Willmar Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Willmar averaged
7.1%
for the week of 2023-11-30, compared to the national average of
7.22% for the same period.
The average rate for the prior week (2023-11-22) was
7.27% and
one month ago for the week of 2023-10-26, the
average rate was 7.47%.
Willmar's average rate one year ago was 6.26%.
For refis of the same type during the week of 2023-11-30, the average rate
was 7.22%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2023-11-30 | 7.22% |
Willmar 30 Year Fixed Rate | 2023-11-30 | 7.1% |
Willmar 30 Year Fixed Rate Refi | 2023-11-30 | 7.22% |
Willmar 15 Year Fixed Rate | 2023-11-30 | 6.56% |
Willmar 15 Year Fixed Rate Refi | 2023-11-30 | 6.96% |
Willmar 30 Year FHA | 2023-11-30 | 6.75% |
Willmar 30 Year FHA Refi | 2023-11-30 | 7.15% |
Willmar 30 Year USDA | 2023-11-30 | 7.1% |
Willmar 30 Year USDA Refi | 2023-11-30 | 7% |
Willmar 30 Year VA | 2023-11-30 | 6.57% |
Willmar 30 Year VA Refi | 2023-11-30 | 6.77% |
Willmar 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 Willmar, MN 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.).
Willmar Average Closing Costs & Other Stats
Willmar, MN's 72 lenders originated 792
loans during 2022. The total origination value was $173,930,000, with an average loan value of
$219,609.
Willmar's average closing costs are $4,377.
The top Willmar lender as defined by loan originations is Heritage Bank, with
44 loans originated. Their average total fees are
$5,110, which is $437
higher than the next largest lender,
Bremer Bank.
The lowest fee Willmar lenders (with over 10 loans originated) are
ARK-LA-TEX FINANCIAL SERVICES, LLC. ($2,784), Wells Fargo Bank ($2,949), Servion, Inc. ($4,034), UNITED WHOLESALE MORTGAGE, LLC ($4,090) and CENTRAL MINNESOTA Credit Union ($4,329).
The lowest rate Willmar lenders (with over 10 loans originated) are
Bremer Bank (4.56%), Wells Fargo Bank (4.64%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (5.01%), First Savings Bank (5.03%) and Heritage Bank (5.06%).
Willmar, MN 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 |
---|---|---|---|---|
Bremer Bank | $37,825,000 | $20,225,000 | -46.5% | 11.6% |
Heritage Bank | $47,560,000 | $17,335,000 | -63.6% | 10.0% |
CENTRAL MINNESOTA Credit Union | $10,960,000 | $11,740,000 | 7.1% | 6.7% |
Choice Financial Group | $11,390,000 | n/a | 6.5% | |
UNITED WHOLESALE MORTGAGE, LLC | $12,895,000 | $9,710,000 | -24.7% | 5.6% |
QUICKEN LOANS, LLC | $17,740,000 | $8,280,000 | -53.3% | 4.8% |
U.S. Bank | $12,720,000 | $7,825,000 | -38.5% | 4.5% |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $2,300,000 | $7,380,000 | 220.9% | 4.2% |
HOMEOWNERS FINANCIAL GROUP USA, LLC | $7,945,000 | $6,490,000 | -18.3% | 3.7% |
Wells Fargo Bank | $9,190,000 | $4,605,000 | -49.9% | 2.6% |
