Lake Michigan Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 549300YB1H2FRI6JPM51

Tax ID: 38-1215360

5 stars - Updated: 6/9/24 - out of 5 stars, based on 105 reviews

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

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Mortgage Data

Review & Overview

Lake Michigan Credit Union is a small credit union specializing in Home Purchase loans. Lake Michigan Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Detroit, Cape Coral, Naples, and Muskegon among others. We have data for 90 markets. (Some data included below & more in-depth data is available with an active subscription.)

Lake Michigan 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. Lake Michigan 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
Home Equity Line of Credit (HELOC) 6.27% 6/9/24
30 Year Conventional Purchase 6.50% 6/9/24
30 Year Conventional Refi 6.42% 6/9/24
30 Year Cash-out Refi 6.63% 6/9/24
30 Year FHA Purchase 7.00% 6/9/24
30 Year FHA Refi 6.03% 6/9/24
30 Year VA Purchase 5.96% 6/9/24
30 Year VA Refi 4.34% 6/9/24
30 Year USDA Purchase 6.45% 6/9/24
15 Year Conventional Purchase 5.92% 6/9/24
15 Year Conventional Refi 6.32% 6/9/24
15 Year Cash-out Refi 6.32% 6/9/24
15 Year FHA Purchase 5.68% 6/9/24
15 Year FHA Refi 5.68% 6/9/24
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.

Lake Michigan Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Lake Michigan 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

11,117

Origination Dollar Volume (All Markets)

$2,928,205,000
Show all (28) awards

Relative Rate

Lake Michigan Credit Union's average 30 year fixed mortgage rate was 6.6%.

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

This yields a difference of 0.12%.

Relative Fees (Closing Costs)

Lake Michigan Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,398.

