Mortgage Rates Rise Amid Bank Expansions

First Federal Bank Mortgage has significantly expanded its services following the acquisition of BNC National Bank's mortgage division in 2023, allowing it to offer a range of mortgages including VA home loans, manufactured housing, USDA, and specialty loans like bank statement programs. Some loan options are limited to areas with branch offices. Additionally, Farmers Bank of Kansas City, a subsidiary of Farmers Bank & Trust, now provides mortgages across 48 states, despite its original focus on agricultural lending. Meanwhile, mortgage rates in the U.S. have risen slightly, with average rates for a 30-year fixed mortgage at 6.90% and 6.91% for refinance as of November 6, 2024. This rise coincides with the Federal Reserve's anticipated interest rate cut, influencing borrowing rates on mortgages. Rates continue to vary significantly by state.