,205,000 | $905,000 | -24.9% | 2.0% |
| Carrington Mortgage Services, LLC | $320,000 | $830,000 | 159.4% | 1.9% |
| AMERISAVE MORTGAGE CORPORATION | $385,000 | $660,000 | 71.4% | 1.5% |
| GUARANTEED RATE, INC. | $175,000 | $645,000 | 268.6% | 1.5% |
| FREEDOM MORTGAGE CORPORATION | $730,000 | $620,000 | -15.1% | 1.4% |
| First Piedmont Federal Savings and Loan Association of Gaffney | $35,000 | $585,000 | 1,571.4% | 1.3% |
| NEW DAY FINANCIAL, LLC | $560,000 | $525,000 | -6.3% | 1.2% |
| AMERICAN FINANCIAL NETWORK, INC. | $520,000 | n/a | 1.2% | |
| CROSSCOUNTRY MORTGAGE, LLC | $435,000 | $485,000 | 11.5% | 1.1% |
| 21ST MORTGAGE CORPORATION | $305,000 | $480,000 | 57.4% | 1.1% |
| Truist | $530,000 | $460,000 | -13.2% | 1.0% |
| LOANDEPOT.COM, LLC | $1,545,000 | $445,000 | -71.2% | 1.0% |
| GUILD MORTGAGE COMPANY | $420,000 | $425,000 | 1.2% | 1.0% |
| North American Savings Bank, F.S.B. | $425,000 | n/a | 1.0% | |
| COUNTRYPLACE MORTGAGE, LTD. | $420,000 | n/a | 1.0% | |
| South State Bank | $1,655,000 | $405,000 | -75.5% | 0.9% |
| CMG MORTGAGE, INC. | $400,000 | n/a | 0.9% | |
| Woodruff Federal Savings and Loan Association | $385,000 | n/a | 0.9% | |
| USAA Federal Savings Bank | $165,000 | $380,000 | 130.3% | 0.9% |
| Regions Bank | $375,000 | n/a | 0.8% | |
| BROKER SOLUTIONS, INC. | $240,000 | $370,000 | 54.2% | 0.8% |
| First-Citizens Bank & Trust Company | $945,000 | $360,000 | -61.9% | 0.8% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $350,000 | n/a | 0.8% | |
| Ameris Bank | $675,000 | $335,000 | -50.4% | 0.8% |
| Wells Fargo Bank | $1,585,000 | $335,000 | -78.9% | 0.8% |
| Mr. Cooper ( Nationstar Mortgage ) | $305,000 | $330,000 | 8.2% | 0.7% |
| GUARANTEED RATE AFFINITY, LLC | $305,000 | n/a | 0.7% | |
| Sierra Pacific Mortgage Company, Inc. | $300,000 | n/a | 0.7% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $295,000 | n/a | 0.7% | |
| PENNYMAC LOAN SERVICES, LLC | $380,000 | $285,000 | -25.0% | 0.6% |
| ON Q FINANCIAL, INC. | $460,000 | $280,000 | -39.1% | 0.6% |
| BancorpSouth | $275,000 | n/a | 0.6% | |
| First Federal Bank | $275,000 | n/a | 0.6% | |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $275,000 | n/a | 0.6% | |
| Barrington Bank & Trust Company, N.A. | $295,000 | $265,000 | -10.2% | 0.6% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $230,000 | $255,000 | 10.9% | 0.6% |
| CASTLE & COOKE MORTGAGE, LLC | $255,000 | n/a | 0.6% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $245,000 | n/a | 0.6% | |
| Bank of America | $220,000 | $245,000 | 11.4% | 0.6% |
| EASTMAN | $245,000 | n/a | 0.6% | |
| RESOURCE FINANCIAL SERVICES, INC. | $245,000 | n/a | 0.6% | |
| MID AMERICA MORTGAGE, INC. | $145,000 | $225,000 | 55.2% | 0.5% |
| Paramount Residential Mortgage Group, Inc. | $135,000 | $225,000 | 66.7% | 0.5% |
| Prosperity Home Mortgage, LLC | $225,000 | n/a | 0.5% | |
| The Federal Savings Bank | $205,000 | n/a | 0.5% | |
| The Park National Bank | $205,000 | n/a | 0.5% | |
| STATE EMPLOYEES' | $155,000 | $200,000 | 29.0% | 0.5% |
| AMCAP MORTGAGE, LTD. | $195,000 | n/a | 0.4% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $1,030,000 | $185,000 | -82.0% | 0.4% |
| CRESCENT MORTGAGE COMPANY | $175,000 | n/a | 0.4% | |
| VILLAGE CAPITAL MORTGAGE | $55,000 | $175,000 | 218.2% | 0.4% |
| Flagstar Bank, FSB | $250,000 | $165,000 | -34.0% | 0.4% |
| NEWREZ LLC | $355,000 | $165,000 | -53.5% | 0.4% |
| BANKSOUTH MORTGAGE COMPANY, LLC | $155,000 | n/a | 0.4% | |
| Deere Employees Credit Union | $155,000 | n/a | 0.4% | |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $155,000 | $155,000 | 0.0% | 0.4% |
