Worthington Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Worthington averaged
6.69%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.52% and
one month ago for the week of 2024-10-03, the
average rate was 6.32%.
Worthington's average rate one year ago was 7.86%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.89%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Worthington 30 Year Fixed Rate | 2024-11-07 | 6.69% |
| Worthington 30 Year Fixed Rate Refi | 2024-11-07 | 6.89% |
| Worthington 15 Year Fixed Rate | 2024-11-07 | 6% |
| Worthington 15 Year Fixed Rate Refi | 2024-11-07 | 6.2% |
| Worthington 30 Year FHA | 2024-11-07 | 6.63% |
| Worthington 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Worthington 30 Year USDA | 2024-11-07 | 6.38% |
| Worthington 30 Year USDA Refi | 2024-11-07 | 6.68% |
| Worthington 30 Year VA | 2024-11-07 | 6.14% |
| Worthington 30 Year VA Refi | 2024-11-07 | 6.44% |
Worthington 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 Worthington, 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 | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Plains Commerce Bank | 13 | 6.78% | $5,179 |
| American Bank & Trust | 9 | 6.24% | $4,010 |
| COMPEER FINANCIAL, FLCA | 5 | 7.65% | $4,970 |
| Servion, Inc. | 4 | 7.03% | $3,830 |
| QUICKEN LOANS, LLC | 4 | 6.06% | $6,841 |
| Wells Fargo Bank | 3 | 6.25% | $5,656 |
| Minnwest Bank | 2 | 5.81% | $4,624 |
| TOWNE MORTGAGE COMPANY | 2 | 7.19% | $4,791 |
| CARDINAL FINANCIAL | 2 | 6.63% | $7,126 |
| LOANDEPOT.COM, LLC | 1 | 8.13% | $5,723 |
| Mr. Cooper ( Nationstar Mortgage ) | 1 | 7.99% | $4,559 |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | 1 | 6.50% | $5,417 |
| Reliabank Dakota | 1 | 6.25% | $3,721 |
| The Huntington National Bank | 1 | 5.88% | $4,224 |
| IOWA BANKERS MORTGAGE CORPORATION | 1 | 6.50% | $2,892 |
| Barrington Bank & Trust Company, N.A. | 1 | 7.63% | $6,055 |
| Bremer Bank | 1 | 5.63% | $10,947 |
| Discover Bank | 1 | 7.49% | $0 |
| First International Bank & Trust | 1 | 6.75% | $2,873 |
| First Western Bank & Trust | 1 | 5.75% | $2,640 |
| FREEDOM MORTGAGE CORPORATION | 1 | 6.49% | $5,166 |
| GUARANTEED RATE, INC. | 1 | 5.99% | $3,240 |
| AFFINITY PLUS | 1 | 6.50% | $2,788 |
Worthington Average Closing Costs & Other Stats
Worthington, MN's 23 lenders originated 187
loans during 2023. The total origination value was $31,325,000, with an average loan value of
$167,513.
Worthington's average closing costs are $5,085.
The top Worthington lender as defined by loan originations is Plains Commerce Bank, with
13 loans originated. Their average total fees are
$5,179, which is $1,169
higher than the next largest lender,
American Bank & Trust.
The lowest fee Worthington lenders (with over 10 loans originated) are
Plains Commerce Bank ($5,179), .
The lowest rate Worthington lenders (with over 10 loans originated) are
Plains Commerce Bank (6.78%), .
