Washington Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Washington averaged
6.8%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
7.13% and
one month ago for the week of 2024-10-03, the
average rate was 6.33%.
Washington's average rate one year ago was 8.07%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.69%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Washington 30 Year Fixed Rate | 2024-11-07 | 6.8% |
| Washington 30 Year Fixed Rate Refi | 2024-11-07 | 6.69% |
| Washington 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Washington 15 Year Fixed Rate Refi | 2024-11-07 | 6.5% |
| Washington 30 Year FHA | 2024-11-07 | 6.53% |
| Washington 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Washington 30 Year USDA | 2024-11-07 | 6.58% |
| Washington 30 Year USDA Refi | 2024-11-07 | 6.58% |
| Washington 30 Year VA | 2024-11-07 | 6.24% |
| Washington 30 Year VA Refi | 2024-11-07 | 6.54% |
Washington 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 Washington, IN 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.).
Washington Average Closing Costs & Other Stats
Washington, IN's 30 lenders originated 466
loans during 2023. The total origination value was $70,500,000, with an average loan value of
$151,288.
Washington's average closing costs are $3,571.
The top Washington lender as defined by loan originations is CRANE, with
18 loans originated. Their average total fees are
$1,683, which is $2,263
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Washington lenders (with over 10 loans originated) are
CRANE ($1,683), First Federal Savings Bank ($2,226), German American Bank ($2,392), First Savings Bank ($2,619) and UNITED WHOLESALE MORTGAGE, LLC ($3,946).
The lowest rate Washington lenders (with over 10 loans originated) are
German American Bank (6.60%), First Federal Savings Bank (6.84%), CRANE (7.00%), First Savings Bank (7.19%) and UNITED WHOLESALE MORTGAGE, LLC (7.21%).
Washington, IN 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 |
|---|---|---|---|---|
| German American Bank | $17,405,000 | $23,995,000 | 37.9% | 34.0% |
| CRANE | $6,190,000 | $4,530,000 | -26.8% | 6.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,325,000 | $4,020,000 | 20.9% | 5.7% |
| First Federal Savings Bank | $7,595,000 | $3,335,000 | -56.1% | 4.7% |
| Old National Bank | $4,230,000 | $3,220,000 | -23.9% | 4.6% |
| EVANSVILLE TEACHERS | $6,535,000 | $3,145,000 | -51.9% | 4.5% |
| First Savings Bank | $5,330,000 | $3,035,000 | -43.1% | 4.3% |
| PLAZA HOME MORTGAGE, INC. | $3,615,000 | $2,225,000 | -38.5% | 3.2% |
| Farm Credit Mid-America, ACA | $1,740,000 | $2,220,000 | 27.6% | 3.1% |
| QUICKEN LOANS, LLC | $2,540,000 | $2,190,000 | -13.8% | 3.1% |
| Mortgage Research Center, LLC | $1,030,000 | $1,675,000 | 62.6% | 2.4% |
| Equity Prime Mortgage LLC | $1,190,000 | $980,000 | -17.6% | 1.4% |
| USAA Federal Savings Bank | $165,000 | $925,000 | 460.6% | 1.3% |
| MORTGAGE MASTERS OF INDIANA, INC. | $1,600,000 | $910,000 | -43.1% | 1.3% |
| RUOFF MORTGAGE COMPANY, INC. | $1,235,000 | $655,000 | -47.0% | 0.9% |
| Jackson County Bank | $690,000 | $640,000 | -7.2% | 0.9% |
| FREEDOM MORTGAGE CORPORATION | $470,000 | $620,000 | 31.9% | 0.9% |
| Century Mortgage Company DBA Century Lending Company | $605,000 | n/a | 0.9% | |
| STOCKTON MORTGAGE CORPORATION | $605,000 | n/a | 0.9% | |
| LOANDEPOT.COM, LLC | $1,185,000 | $525,000 | -55.7% | 0.7% |
| Horizon Bank | $340,000 | $520,000 | 52.9% | 0.7% |
| NAVY FEDERAL CREDIT UNION | $915,000 | $450,000 | -50.8% | 0.6% |
| AMERISAVE MORTGAGE CORPORATION | $245,000 | $420,000 | 71.4% | 0.6% |
| CHURCHILL MORTGAGE CORPORATION | $395,000 | n/a | 0.6% | |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $395,000 | n/a | 0.6% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $365,000 | n/a | 0.5% | |
| FIRST SOUTHERN BANK | $325,000 | n/a | 0.5% | |
| Fifth Third Bank | $240,000 | $315,000 | 31.3% | 0.4% |
| Flanagan State Bank | $300,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $270,000 | $275,000 | 1.9% | 0.4% |
| First Financial Bank | $1,535,000 | $270,000 | -82.4% | 0.4% |
| U.S. Bank | $265,000 | n/a | 0.4% | |
| Heritage Federal Credit Union | $495,000 | $235,000 | -52.5% | 0.3% |
| Notre Dame Federal Credit Union Corporation | $235,000 | n/a | 0.3% | |
