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

East Lansing, MI

LEI: 54930053SM8COVIPIY54

Tax ID: 38-1373106

5 stars - Updated: 3/17/24 - out of 5 stars, based on 66 reviews

Latest/2022 | 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, Traverse City, and Ann Arbor among others. We have data for 86 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 about average 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% 3/17/24
30 Year Conventional Refi 6.44% 3/17/24
30 Year Cash-out Refi 6.58% 3/17/24
15 Year Conventional Purchase 5.78% 3/17/24
15 Year Conventional Refi 5.92% 3/17/24
15 Year Cash-out Refi 5.92% 3/17/24
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

4,360

Origination Dollar Volume (All Markets)

$652,230,000

Relative Rate

Michigan State University Federal Credit Union's average 30 year fixed mortgage rate was 4.67%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.09%.

Relative Fees (Closing Costs)

Michigan State University Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,535.

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 $4,750.

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) 2,334 $304,400,000 $130,420 $3,219 4.78%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 892 $130,110,000 $145,863 $3,587 4.92%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 237 $38,885,000 $164,072 $3,334 4.78%
Traverse City, MI (FHA|USDA|VA) 146 $32,910,000 $225,411 $3,531 4.51%
Outside of Metro Areas 200 $29,470,000 $147,350 $3,348 4.72%
ANN ARBOR, MI (FHA|USDA|VA) 65 $13,665,000 $210,231 $3,732 4.70%
BATTLE CREEK, MI (FHA|USDA|VA) 37 $8,715,000 $235,541 $3,151 4.61%
FLINT, MI (FHA|USDA|VA) 52 $8,000,000 $153,846 $3,375 4.72%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 41 $7,565,000 $184,512 $3,300 4.82%
JACKSON, MI (FHA|USDA|VA) 54 $6,650,000 $123,148 $3,387 4.93%
Coldwater, MI (FHA|USDA|VA) 10 $5,520,000 $552,000 $3,763 3.94%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 14 $4,230,000 $302,143 $5,367 4.06%
SAGINAW, MI (FHA|USDA|VA) 25 $4,045,000 $161,800 $3,308 5.24%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $3,535,000 $707,000 $5,691 4.48%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 9 $3,395,000 $377,222 $4,552 4.29%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $3,035,000 $1,011,667 $5,362 3.96%
Holland, MI (FHA|USDA|VA) 12 $2,960,000 $246,667 $3,925 4.88%
MUSKEGON, MI (FHA|USDA|VA) 24 $2,230,000 $92,917 $2,754 4.89%
Cadillac, MI (FHA|USDA|VA) 13 $2,195,000 $168,846 $3,158 4.61%
MIDLAND, MI (FHA|USDA|VA) 9 $2,045,000 $227,222 $5,208 4.69%
NILES, MI (FHA|USDA|VA) 13 $1,705,000 $131,154 $3,028 5.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 6 $1,680,000 $280,000 $4,167 4.29%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 3 $1,585,000 $528,333 $5,865 3.50%
Big Rapids, MI (FHA|USDA|VA) 9 $1,475,000 $163,889 $2,885 3.93%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,475,000 $491,667 $9,237 4.33%
Ludington, MI (FHA|USDA|VA) 4 $1,450,000 $362,500 $4,137 4.72%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $1,405,000 $468,333 $4,341 4.67%
BAY CITY, MI (FHA|USDA|VA) 10 $1,330,000 $133,000 $3,334 5.23%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 5 $1,235,000 $247,000 $3,409 4.85%
Adrian, MI (FHA|USDA|VA) 11 $1,205,000 $109,545 $3,873 4.74%
Alma, MI (FHA|USDA|VA) 12 $1,150,000 $95,833 $3,567 4.68%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,125,000 $375,000 $6,980 4.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $1,080,000 $270,000 $4,737 5.22%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,060,000 $265,000 $4,796 4.75%
Mount Pleasant, MI (FHA|USDA|VA) 6 $1,050,000 $175,000 $3,043 5.67%
COLUMBUS, OH (FHA|USDA|VA) 3 $825,000 $275,000 $4,950 4.67%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $770,000 $385,000 $5,265 4.44%
WINCHESTER, VA-WV (FHA|USDA|VA) 2 $710,000 $355,000 $4,243 5.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $710,000 $355,000 $4,254 4.38%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $705,000 $705,000 $10,799 2.75%
FORT COLLINS, CO (FHA|USDA|VA) 1 $685,000 $685,000 $3,724 5.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $660,000 $330,000 $7,635 4.31%
Escanaba, MI (FHA|USDA|VA) 4 $650,000 $162,500 $3,609 4.91%
Marquette, MI (FHA|USDA|VA) 3 $645,000 $215,000 $3,738 3.58%
MONROE, MI (FHA|USDA|VA) 8 $640,000 $80,000 $3,892 4.84%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $600,000 $300,000 $3,173 6.50%
THE VILLAGES, FL (FHA|USDA|VA) 2 $570,000 $285,000 $6,490 2.75%
SAVANNAH, GA (FHA|USDA|VA) 2 $540,000 $270,000 $5,051 4.06%
Forest City, NC (FHA|USDA|VA) 1 $495,000 $495,000 $4,717 4.38%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $455,000 $455,000 $9,245 3.63%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $435,000 $435,000 $9,412 2.75%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $415,000 $415,000 $7,250 2.88%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $415,000 $415,000 $3,241 3.75%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $385,000 $385,000 $3,789 4.13%
Iron Mountain, MI-WI (FHA|USDA|VA) 2 $370,000 $185,000 $0 6.50%
TOLEDO, OH (FHA|USDA|VA) 2 $330,000 $165,000 $3,740 5.75%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,629 4.63%
Hillsdale, MI (FHA|USDA|VA) 4 $310,000 $77,500 $3,892 6.09%
Sturgis, MI (FHA|USDA|VA) 2 $310,000 $155,000 $2,909 4.56%
LOUISVILLE, KY (FHA|USDA|VA) 1 $305,000 $305,000 $3,550 5.13%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $295,000 $295,000 $5,613 6.75%
Houghton, MI (FHA|USDA|VA) 3 $295,000 $98,333 $3,344 4.54%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $295,000 $295,000 $3,954 2.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $290,000 $145,000 $3,553 3.06%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $285,000 $285,000 $4,379 3.25%
TUCSON, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $3,191 4.75%
MADISON, WI (FHA|USDA|VA) 1 $265,000 $265,000 $5,860 3.63%
Decatur, IN (FHA|USDA|VA) 1 $265,000 $265,000 $2,977 6.13%
Warrensburg, MO (FHA|USDA|VA) 1 $245,000 $245,000 $5,454 3.50%
MOBILE, AL (FHA|USDA|VA) 1 $235,000 $235,000 $5,753 4.88%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,691 2.38%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,869 3.75%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $225,000 $225,000 $6,387 2.38%
Angola, IN (FHA|USDA|VA) 1 $225,000 $225,000 $5,076 6.13%
Marinette, WI-MI (FHA|USDA|VA) 1 $225,000 $225,000 $3,041 5.38%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $195,000 $195,000 $5,342 3.50%
Sault Ste. Marie, MI (FHA|USDA|VA) 2 $180,000 $90,000 $3,108 3.94%
Frankfort, IN (FHA|USDA|VA) 1 $175,000 $175,000 $3,529 5.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,892 4.25%
PITTSBURGH, PA (FHA|USDA|VA) 1 $165,000 $165,000 $6,638 5.50%
AKRON, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,011 3.25%
Alpena, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,834 3.38%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $115,000 $115,000 $2,929 5.25%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $115,000 $115,000 $2,904 2.50%
Sandusky, OH (FHA|USDA|VA) 1 $85,000 $85,000 $3,666 4.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $55,000 $55,000 $3,111 4.38%
Michigan State University Federal Credit Union's top markets include Lansing, Detroit, Grand Rapids, Traverse City, and Ann Arbor among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Virginia (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.

