Vernon Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Vernon averaged 6.84% for the week of 2024-05-23, compared to the national average of 6.94% for the same period.

The average rate for the prior week (2024-05-16) was 7.02% and one month ago for the week of 2024-04-18, the average rate was 7%.

Vernon's average rate one year ago was 6.29%.

For refis of the same type during the week of 2024-05-23, the average rate was 7.54%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-05-23 6.94%
Vernon 30 Year Fixed Rate 2024-05-23 6.84%
Vernon 30 Year Fixed Rate Refi 2024-05-23 7.54%
Vernon 15 Year Fixed Rate 2024-05-23 6.24%
Vernon 15 Year Fixed Rate Refi 2024-05-23 6.64%
Vernon 30 Year FHA 2024-05-23 6.55%
Vernon 30 Year FHA Refi 2024-05-23 6.65%
Vernon 30 Year USDA 2024-05-23 6.84%
Vernon 30 Year USDA Refi 2024-05-23 6.84%
Vernon 30 Year VA 2024-05-23 6.77%
Vernon 30 Year VA Refi 2024-05-23 6.37%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Vernon, TX.

Vernon 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 Vernon, TX 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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
American National Bank & Trust 9 6.78% $3,808
Network Funding, L.P. 8 6.45% $7,628
QUICKEN LOANS, LLC 4 6.97% $7,215
ZILLOW HOME LOANS, LLC 2 6.81% $5,442
LOANDEPOT.COM, LLC 2 7.18% $3,879
UNION SQUARE 2 6.94% $4,380
Gateway First Bank 1 7.50% $13,443
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $6,596
ROYAL UNITED MORTGAGE LLC 1 8.13% $7,027
SIRVA MORTGAGE, INC. 1 6.38% $2,364
TEXOMA COMMUNITY CREDIT UNION 1 9.75% $2,180
21ST MORTGAGE CORPORATION 1 6.35% $6,907
Wells Fargo Bank 1 7.00% $4,665
NAVY FEDERAL CREDIT UNION 1 8.75% $2,585

Vernon Average Closing Costs & Other Stats

Vernon, TX's 14 lenders originated 140 loans during 2023. The total origination value was $18,030,000, with an average loan value of $128,786.

Vernon's average closing costs are $5,208.

The top Vernon lender as defined by loan originations is American National Bank & Trust, with 9 loans originated. Their average total fees are $3,808, which is $3,819 lower than the next largest lender, Network Funding, L.P..

The lowest fee Vernon lenders (with over 10 loans originated) are .

The lowest rate Vernon lenders (with over 10 loans originated) are .

Vernon, TX 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
Network Funding, L.P. $4,265,000 $3,975,000 -6.8% 22.0%
Waggoner National Bank $3,400,000 n/a 18.9%
American National Bank & Trust $2,055,000 $2,070,000 0.7% 11.5%
Mortgage Research Center, LLC $750,000 $1,045,000 39.3% 5.8%
QUICKEN LOANS, LLC $545,000 $900,000 65.1% 5.0%
TEXOMA COMMUNITY CREDIT UNION $705,000 $580,000 -17.7% 3.2%
Herring Bank $1,440,000 $565,000 -60.8% 3.1%
FLAT BRANCH MORTGAGE, INC. $180,000 $530,000 194.4% 2.9%
UNION SQUARE $995,000 $510,000 -48.7% 2.8%
21ST MORTGAGE CORPORATION $95,000 $495,000 421.1% 2.7%
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. $435,000 n/a 2.4%
Gateway First Bank $130,000 $385,000 196.2% 2.1%
GSB MORTGAGE, INC. $55,000 $300,000 445.5% 1.7%
ZILLOW HOME LOANS, LLC $240,000 n/a 1.3%
LOANDEPOT.COM, LLC $155,000 $230,000 48.4% 1.3%
NAVY FEDERAL CREDIT UNION $35,000 $205,000 485.7% 1.1%
PRIMELENDING, A PLAINSCAPITAL COMPANY $180,000 n/a 1.0%
ROYAL UNITED MORTGAGE LLC $45,000 $180,000 300.0% 1.0%
Bank of America $115,000 $155,000 34.8% 0.9%
Flagstar Bank, FSB $75,000 $155,000 106.7% 0.9%
GUILD MORTGAGE COMPANY $225,000 $155,000 -31.1% 0.9%
NFM, INC. $155,000 n/a 0.9%
RANDOLPH-BROOKS $145,000 n/a 0.8%
LENDINGHOME FUNDING CORPORATION $135,000 n/a 0.7%
CMG MORTGAGE, INC. $130,000 n/a 0.7%
First United Bank $125,000 n/a 0.7%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $490,000 $115,000 -76.5% 0.6%
SIRVA MORTGAGE, INC. $85,000 n/a 0.5%
SWBC MORTGAGE CORPORATION $85,000 n/a 0.5%
LOANPAL, LLC $75,000 n/a 0.4%
PENNYMAC LOAN SERVICES, LLC $75,000 n/a 0.4%
Wells Fargo Bank $270,000 $65,000 -75.9% 0.4%
JPMorgan Chase Bank $1,240,000 $25,000 -98.0% 0.1%