Servion, Inc. | $9,000,000 | $3,945,000 | -56.2% | 2.3% |
Flagstar Bank, FSB | $8,250,000 | $3,745,000 | -54.6% | 2.2% |
First Savings Bank | $9,840,000 | $3,680,000 | -62.6% | 2.1% |
EVERETT FINANCIAL, INC. | $2,595,000 | $3,000,000 | 15.6% | 1.7% |
PENNYMAC LOAN SERVICES, LLC | $3,215,000 | $2,375,000 | -26.1% | 1.4% |
Bell Bank | $3,110,000 | $1,935,000 | -37.8% | 1.1% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,250,000 | $1,910,000 | -41.2% | 1.1% |
Mortgage Research Center, LLC | $2,790,000 | $1,805,000 | -35.3% | 1.0% |
Citizens Alliance Bank | $1,950,000 | $1,750,000 | -10.3% | 1.0% |
CROSSCOUNTRY MORTGAGE, LLC | $1,530,000 | $1,705,000 | 11.4% | 1.0% |
LOANDEPOT.COM, LLC | $4,730,000 | $1,580,000 | -66.6% | 0.9% |
FREEDOM MORTGAGE CORPORATION | $9,860,000 | $1,365,000 | -86.2% | 0.8% |
Plains Commerce Bank | $4,570,000 | $1,340,000 | -70.7% | 0.8% |
GUARANTEED RATE, INC. | $1,625,000 | $1,275,000 | -21.5% | 0.7% |
Prosperity Home Mortgage, LLC | $1,070,000 | $1,270,000 | 18.7% | 0.7% |
NEWREZ LLC | $2,725,000 | $1,185,000 | -56.5% | 0.7% |
Mr. Cooper ( Nationstar Mortgage ) | $2,350,000 | $1,165,000 | -50.4% | 0.7% |
COMPEER FINANCIAL, FLCA | $590,000 | $1,145,000 | 94.1% | 0.7% |
BAY EQUITY LLC | $770,000 | $1,110,000 | 44.2% | 0.6% |
AFFINITY PLUS | $940,000 | $1,075,000 | 14.4% | 0.6% |
HomeTown Bank | $4,145,000 | $1,050,000 | -74.7% | 0.6% |
TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $2,300,000 | $995,000 | -56.7% | 0.6% |
First Western Bank & Trust | $765,000 | $925,000 | 20.9% | 0.5% |
JPMorgan Chase Bank | $545,000 | $920,000 | 68.8% | 0.5% |
HOME POINT FINANCIAL CORPORATION | $1,800,000 | $880,000 | -51.1% | 0.5% |
INTERCAP LENDING INC. | $825,000 | n/a | 0.5% | |
Hometown Lenders, Inc. | $185,000 | $805,000 | 335.1% | 0.5% |
Goldwater Bank, N.A. | $435,000 | $785,000 | 80.5% | 0.5% |
Minnwest Bank | $65,000 | $730,000 | 1,023.1% | 0.4% |
PLAZA HOME MORTGAGE, INC. | $2,170,000 | $710,000 | -67.3% | 0.4% |
Deerwood Bank | $800,000 | $685,000 | -14.4% | 0.4% |
BROKER SOLUTIONS, INC. | $1,705,000 | $670,000 | -60.7% | 0.4% |
Bank of America | $415,000 | $630,000 | 51.8% | 0.4% |
Truist | $1,160,000 | $630,000 | -45.7% | 0.4% |
Merchants Bank | $570,000 | $605,000 | 6.1% | 0.3% |
First PREMIER Bank | $545,000 | n/a | 0.3% | |
Gate City Bank | $315,000 | $500,000 | 58.7% | 0.3% |
AMERISAVE MORTGAGE CORPORATION | $495,000 | $495,000 | 0.0% | 0.3% |
CALIBER HOME LOANS, INC. | $1,110,000 | $490,000 | -55.9% | 0.3% |
NEW DAY FINANCIAL, LLC | $430,000 | $490,000 | 14.0% | 0.3% |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $785,000 | $470,000 | -40.1% | 0.3% |
NBKC BANK | $335,000 | $465,000 | 38.8% | 0.3% |
PLANET HOME LENDING, LLC | $430,000 | n/a | 0.2% | |
KELLER MORTGAGE, LLC | $85,000 | $425,000 | 400.0% | 0.2% |
USAA Federal Savings Bank | $560,000 | $420,000 | -25.0% | 0.2% |