    St James Mortgage Corporation
    Similarity Rank: 114
    KALSEE CREDIT UNION
    Similarity Rank: 120
    Community West Credit Union
    Similarity Rank: 340
    PREFERRED CREDIT UNION
    Similarity Rank: 380
    Kellogg Community Credit Union
    Similarity Rank: 448
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 456
    West Michigan Credit Union
    Similarity Rank: 468
    MEMBERS FIRST Credit Union
    Similarity Rank: 495
    KENT COUNTY CREDIT UNION
    Similarity Rank: 553

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 2,335 $174,825,000 $74,872 n/a 5.14%
    Conventional 2,025 $477,405,000 $235,756 $3,431 4.39%

    For 2022, Michigan State University Federal Credit Union's most frequently originated type of loan was HELOC, with 2,335 originations. Their 2nd most popular type was Conventional, with 2,025 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 2,334 $174,790,000 $74,889 $0 5.14%
    Home Purchase 1,340 $332,360,000 $248,030 $3,753 4.66%
    Cash Out Refi 476 $89,950,000 $188,971 $2,839 4.00%
    Refi 170 $24,580,000 $144,588 $2,639 3.45%
    Home Improvement 40 $30,550,000 $763,750 $2,728 4.07%

    For 2022, Michigan State University Federal Credit Union's most frequently cited loan purpose was Other, with 2,334 originations. The 2nd most popular reason was Home Purchase, with 1,340 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 2,366 $217,010,000 $91,720 $4,840 5.12%
    30 Year 1,317 $301,555,000 $228,971 $3,535 4.67%
    15 Year 345 $53,795,000 $155,928 $2,904 3.84%
    20 Year 208 $37,730,000 $181,394 $3,151 4.06%
    10 Year 64 $9,540,000 $149,063 $2,787 3.43%
    30+ year 39 $17,635,000 $452,179 $5,362 3.21%
    5 Year 20 $14,480,000 $724,000 $0 5.25%
    3 Year 1 $485,000 $485,000 $0 3.99%

