Vernal Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Vernal averaged
7.02%
for the week of 2024-07-18, compared to the national average of
6.77% for the same period.
The average rate for the prior week (2024-07-11) was
6.84% and
one month ago for the week of 2024-06-13, the
average rate was 7.1%.
Vernal's average rate one year ago was 7.11%.
For refis of the same type during the week of 2024-07-18, the average rate
was 7.07%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
Vernal 30 Year Fixed Rate | 2024-07-18 | 7.02% |
Vernal 30 Year Fixed Rate Refi | 2024-07-18 | 7.07% |
Vernal 15 Year Fixed Rate | 2024-07-18 | 6.25% |
Vernal 15 Year Fixed Rate Refi | 2024-07-18 | 6.35% |
Vernal 30 Year FHA | 2024-07-18 | 6.56% |
Vernal 30 Year FHA Refi | 2024-07-18 | 6.79% |
Vernal 30 Year USDA | 2024-07-18 | 6.53% |
Vernal 30 Year USDA Refi | 2024-07-18 | 6.83% |
Vernal 30 Year VA | 2024-07-18 | 6.1% |
Vernal 30 Year VA Refi | 2024-07-18 | 6.5% |
Vernal 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 Vernal, UT 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.).
Vernal Average Closing Costs & Other Stats
Vernal, UT's 49 lenders originated 850
loans during 2023. The total origination value was $164,620,000, with an average loan value of
$193,671.
Vernal's average closing costs are $6,292.
The top Vernal lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
35 loans originated. Their average total fees are
$7,186, which is $1,499
higher than the next largest lender,
MOUNTAIN AMERICA.
The lowest fee Vernal lenders (with over 10 loans originated) are
MOUNTAIN AMERICA ($5,687), UNITED WHOLESALE MORTGAGE, LLC ($7,186), QUICKEN LOANS, LLC ($7,539), GUILD MORTGAGE COMPANY ($8,522) and .
The lowest rate Vernal lenders (with over 10 loans originated) are
MOUNTAIN AMERICA (6.65%), UNITED WHOLESALE MORTGAGE, LLC (6.76%), QUICKEN LOANS, LLC (6.91%), GUILD MORTGAGE COMPANY (7.09%) and .
Vernal, UT 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 |
---|---|---|---|---|
MOUNTAIN AMERICA | $64,460,000 | $33,050,000 | -48.7% | 20.1% |
UNITED WHOLESALE MORTGAGE, LLC | $19,430,000 | $23,080,000 | 18.8% | 14.0% |
GUILD MORTGAGE COMPANY | $22,420,000 | $18,270,000 | -18.5% | 11.1% |
INTERCAP LENDING INC. | $19,470,000 | $14,695,000 | -24.5% | 8.9% |
Zions Bank | $11,985,000 | $10,050,000 | -16.1% | 6.1% |
ACADEMY MORTGAGE CORPORATION | $11,655,000 | $7,270,000 | -37.6% | 4.4% |
FIRST COLONY MORTGAGE CORPORATION | $1,935,000 | $4,400,000 | 127.4% | 2.7% |
QUICKEN LOANS, LLC | $8,305,000 | $4,330,000 | -47.9% | 2.6% |
NEWREZ LLC | $1,100,000 | $4,105,000 | 273.2% | 2.5% |
Plains Commerce Bank | $1,165,000 | $2,520,000 | 116.3% | 1.5% |
Mortgage Research Center, LLC | $2,170,000 | $2,195,000 | 1.2% | 1.3% |
Northpointe Bank | $2,470,000 | $2,105,000 | -14.8% | 1.3% |
CARDINAL FINANCIAL | $515,000 | $1,900,000 | 268.9% | 1.2% |
PENNYMAC LOAN SERVICES, LLC | $1,300,000 | $1,870,000 | 43.8% | 1.1% |
FREEDOM MORTGAGE CORPORATION | $1,855,000 | $1,825,000 | -1.6% | 1.1% |
