Traverse City FHA Loan Rates, Closing Costs & Stats
Traverse City, 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.
Traverse City's 49 lenders originated 219 FHA loans during 2023. The total origination value was $51,605,000, with an average FHA loan value of $235,639.
Traverse City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Traverse City
averaged
6.28%
for the week of 2024-10-04, compared to the national average (all FHA variants) of
5.885% for the same period.
Traverse City's average FHA mortgage closing costs are $7,400.
The average rate for the prior week (2024-09-27) was
5.87% and
one month ago for the week of 2024-08-30, the
average rate was 6.23%.
The average rate one year ago was 7.47%.
For refis of the same type during the week of 2024-10-04, the average rate
was 7.03%.
Traverse City 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 Traverse City level.
The top Traverse City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
44 FHA loans originated. Their average total fees are
$10,763, which is $57
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Traverse City FHA lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. ($10,490), UNITED WHOLESALE MORTGAGE, LLC ($10,763), QUICKEN LOANS, LLC ($10,820), .
The lowest rate Traverse City FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.20%), CALIBER HOME LOANS, INC. (6.31%), UNITED WHOLESALE MORTGAGE, LLC (6.65%), .
Traverse City FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
TRAVERSE CITY, MI | BENZIE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TRAVERSE CITY, MI | GRAND TRAVERSE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TRAVERSE CITY, MI | KALKASKA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TRAVERSE CITY, MI | LEELANAU | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TRAVERSE CITY, MI | BENZIE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
TRAVERSE CITY, MI | GRAND TRAVERSE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
TRAVERSE CITY, MI | KALKASKA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
TRAVERSE CITY, MI | LEELANAU | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Traverse City (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 | $327,650 (6.7%) | $460,418 (4.0%) | 1.21 | 1,136 |
2018-02-01 | $325,000 (6.8%) | $461,184 (6.5%) | 1.18 | 1,108 |
2018-03-01 | $324,950 (8.3%) | $457,845 (6.0%) | 1.14 | 1,155 |
2018-04-01 | $325,000 (8.4%) | $464,115 (10.2%) | 1.10 | 1,228 |
2018-05-01 | $329,250 (10.0%) | $468,541 (10.4%) | 1.10 | 1,367 |
