Marquette FHA Loan Rates, Closing Costs & Stats
Marquette, MI
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Marquette's 22 lenders originated 52 FHA loans during 2023. The total origination value was $8,360,000, with an average FHA loan value of $160,769.
Marquette FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Marquette
averaged
6.5%
for the week of 2024-12-06, compared to the national average (all FHA variants) of
6.363% for the same period.
Marquette's average FHA mortgage closing costs are $6,444.
The average rate for the prior week (2024-11-29) was
6.84% and
one month ago for the week of 2024-11-01, the
average rate was 6.64%.
The average rate one year ago was 7.17%.
For refis of the same type during the week of 2024-12-06, the average rate
was 6.56%.
Marquette FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Marquette level.
Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
---|---|---|---|
QUICKEN LOANS, LLC | 11 | 6.26% | $8,629 |
MICHIGAN MUTUAL, INC. | 8 | 7.38% | $8,220 |
Flagstar Bank, FSB | 4 | 6.97% | $7,391 |
AMERISAVE MORTGAGE CORPORATION | 4 | 5.84% | $11,239 |
FREEDOM MORTGAGE CORPORATION | 3 | 6.92% | $11,437 |
BROKER SOLUTIONS, INC. | 2 | 7.19% | $8,414 |
Paramount Residential Mortgage Group, Inc. | 2 | 7.13% | $4,906 |
LOANDEPOT.COM, LLC | 2 | 6.88% | $5,628 |
PENNYMAC LOAN SERVICES, LLC | 1 | 6.25% | $7,215 |
SeaTrust Mortgage Company | 1 | 8.13% | $15,572 |
The Huntington National Bank | 1 | 6.63% | $8,184 |
TOP FLITE FINANCIAL, INC. | 1 | 7.75% | $9,199 |
UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.12% | $16,700 |
VILLAGE CAPITAL MORTGAGE | 1 | 6.25% | $7,282 |
Wells Fargo Bank | 1 | 7.63% | $5,565 |
BLG HOLDINGS, INC. | 1 | 6.75% | $12,296 |
CARDINAL FINANCIAL | 1 | 5.99% | $7,003 |
CROSSCOUNTRY MORTGAGE, LLC | 1 | 7.75% | $6,955 |
Equity Prime Mortgage LLC | 1 | 6.75% | $5,315 |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 6.75% | $5,785 |
MID AMERICA MORTGAGE, INC. | 1 | 6.75% | $5,766 |
MUTUAL OF OMAHA MORTGAGE, INC. | 1 | 6.25% | $13,951 |
The top Marquette FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
11 FHA loans originated. Their average total fees are
$8,629, which is $408
higher than the next largest lender,
MICHIGAN MUTUAL, INC..
The lowest fee Marquette FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC ($8,629), .
The lowest rate Marquette FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.26%), .
Marquette FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
MARQUETTE, MI | MARQUETTE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MARQUETTE, MI | MARQUETTE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Marquette (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $164,900 (12.0%) | $410,398 (73.4%) | 0.00 | 329 |