LOANDEPOT.COM, LLC | $2,870,000 | $1,825,000 | -36.4% | 1.1% |
CASTLE & COOKE MORTGAGE, LLC | $2,225,000 | $1,590,000 | -28.5% | 1.0% |
Century Mortgage Company DBA Century Lending Company | $430,000 | $1,515,000 | 252.3% | 0.9% |
CROSSCOUNTRY MORTGAGE, LLC | $1,580,000 | $1,365,000 | -13.6% | 0.8% |
Grand Valley Bank | $4,275,000 | $1,315,000 | -69.2% | 0.8% |
SECURITYNATIONAL MORTGAGE COMPANY | $2,040,000 | $1,315,000 | -35.5% | 0.8% |
GUARANTEED RATE AFFINITY, LLC | $530,000 | $1,225,000 | 131.1% | 0.7% |
AMERICA FIRST | $2,515,000 | $1,190,000 | -52.7% | 0.7% |
BROKER SOLUTIONS, INC. | $2,490,000 | $1,185,000 | -52.4% | 0.7% |
Utah Power | $2,650,000 | $1,025,000 | -61.3% | 0.6% |
SECURITY HOME MORTGAGE, LLC. | $2,595,000 | $960,000 | -63.0% | 0.6% |
BMO Harris Bank | $950,000 | n/a | 0.6% | |
Discover Bank | $930,000 | n/a | 0.6% | |
Deseret First Credit Union | $35,000 | $875,000 | 2,400.0% | 0.5% |
VILLAGE CAPITAL MORTGAGE | $740,000 | n/a | 0.4% | |
CHURCHILL MORTGAGE CORPORATION | $625,000 | n/a | 0.4% | |
The Loan Store, Inc. | $620,000 | n/a | 0.4% | |
LOANPAL, LLC | $1,070,000 | $600,000 | -43.9% | 0.4% |
Sierra Pacific Mortgage Company, Inc. | $245,000 | $535,000 | 118.4% | 0.3% |
RANLIFE, INC. | $1,245,000 | $490,000 | -60.6% | 0.3% |
Victorian Finance, LLC | $475,000 | n/a | 0.3% | |
SUN AMERICAN MORTGAGE COMPANY | $445,000 | n/a | 0.3% | |
Wells Fargo Bank | $3,830,000 | $430,000 | -88.8% | 0.3% |
Mr. Cooper ( Nationstar Mortgage ) | $1,215,000 | $400,000 | -67.1% | 0.2% |
CALCON MUTUAL MORTGAGE LLC | $395,000 | n/a | 0.2% | |
JPMorgan Chase Bank | $145,000 | $395,000 | 172.4% | 0.2% |
Bank of England | $385,000 | n/a | 0.2% | |
MORTGAGEONE, INC. | $385,000 | n/a | 0.2% | |
AMERICAN PACIFIC MORTGAGE CORPORATION | $720,000 | $375,000 | -47.9% | 0.2% |
ANGEL OAK MORTGAGE SOLUTIONS LLC | $265,000 | $365,000 | 37.7% | 0.2% |
HomeTrust Bank | $365,000 | n/a | 0.2% | |
21ST MORTGAGE CORPORATION | $345,000 | n/a | 0.2% | |
EVERETT FINANCIAL, INC. | $330,000 | $345,000 | 4.5% | 0.2% |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $315,000 | n/a | 0.2% | |
Citadel Servicing Corporation | $385,000 | $315,000 | -18.2% | 0.2% |
CMG MORTGAGE, INC. | $305,000 | n/a | 0.2% | |
U.S. Bank | $485,000 | $305,000 | -37.1% | 0.2% |
Barrington Bank & Trust Company, N.A. | $135,000 | $295,000 | 118.5% | 0.2% |
LADERA LENDING, INC. | $295,000 | n/a | 0.2% | |
AXIA FINANCIAL, LLC | $285,000 | n/a | 0.2% | |
Northwest Farm Credit Services, FLCA | $275,000 | n/a | 0.2% | |
JMAC LENDING, INC. | $270,000 | n/a | 0.2% | |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,335,000 | $255,000 | -80.9% | 0.2% |
BECKAM FUNDING CORP. | $245,000 | n/a | 0.1% | |
AMWEST FUNDING CORP. | $225,000 | n/a | 0.1% | |
DEEPHAVEN MORTGAGE LLC | $225,000 | n/a | 0.1% | |
Bank of Utah | $1,130,000 | $220,000 | -80.5% | 0.1% |
NEXERA HOLDING LLC | $215,000 | n/a | 0.1% | |
Utah Mortgage Loan Corporation | $320,000 | $215,000 | -32.8% | 0.1% |
GOLDENWEST | $205,000 | $205,000 | 0.0% | 0.1% |
