West Point Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in West Point averaged
7.32%
for the week of 2024-05-02, compared to the national average of
7.22% for the same period.
The average rate for the prior week (2024-04-25) was
7.27% and
one month ago for the week of 2024-03-28, the
average rate was 6.89%.
West Point's average rate one year ago was 6.53%.
For refis of the same type during the week of 2024-05-02, the average rate
was 7.32%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-05-02 | 7.22% |
| West Point 30 Year Fixed Rate | 2024-05-02 | 7.32% |
| West Point 30 Year Fixed Rate Refi | 2024-05-02 | 7.32% |
| West Point 15 Year Fixed Rate | 2024-05-02 | 6.57% |
| West Point 15 Year Fixed Rate Refi | 2024-05-02 | 6.77% |
| West Point 30 Year FHA | 2024-05-02 | 6.89% |
| West Point 30 Year FHA Refi | 2024-05-02 | 6.99% |
| West Point 30 Year USDA | 2024-05-02 | 6.99% |
| West Point 30 Year USDA Refi | 2024-05-02 | 6.79% |
| West Point 30 Year VA | 2024-05-02 | 6.78% |
| West Point 30 Year VA Refi | 2024-05-02 | 6.98% |
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.