Worthington Mortgage Rates & Closing Costs
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% |
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.).
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.