Michigan State University Federal Credit Union Mortgage Rates, Fees & Info

East Lansing, MI

LEI: 54930053SM8COVIPIY54

Tax ID: 38-1373106

5 stars - Updated: 7/20/24 - out of 5 stars, based on 53 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Michigan State University Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Michigan State University Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lansing, Detroit, Grand Rapids, Ann Arbor, and Traverse City among others. We have data for 95 markets. (Some data included below & more in-depth data is available with an active subscription.)

Michigan State University Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Michigan State University Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.25% 7/20/24
30 Year Conventional Refi 6.44% 7/20/24
30 Year Cash-out Refi 6.58% 7/20/24
15 Year Conventional Purchase 5.78% 7/20/24
15 Year Conventional Refi 5.92% 7/20/24
15 Year Cash-out Refi 5.92% 7/20/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Michigan State University Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Michigan State University Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

2,762

Origination Dollar Volume (All Markets)

$444,980,000
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Relative Rate

Michigan State University Federal Credit Union's average 30 year fixed mortgage rate was 6.52%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.04%.

Relative Fees (Closing Costs)

Michigan State University Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,051.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1,383 $178,175,000 $128,832 $3,727 7.71%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 553 $87,955,000 $159,051 $4,345 7.97%
Outside of Metro Areas 165 $28,555,000 $173,061 $3,885 7.44%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 163 $28,225,000 $173,160 $4,080 7.83%
ANN ARBOR, MI (FHA|USDA|VA) 36 $24,040,000 $667,778 $4,673 7.16%
Traverse City, MI (FHA|USDA|VA) 87 $17,865,000 $205,345 $4,651 7.55%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 10 $4,820,000 $482,000 $8,740 6.25%
BATTLE CREEK, MI (FHA|USDA|VA) 31 $4,305,000 $138,871 $3,651 7.56%
FLINT, MI (FHA|USDA|VA) 35 $4,285,000 $122,429 $3,701 7.62%
JACKSON, MI (FHA|USDA|VA) 33 $4,195,000 $127,121 $3,642 7.46%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 24 $3,720,000 $155,000 $3,708 7.44%
MUSKEGON, MI (FHA|USDA|VA) 21 $3,505,000 $166,905 $3,617 7.74%
Holland, MI (FHA|USDA|VA) 15 $3,025,000 $201,667 $4,104 7.44%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $2,380,000 $396,667 $6,897 6.54%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $2,255,000 $751,667 $5,953 6.50%
BAY CITY, MI (FHA|USDA|VA) 12 $2,090,000 $174,167 $4,179 7.11%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 4 $1,970,000 $492,500 $5,915 6.78%
MIDLAND, MI (FHA|USDA|VA) 7 $1,645,000 $235,000 $3,440 6.71%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $1,635,000 $545,000 $10,529 6.21%
Cadillac, MI (FHA|USDA|VA) 6 $1,570,000 $261,667 $3,767 7.13%
Mount Pleasant, MI (FHA|USDA|VA) 10 $1,520,000 $152,000 $3,457 6.98%
SAGINAW, MI (FHA|USDA|VA) 13 $1,515,000 $116,538 $3,471 6.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $1,500,000 $375,000 $6,100 6.41%
MONROE, MI (FHA|USDA|VA) 6 $1,460,000 $243,333 $3,741 7.42%
Adrian, MI (FHA|USDA|VA) 10 $1,210,000 $121,000 $5,067 7.61%
Alma, MI (FHA|USDA|VA) 8 $1,170,000 $146,250 $3,886 7.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,165,000 $388,333 $6,096 7.04%
Ludington, MI (FHA|USDA|VA) 4 $1,150,000 $287,500 $4,096 5.53%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $1,120,000 $560,000 $10,750 6.44%
NILES, MI (FHA|USDA|VA) 5 $1,065,000 $213,000 $3,562 7.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $1,025,000 $1,025,000 $9,625 8.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $980,000 $490,000 $6,829 6.06%
Marquette, MI (FHA|USDA|VA) 3 $945,000 $315,000 $5,491 6.67%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $880,000 $440,000 $3,914 6.44%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $840,000 $420,000 $4,971 6.31%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $810,000 $405,000 $4,402 7.06%
Hillsdale, MI (FHA|USDA|VA) 7 $795,000 $113,571 $3,504 8.11%
Iron Mountain, MI-WI (FHA|USDA|VA) 4 $780,000 $195,000 $3,025 6.31%
WINCHESTER, VA-WV (FHA|USDA|VA) 2 $680,000 $340,000 $4,631 6.75%
Coldwater, MI (FHA|USDA|VA) 4 $670,000 $167,500 $3,000 7.41%
ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $615,000 $205,000 $4,380 6.29%
COLUMBIA, MO (FHA|USDA|VA) 2 $580,000 $290,000 $3,029 7.25%
FORT WAYNE, IN (FHA|USDA|VA) 2 $570,000 $285,000 $3,162 6.94%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $550,000 $275,000 $4,979 4.69%
BEND, OR (FHA|USDA|VA) 1 $545,000 $545,000 $6,141 7.25%
TOLEDO, OH (FHA|USDA|VA) 1 $535,000 $535,000 $5,254 6.88%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $535,000 $535,000 $4,926 6.88%
Warsaw, IN (FHA|USDA|VA) 1 $525,000 $525,000 $3,433 6.63%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $525,000 $525,000 $6,525 5.50%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $515,000 $515,000 $5,621 6.63%
Big Rapids, MI (FHA|USDA|VA) 6 $490,000 $81,667 $3,805 8.06%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $475,000 $475,000 $10,399 5.88%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 2 $450,000 $225,000 $4,845 6.38%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $440,000 $220,000 $5,705 5.81%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $435,000 $435,000 $5,822 7.38%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $430,000 $215,000 $4,297 6.06%
Forest City, NC (FHA|USDA|VA) 1 $425,000 $425,000 $4,711 6.38%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $415,000 $415,000 $6,192 6.75%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $415,000 $415,000 $9,227 5.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $405,000 $405,000 $11,001 5.63%
Fort Payne, AL (FHA|USDA|VA) 1 $405,000 $405,000 $4,381 6.63%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $355,000 $355,000 $3,352 6.50%
COLUMBUS, OH (FHA|USDA|VA) 1 $355,000 $355,000 $3,661 6.50%
PANAMA CITY, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,793 6.25%
Cullowhee, NC (FHA|USDA|VA) 1 $325,000 $325,000 $6,059 6.63%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $315,000 $315,000 $4,552 6.25%
JACKSON, TN (FHA|USDA|VA) 1 $315,000 $315,000 $4,134 6.75%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $305,000 $305,000 $3,822 6.25%
Sturgis, MI (FHA|USDA|VA) 3 $295,000 $98,333 $3,844 7.75%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $285,000 $285,000 $7,399 6.75%
Angola, IN (FHA|USDA|VA) 1 $275,000 $275,000 $3,321 6.13%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $255,000 $255,000 $3,717 6.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $255,000 $255,000 $5,509 5.00%
La Grande, OR (FHA|USDA|VA) 1 $245,000 $245,000 $6,237 7.13%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $245,000 $245,000 $3,987 6.38%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $235,000 $235,000 $5,885 5.63%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $225,000 $225,000 $3,742 6.50%
Crossville, TN (FHA|USDA|VA) 1 $225,000 $225,000 $6,223 6.00%
Key West, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,378 5.63%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $195,000 $195,000 $4,165 7.50%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $185,000 $185,000 $3,194 6.75%
GAINESVILLE, GA (FHA|USDA|VA) 1 $175,000 $175,000 $3,771 6.50%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $165,000 $165,000 $5,126 6.75%
Houghton, MI (FHA|USDA|VA) 1 $165,000 $165,000 $3,165 6.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $155,000 $155,000 $4,518 6.38%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,890 6.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,942 6.38%
Somerset, PA (FHA|USDA|VA) 1 $145,000 $145,000 $5,324 6.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $135,000 $135,000 $2,818 6.13%
Maryville, MO (FHA|USDA|VA) 1 $135,000 $135,000 $3,049 6.38%
Alpena, MI (FHA|USDA|VA) 2 $120,000 $60,000 $2,820 7.50%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,284 5.13%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.75%
Marinette, WI-MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 10.50%
Escanaba, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.25%
Michigan State University Federal Credit Union's top markets include Lansing, Detroit, Grand Rapids, Ann Arbor, and Traverse City among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    1st State Financial, Ltd.
    Similarity Rank: 34
    Wildfire Credit Union
    Similarity Rank: 52
    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 90
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,554 $125,110,000 $80,508 n/a 8.67%
    Conventional 1,208 $319,870,000 $264,793 $4,073 6.36%