2018-06-01 | $325,000 (8.1%) | $461,995 (7.0%) | 1.08 | 1,582 |
2018-07-01 | $318,750 (-0.1%) | $450,046 (0.7%) | 1.06 | 1,745 |
2018-08-01 | $315,000 (-1.6%) | $448,761 (-1.8%) | 1.06 | 1,772 |
2018-09-01 | $309,250 (-3.1%) | $447,667 (-1.1%) | 1.04 | 1,742 |
2018-10-01 | $301,225 (-6.5%) | $447,610 (-2.1%) | 1.02 | 1,680 |
2018-11-01 | $309,500 (-5.3%) | $454,225 (-2.6%) | 1.05 | 1,582 |
2018-12-01 | $310,500 (-5.6%) | $466,265 (-1.0%) | 1.07 | 1,374 |
2019-01-01 | $309,892 (-5.4%) | $466,426 (1.3%) | 1.07 | 1,248 |
2019-02-01 | $305,350 (-6.1%) | $463,499 (0.5%) | 1.03 | 1,211 |
2019-03-01 | $318,314 (-2.0%) | $468,494 (2.3%) | 1.04 | 1,211 |
2019-04-01 | $324,950 (0.0%) | $470,011 (1.3%) | 1.03 | 1,227 |
2019-05-01 | $329,000 (-0.1%) | $473,545 (1.1%) | 1.03 | 1,345 |
2019-06-01 | $329,900 (1.5%) | $479,102 (3.7%) | 1.03 | 1,530 |
2019-07-01 | $330,000 (3.5%) | $483,432 (7.4%) | 1.03 | 1,606 |
2019-08-01 | $329,155 (4.5%) | $481,978 (7.4%) | 1.04 | 1,595 |
2019-09-01 | $327,886 (6.0%) | $477,557 (6.7%) | 1.05 | 1,564 |
2019-10-01 | $338,541 (12.4%) | $487,750 (9.0%) | 1.09 | 1,350 |
2019-11-01 | $349,000 (12.8%) | $502,983 (10.7%) | 1.14 | 1,075 |
2019-12-01 | $349,450 (12.5%) | $510,393 (9.5%) | 1.17 | 970 |
2020-01-01 | $349,000 (12.6%) | $513,515 (10.1%) | 1.17 | 872 |
2020-02-01 | $369,000 (20.8%) | $536,054 (15.7%) | 1.21 | 786 |
2020-03-01 | $379,900 (19.4%) | $541,905 (15.7%) | 1.19 | 775 |
2020-04-01 | $387,400 (19.2%) | $542,869 (15.5%) | 1.21 | 799 |
2020-05-01 | $395,000 (20.1%) | $560,489 (18.4%) | 1.20 | 856 |
2020-06-01 | $399,450 (21.1%) | $576,902 (20.4%) | 1.18 | 877 |
2020-07-01 | $389,450 (18.0%) | $594,494 (23.0%) | 1.13 | 766 |
2020-08-01 | $385,000 (17.0%) | $595,020 (23.5%) | 1.10 | 712 |
2020-09-01 | $379,800 (15.8%) | $593,811 (24.3%) | 1.09 | 611 |
2020-10-01 | $379,900 (12.2%) | $622,348 (27.6%) | 1.09 | 544 |
2020-11-01 | $388,500 (11.3%) | $646,632 (28.6%) | 1.14 | 464 |
2020-12-01 | $379,200 (8.5%) | $638,267 (25.1%) | 1.13 | 421 |
2021-01-01 | $389,000 (11.5%) | $592,696 (15.4%) | 1.16 | 342 |
2021-02-01 | $410,000 (11.1%) | $633,807 (18.2%) | 1.19 | 274 |
2021-03-01 | $424,400 (11.7%) | $700,259 (29.2%) | 1.20 | 270 |
2021-04-01 | $427,100 (10.3%) | $715,891 (31.9%) | 1.16 | 260 |
2021-05-01 | $449,000 (13.7%) | $717,080 (27.9%) | 1.19 | 317 |
2021-06-01 | $475,000 (18.9%) | $749,391 (29.9%) | 1.25 | 354 |
2021-07-01 | $450,000 (15.6%) | $739,264 (24.4%) | 1.19 | 372 |
2021-08-01 | $455,000 (18.2%) | $732,227 (23.1%) | 1.21 | 388 |
2021-09-01 | $450,000 (18.5%) | $740,610 (24.7%) | 1.20 | 376 |
