Worthington Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in Worthington averaged 7.23% for the week of 2023-12-07, compared to the national average of 7.03% for the same period.

The average rate for the prior week (2023-11-30) was 7.42% and one month ago for the week of 2023-11-02, the average rate was 7.76%.

Worthington's average rate one year ago was 6.29%.

For refis of the same type during the week of 2023-12-07, the average rate was 7.43%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-12-07 7.03%
Worthington 30 Year Fixed Rate 2023-12-07 7.23%
Worthington 30 Year Fixed Rate Refi 2023-12-07 7.43%
Worthington 15 Year Fixed Rate 2023-12-07 6.49%
Worthington 15 Year Fixed Rate Refi 2023-12-07 6.29%
Worthington 30 Year FHA 2023-12-07 6.92%
Worthington 30 Year FHA Refi 2023-12-07 7.02%
Worthington 30 Year USDA 2023-12-07 6.72%
Worthington 30 Year USDA Refi 2023-12-07 6.72%
Worthington 30 Year VA 2023-12-07 6.44%
Worthington 30 Year VA Refi 2023-12-07 6.64%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Worthington, MN.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Plains Commerce Bank 16 4.93% $4,993
American Bank & Trust 14 4.65% $3,354
COMPEER FINANCIAL, FLCA 9 5.96% $5,064
Wells Fargo Bank 6 5.92% $3,422
Servion, Inc. 4 4.25% $4,840
QUICKEN LOANS, LLC 4 5.31% $7,884
Bank Midwest 3 5.37% $4,075
Royal Credit Union 2 5.75% $5,320
UNITED WHOLESALE MORTGAGE, LLC 2 4.69% $5,776
AMERISAVE MORTGAGE CORPORATION 2 4.75% $8,035
GUARANTEED RATE, INC. 2 6.04% $4,389
NAVY FEDERAL CREDIT UNION 2 4.88% $3,991
Bank of the West 2 6.00% $3,096
Reliabank Dakota 1 6.13% $2,571
FREEDOM MORTGAGE CORPORATION 1 6.88% $4,959
AMERICAN FINANCING CORPORATION 1 5.99% $8,154
CARDINAL FINANCIAL 1 6.75% $5,039
Carrington Mortgage Services, LLC 1 5.38% $3,260
CROSSCOUNTRY MORTGAGE, LLC 1 5.99% $4,193
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.88% $5,572
First International Bank & Trust 1 6.50% $2,167
First Interstate Bank 1 4.50% $3,148
Alerus Financial 1 5.63% $7,049
HOME POINT FINANCIAL CORPORATION 1 3.25% $14,704
JPMorgan Chase Bank 1 4.88% $4,679
Minnwest Bank 1 5.13% $3,857
M&T Bank 1 5.63% $7,895

Worthington Average Closing Costs & Other Stats

Worthington, MN's 27 lenders originated 190 loans during 2022. The total origination value was $33,410,000, with an average loan value of $175,842.

Worthington's average closing costs are $4,923.

The top Worthington lender as defined by loan originations is Plains Commerce Bank, with 16 loans originated. Their average total fees are $4,993, which is $1,639 higher than the next largest lender, American Bank & Trust.

The lowest fee Worthington lenders (with over 10 loans originated) are American Bank & Trust ($3,354), Plains Commerce Bank ($4,993), .

The lowest rate Worthington lenders (with over 10 loans originated) are American Bank & Trust (4.65%), Plains Commerce Bank (4.93%), .

