Vernon Mortgage Rates & Closing Costs

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

    30 Year Fixed Rate mortgages in Vernon averaged 7.2% for the week of 2024-04-18, compared to the national average of 7.1% for the same period.

    The average rate for the prior week (2024-04-11) was 7.08% and one month ago for the week of 2024-03-14, the average rate was 6.94%.

    Vernon's average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-18, the average rate was 7.7%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-04-18 7.1%
    Vernon 30 Year Fixed Rate 2024-04-18 7.2%
    Vernon 30 Year Fixed Rate Refi 2024-04-18 7.7%
    Vernon 15 Year Fixed Rate 2024-04-18 6.29%
    Vernon 15 Year Fixed Rate Refi 2024-04-18 6.79%
    Vernon 30 Year FHA 2024-04-18 6.76%
    Vernon 30 Year FHA Refi 2024-04-18 6.76%
    Vernon 30 Year USDA 2024-04-18 6.96%
    Vernon 30 Year USDA Refi 2024-04-18 6.86%
    Vernon 30 Year VA 2024-04-18 6.96%
    Vernon 30 Year VA Refi 2024-04-18 6.86%
    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
    Vernon's median listing price for 2024-03-01 was $138,500, a difference of $56,500 (68.9%) versus the prior year and $10,000 versus the prior month.

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

    Vernon's average listing price for 2024-03-01 was $167,013, a difference of $10,044 (6.4%) versus the prior year and $-2,214 versus the prior month.

    For the 2024-03-01 period, Vernon had 29 MLS listings, a difference of 3 listings (12%) versus the prior month and 11 listings (61%) 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
    Vernon's median listing age (time on market) for 2024-03-01 was 0 days.

    Vernon's median square footage for active listings during the 2024-03-01 period was 1,452 sqft. One year prior, the average listing was 1,408 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.