ST. CLOUD FINANCIAL | $905,000 | $410,000 | -54.7% | 0.2% |
HOMESTEAD FUNDING CORP. | $395,000 | n/a | 0.2% | |
Tradition Mortgage, LLC | $1,450,000 | $395,000 | -72.8% | 0.2% |
HIWAY | $910,000 | $390,000 | -57.1% | 0.2% |
BETTER MORTGAGE CORPORATION | $255,000 | $385,000 | 51.0% | 0.2% |
Central Bank | $385,000 | n/a | 0.2% | |
Frandsen Bank & Trust | $600,000 | $380,000 | -36.7% | 0.2% |
Alliance Bank | $365,000 | n/a | 0.2% | |
CMG MORTGAGE, INC. | $165,000 | $355,000 | 115.2% | 0.2% |
Republic Bank & Trust Company | $355,000 | n/a | 0.2% | |
TOPLINE FEDERAL CREDIT UNION | $315,000 | $355,000 | 12.7% | 0.2% |
AgCountry Farm Credit Services, FLCA | $915,000 | $350,000 | -61.7% | 0.2% |
First National Bank of America | $335,000 | n/a | 0.2% | |
PREMIA MORTGAGE, LLC | $900,000 | $325,000 | -63.9% | 0.2% |
American Mortgage & Equity Consultants, Inc. | $1,825,000 | $305,000 | -83.3% | 0.2% |
Star Choice Credit Union | $305,000 | n/a | 0.2% | |
TOWNE MORTGAGE COMPANY | $305,000 | n/a | 0.2% | |
UNION HOME MORTGAGE CORP. | $1,395,000 | $305,000 | -78.1% | 0.2% |
RESULTS MORTGAGE, LLC | $300,000 | n/a | 0.2% | |
Cambria Financial Group, LLC | $400,000 | $295,000 | -26.3% | 0.2% |
MOVEMENT MORTGAGE, LLC | $450,000 | $295,000 | -34.4% | 0.2% |
Northview Bank | $295,000 | n/a | 0.2% | |
Bank of the West | $400,000 | $270,000 | -32.5% | 0.2% |
CRESCENT MORTGAGE COMPANY | $255,000 | $270,000 | 5.9% | 0.2% |
Stifel Bank and Trust | $455,000 | $265,000 | -41.8% | 0.2% |
Royal Credit Union | $505,000 | $260,000 | -48.5% | 0.1% |
The Federal Savings Bank | $355,000 | $255,000 | -28.2% | 0.1% |
First Interstate Bank | $275,000 | $240,000 | -12.7% | 0.1% |
SPRING EQ, LLC | $240,000 | n/a | 0.1% | |
BankVista | $310,000 | $235,000 | -24.2% | 0.1% |
First Mid Bank & Trust | $235,000 | n/a | 0.1% | |
NAVY FEDERAL CREDIT UNION | $1,045,000 | $235,000 | -77.5% | 0.1% |
CHURCHILL MORTGAGE CORPORATION | $535,000 | $225,000 | -57.9% | 0.1% |
CITIZENS EQUITY FIRST | $215,000 | n/a | 0.1% | |
First Bank & Trust | $285,000 | $215,000 | -24.6% | 0.1% |
First International Bank & Trust | $205,000 | n/a | 0.1% | |
SOUTHPOINT FINANCIAL | $850,000 | $205,000 | -75.9% | 0.1% |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $780,000 | $200,000 | -74.4% | 0.1% |
CORTRUST MORTGAGE, INC. | $400,000 | $200,000 | -50.0% | 0.1% |
The Huntington National Bank | $195,000 | $200,000 | 2.6% | 0.1% |
Union Bank and Trust Company | $195,000 | n/a | 0.1% | |
AmeriHome Mortgage Company, LLC | $570,000 | $185,000 | -67.5% | 0.1% |
Bank of Colorado | $185,000 | n/a | 0.1% | |
Lake Elmo Bank | $185,000 | n/a | 0.1% | |
Minnesota Valley Federal Credit Union | $135,000 | $185,000 | 37.0% | 0.1% |
Baxter Credit Union | $1,325,000 | $175,000 | -86.8% | 0.1% |
DRAPER AND KRAMER MORTGAGE CORP. | $165,000 | n/a | 0.1% | |