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
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5,138 $982,160,000 $191,156 $3,114 7.52%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,517 $528,355,000 $348,289 $4,791 6.97%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 415 $273,185,000 $658,277 $6,971 7.24%
Outside of Metro Areas 611 $135,265,000 $221,383 $3,870 7.30%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 264 $132,450,000 $501,705 $7,642 7.20%
MUSKEGON, MI (FHA|USDA|VA) 661 $112,645,000 $170,416 $3,466 7.35%
Traverse City, MI (FHA|USDA|VA) 329 $107,475,000 $326,672 $4,713 7.23%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 505 $103,605,000 $205,158 $3,294 7.25%
ANN ARBOR, MI (FHA|USDA|VA) 195 $81,655,000 $418,744 $4,904 6.70%
Holland, MI (FHA|USDA|VA) 358 $71,940,000 $200,950 $3,505 7.42%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 106 $62,110,000 $585,943 $9,263 6.86%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 53 $46,885,000 $884,623 $7,413 6.80%
PUNTA GORDA, FL (FHA|USDA|VA) 101 $35,715,000 $353,614 $7,322 7.13%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 99 $23,465,000 $237,020 $3,819 6.80%
FLINT, MI (FHA|USDA|VA) 104 $22,750,000 $218,750 $3,986 7.11%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 35 $21,815,000 $623,286 $8,620 6.78%
SAGINAW, MI (FHA|USDA|VA) 99 $18,235,000 $184,192 $3,971 7.08%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 30 $17,490,000 $583,000 $8,648 5.81%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 27 $13,935,000 $516,111 $7,588 6.74%
BATTLE CREEK, MI (FHA|USDA|VA) 49 $8,195,000 $167,245 $3,791 7.14%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 13 $6,495,000 $499,615 $5,276 6.24%
Big Rapids, MI (FHA|USDA|VA) 31 $5,685,000 $183,387 $3,215 7.33%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 8 $5,600,000 $700,000 $3,447 6.09%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 12 $5,400,000 $450,000 $6,762 6.44%
MONROE, MI (FHA|USDA|VA) 20 $5,150,000 $257,500 $3,950 6.84%
NILES, MI (FHA|USDA|VA) 32 $5,040,000 $157,500 $2,400 7.58%
JACKSON, MI (FHA|USDA|VA) 25 $5,015,000 $200,600 $4,454 7.26%
JACKSONVILLE, FL (FHA|USDA|VA) 10 $4,720,000 $472,000 $5,445 6.00%
Cadillac, MI (FHA|USDA|VA) 24 $4,330,000 $180,417 $4,202 7.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 7 $4,175,000 $596,429 $4,334 6.28%
Key West, FL (FHA|USDA|VA) 6 $3,700,000 $616,667 $8,246 6.69%
Sturgis, MI (FHA|USDA|VA) 19 $3,475,000 $182,895 $4,335 7.06%
BAY CITY, MI (FHA|USDA|VA) 19 $3,355,000 $176,579 $4,061 6.75%
OCALA, FL (FHA|USDA|VA) 14 $3,270,000 $233,571 $5,906 6.88%
DAYTON-KETTERING, OH (FHA|USDA|VA) 7 $3,145,000 $449,286 $4,337 5.61%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 12 $3,030,000 $252,500 $4,612 6.88%
EAU CLAIRE, WI (FHA|USDA|VA) 4 $2,920,000 $730,000 $4,299 5.72%
Ludington, MI (FHA|USDA|VA) 13 $2,845,000 $218,846 $4,344 7.44%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $2,830,000 $707,500 $8,556 7.31%
TOLEDO, OH (FHA|USDA|VA) 7 $2,785,000 $397,857 $5,143 6.43%
FORT WAYNE, IN (FHA|USDA|VA) 5 $2,725,000 $545,000 $3,152 6.15%
MADISON, WI (FHA|USDA|VA) 6 $2,510,000 $418,333 $7,426 5.88%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 4 $2,350,000 $587,500 $6,426 5.50%
COLUMBUS, OH (FHA|USDA|VA) 7 $2,105,000 $300,714 $4,864 5.66%
MIDLAND, MI (FHA|USDA|VA) 10 $1,950,000 $195,000 $3,795 7.11%
Marquette, MI (FHA|USDA|VA) 6 $1,900,000 $316,667 $4,743 6.48%
GREEN BAY, WI (FHA|USDA|VA) 3 $1,835,000 $611,667 $2,967 5.50%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,790,000 $895,000 $7,704 5.25%
GAINESVILLE, FL (FHA|USDA|VA) 5 $1,595,000 $319,000 $5,489 6.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 4 $1,560,000 $390,000 $4,132 7.00%
Heber, UT (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $5,673 5.50%
PANAMA CITY, FL (FHA|USDA|VA) 2 $1,470,000 $735,000 $6,555 6.31%
Clewiston, FL (FHA|USDA|VA) 4 $1,250,000 $312,500 $6,575 6.78%
THE VILLAGES, FL (FHA|USDA|VA) 4 $1,180,000 $295,000 $4,670 6.56%
WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $1,180,000 $590,000 $4,451 5.25%
TERRE HAUTE, IN (FHA|USDA|VA) 2 $930,000 $465,000 $4,686 5.25%
AKRON, OH (FHA|USDA|VA) 2 $920,000 $460,000 $4,457 5.00%
Escanaba, MI (FHA|USDA|VA) 2 $890,000 $445,000 $4,229 5.94%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $885,000 $885,000 $2,445 6.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $865,000 $865,000 $6,514 8.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 4 $860,000 $215,000 $4,687 6.03%
Houghton, MI (FHA|USDA|VA) 4 $840,000 $210,000 $3,848 6.75%
SPRINGFIELD, IL (FHA|USDA|VA) 2 $780,000 $390,000 $2,983 5.13%
TALLAHASSEE, FL (FHA|USDA|VA) 2 $780,000 $390,000 $6,244 6.56%
Mount Pleasant, MI (FHA|USDA|VA) 6 $780,000 $130,000 $2,998 7.02%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 3 $745,000 $248,333 $2,222 6.33%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 2 $680,000 $340,000 $10,324 6.25%
Hillsdale, MI (FHA|USDA|VA) 2 $670,000 $335,000 $5,670 7.06%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $635,000 $211,667 $5,561 6.75%
Alma, MI (FHA|USDA|VA) 2 $600,000 $300,000 $5,317 7.13%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $595,000 $595,000 $4,168 5.13%
Arcadia, FL (FHA|USDA|VA) 2 $590,000 $295,000 $7,957 5.88%
EVANSVILLE, IN-KY (FHA|USDA|VA) 2 $550,000 $275,000 $4,569 5.69%
Cullowhee, NC (FHA|USDA|VA) 1 $545,000 $545,000 $5,289 7.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $505,000 $505,000 $3,529 5.50%
Adrian, MI (FHA|USDA|VA) 4 $490,000 $122,500 $1,621 8.94%
PEORIA, IL (FHA|USDA|VA) 2 $450,000 $225,000 $2,650 5.19%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $440,000 $220,000 $3,773 6.19%
Coldwater, MI (FHA|USDA|VA) 1 $385,000 $385,000 $4,085 5.88%
Sault Ste. Marie, MI (FHA|USDA|VA) 3 $375,000 $125,000 $2,977 7.13%
ROCKFORD, IL (FHA|USDA|VA) 1 $325,000 $325,000 $3,475 5.38%
Warsaw, IN (FHA|USDA|VA) 1 $325,000 $325,000 $3,604 6.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $305,000 $305,000 $4,013 7.00%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,400 8.00%
Alpena, MI (FHA|USDA|VA) 2 $230,000 $115,000 $2,827 6.31%
Athens, OH (FHA|USDA|VA) 1 $205,000 $205,000 $4,034 6.38%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $190,000 $95,000 $5,778 6.81%
Plymouth, IN (FHA|USDA|VA) 1 $185,000 $185,000 $0 6.75%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,486 6.88%
LIMA, OH (FHA|USDA|VA) 1 $55,000 $55,000 $2,846 6.63%
Lake Michigan Credit Union's top markets include Grand Rapids, Detroit, Cape Coral, Naples, and Muskegon among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

