Willmar Mortgage Rates & Closing Costs

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

    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%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Willmar, MN.

    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.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Heritage Bank 44 5.06% $5,110
    Bremer Bank 43 4.56% $4,673
    UNITED WHOLESALE MORTGAGE, LLC 24 5.09% $4,090
    U.S. Bank 23 5.21% $4,436
    QUICKEN LOANS, LLC 20 5.25% $6,572
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 5.01% $2,784
    HOMEOWNERS FINANCIAL GROUP USA, LLC 18 5.41% $4,822
    CENTRAL MINNESOTA Credit Union 17 5.48% $4,329
    Servion, Inc. 15 5.53% $4,034
    First Savings Bank 12 5.03% $4,812
    Wells Fargo Bank 10 4.64% $2,949
    Flagstar Bank, FSB 7 4.93% $4,117
    Bell Bank 7 4.27% $4,651
    LOANDEPOT.COM, LLC 5 5.03% $4,292
    CROSSCOUNTRY MORTGAGE, LLC 5 5.92% $6,061
    EVERETT FINANCIAL, INC. 5 6.03% $1,876
    HomeTown Bank 5 5.55% $3,740
    Plains Commerce Bank 4 3.63% $6,397
    PENNYMAC LOAN SERVICES, LLC 4 5.19% $4,144
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 5.47% $6,243
    Prosperity Home Mortgage, LLC 3 4.96% $3,741
    BAY EQUITY LLC 3 5.54% $7,441
    First Western Bank & Trust 3 4.71% $3,860
    Goldwater Bank, N.A. 3 6.79% $4,186
    GUARANTEED RATE, INC. 3 4.41% $3,757
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.00% $6,200
    FREEDOM MORTGAGE CORPORATION 2 3.94% $5,627
    Merchants Bank 2 4.84% $5,369
    Hometown Lenders, Inc. 2 5.06% $7,552
    Truist 2 4.13% $6,162
    HOME POINT FINANCIAL CORPORATION 2 3.43% $5,597
    JPMorgan Chase Bank 2 3.69% $3,562
    AMERISAVE MORTGAGE CORPORATION 2 4.31% $6,433
    CORTRUST MORTGAGE, INC. 2 4.94% $3,311
    CRESCENT MORTGAGE COMPANY 2 3.69% $3,507
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 3.23% $0
    AFFINITY PLUS 1 5.63% $2,444
    WINGS FINANCIAL 1 5.00% $2,604
    Alliance Bank 1 3.38% $6,581
    American Mortgage & Equity Consultants, Inc. 1 3.25% $3,507
    AmeriHome Mortgage Company, LLC 1 3.88% $6,654
    Bank Midwest 1 4.88% $3,040
    Bank of America 1 4.50% $3,151
    BETTER MORTGAGE CORPORATION 1 3.88% $1,662
    CALIBER HOME LOANS, INC. 1 6.13% $7,814
    Cambria Financial Group, LLC 1 4.88% $10,161
    Central Bank 1 3.99% $6,948
    CMG MORTGAGE, INC. 1 3.99% $8,455
    COMPEER FINANCIAL, FLCA 1 5.75% $9,870
    Cornerstone State Bank 1 5.13% $3,242
    Deerwood Bank 1 2.88% $1,762
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.13% $3,156
    First International Bank & Trust 1 5.00% $1,034
    First National Bank of America 1 9.88% $10,938
    First PREMIER Bank 1 5.13% $10,247
    Gate City Bank 1 4.88% $6,432
    HIWAY 1 5.38% $4,969
    INTERCAP LENDING INC. 1 3.50% $4,643
    KELLER MORTGAGE, LLC 1 7.00% $3,943
    MOVEMENT MORTGAGE, LLC 1 3.38% $3,488
    Mr. Cooper ( Nationstar Mortgage ) 1 4.88% $9,084
    NEWREZ LLC 1 6.50% $17,761
    PREMIA MORTGAGE, LLC 1 5.13% $705
    Republic Bank & Trust Company 1 3.00% $8,016
    RESULTS MORTGAGE, LLC 1 6.25% $4,534
    Royal Credit Union 1 5.38% $5,782
    ST. CLOUD FINANCIAL 1 4.25% $3,583
    Stifel Bank and Trust 1 3.88% $2,572
    The Federal Savings Bank 1 5.88% $6,174
    The Huntington National Bank 1 3.25% $3,335
    TOPLINE FEDERAL CREDIT UNION 1 5.13% $3,469
    Tradition Mortgage, LLC 1 4.75% $3,160

    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.