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 7.09% for the week of 2023-11-22, compared to the national average of 7.29% for the same period.

The average rate for the prior week (2023-11-16) was 7.54% and one month ago for the week of 2023-10-19, the average rate was 7.83%.

Vernon's average rate one year ago was 6.51%.

For refis of the same type during the week of 2023-11-22, the average rate was 7.89%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-11-22 7.29%
Vernon 30 Year Fixed Rate 2023-11-22 7.09%
Vernon 30 Year Fixed Rate Refi 2023-11-22 7.89%
Vernon 15 Year Fixed Rate 2023-11-22 6.77%
Vernon 15 Year Fixed Rate Refi 2023-11-22 7.07%
Vernon 30 Year FHA 2023-11-22 0%
Vernon 30 Year FHA Refi 2023-11-22 0.2%
Vernon 30 Year USDA 2023-11-22 0.2%
Vernon 30 Year USDA Refi 2023-11-22 -0.1%
Vernon 30 Year VA 2023-11-22 -0.2%
Vernon 30 Year VA Refi 2023-11-22 -0.1%
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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Network Funding, L.P. 14 5.69% $6,035
American National Bank & Trust 10 5.09% $3,726
TEXOMA COMMUNITY CREDIT UNION 5 6.71% $3,675
UNION SQUARE 3 5.33% $4,133
QUICKEN LOANS, LLC 3 4.29% $5,123
Wells Fargo Bank 2 4.75% $4,848
JPMorgan Chase Bank 2 5.25% $15,848
Bank of America 1 5.50% $600
LOANDEPOT.COM, LLC 1 4.88% $5,186
Mr. Cooper ( Nationstar Mortgage ) 1 3.50% $6,610
GUILD MORTGAGE COMPANY 1 6.88% $6,026
Flagstar Bank, FSB 1 5.50% $6,025
Texas Mortgage Lending, LLC 1 5.63% $4,263
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.00% $4,558
EASTMAN 1 5.00% $4,167
UNITED 1 6.25% $3,554
UNITED WHOLESALE MORTGAGE, LLC 1 5.50% $5,964
U.S. Bank 1 5.99% $3,549
HOMEXPRESS MORTGAGE CORP. 1 10.25% $5,166

Vernon Average Closing Costs & Other Stats

Vernon, TX's 19 lenders originated 117 loans during 2022. The total origination value was $16,655,000, with an average loan value of $142,350.

Vernon's average closing costs are $4,974.

The top Vernon lender as defined by loan originations is Network Funding, L.P., with 14 loans originated. Their average total fees are $6,035, which is $2,309 higher than the next largest lender, American National Bank & Trust.

The lowest fee Vernon lenders (with over 10 loans originated) are American National Bank & Trust ($3,726), Network Funding, L.P. ($6,035), .

The lowest rate Vernon lenders (with over 10 loans originated) are American National Bank & Trust (5.09%), Network Funding, L.P. (5.69%), .