2018-02-01 | $169,900 (11.0%) | $440,510 (83.6%) | 0.00 | 301 |
2018-03-01 | $174,500 (9.1%) | $445,632 (84.7%) | 0.00 | 303 |
2018-04-01 | $179,150 (5.4%) | $443,281 (69.3%) | 0.00 | 310 |
2018-05-01 | $188,200 (10.8%) | $435,812 (71.1%) | 0.00 | 336 |
2018-06-01 | $184,500 (9.8%) | $392,320 (57.0%) | 0.00 | 388 |
2018-07-01 | $189,575 (11.6%) | $381,634 (50.8%) | 0.00 | 416 |
2018-08-01 | $189,900 (11.8%) | $360,330 (43.6%) | 0.00 | 430 |
2018-09-01 | $179,999 (12.6%) | $384,761 (32.4%) | 0.00 | 444 |
2018-10-01 | $184,550 (15.4%) | $390,794 (25.5%) | 0.00 | 420 |
2018-11-01 | $179,900 (15.2%) | $400,366 (12.9%) | 0.00 | 389 |
2018-12-01 | $189,700 (20.5%) | $424,558 (13.8%) | 0.00 | 340 |
2019-01-01 | $189,250 (14.8%) | $454,992 (10.9%) | 0.00 | 286 |
2019-02-01 | $187,250 (10.2%) | $470,302 (6.8%) | 0.00 | 273 |
2019-03-01 | $198,243 (13.6%) | $425,936 (-4.4%) | 0.00 | 262 |
2019-04-01 | $210,450 (17.5%) | $358,943 (-19.0%) | 0.00 | 255 |
2019-05-01 | $209,500 (11.3%) | $352,392 (-19.1%) | 0.00 | 271 |
2019-06-01 | $210,000 (13.8%) | $326,032 (-16.9%) | 0.00 | 336 |
2019-07-01 | $196,450 (3.6%) | $307,087 (-19.5%) | 0.00 | 363 |
2019-08-01 | $188,564 (-0.7%) | $300,993 (-16.5%) | 0.00 | 373 |
2019-09-01 | $186,559 (3.6%) | $294,575 (-23.4%) | 0.00 | 382 |
2019-10-01 | $185,200 (0.4%) | $287,846 (-26.3%) | 0.00 | 387 |
2019-11-01 | $178,800 (-0.6%) | $254,108 (-36.5%) | 0.00 | 348 |
2019-12-01 | $179,900 (-5.2%) | $264,576 (-37.7%) | 0.00 | 296 |
2020-01-01 | $177,600 (-6.2%) | $261,968 (-42.4%) | 0.00 | 240 |
2020-02-01 | $189,900 (1.4%) | $307,578 (-34.6%) | 0.00 | 221 |
2020-03-01 | $190,450 (-3.9%) | $325,167 (-23.7%) | 0.00 | 204 |
2020-04-01 | $208,325 (-1.0%) | $330,346 (-8.0%) | 0.00 | 201 |
2020-05-01 | $210,000 (0.2%) | $322,024 (-8.6%) | 0.00 | 204 |
2020-06-01 | $199,900 (-4.8%) | $365,565 (12.1%) | 0.00 | 211 |
2020-07-01 | $221,200 (12.6%) | $379,384 (23.5%) | 0.00 | 206 |
2020-08-01 | $209,500 (11.1%) | $344,467 (14.4%) | 0.00 | 196 |
2020-09-01 | $199,875 (7.1%) | $356,466 (21.0%) | 0.00 | 181 |
2020-10-01 | $189,500 (2.3%) | $361,040 (25.4%) | 0.00 | 166 |
2020-11-01 | $182,425 (2.0%) | $333,031 (31.1%) | 0.00 | 151 |
2020-12-01 | $185,450 (3.1%) | $337,338 (27.5%) | 0.00 | 132 |
2021-01-01 | $189,500 (6.7%) | $360,236 (37.5%) | 0.00 | 110 |
2021-02-01 | $214,000 (12.7%) | $426,282 (38.6%) | 0.00 | 88 |
2021-03-01 | $222,200 (16.7%) | $408,137 (25.5%) | 0.00 | 104 |
2021-04-01 | $233,625 (12.1%) | $448,254 (35.7%) | 0.00 | 97 |
2021-05-01 | $249,900 (19.0%) | $428,702 (33.1%) | 0.00 | 118 |
2021-06-01 | $249,700 (24.9%) | $419,705 (14.8%) | 0.00 | 132 |
2021-07-01 | $250,000 (13.0%) | $421,792 (11.2%) | 0.00 | 133 |