Vernon's top lender by overall market share is Network Funding, L.P., with 22.0% market share. In second place, with 18.9%, is Waggoner National Bank, having originated $3,400,000 in loans. In third place, with 11.5%, is American National Bank & Trust, having originated $2,070,000 in loans. In fourth place, with 5.8%, is Mortgage Research Center, LLC, having originated $1,045,000 in loans. In fifth place, with 5.0%, is QUICKEN LOANS, LLC, having originated $900,000 in loans.


Vernon Housing Market Trends (Median, Average Prices & Listing Count)

Realtor.com - Vernon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $101,750 (27.4%) $116,633 (13.0%) 0.00 12
2018-02-01 $109,900 (37.6%) $143,399 (36.1%) 0.00 9
2018-03-01 $169,500 (38.9%) $173,125 (34.2%) 0.00 10
2018-04-01 $162,300 (20.3%) $166,189 (-14.4%) 0.00 18
2018-05-01 $142,350 (-50.7%) $141,125 (-51.1%) 0.00 28
2018-06-01 $133,450 (-47.7%) $135,471 (-46.9%) 0.00 25
2018-07-01 $109,000 (-39.3%) $126,186 (-39.1%) 0.00 27
2018-08-01 $82,000 (-24.4%) $113,581 (-28.0%) 0.00 24
2018-09-01 $99,000 (-16.8%) $132,152 (-20.1%) 0.00 24
2018-10-01 $120,975 (11.5%) $133,067 (-13.2%) 0.00 30
2018-11-01 $107,475 (8.0%) $126,396 (4.2%) 0.00 33
2018-12-01 $117,500 (8.3%) $127,557 (1.0%) 0.00 36
2019-01-01 $125,750 (23.6%) $129,306 (10.9%) 0.00 32
2019-02-01 $130,375 (18.6%) $134,721 (-6.1%) 0.00 26
2019-03-01 $120,000 (-29.2%) $129,487 (-25.2%) 0.00 25
2019-04-01 $120,000 (-26.1%) $129,809 (-21.9%) 0.00 21
2019-05-01 $141,850 (-0.4%) $159,166 (12.8%) 0.00 16
2019-06-01 $134,700 (0.9%) $152,252 (12.4%) 0.00 18
2019-07-01 $132,450 (21.5%) $149,370 (18.4%) 0.00 20
2019-08-01 $126,964 (54.8%) $143,511 (26.4%) 0.00 19
2019-09-01 $122,484 (23.7%) $142,069 (7.5%) 0.00 19
2019-10-01 $118,625 (-1.9%) $137,209 (3.1%) 0.00 18
2019-11-01 $116,700 (8.6%) $122,720 (-2.9%) 0.00 15
2019-12-01 $116,300 (-1.0%) $121,996 (-4.4%) 0.00 13
2020-01-01 $86,225 (-31.4%) $112,400 (-13.1%) 0.00 19
2020-02-01 $87,000 (-33.3%) $112,104 (-16.8%) 0.00 24
2020-03-01 $87,000 (-27.5%) $111,383 (-14.0%) 0.00 26
2020-04-01 $83,000 (-30.8%) $112,760 (-13.1%) 0.00 25
2020-05-01 $80,900 (-43.0%) $107,992 (-32.2%) 0.00 20
2020-06-01 $88,250 (-34.5%) $108,054 (-29.0%) 0.00 15
2020-07-01 $95,750 (-27.7%) $116,113 (-22.3%) 0.00 14
2020-08-01 $98,750 (-22.2%) $123,087 (-14.2%) 0.00 15
2020-09-01 $93,500 (-23.7%) $118,208 (-16.8%) 0.00 13
2020-10-01 $95,000 (-19.9%) $135,146 (-1.5%) 0.00 12
2020-11-01 $84,475 (-27.6%) $138,733 (13.1%) 0.00 10
