Union Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Union averaged
7.04%
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
7.13% and
one month ago for the week of 2023-08-17, the
average rate was 6.94%.
Union's average rate one year ago was 6.17%.
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% |
| Union 30 Year Fixed Rate | 2023-09-21 | 7.04% |
| Union 30 Year Fixed Rate Refi | 2023-09-21 | 7.29% |
| Union 15 Year Fixed Rate | 2023-09-21 | 6.54% |
| Union 15 Year Fixed Rate Refi | 2023-09-21 | 6.84% |
| Union 30 Year FHA | 2023-09-21 | 7.14% |
| Union 30 Year FHA Refi | 2023-09-21 | 6.84% |
| Union 30 Year USDA | 2023-09-21 | 7.02% |
| Union 30 Year USDA Refi | 2023-09-21 | 6.92% |
| Union 30 Year VA | 2023-09-21 | 6.62% |
| Union 30 Year VA Refi | 2023-09-21 | 6.62% |
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 45 lenders originated 399
loans during 2022. The total origination value was $56,685,000, with an average loan value of
$142,068.
Union's average closing costs are $4,570.
The top Union lender as defined by loan originations is FOUNDERS FEDERAL CREDIT UNION, with
26 loans originated. Their average total fees are
$2,373, which is $1,080
lower than the next largest lender,
Arthur State Bank.
The lowest fee Union lenders (with over 10 loans originated) are
FOUNDERS FEDERAL CREDIT UNION ($2,373), Arthur State Bank ($3,453), .
The lowest rate Union lenders (with over 10 loans originated) are
Arthur State Bank (4.67%), FOUNDERS FEDERAL CREDIT UNION (5.06%), .
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| FOUNDERS FEDERAL CREDIT UNION | $2,715,000 | $7,680,000 | 182.9% | 13.5% |
| Arthur State Bank | $10,720,000 | $6,865,000 | -36.0% | 12.1% |
| QUICKEN LOANS, LLC | $5,540,000 | $4,215,000 | -23.9% | 7.4% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,450,000 | $3,080,000 | 25.7% | 5.4% |
| MOVEMENT MORTGAGE, LLC | $1,710,000 | $1,805,000 | 5.6% | 3.2% |
| Mortgage Research Center, LLC | $1,225,000 | $1,700,000 | 38.8% | 3.0% |
| South State Bank | $830,000 | $1,655,000 | 99.4% | 2.9% |
| Wells Fargo Bank | $1,065,000 | $1,585,000 | 48.8% | 2.8% |
| LOANDEPOT.COM, LLC | $795,000 | $1,545,000 | 94.3% | 2.7% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $760,000 | $1,205,000 | 58.6% | 2.1% |
| Pinnacle Bank | $1,110,000 | n/a | 2.0% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $905,000 | $1,030,000 | 13.8% | 1.8% |
| First-Citizens Bank & Trust Company | $350,000 | $945,000 | 170.0% | 1.7% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $680,000 | $800,000 | 17.6% | 1.4% |
| NAVY FEDERAL CREDIT UNION | $215,000 | $775,000 | 260.5% | 1.4% |
| CALIBER HOME LOANS, INC. | $415,000 | $740,000 | 78.3% | 1.3% |
| FREEDOM MORTGAGE CORPORATION | $1,690,000 | $730,000 | -56.8% | 1.3% |
| PNC Bank | $205,000 | $680,000 | 231.7% | 1.2% |
| Ameris Bank | $185,000 | $675,000 | 264.9% | 1.2% |
| AgFirst Farm Credit Bank | $1,755,000 | $660,000 | -62.4% | 1.2% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $740,000 | $655,000 | -11.5% | 1.2% |
| HOME POINT FINANCIAL CORPORATION | $405,000 | $560,000 | 38.3% | 1.0% |
| NEW DAY FINANCIAL, LLC | $835,000 | $560,000 | -32.9% | 1.0% |
| Truist | $550,000 | $530,000 | -3.6% | 0.9% |
| Dollar Bank, Federal Savings Bank | $505,000 | n/a | 0.9% | |