2021-08-01 | $250,000 (19.3%) | $441,228 (28.1%) | 0.00 | 129 |
2021-09-01 | $292,175 (46.2%) | $447,700 (25.6%) | 0.00 | 116 |
2021-10-01 | $250,000 (31.9%) | $451,875 (25.2%) | 0.00 | 101 |
2021-11-01 | $221,175 (21.2%) | $464,758 (39.6%) | 0.00 | 77 |
2021-12-01 | $183,700 (-0.9%) | $429,432 (27.3%) | 0.00 | 74 |
2022-01-01 | $188,500 (-0.5%) | $464,400 (28.9%) | 0.00 | 61 |
2022-02-01 | $229,725 (7.4%) | $500,450 (17.4%) | 0.00 | 59 |
2022-03-01 | $265,000 (19.3%) | $574,008 (40.6%) | 0.00 | 45 |
2022-04-01 | $201,950 (-13.6%) | $534,160 (19.2%) | 0.00 | 49 |
2022-05-01 | $208,450 (-16.6%) | $297,377 (-30.6%) | 0.00 | 65 |
2022-06-01 | $239,900 (-3.9%) | $373,476 (-11.0%) | 0.00 | 89 |
2022-07-01 | $242,450 (-3.0%) | $380,233 (-9.9%) | 0.00 | 112 |
2022-08-01 | $254,200 (1.7%) | $394,928 (-10.5%) | 0.00 | 124 |
2022-09-01 | $241,750 (-17.3%) | $404,000 (-9.8%) | 0.00 | 120 |
2022-10-01 | $249,999 (0.0%) | $432,068 (-4.4%) | 0.00 | 106 |
2022-11-01 | $265,000 (19.8%) | $437,651 (-5.8%) | 0.00 | 92 |
2022-12-01 | $272,500 (48.3%) | $445,368 (3.7%) | 0.00 | 74 |
2023-01-01 | $255,750 (35.7%) | $450,665 (-3.0%) | 0.00 | 69 |
2023-02-01 | $264,000 (14.9%) | $480,578 (-4.0%) | 0.00 | 52 |
2023-03-01 | $316,475 (19.4%) | $507,234 (-11.6%) | 0.00 | 46 |
2023-04-01 | $294,500 (45.8%) | $525,809 (-1.6%) | 0.00 | 47 |
2023-05-01 | $294,725 (41.4%) | $464,109 (56.1%) | 0.00 | 69 |
2023-06-01 | $332,400 (38.6%) | $449,910 (20.5%) | 0.00 | 80 |
2023-07-01 | $326,950 (34.9%) | $455,785 (19.9%) | 0.00 | 111 |
2023-08-01 | $299,675 (17.9%) | $452,546 (14.6%) | 0.00 | 121 |
2023-09-01 | $304,900 (26.1%) | $441,774 (9.4%) | 0.00 | 124 |
2023-10-01 | $332,450 (33.0%) | $446,284 (3.3%) | 0.00 | 120 |
2023-11-01 | $336,000 (26.8%) | $458,605 (4.8%) | 0.00 | 107 |
2023-12-01 | $364,950 (33.9%) | $488,693 (9.7%) | 0.00 | 91 |
2024-01-01 | $328,000 (28.3%) | $461,550 (2.4%) | 0.00 | 74 |
2024-02-01 | $332,425 (25.9%) | $460,532 (-4.2%) | 0.00 | 74 |
2024-03-01 | $329,900 (4.2%) | $477,401 (-5.9%) | 0.00 | 77 |
2024-04-01 | $330,475 (12.2%) | $480,799 (-8.6%) | 0.00 | 87 |
2024-05-01 | $340,000 (15.4%) | $494,344 (6.5%) | 0.00 | 100 |
2024-06-01 | $375,000 (12.8%) | $513,234 (14.1%) | 0.00 | 103 |
2024-07-01 | $349,000 (6.7%) | $495,731 (8.8%) | 0.00 | 107 |
2024-08-01 | $299,450 (-0.1%) | $445,262 (-1.6%) | 0.00 | 122 |
2024-09-01 | $294,450 (-3.4%) | $434,606 (-1.6%) | 0.00 | 114 |
2024-10-01 | $306,975 (-7.7%) | $487,030 (9.1%) | 0.00 | 115 |
2024-11-01 | $310,000 (-7.7%) | $488,713 (6.6%) | 0.00 | 110 |
Marquette's median listing price comes in at 0% of the national average.
Marquette's average listing price for 2024-11-01 was $488,713, a difference of $30,108 (6.6%) versus the prior year and $1,683 versus the prior month.
