Vernon Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Vernon averaged 7.5% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 7.63% and one month ago for the week of 2023-02-09, the average rate was 6.72%.

    Vernon's average rate one year ago was 4.17%.

    For refis of the same type during the week of 2023-03-16, the average rate was 7.11%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Vernon 30 Year Fixed Rate 2023-03-16 7.5%
    Vernon 30 Year Fixed Rate Refi 2023-03-16 7.11%
    Vernon 15 Year Fixed Rate 2023-03-16 7.03%
    Vernon 15 Year Fixed Rate Refi 2023-03-16 6.46%
    Vernon 30 Year FHA 2023-03-16 6.67%
    Vernon 30 Year FHA Refi 2023-03-16 6.38%
    Vernon 30 Year USDA 2023-03-16 6.61%
    Vernon 30 Year VA 2023-03-16 6.06%
    Vernon 30 Year VA Refi 2023-03-16 6.28%
    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
    Vernon's median listing price for 2023-02-01 was $85,750, a difference of $-51,700 (-37.6%) versus the prior year and $-11,158 versus the prior month.

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

    Vernon's average listing price for 2023-02-01 was $145,688, a difference of $16,301 (12.6%) versus the prior year and $4,359 versus the prior month.

    For the 2023-02-01 period, Vernon had 21 MLS listings, a difference of -6 listings (-22%) versus the prior month and 8 listings (62%) 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
    Vernon's median listing age (time on market) for 2023-02-01 was 0 days.

    Vernon's median square footage for active listings during the 2023-02-01 period was 1,421 sqft. One year prior, the average listing was 1,731 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.