    For 2023, Michigan State University Federal Credit Union's most frequently originated type of loan was HELOC, with 1,554 originations. Their 2nd most popular type was Conventional, with 1,208 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 1,422 $112,500,000 $79,114 $0 8.65%
    Home Purchase 1,056 $282,510,000 $267,528 $4,199 6.38%
    Cash Out Refi 161 $37,155,000 $230,776 $3,191 6.77%
    Home Improvement 103 $9,185,000 $89,175 $3,058 8.69%
    Refi 20 $3,630,000 $181,500 $3,710 6.94%

    For 2023, Michigan State University Federal Credit Union's most frequently cited loan purpose was Other, with 1,422 originations. The 2nd most popular reason was Home Purchase, with 1,056 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,601 $138,345,000 $86,412 $4,592 8.58%
    30 Year 893 $223,775,000 $250,588 $4,051 6.52%
    15 Year 149 $24,595,000 $165,067 $3,528 6.36%
    30+ year 47 $22,945,000 $488,191 $5,744 4.28%
    20 Year 38 $8,000,000 $210,526 $3,833 6.19%
    10 Year 22 $9,730,000 $442,273 $3,281 5.86%
    5 Year 11 $16,585,000 $1,507,727 $0 7.12%
    1 Year 1 $1,005,000 $1,005,000 $0 8.75%

