West Point Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in West Point averaged
6.92%
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
7.25% and
one month ago for the week of 2023-02-09, the
average rate was 6.34%.
West Point's average rate one year ago was 3.97%.
For refis of the same type during the week of 2023-03-16, the average rate
was 6.72%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
| West Point 30 Year Fixed Rate | 2023-03-16 | 6.92% |
| West Point 30 Year Fixed Rate Refi | 2023-03-16 | 6.72% |
| West Point 15 Year Fixed Rate | 2023-03-16 | 6.65% |
| West Point 15 Year Fixed Rate Refi | 2023-03-16 | 6.73% |
| West Point 30 Year FHA | 2023-03-16 | 6.99% |
| West Point 30 Year FHA Refi | 2023-03-16 | 6.18% |
| West Point 30 Year USDA | 2023-03-16 | 6.91% |
| West Point 30 Year USDA Refi | 2023-03-16 | 3.22% |
| West Point 30 Year VA | 2023-03-16 | 6.26% |
| West Point 30 Year VA Refi | 2023-03-16 | 6.24% |
West Point 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 West Point, MS 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.).
West Point Average Closing Costs & Other Stats
West Point, MS's 27 lenders originated 389
loans during 2021. The total origination value was $50,875,000, with an average loan value of
$130,784.
West Point's average closing costs are $4,414.
The top West Point lender as defined by loan originations is BancorpSouth Bank, with
18 loans originated. Their average total fees are
$2,922, which is $268
lower than the next largest lender,
Renasant Bank.
The lowest fee West Point lenders (with over 10 loans originated) are
BancorpSouth Bank ($2,922), .
The lowest rate West Point lenders (with over 10 loans originated) are
BancorpSouth Bank (3.45%), .
West Point, MS 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| BancorpSouth Bank | $6,745,000 | $8,600,000 | 27.5% | 16.9% |
| Renasant Bank | $8,260,000 | $8,175,000 | -1.0% | 16.1% |
| QUICKEN LOANS, LLC | $4,615,000 | $4,395,000 | -4.8% | 8.6% |
| 21ST MORTGAGE CORPORATION | $2,165,000 | $2,445,000 | 12.9% | 4.8% |
| Trustmark National Bank | $800,000 | $1,955,000 | 144.4% | 3.8% |
| BankFirst Financial Services | $3,535,000 | $1,900,000 | -46.3% | 3.7% |
| Flagstar Bank, FSB | $540,000 | $1,805,000 | 234.3% | 3.5% |
| Regions Bank | $1,180,000 | $1,115,000 | -5.5% | 2.2% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $420,000 | $1,065,000 | 153.6% | 2.1% |
| FIRST COMMUNITY MORTGAGE, INC. | $185,000 | $985,000 | 432.4% | 1.9% |
| LOANDEPOT.COM, LLC | $105,000 | $845,000 | 704.8% | 1.7% |
| FREEDOM MORTGAGE CORPORATION | $1,390,000 | $805,000 | -42.1% | 1.6% |
| GMFS LLC | $350,000 | $790,000 | 125.7% | 1.6% |
| FirstBank | $645,000 | $760,000 | 17.8% | 1.5% |
| Mortgage Research Center, LLC | $290,000 | $690,000 | 137.9% | 1.4% |
| West Alabama Bank & Trust | $295,000 | $690,000 | 133.9% | 1.4% |
| Cadence Bank, N.A. | $1,345,000 | $670,000 | -50.2% | 1.3% |
| U.S. Bank | $395,000 | $665,000 | 68.4% | 1.3% |
| VILLAGE CAPITAL & INVESTMENT LLC | $370,000 | $570,000 | 54.1% | 1.1% |
| First South Farm Credit, ACA | $495,000 | n/a | 1.0% | |
| HOME POINT FINANCIAL CORPORATION | $485,000 | n/a | 1.0% | |
| Reliant Bank | $195,000 | $425,000 | 117.9% | 0.8% |
| PENNYMAC LOAN SERVICES, LLC | $415,000 | n/a | 0.8% | |
| The Citizens National Bank of Meridian | $345,000 | $415,000 | 20.3% | 0.8% |
| BankPlus | $340,000 | $410,000 | 20.6% | 0.8% |
| Community Bank of Mississippi | $395,000 | n/a | 0.8% | |
| Paramount Residential Mortgage Group, Inc. | $125,000 | $390,000 | 212.0% | 0.8% |
| First Security Bank | $385,000 | n/a | 0.8% | |
| USAA Federal Savings Bank | $420,000 | $380,000 | -9.5% | 0.7% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $375,000 | n/a | 0.7% | |
| AMERISAVE MORTGAGE CORPORATION | $270,000 | $370,000 | 37.0% | 0.7% |
| Wells Fargo Bank | $360,000 | n/a | 0.7% | |
| BROKER SOLUTIONS, INC. | $350,000 | n/a | 0.7% | |
| LAND HOME FINANCIAL SERVICES, INC. | $285,000 | n/a | 0.6% | |
| BETTER MORTGAGE CORPORATION | $125,000 | $275,000 | 120.0% | 0.5% |
| UNITED WHOLESALE MORTGAGE, LLC | $265,000 | n/a | 0.5% | |
| LAKEVIEW LOAN SERVICING, LLC | $255,000 | n/a | 0.5% | |
| First Guaranty Mortgage Corporation | $390,000 | $250,000 | -35.9% | 0.5% |