    For 2022, Michigan State University Federal Credit Union's most frequently cited loan duration was Other, with 2,366 originations. The 2nd most popular length was 30 Year, with 1,317 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,634 $344,920,000 $211,089
    $3k-4k 101 $23,055,000 $228,267
    $2k-3k 87 $12,775,000 $146,839
    $4k-5k 50 $16,790,000 $335,800
    $5k+ 32 $17,890,000 $559,063
    $<1k 7 $1,345,000 $192,143

    Michigan State University Federal Credit Union's average total fees were $3,535, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,634 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,422 $213,470,000 $150,120
    5-6% 914 $143,830,000 $157,363
    4-5% 880 $138,590,000 $157,489
    6-7% 640 $69,320,000 $108,313
    2.5-3% 213 $48,975,000 $229,930
    7-8% 181 $23,955,000 $132,348
    <2.5% 65 $11,385,000 $175,154
    Over 8% 45 $2,705,000 $60,111

    During 2022, Michigan State University Federal Credit Union's average interest rate for loans was 4.67%, while their most frequently originated rate bucket for loans was 3-4%, with 1,422 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,094 $114,260,000 $54,565 $2,528 5.04%
    $100k-200k 1,252 $178,790,000 $142,804 $3,017 4.64%
    $200k-400k 842 $224,390,000 $266,496 $3,804 4.48%
    $400k-600k 121 $57,675,000 $476,653 $4,775 4.22%
    $600k-1MM 30 $22,050,000 $735,000 $6,614 4.57%
    $1MM+ 21 $55,065,000 $2,622,143 $9,557 4.37%

    2022 saw Michigan State University Federal Credit Union place emphasis on $100,000 or less loans with 2,094 originations, totaling $114,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,135 $158,955,000 $140,048 $3,630 4.78%
    $75k-100k 833 $100,325,000 $120,438 $3,259 4.78%
    $50k-75k 811 $83,495,000 $102,953 $3,052 4.74%
    $150k-250k 808 $134,790,000 $166,819 $3,777 4.83%
    $50k or less 416 $34,350,000 $82,572 $2,771 4.78%
    $250k+ 280 $79,610,000 $284,321 $4,887 4.89%

    Michigan State University Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,135 originations. The second most popular income band? $75k-100k, with 833 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,276 $184,700,000 $144,749 $3,430 4.63%
    30-36% 826 $115,660,000 $140,024 $3,413 4.82%
    <20% 504 $75,340,000 $149,484 $3,385 4.43%
    42% 207 $23,175,000 $111,957 $3,194 5.38%
    41% 151 $21,275,000 $140,894 $3,332 4.97%
    40% 146 $18,380,000 $125,890 $3,692 4.83%
    39% 145 $19,125,000 $131,897 $3,311 4.90%
    50-60% 145 $17,295,000 $119,276 $3,661 4.99%
    38% 139 $20,205,000 $145,360 $3,504 4.86%
    36% 134 $18,750,000 $139,925 $3,444 4.89%
    37% 128 $19,270,000 $150,547 $3,272 5.06%
    >60% 102 $13,580,000 $133,137 $3,648 4.84%
    43% 100 $12,990,000 $129,900 $3,794 5.10%
    45% 84 $9,400,000 $111,905 $3,205 4.99%
    46% 68 $9,460,000 $139,118 $3,362 4.90%
    44% 63 $7,755,000 $123,095 $3,169 4.95%
    47% 45 $5,545,000 $123,222 $3,982 4.99%
    48% 36 $5,990,000 $166,389 $5,610 4.65%
    49% 25 $2,575,000 $103,000 $3,258 5.24%

    Michigan State University Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,276 originations. The next most common DTI ratio? 30-36%, with 826 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,553 $487,745,000 $137,277 $3,372 4.78%
    Not provided 461 $63,375,000 $137,473 $3,934 4.80%
    Not applicable 36 $51,760,000 $1,437,778 $0 5.22%
    Black 193 $27,205,000 $140,959 $3,434 4.91%
    Asian 65 $10,775,000 $165,769 $3,850 4.74%
    American Indian 26 $4,590,000 $176,538 $3,281 4.63%
    Asian Indian 10 $2,790,000 $279,000 $4,939 4.64%
    Other Asian 5 $2,305,000 $461,000 $3,799 4.65%
    Korean 4 $1,070,000 $267,500 $4,664 4.56%
    Chinese 2 $340,000 $170,000 $3,103 3.94%
    Native Hawaiian or Islander 3 $175,000 $58,333 $0 5.00%
    Other Pacific Islander 1 $75,000 $75,000 $0 5.50%
    Filipino 1 $25,000 $25,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    95.60%

    Michigan State University Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    82.00%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,360 $652,230,000 $149,594

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,360 $652,230,000 $149,594

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,043 $92,435,000 $88,624 $2,680 5.08%
    40-60% 444 $69,500,000 $156,532 $2,957 4.30%
    60-80% 900 $231,110,000 $256,789 $3,460 4.34%
    80-100% 861 $205,835,000 $239,065 $3,659 4.71%
    Under 20% 1,112 $53,350,000 $47,977 $2,403 5.14%