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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
Plains Commerce Bank $12,970,000 $6,515,000 -49.8% 19.5%
American Bank & Trust $665,000 $3,815,000 473.7% 11.4%
COMPEER FINANCIAL, FLCA $4,015,000 $3,595,000 -10.5% 10.8%
QUICKEN LOANS, LLC $4,530,000 $2,185,000 -51.8% 6.5%
Wells Fargo Bank $2,165,000 $1,600,000 -26.1% 4.8%
Servion, Inc. $2,095,000 $1,595,000 -23.9% 4.8%
GUARANTEED RATE, INC. $1,250,000 $1,195,000 -4.4% 3.6%
BROKER SOLUTIONS, INC. $520,000 $895,000 72.1% 2.7%
AMERISAVE MORTGAGE CORPORATION $795,000 n/a 2.4%
UNITED WHOLESALE MORTGAGE, LLC $770,000 $715,000 -7.1% 2.1%
First Interstate Bank $650,000 n/a 1.9%
Royal Credit Union $620,000 n/a 1.9%
Bank Midwest $155,000 $585,000 277.4% 1.8%
Mortgages Unlimited Inc. $530,000 $585,000 10.4% 1.8%
First International Bank & Trust $390,000 $570,000 46.2% 1.7%
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $1,125,000 $555,000 -50.7% 1.7%
PENNYMAC LOAN SERVICES, LLC $220,000 $495,000 125.0% 1.5%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $175,000 $485,000 177.1% 1.5%
Reliabank Dakota $1,140,000 $460,000 -59.6% 1.4%
FREEDOM MORTGAGE CORPORATION $470,000 $405,000 -13.8% 1.2%
CROSSCOUNTRY MORTGAGE, LLC $330,000 $380,000 15.2% 1.1%
M&T Bank $380,000 n/a 1.1%
Alerus Financial $115,000 $345,000 200.0% 1.0%
Mortgage Research Center, LLC $315,000 $340,000 7.9% 1.0%
Bank of the West $1,160,000 $325,000 -72.0% 1.0%
Bell Bank $330,000 $325,000 -1.5% 1.0%
First Savings Bank $325,000 n/a 1.0%
NAVY FEDERAL CREDIT UNION $325,000 n/a 1.0%
HOME POINT FINANCIAL CORPORATION $730,000 $315,000 -56.8% 0.9%
Summit Mortgage Corporation $315,000 n/a 0.9%
Security Savings Bank $200,000 n/a 0.6%
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $165,000 n/a 0.5%
IOWA BANKERS MORTGAGE CORPORATION $555,000 $165,000 -70.3% 0.5%
EMM LOANS LLC $155,000 n/a 0.5%
Minnwest Bank $145,000 n/a 0.4%
Merchants Bank $140,000 n/a 0.4%
AMERICAN FINANCING CORPORATION $105,000 $135,000 28.6% 0.4%
Citizens Bank $185,000 $125,000 -32.4% 0.4%
Premier Bank $45,000 $125,000 177.8% 0.4%
JPMorgan Chase Bank $325,000 $115,000 -64.6% 0.3%
U.S. Bank $725,000 $105,000 -85.5% 0.3%
Bank of America $55,000 n/a 0.2%
Carrington Mortgage Services, LLC $55,000 n/a 0.2%
Discover Bank $85,000 $35,000 -58.8% 0.1%

Worthington's top lender by overall market share is Plains Commerce Bank, with 19.5% market share. In second place, with 11.4%, is American Bank & Trust, having originated $3,815,000 in loans. In third place, with 10.8%, is COMPEER FINANCIAL, FLCA, having originated $3,595,000 in loans. In fourth place, with 6.5%, is QUICKEN LOANS, LLC, having originated $2,185,000 in loans. In fifth place, with 4.8%, is Wells Fargo Bank, having originated $1,600,000 in loans.

Worthington, MN Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 121 $23,345,000 $192,934
Cash Out Refi 38 $5,800,000 $152,632
Refi 22 $3,180,000 $144,545
Other 8 $980,000 $122,500
Home Improvement 1 $105,000 $105,000

Worthington's most frequently cited loan purpose was Home Purchase, with 121 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
5-6% 59 $10,845,000 $183,814
4-5% 42 $7,290,000 $173,571
3-4% 38 $6,470,000 $170,263
6-7% 27 $5,005,000 $185,370
2.5-3% 9 $1,345,000 $149,444
7-8% 5 $1,555,000 $311,000
<2.5% 4 $510,000 $127,500
Over 8% 1 $35,000 $35,000

During 2022, Worthington's most frequently originated rate bucket was 5-6%, with 59 originations.

Loan Sizing (Worthington, MN MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 81 $11,955,000 $147,593
$200k-400k 59 $16,245,000 $275,339
$100,000 or less 45 $2,665,000 $59,222
$400k-600k 4 $1,920,000 $480,000
$600k-1000k 1 $625,000 $625,000

Worthington's loan sizing saw the bucket of loans from $100k-200k with 81 originations, totaling $11,955,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 100 $20,350,000 $203,500
60-80% 53 $9,675,000 $182,547
40-60% 16 $2,040,000 $127,500
Under 20% 11 $275,000 $25,000
20-40% 5 $355,000 $71,000
Over 100% 2 $390,000 $195,000

Worthington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 100 originations, totaling $20,350,000 in origination value.