| 1ST SIGNATURE LENDING, LLC | $225,000 | n/a | 0.3% | |
| EMM LOANS LLC | $225,000 | n/a | 0.3% | |
| GUILD MORTGAGE COMPANY | $225,000 | n/a | 0.3% | |
| TRIAD FINANCIAL SERVICES, INC. | $215,000 | n/a | 0.3% | |
| UNION HOME MORTGAGE CORP. | $315,000 | $205,000 | -34.9% | 0.3% |
| TOP FLITE FINANCIAL, INC. | $200,000 | n/a | 0.3% | |
| Barrington Bank & Trust Company, N.A. | $165,000 | $195,000 | 18.2% | 0.3% |
| Colonial Savings, F.A. | $195,000 | n/a | 0.3% | |
| Mr. Cooper ( Nationstar Mortgage ) | $125,000 | $195,000 | 56.0% | 0.3% |
| FORUM Credit Union | $75,000 | $185,000 | 146.7% | 0.3% |
| AMWEST FUNDING CORP. | $175,000 | n/a | 0.2% | |
| Paramount Residential Mortgage Group, Inc. | $355,000 | $175,000 | -50.7% | 0.2% |
| Prosperity Home Mortgage, LLC | $175,000 | n/a | 0.2% | |
| SUN WEST MORTGAGE COMPANY, INC. | $175,000 | n/a | 0.2% | |
| GVC MORTGAGE, INC. | $430,000 | $165,000 | -61.6% | 0.2% |
| Industrial Federal Credit Union | $165,000 | n/a | 0.2% | |
| BEACON CREDIT UNION | $155,000 | n/a | 0.2% | |
| BETTER MORTGAGE CORPORATION | $155,000 | n/a | 0.2% | |
| Northwest Bank | $160,000 | $145,000 | -9.4% | 0.2% |
| INDIANA UNIVERSITY CREDIT UNION | $65,000 | $135,000 | 107.7% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $130,000 | n/a | 0.2% | |
| JPMorgan Chase Bank | $635,000 | $125,000 | -80.3% | 0.2% |
| Discover Bank | $310,000 | $115,000 | -62.9% | 0.2% |
| Truist | $105,000 | n/a | 0.1% | |
| First Financial Bank | $1,535,000 | $100,000 | -93.5% | 0.1% |
| AMERICAN FINANCING CORPORATION | $55,000 | $95,000 | 72.7% | 0.1% |
| AMERICAN HERITAGE LENDING, INC. | $95,000 | n/a | 0.1% | |
| PLANET HOME LENDING, LLC | $105,000 | $95,000 | -9.5% | 0.1% |
| SUMMIT FUNDING, INC. | $95,000 | n/a | 0.1% | |
| SOUTHWEST STAGE FUNDING, LLC | $75,000 | n/a | 0.1% | |
| Figure Lending LLC | $50,000 | $70,000 | 40.0% | 0.1% |
| Regions Bank | $160,000 | $70,000 | -56.3% | 0.1% |
| Wells Fargo Bank | $505,000 | $45,000 | -91.1% | 0.1% |
| Park Lane Finance Solutions, LLC | $25,000 | n/a | 0.0% | |
| Farmers and Mechanics Federal Savings Bank | $105,000 | $15,000 | -85.7% | 0.0% |
Washington's top lender by overall market share is German American Bank, with 34.0% market share. In second place, with 6.4%, is CRANE, having originated $4,530,000 in loans. In third place, with 5.7%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $4,020,000 in loans. In fourth place, with 4.7%, is First Federal Savings Bank, having originated $3,335,000 in loans. In fifth place, with 4.6%, is Old National Bank, having originated $3,220,000 in loans.
Washington, IN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 199 | $43,395,000 | $218,065 |
| Refi | 92 | $11,700,000 | $127,174 |
| Cash Out Refi | 67 | $8,155,000 | $121,716 |
| Other | 57 | $3,985,000 | $69,912 |
| Home Improvement | 51 | $3,265,000 | $64,020 |
Washington's most frequently cited loan purpose was Home Purchase, with 199 originations. The 2nd most popular reason was Refi, with 92 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 149 | $31,795,000 | $213,389 |
| 7-8% | 143 | $20,645,000 | $144,371 |
| <2.5% | 71 | $5,955,000 | $83,873 |
| Over 8% | 62 | $6,370,000 | $102,742 |
| 5-6% | 31 | $4,605,000 | $148,548 |
| 3-4% | 5 | $405,000 | $81,000 |
| 4-5% | 4 | $400,000 | $100,000 |
During 2023, Washington's most frequently originated rate bucket was 6-7%, with 149 originations.
Loan Sizing (Washington, IN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 200 | $10,410,000 | $52,050 |
| $100k-200k | 162 | $23,610,000 | $145,741 |
| $200k-400k | 97 | $25,605,000 | $263,969 |
| $400k-600k | 4 | $1,830,000 | $457,500 |
| $600k-1000k | 2 | $1,450,000 | $725,000 |
| $Over $1MM | 1 | $7,595,000 | $7,595,000 |
Washington's loan sizing saw the bucket of loans from $100,000 or less with 200 originations, totaling $10,410,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 131 | $24,715,000 | $188,664 |
| Under 20% | 100 | $5,340,000 | $53,400 |
| 20-40% | 88 | $8,280,000 | $94,091 |
| 60-80% | 87 | $22,735,000 | $261,322 |
| 40-60% | 49 | $6,895,000 | $140,714 |
| Over 100% | 9 | $2,155,000 | $239,444 |
Washington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 131 originations, totaling $24,715,000 in origination value.