    For 2023, Michigan State University Federal Credit Union's most frequently cited loan duration was Other, with 1,601 originations. The 2nd most popular length was 30 Year, with 893 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 909 $224,725,000 $247,222
    $3k-4k 87 $19,825,000 $227,874
    $2k-3k 77 $13,525,000 $175,649
    $4k-5k 39 $12,795,000 $328,077
    $5k+ 37 $19,335,000 $522,568
    $<1k 3 $405,000 $135,000

    Michigan State University Federal Credit Union's average total fees were $4,051, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 909 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 1,250 $98,980,000 $79,184
    6-7% 683 $164,675,000 $241,105
    7-8% 502 $88,690,000 $176,673
    5-6% 263 $65,895,000 $250,551
    4-5% 27 $9,485,000 $351,296
    3-4% 25 $11,845,000 $473,800
    2.5-3% 8 $4,050,000 $506,250
    <2.5% 4 $1,360,000 $340,000

    During 2023, Michigan State University Federal Credit Union's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was Over 8%, with 1,250 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,286 $70,490,000 $54,813 $2,949 8.49%
    $100k-200k 735 $104,335,000 $141,952 $3,449 7.38%
    $200k-400k 587 $163,595,000 $278,697 $4,266 6.65%
    $400k-600k 110 $53,120,000 $482,909 $5,695 5.97%
    $600k-1MM 30 $22,870,000 $762,333 $7,020 5.88%
    $1MM+ 14 $30,570,000 $2,183,571 $8,504 6.52%

    2023 saw Michigan State University Federal Credit Union place emphasis on $100,000 or less loans with 1,286 originations, totaling $70,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 749 $110,445,000 $147,457 $4,058 7.74%
    $150k-250k 631 $119,405,000 $189,231 $4,754 7.66%
    $50k-75k 468 $47,900,000 $102,350 $3,542 7.70%
    $75k-100k 457 $54,855,000 $120,033 $3,664 7.66%
    $50k or less 204 $14,290,000 $70,049 $3,003 7.78%
    $250k+ 203 $67,105,000 $330,567 $5,239 7.36%

    Michigan State University Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 749 originations. The second most popular income band? $150k-250k, with 631 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 673 $105,415,000 $156,634 $4,102 7.46%
    30-36% 547 $90,275,000 $165,037 $4,001 7.53%
    <20% 229 $35,205,000 $153,734 $4,090 7.20%
    42% 143 $15,995,000 $111,853 $3,881 8.21%
    39% 123 $18,815,000 $152,967 $4,124 7.78%
    50-60% 119 $15,135,000 $127,185 $3,825 8.20%
    36% 104 $18,670,000 $179,519 $4,539 7.53%
    41% 100 $14,270,000 $142,700 $3,922 7.89%
    38% 95 $15,495,000 $163,105 $3,807 7.58%
    44% 95 $12,655,000 $133,211 $4,286 8.12%
    40% 93 $13,165,000 $141,559 $3,755 7.71%
    43% 88 $10,670,000 $121,250 $4,247 8.10%
    37% 85 $13,585,000 $159,824 $3,667 7.74%
    >60% 54 $9,310,000 $172,407 $5,438 8.04%
    45% 49 $9,475,000 $193,367 $4,408 7.77%
    48% 43 $4,845,000 $112,674 $5,233 8.19%
    46% 42 $8,170,000 $194,524 $4,363 7.99%
    47% 41 $6,165,000 $150,366 $3,688 7.58%
    49% 23 $2,785,000 $121,087 $4,669 8.08%

    Michigan State University Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 673 originations. The next most common DTI ratio? 30-36%, with 547 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,163 $335,485,000 $155,102 $4,071 7.62%
    Not provided 359 $48,725,000 $135,724 $4,068 7.93%
    Not applicable 16 $24,880,000 $1,555,000 $0 7.34%
    Black 114 $14,970,000 $131,316 $3,929 7.95%
    Asian 66 $13,260,000 $200,909 $4,504 7.26%
    American Indian 20 $3,190,000 $159,500 $3,804 7.90%
    Asian Indian 7 $2,275,000 $325,000 $4,374 6.79%
    Other Asian 5 $785,000 $157,000 $3,452 6.98%
    Native Hawaiian or Islander 6 $660,000 $110,000 $4,156 7.48%
    Chinese 2 $370,000 $185,000 $2,975 6.88%
    Other Pacific Islander 2 $260,000 $130,000 $2,575 7.88%
    Filipino 1 $65,000 $65,000 $0 8.75%
    Japanese 1 $55,000 $55,000 $0 9.50%

    Approval Rates

    Total approvals of all applications
    94.01%

    Michigan State University Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.59%

    Michigan State University Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,762 $444,980,000 $161,108

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,762 $444,980,000 $161,108

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 676 $65,680,000 $97,160 $3,149 8.41%
    40-60% 254 $43,890,000 $172,795 $3,636 7.42%
    60-80% 503 $142,335,000 $282,972 $4,255 6.49%
    80-100% 590 $156,250,000 $264,831 $4,147 6.62%
    Under 20% 739 $36,825,000 $49,831 $2,637 8.70%