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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
Network Funding, L.P. $4,525,000 $4,265,000 -5.7% 25.6%
American National Bank & Trust $630,000 $2,055,000 226.2% 12.3%
Herring Bank $2,030,000 $1,440,000 -29.1% 8.6%
JPMorgan Chase Bank $105,000 $1,240,000 1,081.0% 7.4%
UNION SQUARE $655,000 $995,000 51.9% 6.0%
Mortgage Research Center, LLC $290,000 $750,000 158.6% 4.5%
TEXOMA COMMUNITY CREDIT UNION $600,000 $705,000 17.5% 4.2%
QUICKEN LOANS, LLC $540,000 $545,000 0.9% 3.3%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $200,000 $490,000 145.0% 2.9%
BancorpSouth Bank $425,000 n/a 2.6%
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $85,000 $275,000 223.5% 1.7%
Wells Fargo Bank $455,000 $270,000 -40.7% 1.6%
Mr. Cooper ( Nationstar Mortgage ) $240,000 n/a 1.4%
GUILD MORTGAGE COMPANY $235,000 $225,000 -4.3% 1.4%
Nations Lending Corporation $215,000 n/a 1.3%
Pilgrim Bank $215,000 n/a 1.3%
COUNTRYPLACE MORTGAGE, LTD. $205,000 n/a 1.2%
U.S. Bank $160,000 $190,000 18.8% 1.1%
FLAT BRANCH MORTGAGE, INC. $180,000 n/a 1.1%
LOANDEPOT.COM, LLC $155,000 n/a 0.9%
UNITED WHOLESALE MORTGAGE, LLC $155,000 n/a 0.9%
FREEDOM MORTGAGE CORPORATION $535,000 $145,000 -72.9% 0.9%
HOMEXPRESS MORTGAGE CORP. $145,000 n/a 0.9%
Gateway First Bank $135,000 $130,000 -3.7% 0.8%
Bank of America $115,000 n/a 0.7%
BROKER SOLUTIONS, INC. $155,000 $115,000 -25.8% 0.7%
21ST MORTGAGE CORPORATION $245,000 $95,000 -61.2% 0.6%
EASTMAN $95,000 n/a 0.6%
Flagstar Bank, FSB $195,000 $75,000 -61.5% 0.5%
Prosperity Bank $75,000 n/a 0.5%
Texas Mortgage Lending, LLC $75,000 n/a 0.5%
EVERETT FINANCIAL, INC. $65,000 n/a 0.4%
CITY FIRST MORTGAGE SERVICES, L.L.C. $55,000 n/a 0.3%
GSB MORTGAGE, INC. $55,000 $55,000 0.0% 0.3%
UNITED $55,000 n/a 0.3%
Discover Bank $45,000 n/a 0.3%
ROYAL UNITED MORTGAGE LLC $45,000 n/a 0.3%
NAVY FEDERAL CREDIT UNION $230,000 $35,000 -84.8% 0.2%

Vernon's top lender by overall market share is Network Funding, L.P., with 25.6% market share. In second place, with 12.3%, is American National Bank & Trust, having originated $2,055,000 in loans. In third place, with 8.6%, is Herring Bank, having originated $1,440,000 in loans. In fourth place, with 7.4%, is JPMorgan Chase Bank, having originated $1,240,000 in loans. In fifth place, with 6.0%, is UNION SQUARE, having originated $995,000 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%) $145,688 (12.6%) 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
Vernon's median listing price for 2023-10-01 was $135,975, a difference of $8,975 (7.1%) versus the prior year and $28,475 versus the prior month.

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

Vernon's average listing price for 2023-10-01 was $168,236, a difference of $11,323 (7.2%) versus the prior year and $22,451 versus the prior month.

For the 2023-10-01 period, Vernon had 42 MLS listings, a difference of 0 listings (0%) versus the prior month and 13 listings (45%) 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 1,912 sqft
2019-03-01 0 days 1,871 sqft
2019-04-01 0 days 1,863 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 1,460 sqft
2021-09-01 0 days 1,290 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
Vernon's median listing age (time on market) for 2023-10-01 was 0 days.

Vernon's median square footage for active listings during the 2023-10-01 period was 1,666 sqft. One year prior, the average listing was 1,711 sqft.

Vernon, TX Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 87 $13,155,000 $151,207
Cash Out Refi 17 $2,105,000 $123,824
Refi 8 $970,000 $121,250
Home Improvement 3 $335,000 $111,667
Other 2 $90,000 $45,000

Vernon's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
5-6% 33 $4,475,000 $135,606
4-5% 21 $3,075,000 $146,429
6-7% 19 $2,465,000 $129,737
3-4% 15 $3,265,000 $217,667
7-8% 8 $960,000 $120,000
Over 8% 4 $350,000 $87,500
2.5-3% 2 $320,000 $160,000
<2.5% 2 $90,000 $45,000

During 2022, Vernon's most frequently originated rate bucket was 5-6%, with 33 originations.

Loan Sizing (Vernon, TX MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 49 $7,085,000 $144,592
$100,000 or less 47 $3,125,000 $66,489
$200k-400k 18 $4,490,000 $249,444
$400k-600k 2 $850,000 $425,000
$Over $1MM 1 $1,105,000 $1,105,000

Vernon's loan sizing saw the bucket of loans from $100k-200k with 49 originations, totaling $7,085,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 56 $7,420,000 $132,500
60-80% 32 $5,750,000 $179,688
40-60% 5 $345,000 $69,000
Over 100% 5 $1,165,000 $233,000
Under 20% 4 $120,000 $30,000
20-40% 2 $200,000 $100,000

Vernon's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 56 originations, totaling $7,420,000 in origination value.