For the 2024-11-01 period, Marquette had 110 MLS listings, a difference of -5 listings (-4%) versus the prior month and 3 listings (3%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Marquette (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,618 sqft |
2018-02-01 | 0 days | 1,624 sqft |
2018-03-01 | 0 days | 1,603 sqft |
2018-04-01 | 0 days | 1,604 sqft |
2018-05-01 | 0 days | 1,585 sqft |
2018-06-01 | 0 days | 1,540 sqft |
2018-07-01 | 0 days | 1,534 sqft |
2018-08-01 | 0 days | 1,553 sqft |
2018-09-01 | 0 days | 1,544 sqft |
2018-10-01 | 0 days | 1,540 sqft |
2018-11-01 | 0 days | 1,515 sqft |
2018-12-01 | 0 days | 1,512 sqft |
2019-01-01 | 0 days | 1,494 sqft |
2019-02-01 | 0 days | 1,493 sqft |
2019-03-01 | 0 days | 1,495 sqft |
2019-04-01 | 0 days | 1,517 sqft |
2019-05-01 | 0 days | 1,527 sqft |
2019-06-01 | 0 days | 1,576 sqft |
2019-07-01 | 0 days | 1,560 sqft |
2019-08-01 | 0 days | 1,568 sqft |
2019-09-01 | 0 days | 1,579 sqft |
2019-10-01 | 0 days | 1,586 sqft |
2019-11-01 | 0 days | 1,552 sqft |
2019-12-01 | 0 days | 1,569 sqft |
2020-01-01 | 0 days | 1,560 sqft |
2020-02-01 | 0 days | 1,568 sqft |
2020-03-01 | 0 days | 1,534 sqft |
2020-04-01 | 0 days | 1,528 sqft |
2020-05-01 | 0 days | 1,520 sqft |
2020-06-01 | 0 days | 1,486 sqft |
2020-07-01 | 0 days | 1,544 sqft |
2020-08-01 | 0 days | 1,494 sqft |
2020-09-01 | 0 days | 1,479 sqft |
2020-10-01 | 0 days | 1,440 sqft |
2020-11-01 | 0 days | 1,352 sqft |
2020-12-01 | 0 days | 1,348 sqft |
2021-01-01 | 0 days | 1,430 sqft |
2021-02-01 | 0 days | 1,526 sqft |
2021-03-01 | 0 days | 1,560 sqft |
2021-04-01 | 0 days | 1,560 sqft |
2021-05-01 | 0 days | 1,560 sqft |
2021-06-01 | 0 days | 1,560 sqft |
2021-07-01 | 0 days | 1,560 sqft |
2021-08-01 | 0 days | 1,560 sqft |
2021-09-01 | 0 days | 1,560 sqft |
2021-10-01 | 0 days | 1,555 sqft |
2021-11-01 | 0 days | 1,531 sqft |
2021-12-01 | 0 days | 1,314 sqft |
2022-01-01 | 0 days | 1,316 sqft |
2022-02-01 | 0 days | 1,496 sqft |
2022-03-01 | 0 days | 1,389 sqft |
2022-04-01 | 0 days | 1,352 sqft |
2022-05-01 | 0 days | 1,387 sqft |
2022-06-01 | 0 days | 1,555 sqft |
2022-07-01 | 0 days | 1,491 sqft |
2022-08-01 | 0 days | 1,599 sqft |
2022-09-01 | 0 days | 1,471 sqft |
2022-10-01 | 0 days | 1,359 sqft |
2022-11-01 | 0 days | 1,433 sqft |
2022-12-01 | 0 days | 1,350 sqft |
2023-01-01 | 0 days | 1,279 sqft |
2023-02-01 | 0 days | 1,274 sqft |
2023-03-01 | 0 days | 1,414 sqft |
2023-04-01 | 0 days | 1,597 sqft |
2023-05-01 | 0 days | 1,592 sqft |
2023-06-01 | 0 days | 1,503 sqft |
2023-07-01 | 0 days | 1,339 sqft |
2023-08-01 | 0 days | 1,349 sqft |
2023-09-01 | 0 days | 1,443 sqft |
2023-10-01 | 0 days | 1,409 sqft |
2023-11-01 | 0 days | 1,362 sqft |
2023-12-01 | 0 days | 1,527 sqft |
2024-01-01 | 0 days | 1,312 sqft |
2024-02-01 | 0 days | 1,513 sqft |
2024-03-01 | 0 days | 1,584 sqft |
2024-04-01 | 0 days | 1,619 sqft |
2024-05-01 | 0 days | 1,692 sqft |
2024-06-01 | 0 days | 1,678 sqft |
2024-07-01 | 0 days | 1,680 sqft |
2024-08-01 | 0 days | 1,674 sqft |
2024-09-01 | 0 days | 1,740 sqft |
2024-10-01 | 0 days | 1,795 sqft |
2024-11-01 | 0 days | 1,785 sqft |
Marquette's median square footage for active listings during the 2024-11-01 period was 1,785 sqft. One year prior, the average listing was 1,362 sqft.