West Point Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in West Point averaged
7.39%
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 7.53%.
West Point's average rate one year ago was 6.61%.
For refis of the same type during the week of 2023-11-22, the average rate
was 7.19%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-11-22 | 7.29% |
| West Point 30 Year Fixed Rate | 2023-11-22 | 7.39% |
| West Point 30 Year Fixed Rate Refi | 2023-11-22 | 7.19% |
| West Point 15 Year Fixed Rate | 2023-11-22 | 6.87% |
| West Point 15 Year Fixed Rate Refi | 2023-11-22 | 6.97% |
| West Point 30 Year FHA | 2023-11-22 | 0.2% |
| West Point 30 Year FHA Refi | 2023-11-22 | 0% |
| West Point 30 Year USDA | 2023-11-22 | 0.1% |
| West Point 30 Year USDA Refi | 2023-11-22 | 0% |
| West Point 30 Year VA | 2023-11-22 | 0% |
| West Point 30 Year VA Refi | 2023-11-22 | 0.1% |
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.).
| Name | # of Loans | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| Renasant Bank | 12 | 4.89% | $4,735 |
| QUICKEN LOANS, LLC | 10 | 6.11% | $5,071 |
| BancorpSouth | 8 | 5.03% | $4,123 |
| LOANDEPOT.COM, LLC | 3 | 3.88% | $7,194 |
| Flagstar Bank, FSB | 3 | 5.13% | $13,386 |
| GUARANTY HOME MORTGAGE CORPORATION | 3 | 5.88% | $4,923 |
| Regions Bank | 2 | 6.50% | $3,609 |
| MOVEMENT MORTGAGE, LLC | 2 | 6.38% | $5,421 |
| Citizens Bank | 2 | 5.75% | $5,651 |
| FIRST COMMUNITY MORTGAGE, INC. | 2 | 5.81% | $8,609 |
| Magnolia Bank | 2 | 5.63% | $5,143 |
| Trustmark National Bank | 1 | 5.13% | $5,522 |
| United Community Bank | 1 | 7.89% | $3,337 |
| 21ST MORTGAGE CORPORATION | 1 | 5.55% | $6,400 |
| USAA Federal Savings Bank | 1 | 6.38% | $2,426 |
| AMERISAVE MORTGAGE CORPORATION | 1 | 3.50% | $7,280 |
| BankFirst Financial Services | 1 | 5.88% | $4,945 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 5.88% | $7,905 |
| FirstBank | 1 | 6.50% | $13,153 |
| GMFS LLC | 1 | 5.38% | $5,709 |
| GUILD MORTGAGE COMPANY | 1 | 6.99% | $5,525 |
| HOME POINT FINANCIAL CORPORATION | 1 | 6.38% | $5,997 |
| Nations Lending Corporation | 1 | 3.50% | $7,293 |
| Orion Federal Credit Union | 1 | 4.75% | $4,224 |
| Pinnacle Bank | 1 | 4.00% | $3,383 |
West Point Average Closing Costs & Other Stats
West Point, MS's 25 lenders originated 280
loans during 2022. The total origination value was $40,440,000, with an average loan value of
$144,429.
West Point's average closing costs are $4,770.
The top West Point lender as defined by loan originations is Renasant Bank, with
12 loans originated. Their average total fees are
$4,735, which is $336
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee West Point lenders (with over 10 loans originated) are
Renasant Bank ($4,735), QUICKEN LOANS, LLC ($5,071), .
The lowest rate West Point lenders (with over 10 loans originated) are
Renasant Bank (4.89%), QUICKEN LOANS, LLC (6.11%), .
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Renasant Bank | $8,175,000 | $8,595,000 | 5.1% | 21.3% |
| BancorpSouth Bank | $8,600,000 | $6,485,000 | -24.6% | 16.0% |
| QUICKEN LOANS, LLC | $4,395,000 | $3,030,000 | -31.1% | 7.5% |
| BankFirst Financial Services | $1,900,000 | $2,030,000 | 6.8% | 5.0% |
| Flagstar Bank, FSB | $1,805,000 | $1,820,000 | 0.8% | 4.5% |
| FirstBank | $760,000 | $1,550,000 | 103.9% | 3.8% |
| 21ST MORTGAGE CORPORATION | $2,445,000 | $1,435,000 | -41.3% | 3.5% |
| Regions Bank | $1,115,000 | $1,125,000 | 0.9% | 2.8% |
| FIRST COMMUNITY MORTGAGE, INC. | $985,000 | $855,000 | -13.2% | 2.1% |
| LOANDEPOT.COM, LLC | $845,000 | $830,000 | -1.8% | 2.1% |
| Magnolia Bank | $155,000 | $795,000 | 412.9% | 2.0% |
| GUARANTY HOME MORTGAGE CORPORATION | $125,000 | $790,000 | 532.0% | 2.0% |
| Trustmark National Bank | $1,955,000 | $670,000 | -65.7% | 1.7% |
| CROSSCOUNTRY MORTGAGE, LLC | $155,000 | $645,000 | 316.1% | 1.6% |
| MOVEMENT MORTGAGE, LLC | $575,000 | n/a | 1.4% | |
| Mortgage Research Center, LLC | $690,000 | $550,000 | -20.3% | 1.4% |
| Citizens Bank | $115,000 | $530,000 | 360.9% | 1.3% |
| Pinnacle Bank | $520,000 | n/a | 1.3% | |
| USAA Federal Savings Bank | $380,000 | $485,000 | 27.6% | 1.2% |
| The First, A National Banking Association | $475,000 | n/a | 1.2% | |