2020-12-01 $89,875 (-22.7%) $137,038 (12.3%) 0.00 9
2021-01-01 $74,500 (-13.6%) $119,880 (6.7%) 0.00 7
2021-02-01 $129,375 (48.7%) $154,915 (38.2%) 0.00 4
2021-03-01 $113,125 (30.0%) $121,600 (9.2%) 0.00 6
2021-04-01 $105,000 (26.5%) $108,140 (-4.1%) 0.00 9
2021-05-01 $98,000 (21.1%) $96,780 (-10.4%) 0.00 6
2021-06-01 $89,000 (0.9%) $103,047 (-4.6%) 0.00 10
2021-07-01 $82,000 (-14.4%) $110,981 (-4.4%) 0.00 13
2021-08-01 $83,500 (-15.4%) $115,732 (-6.0%) 0.00 17
2021-09-01 $79,000 (-15.5%) $102,383 (-13.4%) 0.00 16
2021-10-01 $79,000 (-16.8%) $98,300 (-27.3%) 0.00 15
2021-11-01 $85,625 (1.4%) $129,089 (-7.0%) 0.00 16
2021-12-01 $85,000 (-5.4%) $106,065 (-22.6%) 0.00 16
2022-01-01 $86,250 (15.8%) $128,900 (7.5%) 0.00 14
2022-02-01 $137,450 (6.2%) $129,387 (-16.5%) 0.00 13
2022-03-01 $116,500 (3.0%) $121,808 (0.2%) 0.00 13
2022-04-01 $133,950 (27.6%) $159,883 (47.9%) 0.00 17
2022-05-01 $153,750 (56.9%) $193,943 (100.4%) 0.00 14
2022-06-01 $145,000 (62.9%) $184,745 (79.3%) 0.00 15
2022-07-01 $161,250 (96.7%) $206,193 (85.8%) 0.00 18
2022-08-01 $179,450 (114.9%) $205,939 (77.9%) 0.00 22
2022-09-01 $177,500 (124.7%) $206,522 (101.7%) 0.00 25
2022-10-01 $127,000 (60.8%) $156,913 (59.6%) 0.00 29
2022-11-01 $100,737 (17.7%) $138,433 (7.2%) 0.00 32
2022-12-01 $99,316 (16.8%) $157,300 (48.3%) 0.00 28
2023-01-01 $96,908 (12.4%) $141,329 (9.6%) 0.00 27
2023-02-01 $85,750 (-37.6%) $146,588 (13.3%) 0.00 21
2023-03-01 $82,000 (-29.6%) $156,969 (28.9%) 0.00 18
2023-04-01 $109,250 (-18.4%) $161,494 (1.0%) 0.00 19
2023-05-01 $120,625 (-21.5%) $161,259 (-16.9%) 0.00 25
2023-06-01 $97,475 (-32.8%) $126,010 (-31.8%) 0.00 32
2023-07-01 $105,000 (-34.9%) $137,880 (-33.1%) 0.00 40
2023-08-01 $105,000 (-41.5%) $144,212 (-30.0%) 0.00 42
2023-09-01 $107,500 (-39.4%) $145,785 (-29.4%) 0.00 42
2023-10-01 $135,975 (7.1%) $168,236 (7.2%) 0.00 42
2023-11-01 $136,000 (35.0%) $174,730 (26.2%) 0.00 35
2023-12-01 $140,000 (41.0%) $184,128 (17.1%) 0.00 31
2024-01-01 $137,975 (42.4%) $178,408 (26.2%) 0.00 29
2024-02-01 $128,500 (49.9%) $169,227 (15.4%) 0.00 26
2024-03-01 $138,500 (68.9%) $167,013 (6.4%) 0.00 29
2024-04-01 $155,000 (41.9%) $183,631 (13.7%) 0.00 29
Vernon's median listing price for 2024-04-01 was $155,000, a difference of $45,750 (41.9%) versus the prior year and $16,500 versus the prior month.

Vernon's median listing price comes in at 0% of the national average.

Vernon's average listing price for 2024-04-01 was $183,631, a difference of $22,137 (13.7%) versus the prior year and $16,618 versus the prior month.