Worthington, 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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Plains Commerce Bank | $6,515,000 | $4,145,000 | -36.4% | 13.2% |
| American Bank & Trust | $3,815,000 | $2,865,000 | -24.9% | 9.1% |
| QUICKEN LOANS, LLC | $2,185,000 | $2,625,000 | 20.1% | 8.4% |
| COMPEER FINANCIAL, FLCA | $3,595,000 | $2,375,000 | -33.9% | 7.6% |
| United Prairie Bank | $1,425,000 | n/a | 4.5% | |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $165,000 | $705,000 | 327.3% | 2.3% |
| Wells Fargo Bank | $1,600,000 | $680,000 | -57.5% | 2.2% |
| Bremer Bank | $620,000 | n/a | 2.0% | |
| LOANDEPOT.COM, LLC | $585,000 | n/a | 1.9% | |
| The Huntington National Bank | $585,000 | n/a | 1.9% | |
| Reliabank Dakota | $460,000 | $555,000 | 20.7% | 1.8% |
| Servion, Inc. | $1,595,000 | $555,000 | -65.2% | 1.8% |
| First PREMIER Bank | $415,000 | n/a | 1.3% | |
| TOWNE MORTGAGE COMPANY | $410,000 | n/a | 1.3% | |
| CARDINAL FINANCIAL | $555,000 | $370,000 | -33.3% | 1.2% |
| First Bank & Trust | $345,000 | n/a | 1.1% | |
| GUARANTEED RATE, INC. | $1,195,000 | $305,000 | -74.5% | 1.0% |
| AFFINITY PLUS | $280,000 | n/a | 0.9% | |
| NAVY FEDERAL CREDIT UNION | $325,000 | $255,000 | -21.5% | 0.8% |
| Barrington Bank & Trust Company, N.A. | $235,000 | n/a | 0.8% | |
| MOVEMENT MORTGAGE, LLC | $235,000 | n/a | 0.8% | |
| Minnwest Bank | $145,000 | $230,000 | 58.6% | 0.7% |
| Mr. Cooper ( Nationstar Mortgage ) | $210,000 | n/a | 0.7% | |
| First International Bank & Trust | $570,000 | $175,000 | -69.3% | 0.6% |
| Premier Bank | $125,000 | $165,000 | 32.0% | 0.5% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $165,000 | n/a | 0.5% | |
| FREEDOM MORTGAGE CORPORATION | $405,000 | $155,000 | -61.7% | 0.5% |
| Mortgage Research Center, LLC | $340,000 | $155,000 | -54.4% | 0.5% |
| IOWA BANKERS MORTGAGE CORPORATION | $165,000 | $145,000 | -12.1% | 0.5% |
| Prosperity Home Mortgage, LLC | $140,000 | n/a | 0.4% | |
| Discover Bank | $35,000 | $125,000 | 257.1% | 0.4% |
| LAKEVIEW LOAN SERVICING, LLC | $115,000 | n/a | 0.4% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $115,000 | n/a | 0.4% | |
| Coastal Community Bank | $105,000 | n/a | 0.3% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $95,000 | n/a | 0.3% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $485,000 | $95,000 | -80.4% | 0.3% |
| American State Bank | $75,000 | n/a | 0.2% | |
| Figure Lending LLC | $55,000 | n/a | 0.2% | |
| Bank of America | $55,000 | $45,000 | -18.2% | 0.1% |
| First Western Bank & Trust | $45,000 | n/a | 0.1% | |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $15,000 | n/a | 0.0% |
Worthington's top lender by overall market share is Plains Commerce Bank, with 13.2% market share. In second place, with 9.1%, is American Bank & Trust, having originated $2,865,000 in loans. In third place, with 8.4%, is QUICKEN LOANS, LLC, having originated $2,625,000 in loans. In fourth place, with 7.6%, is COMPEER FINANCIAL, FLCA, having originated $2,375,000 in loans. In fifth place, with 4.5%, is United Prairie Bank, having originated $1,425,000 in loans.
Worthington, MN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 134 | $25,630,000 | $191,269 |
| Refi | 16 | $1,940,000 | $121,250 |
| Cash Out Refi | 16 | $1,660,000 | $103,750 |
| Home Improvement | 13 | $705,000 | $54,231 |
| Other | 8 | $1,390,000 | $173,750 |
Worthington's most frequently cited loan purpose was Home Purchase, with 134 originations. The 2nd most popular reason was Refi, with 16 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 48 | $8,800,000 | $183,333 |
| 7-8% | 38 | $7,260,000 | $191,053 |
| 5-6% | 19 | $3,865,000 | $203,421 |
| Over 8% | 13 | $1,445,000 | $111,154 |
| <2.5% | 3 | $35,000 | $11,667 |
During 2023, Worthington's most frequently originated rate bucket was 6-7%, with 48 originations.
Loan Sizing (Worthington, MN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 74 | $10,680,000 | $144,324 |
| $200k-400k | 56 | $14,860,000 | $265,357 |
| $100,000 or less | 51 | $2,875,000 | $56,373 |
| $400k-600k | 6 | $2,910,000 | $485,000 |
Worthington's loan sizing saw the bucket of loans from $100k-200k with 74 originations, totaling $10,680,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 62 | $13,290,000 | $214,355 |
| 60-80% | 28 | $4,890,000 | $174,643 |
| 20-40% | 12 | $850,000 | $70,833 |
| 40-60% | 10 | $2,010,000 | $201,000 |
| Under 20% | 8 | $220,000 | $27,500 |
| Over 100% | 1 | $145,000 | $145,000 |
Worthington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 62 originations, totaling $13,290,000 in origination value.