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 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%
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 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.