| GMFS LLC | $790,000 | $465,000 | -41.1% | 1.1% |
| TRIAD FINANCIAL SERVICES, INC. | $170,000 | $460,000 | 170.6% | 1.1% |
| NEW DAY FINANCIAL, LLC | $420,000 | n/a | 1.0% | |
| Community Bank of Mississippi | $395,000 | $380,000 | -3.8% | 0.9% |
| United Community Bank | $310,000 | n/a | 0.8% | |
| TOWNE MORTGAGE COMPANY | $135,000 | $300,000 | 122.2% | 0.7% |
| AMERISAVE MORTGAGE CORPORATION | $370,000 | $290,000 | -21.6% | 0.7% |
| LAKEVIEW LOAN SERVICING, LLC | $255,000 | $285,000 | 11.8% | 0.7% |
| Nations Lending Corporation | $135,000 | $250,000 | 85.2% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $805,000 | $235,000 | -70.8% | 0.6% |
| Orion Federal Credit Union | $235,000 | n/a | 0.6% | |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $1,065,000 | $230,000 | -78.4% | 0.6% |
| BankPlus | $410,000 | $225,000 | -45.1% | 0.6% |
| Guaranty Bank and Trust Company | $225,000 | n/a | 0.6% | |
| Mr. Cooper ( Nationstar Mortgage ) | $170,000 | $225,000 | 32.4% | 0.6% |
| STOCKTON MORTGAGE CORPORATION | $205,000 | n/a | 0.5% | |
| GUILD MORTGAGE COMPANY | $175,000 | n/a | 0.4% | |
| ACADEMY MORTGAGE CORPORATION | $170,000 | n/a | 0.4% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $170,000 | n/a | 0.4% | |
| HOME POINT FINANCIAL CORPORATION | $485,000 | $145,000 | -70.1% | 0.4% |
| U.S. Bank | $665,000 | $125,000 | -81.2% | 0.3% |
| BAYSHORE MORTGAGE FUNDING, LLC | $115,000 | n/a | 0.3% | |
| CIS Financial Services, Inc. | $115,000 | n/a | 0.3% | |
| CSL Financial, LLC | $115,000 | n/a | 0.3% | |
| South State Bank | $105,000 | n/a | 0.3% | |
| RUOFF MORTGAGE COMPANY, INC. | $95,000 | n/a | 0.2% | |
| STATEWIDE FEDERAL CREDIT UNION | $175,000 | $85,000 | -51.4% | 0.2% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $135,000 | $85,000 | -37.0% | 0.2% |
| VELOCITY COMMERCIAL CAPITAL, LLC | $85,000 | n/a | 0.2% | |
| GENEVA FINANCIAL, LLC | $240,000 | $65,000 | -72.9% | 0.2% |
| Figure Lending LLC | $55,000 | n/a | 0.1% | |
| NEWREZ LLC | $150,000 | $50,000 | -66.7% | 0.1% |
West Point's top lender by overall market share is Renasant Bank, with 21.3% market share. In second place, with 16.0%, is BancorpSouth Bank, having originated $6,485,000 in loans. In third place, with 7.5%, is QUICKEN LOANS, LLC, having originated $3,030,000 in loans. In fourth place, with 5.0%, is BankFirst Financial Services, having originated $2,030,000 in loans. In fifth place, with 4.5%, is Flagstar Bank, FSB, having originated $1,820,000 in loans.
West Point, MS Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 149 | $20,595,000 | $138,221 |
| Refi | 61 | $10,795,000 | $176,967 |
| Cash Out Refi | 37 | $6,705,000 | $181,216 |
| Other | 18 | $1,300,000 | $72,222 |
| Home Improvement | 15 | $1,045,000 | $69,667 |
West Point's most frequently cited loan purpose was Home Purchase, with 149 originations. The 2nd most popular reason was Refi, with 61 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 72 | $12,050,000 | $167,361 |
| 3-4% | 69 | $10,255,000 | $148,623 |
| 4-5% | 52 | $8,880,000 | $170,769 |
| 6-7% | 41 | $5,325,000 | $129,878 |
| Over 8% | 19 | $1,775,000 | $93,421 |
| 7-8% | 17 | $1,605,000 | $94,412 |
| <2.5% | 5 | $125,000 | $25,000 |
| 2.5-3% | 3 | $335,000 | $111,667 |
During 2022, West Point's most frequently originated rate bucket was 5-6%, with 72 originations.
Loan Sizing (West Point, MS MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 118 | $6,530,000 | $55,339 |
| $100k-200k | 96 | $13,150,000 | $136,979 |
| $200k-400k | 58 | $15,130,000 | $260,862 |
| $400k-600k | 5 | $2,285,000 | $457,000 |
| $Over $1MM | 2 | $2,540,000 | $1,270,000 |
| $600k-1000k | 1 | $805,000 | $805,000 |
West Point's loan sizing saw the bucket of loans from $100,000 or less with 118 originations, totaling $6,530,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 138 | $21,990,000 | $159,348 |
| 60-80% | 56 | $10,320,000 | $184,286 |
| 20-40% | 31 | $2,485,000 | $80,161 |
| 40-60% | 27 | $4,425,000 | $163,889 |
| Under 20% | 24 | $690,000 | $28,750 |
| Over 100% | 2 | $330,000 | $165,000 |
West Point's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 138 originations, totaling $21,990,000 in origination value.