| SHARONVIEW FEDERAL CREDIT UNION | $400,000 | $465,000 | 16.3% | 0.8% |
| ON Q FINANCIAL, INC. | $210,000 | $460,000 | 119.0% | 0.8% |
| CROSSCOUNTRY MORTGAGE, LLC | $435,000 | n/a | 0.8% | |
| GUILD MORTGAGE COMPANY | $735,000 | $420,000 | -42.9% | 0.7% |
| ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $390,000 | n/a | 0.7% | |
| AMERISAVE MORTGAGE CORPORATION | $210,000 | $385,000 | 83.3% | 0.7% |
| PENNYMAC LOAN SERVICES, LLC | $965,000 | $380,000 | -60.6% | 0.7% |
| ACOPIA, LLC | $370,000 | n/a | 0.7% | |
| NEWREZ LLC | $315,000 | $355,000 | 12.7% | 0.6% |
| LAKEVIEW LOAN SERVICING, LLC | $580,000 | $340,000 | -41.4% | 0.6% |
| SOUTHWEST FUNDING, LP | $260,000 | $340,000 | 30.8% | 0.6% |
| SUN WEST MORTGAGE COMPANY, INC. | $340,000 | n/a | 0.6% | |
| Carrington Mortgage Services, LLC | $320,000 | n/a | 0.6% | |
| 21ST MORTGAGE CORPORATION | $200,000 | $305,000 | 52.5% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $445,000 | $305,000 | -31.5% | 0.5% |
| TRIAD FINANCIAL SERVICES, INC. | $300,000 | n/a | 0.5% | |
| Barrington Bank & Trust Company, N.A. | $295,000 | n/a | 0.5% | |
| Boeing Employees Credit Union | $295,000 | n/a | 0.5% | |
| SOUTHWEST STAGE FUNDING, LLC | $280,000 | $285,000 | 1.8% | 0.5% |
| Family Trust Federal Credit Union | $280,000 | n/a | 0.5% | |
| Servion, Inc. | $255,000 | n/a | 0.4% | |
| Flagstar Bank, FSB | $150,000 | $250,000 | 66.7% | 0.4% |
| S. C. TELCO | $250,000 | n/a | 0.4% | |
| BROKER SOLUTIONS, INC. | $240,000 | n/a | 0.4% | |
| 1ST SIGNATURE LENDING, LLC | $310,000 | $235,000 | -24.2% | 0.4% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $730,000 | $230,000 | -68.5% | 0.4% |
| CHURCHILL MORTGAGE CORPORATION | $135,000 | $225,000 | 66.7% | 0.4% |
| Bank of America | $360,000 | $220,000 | -38.9% | 0.4% |
| Citizens Building and Loan, SSB | $205,000 | n/a | 0.4% | |
| PHH Mortgage Corporation | $205,000 | n/a | 0.4% | |
| FINANCE OF AMERICA MORTGAGE LLC | $185,000 | $195,000 | 5.4% | 0.3% |
| First Heritage Mortgage, LLC | $1,515,000 | $195,000 | -87.1% | 0.3% |
| Nations Lending Corporation | $195,000 | n/a | 0.3% | |
| TOWNE MORTGAGE COMPANY | $195,000 | n/a | 0.3% | |
| S. C. STATE FEDERAL CREDIT UNION | $135,000 | $190,000 | 40.7% | 0.3% |
| JPMorgan Chase Bank | $180,000 | n/a | 0.3% | |
| GUARANTEED RATE, INC. | $195,000 | $175,000 | -10.3% | 0.3% |
| NFM, INC. | $175,000 | n/a | 0.3% | |
| LENDINGHOME FUNDING CORPORATION | $170,000 | n/a | 0.3% | |
| Blue Ridge Bank | $400,000 | $165,000 | -58.8% | 0.3% |
| CORNERSTONE HOME LENDING, INC. | $165,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $165,000 | $165,000 | 0.0% | 0.3% |
| Wyndham Capital Mortgage, Inc. | $165,000 | n/a | 0.3% | |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $155,000 | n/a | 0.3% | |
| STATE EMPLOYEES' | $225,000 | $155,000 | -31.1% | 0.3% |
| LENDINGONE, LLC | $150,000 | n/a | 0.3% | |
| American Mortgage & Equity Consultants, Inc. | $145,000 | n/a | 0.3% | |
| MID AMERICA MORTGAGE, INC. | $135,000 | $145,000 | 7.4% | 0.3% |
| NATIONS DIRECT MORTGAGE, LLC | $175,000 | $145,000 | -17.1% | 0.3% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $135,000 | n/a | 0.2% | |
| Paramount Residential Mortgage Group, Inc. | $105,000 | $135,000 | 28.6% | 0.2% |