2021-10-01 | $434,900 (14.5%) | $742,207 (19.3%) | 1.16 | 355 |
2021-11-01 | $424,900 (9.4%) | $762,077 (17.9%) | 1.14 | 312 |
2021-12-01 | $429,900 (13.4%) | $773,135 (21.1%) | 1.16 | 261 |
2022-01-01 | $450,000 (15.7%) | $793,090 (33.8%) | 1.22 | 237 |
2022-02-01 | $453,450 (10.6%) | $811,637 (28.1%) | 1.18 | 204 |
2022-03-01 | $492,500 (16.1%) | $844,214 (20.6%) | 1.23 | 206 |
2022-04-01 | $485,000 (13.6%) | $862,664 (20.5%) | 1.16 | 214 |
2022-05-01 | $499,000 (11.1%) | $857,224 (19.5%) | 1.14 | 298 |
2022-06-01 | $499,500 (5.2%) | $860,393 (14.8%) | 1.11 | 389 |
2022-07-01 | $534,950 (18.9%) | $813,042 (10.0%) | 1.21 | 507 |
2022-08-01 | $520,000 (14.3%) | $790,376 (7.9%) | 1.20 | 529 |
2022-09-01 | $506,750 (12.6%) | $780,532 (5.4%) | 1.18 | 483 |
2022-10-01 | $499,950 (15.0%) | $764,063 (2.9%) | 1.18 | 472 |
2022-11-01 | $481,050 (13.2%) | $748,948 (-1.7%) | 1.16 | 430 |
2022-12-01 | $479,900 (11.6%) | $763,714 (-1.2%) | 1.18 | 361 |
2023-01-01 | $464,950 (3.3%) | $773,499 (-2.5%) | 1.15 | 286 |
2023-02-01 | $485,975 (7.2%) | $786,699 (-3.1%) | 1.17 | 293 |
2023-03-01 | $486,475 (-1.2%) | $794,078 (-5.9%) | 1.15 | 293 |
2023-04-01 | $499,000 (2.9%) | $809,578 (-6.2%) | 1.16 | 315 |
2023-05-01 | $534,000 (7.0%) | $827,017 (-3.5%) | 1.21 | 367 |
2023-06-01 | $524,500 (5.0%) | $811,622 (-5.7%) | 1.18 | 451 |
2023-07-01 | $497,500 (-7.0%) | $772,506 (-5.0%) | 1.13 | 508 |
2023-08-01 | $495,000 (-4.8%) | $757,657 (-4.1%) | 1.14 | 514 |
2023-09-01 | $499,000 (-1.5%) | $755,802 (-3.2%) | 1.16 | 556 |
2023-10-01 | $499,000 (-0.2%) | $747,081 (-2.2%) | 1.17 | 565 |
2023-11-01 | $477,250 (-0.8%) | $722,174 (-3.6%) | 1.14 | 559 |
2023-12-01 | $485,000 (1.1%) | $724,312 (-5.2%) | 1.18 | 469 |
2024-01-01 | $459,188 (-1.2%) | $675,119 (-12.7%) | 1.12 | 390 |
2024-02-01 | $459,375 (-5.5%) | $694,065 (-11.8%) | 1.11 | 391 |
2024-03-01 | $480,000 (-1.3%) | $700,635 (-11.8%) | 1.13 | 428 |
2024-04-01 | $464,950 (-6.8%) | $723,188 (-10.7%) | 1.08 | 489 |
2024-05-01 | $481,200 (-9.9%) | $751,047 (-9.2%) | 1.09 | 566 |
2024-06-01 | $495,000 (-5.6%) | $812,967 (0.2%) | 1.11 | 646 |
2024-07-01 | $479,900 (-3.5%) | $780,695 (1.1%) | 1.10 | 735 |
2024-08-01 | $475,000 (-4.0%) | $761,650 (0.5%) | 1.10 | 769 |
2024-09-01 | $479,450 (-3.9%) | $766,049 (1.4%) | 0.00 | 791 |
Traverse City's median listing price comes in at 0% of the national average.
Traverse City's average listing price for 2024-09-01 was $766,049, a difference of $10,247 (1.4%) versus the prior year and $4,399 versus the prior month.
