Vernon Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Vernon averaged
6.87%
for the week of 2024-06-20, compared to the national average of
6.87% for the same period.
The average rate for the prior week (2024-06-13) was
6.85% and
one month ago for the week of 2024-05-16, the
average rate was 7.22%.
Vernon's average rate one year ago was 6.59%.
For refis of the same type during the week of 2024-06-20, the average rate
was 6.77%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-06-20 | 6.87% |
| Vernon 30 Year Fixed Rate | 2024-06-20 | 6.87% |
| Vernon 30 Year Fixed Rate Refi | 2024-06-20 | 6.77% |
| Vernon 15 Year Fixed Rate | 2024-06-20 | 6.23% |
| Vernon 15 Year Fixed Rate Refi | 2024-06-20 | 6.13% |
| Vernon 30 Year FHA | 2024-06-20 | 0% |
| Vernon 30 Year FHA Refi | 2024-06-20 | -0.1% |
| Vernon 30 Year USDA | 2024-06-20 | 0% |
| Vernon 30 Year USDA Refi | 2024-06-20 | -0.2% |
| Vernon 30 Year VA | 2024-06-20 | 0.2% |
| Vernon 30 Year VA Refi | 2024-06-20 | -0.1% |
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, 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.