| INTERLINC MORTGAGE SERVICES, LLC | $130,000 | n/a | 0.2% | |
| SOUTH CAROLINA FEDERAL CREDIT UNION | $165,000 | $130,000 | -21.2% | 0.2% |
| BETTER MORTGAGE CORPORATION | $125,000 | n/a | 0.2% | |
| Fifth Third Bank | $115,000 | n/a | 0.2% | |
| ZILLOW HOME LOANS, LLC | $115,000 | n/a | 0.2% | |
| FINANCE OF AMERICA REVERSE LLC | $105,000 | n/a | 0.2% | |
| RELIANCE FIRST CAPITAL, LLC | $105,000 | n/a | 0.2% | |
| LIMA ONE CAPITAL, LLC | $95,000 | n/a | 0.2% | |
| HOMESIDE FINANCIAL, LLC | $105,000 | $85,000 | -19.0% | 0.1% |
| Truliant Federal Credit Union | $75,000 | n/a | 0.1% | |
| ALLEGACY FEDERAL CREDIT UNION | $65,000 | n/a | 0.1% | |
| Citizens Bank | $65,000 | n/a | 0.1% | |
| COASTAL Federal Credit Union | $65,000 | n/a | 0.1% | |
| EQUITY RESOURCES, INC. | $65,000 | n/a | 0.1% | |
| Synovus Bank | $480,000 | $55,000 | -88.5% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $105,000 | $55,000 | -47.6% | 0.1% |
| 1st Franklin Financial Corporation | $115,000 | $35,000 | -69.6% | 0.1% |
| First Piedmont Federal Savings and Loan Association of Gaffney | $355,000 | $35,000 | -90.1% | 0.1% |
Union's top lender by overall market share is FOUNDERS FEDERAL CREDIT UNION, with 13.5% market share. In second place, with 12.1%, is Arthur State Bank, having originated $6,865,000 in loans. In third place, with 7.4%, is QUICKEN LOANS, LLC, having originated $4,215,000 in loans. In fourth place, with 5.4%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $3,080,000 in loans. In fifth place, with 3.2%, is MOVEMENT MORTGAGE, LLC, having originated $1,805,000 in loans.
Union, SC Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 202 | $34,980,000 | $173,168 |
| Cash Out Refi | 108 | $12,460,000 | $115,370 |
| Refi | 52 | $6,740,000 | $129,615 |
| Other | 21 | $1,625,000 | $77,381 |
| Home Improvement | 16 | $880,000 | $55,000 |
Union's most frequently cited loan purpose was Home Purchase, with 202 originations. The 2nd most popular reason was Cash Out Refi, with 108 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 88 | $12,810,000 | $145,568 |
| 3-4% | 87 | $12,995,000 | $149,368 |
| 4-5% | 74 | $11,570,000 | $156,351 |
| 6-7% | 55 | $8,695,000 | $158,091 |
| 2.5-3% | 30 | $3,640,000 | $121,333 |
| <2.5% | 21 | $2,215,000 | $105,476 |
| 7-8% | 21 | $2,675,000 | $127,381 |
| Over 8% | 16 | $1,200,000 | $75,000 |
During 2022, Union's most frequently originated rate bucket was 5-6%, with 88 originations.
Loan Sizing (Union, SC MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 179 | $25,515,000 | $142,542 |
| $100,000 or less | 141 | $8,315,000 | $58,972 |
| $200k-400k | 70 | $17,900,000 | $255,714 |
| $400k-600k | 8 | $3,920,000 | $490,000 |
| $Over $1MM | 1 | $1,035,000 | $1,035,000 |
Union's loan sizing saw the bucket of loans from $100k-200k with 179 originations, totaling $25,515,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 188 | $32,630,000 | $173,564 |
| 60-80% | 87 | $14,555,000 | $167,299 |
| 40-60% | 58 | $5,150,000 | $88,793 |
| 20-40% | 31 | $1,975,000 | $63,710 |
| Under 20% | 24 | $730,000 | $30,417 |
| Over 100% | 4 | $700,000 | $175,000 |
Union's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 188 originations, totaling $32,630,000 in origination value.