West Point Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in West Point averaged 6.42% for the week of 2024-10-10, compared to the national average of 6.32% for the same period.

The average rate for the prior week (2024-10-03) was 5.92% and one month ago for the week of 2024-09-05, the average rate was 6.55%.

West Point's average rate one year ago was 7.49%.

For refis of the same type during the week of 2024-10-10, the average rate was 6.52%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-10-10 6.32%
West Point 30 Year Fixed Rate 2024-10-10 6.42%
West Point 30 Year Fixed Rate Refi 2024-10-10 6.52%
West Point 15 Year Fixed Rate 2024-10-10 5.31%
West Point 15 Year Fixed Rate Refi 2024-10-10 5.31%
West Point 30 Year FHA 2024-10-10 6.2%
West Point 30 Year FHA Refi 2024-10-10 6.1%
West Point 30 Year USDA 2024-10-10 6.28%
West Point 30 Year USDA Refi 2024-10-10 6.08%
West Point 30 Year VA 2024-10-10 5.65%
West Point 30 Year VA Refi 2024-10-10 5.65%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within West Point, MS.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
BancorpSouth 7 7.09% $3,550
Renasant Bank 5 7.17% $7,527
QUICKEN LOANS, LLC 3 6.58% $7,447
GERSHMAN INVESTMENT CORP. 1 6.75% $3,438
Magnolia Bank 1 6.63% $2,670
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $4,879
Regions Bank 1 7.63% $4,013
AMERICAN BANCSHARES MORTGAGE 1 6.38% $5,182
Synovus Bank 1 6.38% $4,836
AmeriHome Mortgage Company, LLC 1 7.38% $3,969
CHURCHILL MORTGAGE CORPORATION 1 6.13% $4,542

West Point Average Closing Costs & Other Stats

West Point, MS's 11 lenders originated 224 loans during 2023. The total origination value was $28,800,000, with an average loan value of $128,571.

West Point's average closing costs are $5,008.

The top West Point lender as defined by loan originations is BancorpSouth, with 7 loans originated. Their average total fees are $3,550, which is $3,976 lower than the next largest lender, Renasant Bank.

The lowest fee West Point lenders (with over 10 loans originated) are .

The lowest rate West Point lenders (with over 10 loans originated) are .