| Mid-Continent Funding, Inc. | $155,000 | n/a | 0.4% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $155,000 | n/a | 0.4% | |
| SOUTHWEST STAGE FUNDING, LLC | $285,000 | $155,000 | -45.6% | 0.4% |
| TOTAL MORTGAGE SERVICES, LLC | $155,000 | n/a | 0.4% | |
| CHURCHILL MORTGAGE CORPORATION | $225,000 | $145,000 | -35.6% | 0.3% |
| CSL Financial, LLC | $145,000 | n/a | 0.3% | |
| HighTechLending Inc | $145,000 | n/a | 0.3% | |
| UNION HOME MORTGAGE CORP. | $145,000 | n/a | 0.3% | |
| Baxter Credit Union | $135,000 | n/a | 0.3% | |
| MORTGAGE INVESTORS GROUP, INC. | $135,000 | n/a | 0.3% | |
| CARDINAL FINANCIAL | $800,000 | $125,000 | -84.4% | 0.3% |
| DOMINION FINANCIAL SERVICES, LLC | $115,000 | n/a | 0.3% | |
| NBKC BANK | $115,000 | n/a | 0.3% | |
| PNC Bank | $680,000 | $115,000 | -83.1% | 0.3% |
| RELIANCE FIRST CAPITAL, LLC | $105,000 | $115,000 | 9.5% | 0.3% |
| M&T Bank | $105,000 | n/a | 0.2% | |
| S. C. TELCO | $250,000 | $105,000 | -58.0% | 0.2% |
| S. C. STATE FEDERAL CREDIT UNION | $190,000 | $100,000 | -47.4% | 0.2% |
| LOANPAL, LLC | $95,000 | n/a | 0.2% | |
| ROYAL UNITED MORTGAGE LLC | $85,000 | n/a | 0.2% | |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $390,000 | $75,000 | -80.8% | 0.2% |
| NAVY FEDERAL CREDIT UNION | $775,000 | $75,000 | -90.3% | 0.2% |
| TD Bank | $75,000 | n/a | 0.2% | |
| CPM Federal Credit Union | $70,000 | n/a | 0.2% | |
| BETTER MORTGAGE CORPORATION | $125,000 | $55,000 | -56.0% | 0.1% |
| United Community Bank | $35,000 | n/a | 0.1% |
Union's top lender by overall market share is Arthur State Bank, with 12.3% market share. In second place, with 9.6%, is FOUNDERS FEDERAL CREDIT UNION, having originated $4,235,000 in loans. In third place, with 7.0%, is QUICKEN LOANS, LLC, having originated $3,110,000 in loans. In fourth place, with 4.9%, is VANDERBILT MORTGAGE AND FINANCE, INC., having originated $2,165,000 in loans. In fifth place, with 4.2%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $1,865,000 in loans.
Union, SC Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 189 | $32,095,000 | $169,815 |
| Cash Out Refi | 49 | $6,725,000 | $137,245 |
| Home Improvement | 32 | $2,010,000 | $62,813 |
| Other | 30 | $1,960,000 | $65,333 |
| Refi | 18 | $1,370,000 | $76,111 |
Union's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Cash Out Refi, with 49 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 94 | $15,650,000 | $166,489 |
| 7-8% | 89 | $13,305,000 | $149,494 |
| Over 8% | 81 | $7,505,000 | $92,654 |
| 5-6% | 42 | $6,940,000 | $165,238 |
| <2.5% | 6 | $40,000 | $6,667 |
| 4-5% | 4 | $230,000 | $57,500 |
During 2023, Union's most frequently originated rate bucket was 6-7%, with 94 originations.
Loan Sizing (Union, SC MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 131 | $19,175,000 | $146,374 |
| $100,000 or less | 121 | $6,625,000 | $54,752 |
| $200k-400k | 62 | $16,220,000 | $261,613 |
| $400k-600k | 3 | $1,415,000 | $471,667 |
| $600k-1000k | 1 | $725,000 | $725,000 |
Union's loan sizing saw the bucket of loans from $100k-200k with 131 originations, totaling $19,175,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 146 | $27,170,000 | $186,096 |
| 60-80% | 54 | $7,710,000 | $142,778 |
| 40-60% | 44 | $4,350,000 | $98,864 |
| 20-40% | 34 | $1,900,000 | $55,882 |
| Under 20% | 28 | $870,000 | $31,071 |
| Over 100% | 9 | $1,525,000 | $169,444 |
Union's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 146 originations, totaling $27,170,000 in origination value.