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

    TLC COMMUNITY Credit Union
    Similarity Rank: 60
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 69
    Wildfire Credit Union
    Similarity Rank: 78
    INTERRA CREDIT UNION
    Similarity Rank: 96
    PFCU
    Similarity Rank: 100
    1st State Financial, Ltd.
    Similarity Rank: 119
    OMNI Community Credit Union
    Similarity Rank: 144
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 156

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 7,437 $2,545,085,000 $342,219 $3,857 7.00%
    HELOC 3,296 $285,020,000 $86,475 n/a 8.07%
    FHA 276 $65,670,000 $237,935 $8,031 6.49%
    VA 87 $28,105,000 $323,046 $8,047 6.25%
    USDA 21 $4,325,000 $205,952 $5,927 6.39%

    For 2023, Lake Michigan Credit Union's most frequently originated type of loan was Conventional, with 7,437 originations. Their 2nd most popular type was HELOC, with 3,296 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 6,344 $2,490,260,000 $392,538 $4,893 6.66%
    Home Improvement 2,538 $175,150,000 $69,011 $261 8.22%
    Other 1,085 $85,785,000 $79,065 $1,013 8.44%
    Refi 963 $120,025,000 $124,637 $1,547 7.91%
    Cash Out Refi 187 $56,985,000 $304,733 $4,970 6.82%

    For 2023, Lake Michigan Credit Union's most frequently cited loan purpose was Home Purchase, with 6,344 originations. The 2nd most popular reason was Home Improvement, with 2,538 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 5,150 $1,671,360,000 $324,536 $4,398 6.60%
    Other 3,404 $342,840,000 $100,717 $999 8.04%
    30+ year 951 $607,045,000 $638,323 $7,707 6.73%
    15 Year 790 $93,240,000 $118,025 $1,355 8.46%
    10 Year 508 $26,020,000 $51,220 $308 8.55%
    5 Year 255 $172,515,000 $676,529 $213 7.71%
    20 Year 56 $12,270,000 $219,107 $3,526 6.53%
    3 Year 2 $2,410,000 $1,205,000 $198 6.62%
    1 Year 1 $505,000 $505,000 $0 8.00%

    For 2023, Lake Michigan Credit Union's most frequently cited loan duration was 30 Year, with 5,150 originations. The 2nd most popular length was Other, with 3,404 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3,618 $830,980,000 $229,679
    $1k-2k 2,630 $938,580,000 $356,875
    $2k-3k 629 $246,695,000 $392,202
    $5k+ 336 $204,760,000 $609,405
    $3k-4k 270 $114,760,000 $425,037
    $4k-5k 128 $59,170,000 $462,266

    Lake Michigan Credit Union's average total fees were $4,398, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,618 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 3,648 $1,264,900,000 $346,738
    7-8% 3,350 $767,420,000 $229,081
    Over 8% 2,556 $213,980,000 $83,717
    5-6% 1,439 $612,925,000 $425,938
    4-5% 112 $60,580,000 $540,893
    3-4% 11 $5,745,000 $522,273
    <2.5% 1 $2,655,000 $2,655,000