For the 2024-04-01 period, Vernon had 29 MLS listings, a difference of 0 listings (0%) versus the prior month and 10 listings (53%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Vernon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,038 sqft
2018-02-01 0 days 1,994 sqft
2018-03-01 0 days 2,162 sqft
2018-04-01 0 days 2,325 sqft
2018-05-01 0 days 2,229 sqft
2018-06-01 0 days 2,222 sqft
2018-07-01 0 days 2,076 sqft
2018-08-01 0 days 1,964 sqft
2018-09-01 0 days 1,772 sqft
2018-10-01 0 days 1,789 sqft
2018-11-01 0 days 1,778 sqft
2018-12-01 0 days 1,775 sqft
2019-01-01 0 days 1,850 sqft
2019-02-01 0 days 1,929 sqft
2019-03-01 0 days 1,890 sqft
2019-04-01 0 days 1,865 sqft
2019-05-01 0 days 2,044 sqft
2019-06-01 0 days 2,160 sqft
2019-07-01 0 days 2,134 sqft
2019-08-01 0 days 2,107 sqft
2019-09-01 0 days 2,028 sqft
2019-10-01 0 days 1,976 sqft
2019-11-01 0 days 1,986 sqft
2019-12-01 0 days 1,995 sqft
2020-01-01 0 days 1,953 sqft
2020-02-01 0 days 1,909 sqft
2020-03-01 0 days 1,924 sqft
2020-04-01 0 days 1,967 sqft
2020-05-01 0 days 2,004 sqft
2020-06-01 0 days 1,931 sqft
2020-07-01 0 days 1,978 sqft
2020-08-01 0 days 1,863 sqft
2020-09-01 0 days 1,901 sqft
2020-10-01 0 days 2,046 sqft
2020-11-01 0 days 2,062 sqft
2020-12-01 0 days 2,016 sqft
2021-01-01 0 days 2,139 sqft
2021-02-01 0 days 2,416 sqft
2021-03-01 0 days 2,197 sqft
2021-04-01 0 days 1,792 sqft
2021-05-01 0 days 1,520 sqft
2021-06-01 0 days 1,502 sqft
2021-07-01 0 days 1,379 sqft
2021-08-01 0 days 1,552 sqft
2021-09-01 0 days 1,293 sqft
2021-10-01 0 days 1,237 sqft
2021-11-01 0 days 1,565 sqft
2021-12-01 0 days 1,288 sqft
2022-01-01 0 days 1,360 sqft
2022-02-01 0 days 1,731 sqft
2022-03-01 0 days 1,704 sqft
2022-04-01 0 days 1,728 sqft
2022-05-01 0 days 2,181 sqft
2022-06-01 0 days 2,108 sqft
2022-07-01 0 days 2,371 sqft
2022-08-01 0 days 2,640 sqft
2022-09-01 0 days 2,246 sqft
2022-10-01 0 days 1,711 sqft
2022-11-01 0 days 1,653 sqft
2022-12-01 0 days 1,583 sqft
2023-01-01 0 days 1,416 sqft
2023-02-01 0 days 1,421 sqft
2023-03-01 0 days 1,408 sqft
2023-04-01 0 days 1,456 sqft
2023-05-01 0 days 1,564 sqft
2023-06-01 0 days 1,464 sqft
2023-07-01 0 days 1,460 sqft
2023-08-01 0 days 1,525 sqft
2023-09-01 0 days 1,605 sqft
2023-10-01 0 days 1,666 sqft
2023-11-01 0 days 1,700 sqft
2023-12-01 0 days 1,723 sqft
2024-01-01 0 days 1,771 sqft
2024-02-01 0 days 1,614 sqft
2024-03-01 0 days 1,452 sqft
2024-04-01 0 days 1,728 sqft
Vernon's median listing age (time on market) for 2024-04-01 was 0 days.

Vernon's median square footage for active listings during the 2024-04-01 period was 1,728 sqft. One year prior, the average listing was 1,456 sqft.

Vernon, TX Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 104 $14,990,000 $144,135
Cash Out Refi 14 $1,730,000 $123,571
Other 10 $410,000 $41,000
Home Improvement 8 $230,000 $28,750
Refi 4 $670,000 $167,500

Vernon's most frequently cited loan purpose was Home Purchase, with 104 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 44 $7,100,000 $161,364
7-8% 24 $3,740,000 $155,833
Over 8% 12 $1,310,000 $109,167
5-6% 10 $1,460,000 $146,000
<2.5% 1 $5,000 $5,000
4-5% 1 $145,000 $145,000

During 2023, Vernon's most frequently originated rate bucket was 6-7%, with 44 originations.

Loan Sizing (Vernon, TX MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 66 $3,550,000 $53,788
$100k-200k 53 $7,515,000 $141,792
$200k-400k 18 $5,490,000 $305,000
$400k-600k 2 $850,000 $425,000
$600k-1000k 1 $625,000 $625,000

Vernon's loan sizing saw the bucket of loans from $100,000 or less with 66 originations, totaling $3,550,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 62 $10,090,000 $162,742
60-80% 17 $2,275,000 $133,824
40-60% 5 $505,000 $101,000
20-40% 3 $155,000 $51,667
Under 20% 3 $95,000 $31,667
Over 100% 2 $620,000 $310,000

Vernon's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 62 originations, totaling $10,090,000 in origination value.