WINGS FINANCIAL | $1,630,000 | $160,000 | -90.2% | 0.1% |
Cornerstone State Bank | $225,000 | $115,000 | -48.9% | 0.1% |
FAY SERVICING, LLC | $105,000 | n/a | 0.1% | |
Figure Lending LLC | $80,000 | $105,000 | 31.3% | 0.1% |
Bank Midwest | $345,000 | $95,000 | -72.5% | 0.1% |
SPIRE Credit Union | $155,000 | $95,000 | -38.7% | 0.1% |
Center National Bank | $65,000 | n/a | 0.0% | |
ALLIANT CREDIT UNION | $25,000 | $55,000 | 120.0% | 0.0% |
Anoka Hennepin Credit Union | $55,000 | n/a | 0.0% | |
PNC Bank | $135,000 | $55,000 | -59.3% | 0.0% |
PENTAGON FEDERAL CREDIT UNION | $250,000 | $45,000 | -82.0% | 0.0% |
Summit Credit Union | $35,000 | n/a | 0.0% |
Willmar's top lender by overall market share is Bremer Bank, with 11.6% market share. In second place, with 10.0%, is Heritage Bank, having originated $17,335,000 in loans. In third place, with 6.7%, is CENTRAL MINNESOTA Credit Union, having originated $11,740,000 in loans. In fourth place, with 6.5%, is Choice Financial Group, having originated $11,390,000 in loans. In fifth place, with 5.6%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $9,710,000 in loans.
Willmar, MN Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 472 | $105,380,000 | $223,263 |
Cash Out Refi | 154 | $31,650,000 | $205,519 |
Refi | 84 | $29,110,000 | $346,548 |
Other | 53 | $5,265,000 | $99,340 |
Home Improvement | 29 | $2,525,000 | $87,069 |
Willmar's most frequently cited loan purpose was Home Purchase, with 472 originations. The 2nd most popular reason was Cash Out Refi, with 154 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 211 | $43,475,000 | $206,043 |
3-4% | 200 | $61,220,000 | $306,100 |
4-5% | 148 | $25,850,000 | $174,662 |
6-7% | 94 | $20,000,000 | $212,766 |
2.5-3% | 46 | $10,630,000 | $231,087 |
<2.5% | 41 | $4,655,000 | $113,537 |
7-8% | 35 | $5,005,000 | $143,000 |
Over 8% | 7 | $705,000 | $100,714 |
During 2022, Willmar's most frequently originated rate bucket was 5-6%, with 211 originations.
Loan Sizing (Willmar, MN MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 294 | $43,840,000 | $149,116 |
$200k-400k | 256 | $69,550,000 | $271,680 |
$100,000 or less | 180 | $10,120,000 | $56,222 |
$400k-600k | 41 | $19,505,000 | $475,732 |
$600k-1000k | 14 | $10,980,000 | $784,286 |
$Over $1MM | 7 | $19,935,000 | $2,847,857 |
Willmar's loan sizing saw the bucket of loans from $100k-200k with 294 originations, totaling $43,840,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 322 | $76,770,000 | $238,416 |
60-80% | 230 | $66,510,000 | $289,174 |
Under 20% | 85 | $3,385,000 | $39,824 |
40-60% | 71 | $16,975,000 | $239,085 |
20-40% | 69 | $6,695,000 | $97,029 |
Over 100% | 4 | $1,090,000 | $272,500 |
Willmar's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 322 originations, totaling $76,770,000 in origination value.