| GENEVA FINANCIAL, LLC | $55,000 | $240,000 | 336.4% | 0.5% |
| NBKC BANK | $235,000 | n/a | 0.5% | |
| SOUTHWEST STAGE FUNDING, LLC | $185,000 | $235,000 | 27.0% | 0.5% |
| FIDELITY BANK | $225,000 | n/a | 0.4% | |
| LEADERONE FINANCIAL CORPORATION | $680,000 | $225,000 | -66.9% | 0.4% |
| CALIBER HOME LOANS, INC. | $220,000 | n/a | 0.4% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $105,000 | $205,000 | 95.2% | 0.4% |
| STATEWIDE FEDERAL CREDIT UNION | $175,000 | n/a | 0.3% | |
| Mr. Cooper ( Nationstar Mortgage ) | $170,000 | n/a | 0.3% | |
| TRIAD FINANCIAL SERVICES, INC. | $55,000 | $170,000 | 209.1% | 0.3% |
| Hometown Lenders, Inc. | $165,000 | n/a | 0.3% | |
| Arvest Bank | $155,000 | n/a | 0.3% | |
| Carrington Mortgage Services, LLC | $120,000 | $155,000 | 29.2% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $165,000 | $155,000 | -6.1% | 0.3% |
| Magnolia Bank | $840,000 | $155,000 | -81.5% | 0.3% |
| NEWREZ LLC | $65,000 | $150,000 | 130.8% | 0.3% |
| Stifel Bank and Trust | $245,000 | $145,000 | -40.8% | 0.3% |
| HOMESTAR FINANCIAL CORPORATION | $135,000 | n/a | 0.3% | |
| Nations Lending Corporation | $135,000 | n/a | 0.3% | |
| TOWNE MORTGAGE COMPANY | $330,000 | $135,000 | -59.1% | 0.3% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $135,000 | n/a | 0.3% | |
| Bank of America | $125,000 | n/a | 0.2% | |
| GUARANTY HOME MORTGAGE CORPORATION | $125,000 | n/a | 0.2% | |
| PLANET HOME LENDING, LLC | $235,000 | $125,000 | -46.8% | 0.2% |
| Citizens Bank | $320,000 | $115,000 | -64.1% | 0.2% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $115,000 | n/a | 0.2% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $105,000 | n/a | 0.2% | |
| LIMA ONE CAPITAL, LLC | $95,000 | n/a | 0.2% | |
| SOUTHWEST FUNDING, LP | $95,000 | n/a | 0.2% | |
| HOPE FEDERAL CREDIT UNION | $45,000 | $90,000 | 100.0% | 0.2% |
| Ally Bank | $75,000 | n/a | 0.1% | |
| Barrington Bank & Trust Company, N.A. | $65,000 | n/a | 0.1% | |
| Origin Bank | $65,000 | n/a | 0.1% | |
| First Home Bank | $55,000 | n/a | 0.1% |
West Point's top lender by overall market share is BancorpSouth Bank, with 16.9% market share. In second place, with 16.1%, is Renasant Bank, having originated $8,175,000 in loans. In third place, with 8.6%, is QUICKEN LOANS, LLC, having originated $4,395,000 in loans. In fourth place, with 4.8%, is 21ST MORTGAGE CORPORATION, having originated $2,445,000 in loans. In fifth place, with 3.8%, is Trustmark National Bank, having originated $1,955,000 in loans.
West Point, MS Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 185 | $23,595,000 | $127,541 |
| Refi | 124 | $18,170,000 | $146,532 |
| Cash Out Refi | 49 | $6,765,000 | $138,061 |
| Other | 19 | $1,625,000 | $85,526 |
| Home Improvement | 12 | $720,000 | $60,000 |
West Point's most frequently cited loan purpose was Home Purchase, with 185 originations. The 2nd most popular reason was Refi, with 124 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 151 | $19,125,000 | $126,656 |
| 2.5-3% | 94 | $14,850,000 | $157,979 |
| <2.5% | 54 | $8,610,000 | $159,444 |
| Over 8% | 27 | $1,815,000 | $67,222 |
| 4-5% | 23 | $2,425,000 | $105,435 |
| 7-8% | 15 | $1,345,000 | $89,667 |
| 5-6% | 14 | $880,000 | $62,857 |
| 6-7% | 7 | $575,000 | $82,143 |
During 2021, West Point's most frequently originated rate bucket was 3-4%, with 151 originations.
Loan Sizing (West Point, MS MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 182 | $11,350,000 | $62,363 |
| $100k-200k | 132 | $18,090,000 | $137,045 |
| $200k-400k | 68 | $17,900,000 | $263,235 |
| $400k-600k | 6 | $2,730,000 | $455,000 |
| $600k-1000k | 1 | $805,000 | $805,000 |
West Point's loan sizing saw the bucket of loans from $100,000 or less with 182 originations, totaling $11,350,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 190 | $25,930,000 | $136,474 |
| 60-80% | 95 | $13,105,000 | $137,947 |
| 40-60% | 34 | $4,530,000 | $133,235 |
| 20-40% | 29 | $2,135,000 | $73,621 |
| Under 20% | 20 | $650,000 | $32,500 |
| Over 100% | 6 | $1,400,000 | $233,333 |
West Point's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 190 originations, totaling $25,930,000 in origination value.