Vernon Mortgage Rates & Closing Costs
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% |
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. LouisDate | 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 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. LouisDate | 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 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.