    During 2023, Lake Michigan Credit Union's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 6-7%, with 3,648 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 3,674 $179,860,000 $48,955 $692 8.28%
    $200k-400k 3,174 $894,400,000 $281,790 $4,317 6.70%
    $100k-200k 2,318 $336,840,000 $145,315 $3,240 7.22%
    $400k-600k 1,092 $526,140,000 $481,813 $5,719 6.56%
    $600k-1MM 599 $446,675,000 $745,701 $7,351 6.44%
    $1MM+ 260 $544,290,000 $2,093,423 $10,791 6.48%

    2023 saw Lake Michigan Credit Union place emphasis on $100,000 or less loans with 3,674 originations, totaling $179,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 2,748 $557,800,000 $202,984 $3,734 7.39%
    $150k-250k 2,206 $661,490,000 $299,859 $4,637 7.26%
    $50k-75k 1,952 $267,060,000 $136,814 $3,058 7.34%
    $75k-100k 1,869 $294,115,000 $157,365 $3,369 7.46%
    $250k+ 1,411 $837,115,000 $593,278 $6,760 6.90%
    $50k or less 777 $79,325,000 $102,091 $2,768 7.30%

    Lake Michigan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 2,748 originations. The second most popular income band? $150k-250k, with 2,206 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,331 $491,555,000 $210,877 $3,502 7.33%
    30-36% 2,026 $450,270,000 $222,246 $3,559 7.35%
    <20% 869 $199,925,000 $230,063 $3,589 7.14%
    45% 471 $114,415,000 $242,919 $4,293 7.45%
    40% 463 $123,665,000 $267,095 $4,223 7.25%
    47% 452 $113,600,000 $251,327 $4,392 7.51%
    44% 442 $116,840,000 $264,344 $4,521 7.41%
    43% 431 $117,925,000 $273,608 $4,418 7.34%
    41% 423 $106,855,000 $252,612 $4,175 7.37%
    42% 409 $106,305,000 $259,914 $4,580 7.36%
    38% 408 $100,510,000 $246,348 $3,950 7.32%
    39% 398 $102,400,000 $257,286 $4,093 7.31%
    37% 385 $95,285,000 $247,494 $3,607 7.42%
    46% 382 $107,130,000 $280,445 $4,544 7.31%
    36% 353 $78,185,000 $221,487 $3,816 7.32%
    49% 343 $115,845,000 $337,741 $5,388 7.00%
    48% 305 $97,755,000 $320,508 $4,794 6.86%
    50-60% 164 $65,890,000 $401,768 $7,542 6.75%
    >60% 10 $5,480,000 $548,000 $5,050 7.01%

    Lake Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2,331 originations. The next most common DTI ratio? 30-36%, with 2,026 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 7,422 $1,859,860,000 $250,587 $4,128 7.22%
    Not provided 3,055 $675,835,000 $221,223 $3,692 7.54%
    Not applicable 51 $218,235,000 $4,279,118 $0 6.39%
    Asian 202 $71,400,000 $353,465 $4,763 6.79%
    Black 264 $61,410,000 $232,614 $4,709 7.37%
    Asian Indian 27 $12,095,000 $447,963 $5,643 6.43%
    American Indian 41 $11,355,000 $276,951 $4,762 7.12%
    Other Asian 15 $6,065,000 $404,333 $5,105 6.46%
    Chinese 10 $5,370,000 $537,000 $5,968 6.39%
    Filipino 5 $2,405,000 $481,000 $5,714 6.55%
    Vietnamese 3 $1,535,000 $511,667 $5,980 6.04%
    Native Hawaiian or Islander 16 $1,140,000 $71,250 $799 8.12%
    Korean 2 $930,000 $465,000 $7,621 6.25%
    Samoan 1 $325,000 $325,000 $6,910 7.75%
    Other Pacific Islander 3 $245,000 $81,667 $2,853 7.20%

    Approval Rates

    Total approvals of all applications
    91.28%

    Lake Michigan Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.79%

    Lake Michigan Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 11,117 $2,928,205,000 $263,399

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    11,117 $2,928,205,000 $263,399

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,607 $200,015,000 $124,465 $2,046 7.86%
    40-60% 883 $381,835,000 $432,429 $4,385 6.92%
    60-80% 1,932 $752,760,000 $389,627 $4,903 6.73%
    80-100% 3,663 $1,424,235,000 $388,817 $4,964 6.59%
    Over 100% 22 $6,510,000 $295,909 $11,963 6.20%
    Under 20% 3,009 $161,505,000 $53,674 $340 8.34%