University First Federal Credit Union | $35,000 | $200,000 | 471.4% | 0.1% |
OCMBC, INC. | $215,000 | $180,000 | -16.3% | 0.1% |
BAY EQUITY LLC | $145,000 | $165,000 | 13.8% | 0.1% |
Central Bank | $4,485,000 | $165,000 | -96.3% | 0.1% |
GRANITE FEDERAL CREDIT UNION | $1,795,000 | $165,000 | -90.8% | 0.1% |
Coastal Community Bank | $155,000 | n/a | 0.1% | |
Glacier Bank | $2,230,000 | $145,000 | -93.5% | 0.1% |
UTAH FIRST | $215,000 | $105,000 | -51.2% | 0.1% |
KeyBank | $85,000 | n/a | 0.1% | |
CANVAS CREDIT UNION | $75,000 | n/a | 0.0% | |
NAVY FEDERAL CREDIT UNION | $315,000 | $75,000 | -76.2% | 0.0% |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $685,000 | $65,000 | -90.5% | 0.0% |
SECURITY SERVICE | $340,000 | $65,000 | -80.9% | 0.0% |
ALLIANT CREDIT UNION | $55,000 | n/a | 0.0% | |
Flagstar Bank, FSB | $375,000 | $45,000 | -88.0% | 0.0% |
PNC Bank | $610,000 | $45,000 | -92.6% | 0.0% |
CYPRUS Federal Credit Union | $100,000 | $25,000 | -75.0% | 0.0% |
Vernal's top lender by overall market share is MOUNTAIN AMERICA, with 20.1% market share. In second place, with 14.0%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $23,080,000 in loans. In third place, with 11.1%, is GUILD MORTGAGE COMPANY, having originated $18,270,000 in loans. In fourth place, with 8.9%, is INTERCAP LENDING INC., having originated $14,695,000 in loans. In fifth place, with 6.1%, is Zions Bank, having originated $10,050,000 in loans.
Vernal, UT Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 475 | $115,595,000 | $243,358 |
Other | 109 | $8,055,000 | $73,899 |
Home Improvement | 93 | $9,355,000 | $100,591 |
Refi | 92 | $16,520,000 | $179,565 |
Cash Out Refi | 81 | $15,095,000 | $186,358 |
Vernal's most frequently cited loan purpose was Home Purchase, with 475 originations. The 2nd most popular reason was Other, with 109 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 269 | $71,665,000 | $266,413 |
7-8% | 268 | $42,410,000 | $158,246 |
Over 8% | 195 | $19,905,000 | $102,077 |
5-6% | 107 | $28,515,000 | $266,495 |
4-5% | 8 | $1,940,000 | $242,500 |
<2.5% | 1 | $15,000 | $15,000 |
3-4% | 1 | $5,000 | $5,000 |
During 2023, Vernal's most frequently originated rate bucket was 6-7%, with 269 originations.
Loan Sizing (Vernal, UT MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$200k-400k | 337 | $96,465,000 | $286,246 |
$100,000 or less | 310 | $13,610,000 | $43,903 |
$100k-200k | 136 | $20,460,000 | $150,441 |
$400k-600k | 56 | $26,280,000 | $469,286 |
$600k-1000k | 11 | $7,805,000 | $709,545 |
Vernal's loan sizing saw the bucket of loans from $200k-400k with 337 originations, totaling $96,465,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 309 | $95,885,000 | $310,307 |
Under 20% | 239 | $9,245,000 | $38,682 |
20-40% | 128 | $14,810,000 | $115,703 |
60-80% | 111 | $30,365,000 | $273,559 |
40-60% | 54 | $11,070,000 | $205,000 |
Over 100% | 7 | $2,705,000 | $386,429 |
Vernal's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 309 originations, totaling $95,885,000 in origination value.