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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
Renasant Bank $8,595,000 $6,910,000 -19.6% 24.0%
BancorpSouth $6,485,000 $4,990,000 -23.1% 17.3%
QUICKEN LOANS, LLC $3,030,000 $1,755,000 -42.1% 6.1%
21ST MORTGAGE CORPORATION $1,435,000 $1,245,000 -13.2% 4.3%
BankFirst Financial Services $2,030,000 $1,055,000 -48.0% 3.7%
Magnolia Bank $795,000 $920,000 15.7% 3.2%
TRIAD FINANCIAL SERVICES, INC. $460,000 $870,000 89.1% 3.0%
UNITED WHOLESALE MORTGAGE, LLC $855,000 n/a 3.0%
Mortgage Research Center, LLC $550,000 $790,000 43.6% 2.7%
BankPlus $225,000 $680,000 202.2% 2.4%
Flagstar Bank, FSB $1,820,000 $680,000 -62.6% 2.4%
CARDINAL FINANCIAL $230,000 $610,000 165.2% 2.1%
Trustmark National Bank $670,000 $540,000 -19.4% 1.9%
CIS Financial Services, Inc. $115,000 $480,000 317.4% 1.7%
The First, A National Banking Association $475,000 $390,000 -17.9% 1.4%
Mr. Cooper ( Nationstar Mortgage ) $225,000 $360,000 60.0% 1.3%
FREEDOM MORTGAGE CORPORATION $235,000 $330,000 40.4% 1.1%
GMFS LLC $465,000 $330,000 -29.0% 1.1%
First Commercial Bank $315,000 n/a 1.1%
Regions Bank $1,125,000 $290,000 -74.2% 1.0%
U.S. Bank $125,000 $285,000 128.0% 1.0%
Carrington Mortgage Services, LLC $260,000 n/a 0.9%
TOWNE MORTGAGE COMPANY $300,000 $260,000 -13.3% 0.9%
CROSSCOUNTRY MORTGAGE, LLC $645,000 $225,000 -65.1% 0.8%
FIRST COMMUNITY MORTGAGE, INC. $855,000 $220,000 -74.3% 0.8%
AmeriHome Mortgage Company, LLC $205,000 n/a 0.7%
AMERICAN BANCSHARES MORTGAGE $195,000 n/a 0.7%
AMERISAVE MORTGAGE CORPORATION $290,000 $195,000 -32.8% 0.7%
MUTUAL OF OMAHA MORTGAGE, INC. $185,000 n/a 0.6%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $170,000 $175,000 2.9% 0.6%
LIMA ONE CAPITAL, LLC $175,000 n/a 0.6%
Plains Commerce Bank $175,000 n/a 0.6%
STOCKTON MORTGAGE CORPORATION $205,000 $145,000 -29.3% 0.5%
BROKER SOLUTIONS, INC. $135,000 n/a 0.5%
LOANDEPOT.COM, LLC $830,000 $135,000 -83.7% 0.5%
SOUTHEAST MORTGAGE OF GEORGIA, INC. $125,000 n/a 0.4%
CHURCHILL MORTGAGE CORPORATION $105,000 n/a 0.4%
EVERETT FINANCIAL, INC. $105,000 n/a 0.4%
MOVEMENT MORTGAGE, LLC $575,000 $105,000 -81.7% 0.4%
Synovus Bank $105,000 n/a 0.4%
FirstBank $1,550,000 $95,000 -93.9% 0.3%
NAVY FEDERAL CREDIT UNION $95,000 n/a 0.3%
USAA Federal Savings Bank $485,000 $95,000 -80.4% 0.3%
AMERICAN FINANCIAL NETWORK, INC. $75,000 n/a 0.3%
GERSHMAN INVESTMENT CORP. $75,000 n/a 0.3%
NEWREZ LLC $50,000 $75,000 50.0% 0.3%
Community Bank of Mississippi $380,000 $65,000 -82.9% 0.2%
CREDIT HUMAN FEDERAL CREDIT UNION $65,000 n/a 0.2%
COUNTRYPLACE MORTGAGE, LTD. $55,000 n/a 0.2%
RELIANCE FIRST CAPITAL, LLC $55,000 n/a 0.2%
United Community Bank $310,000 $55,000 -82.3% 0.2%
HOPE FEDERAL CREDIT UNION $45,000 n/a 0.2%
Figure Lending LLC $55,000 $25,000 -54.5% 0.1%
The Citizens Bank of Philadelphia, Mississippi $15,000 n/a 0.1%

West Point's top lender by overall market share is Renasant Bank, with 24.0% market share. In second place, with 17.3%, is BancorpSouth, having originated $4,990,000 in loans. In third place, with 6.1%, is QUICKEN LOANS, LLC, having originated $1,755,000 in loans. In fourth place, with 4.3%, is 21ST MORTGAGE CORPORATION, having originated $1,245,000 in loans. In fifth place, with 3.7%, is BankFirst Financial Services, having originated $1,055,000 in loans.

West Point, MS Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 117 $19,655,000 $167,991
Refi 46 $3,760,000 $81,739
Cash Out Refi 26 $3,540,000 $136,154
Other 23 $1,145,000 $49,783
Home Improvement 12 $700,000 $58,333

West Point's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Refi, with 46 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
Over 8% 76 $6,220,000 $81,842
6-7% 61 $11,145,000 $182,705
7-8% 57 $7,875,000 $138,158
5-6% 21 $3,025,000 $144,048
<2.5% 4 $20,000 $5,000
3-4% 2 $130,000 $65,000
4-5% 1 $55,000 $55,000

During 2023, West Point's most frequently originated rate bucket was Over 8%, with 76 originations.

Loan Sizing (West Point, MS MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 120 $6,790,000 $56,583
$100k-200k 73 $10,545,000 $144,452
$200k-400k 25 $6,545,000 $261,800
$600k-1000k 3 $2,195,000 $731,667
$Over $1MM 2 $2,160,000 $1,080,000
$400k-600k 1 $565,000 $565,000

West Point's loan sizing saw the bucket of loans from $100,000 or less with 120 originations, totaling $6,790,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 101 $17,675,000 $175,000
60-80% 41 $5,455,000 $133,049
20-40% 28 $2,260,000 $80,714
40-60% 26 $2,360,000 $90,769
Under 20% 25 $665,000 $26,600

West Point's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 101 originations, totaling $17,675,000 in origination value.