For the 2024-09-01 period, Traverse City had 791 MLS listings, a difference of 22 listings (3%) versus the prior month and 235 listings (42%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Traverse City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 121 days | 1,703 sqft |
2018-02-01 | 122 days | 1,700 sqft |
2018-03-01 | 127 days | 1,719 sqft |
2018-04-01 | 84 days | 1,718 sqft |
2018-05-01 | 55 days | 1,750 sqft |
2018-06-01 | 48 days | 1,778 sqft |
2018-07-01 | 56 days | 1,771 sqft |
2018-08-01 | 66 days | 1,793 sqft |
2018-09-01 | 75 days | 1,800 sqft |
2018-10-01 | 80 days | 1,739 sqft |
2018-11-01 | 85 days | 1,717 sqft |
2018-12-01 | 100 days | 1,725 sqft |
2019-01-01 | 111 days | 1,681 sqft |
2019-02-01 | 117 days | 1,638 sqft |
2019-03-01 | 101 days | 1,631 sqft |
2019-04-01 | 76 days | 1,641 sqft |
2019-05-01 | 50 days | 1,660 sqft |
2019-06-01 | 46 days | 1,700 sqft |
2019-07-01 | 54 days | 1,709 sqft |
2019-08-01 | 60 days | 1,713 sqft |
2019-09-01 | 67 days | 1,719 sqft |
2019-10-01 | 76 days | 1,732 sqft |
2019-11-01 | 89 days | 1,722 sqft |
2019-12-01 | 101 days | 1,692 sqft |
2020-01-01 | 114 days | 1,651 sqft |
2020-02-01 | 106 days | 1,628 sqft |
2020-03-01 | 78 days | 1,618 sqft |
2020-04-01 | 83 days | 1,652 sqft |
2020-05-01 | 81 days | 1,732 sqft |
2020-06-01 | 72 days | 1,781 sqft |
2020-07-01 | 60 days | 1,967 sqft |
2020-08-01 | 68 days | 1,888 sqft |
2020-09-01 | 73 days | 1,827 sqft |
2020-10-01 | 64 days | 1,792 sqft |
2020-11-01 | 67 days | 1,665 sqft |
2020-12-01 | 77 days | 1,604 sqft |
2021-01-01 | 80 days | 1,608 sqft |
2021-02-01 | 79 days | 1,584 sqft |
2021-03-01 | 49 days | 1,625 sqft |
2021-04-01 | 44 days | 1,660 sqft |
2021-05-01 | 37 days | 1,708 sqft |
2021-06-01 | 38 days | 1,823 sqft |
2021-07-01 | 40 days | 1,794 sqft |
2021-08-01 | 40 days | 1,758 sqft |
2021-09-01 | 42 days | 1,771 sqft |
2021-10-01 | 54 days | 1,753 sqft |
2021-11-01 | 58 days | 1,744 sqft |
2021-12-01 | 66 days | 1,622 sqft |
2022-01-01 | 68 days | 1,545 sqft |
2022-02-01 | 72 days | 1,510 sqft |
2022-03-01 | 64 days | 1,515 sqft |
2022-04-01 | 44 days | 1,531 sqft |
2022-05-01 | 30 days | 1,672 sqft |
2022-06-01 | 31 days | 1,806 sqft |
2022-07-01 | 33 days | 1,800 sqft |
2022-08-01 | 47 days | 1,770 sqft |
2022-09-01 | 58 days | 1,741 sqft |
2022-10-01 | 61 days | 1,700 sqft |
2022-11-01 | 70 days | 1,648 sqft |
2022-12-01 | 87 days | 1,603 sqft |
2023-01-01 | 81 days | 1,628 sqft |
2023-02-01 | 60 days | 1,567 sqft |
2023-03-01 | 56 days | 1,567 sqft |
2023-04-01 | 52 days | 1,632 sqft |
2023-05-01 | 42 days | 1,684 sqft |
2023-06-01 | 38 days | 1,763 sqft |
2023-07-01 | 40 days | 1,766 sqft |
2023-08-01 | 51 days | 1,716 sqft |
2023-09-01 | 48 days | 1,708 sqft |
2023-10-01 | 51 days | 1,719 sqft |
2023-11-01 | 59 days | 1,610 sqft |
2023-12-01 | 80 days | 1,585 sqft |
2024-01-01 | 82 days | 1,528 sqft |
2024-02-01 | 67 days | 1,526 sqft |
2024-03-01 | 47 days | 1,550 sqft |
2024-04-01 | 44 days | 1,539 sqft |
2024-05-01 | 43 days | 1,550 sqft |
2024-06-01 | 44 days | 1,573 sqft |
2024-07-01 | 45 days | 1,626 sqft |
2024-08-01 | 53 days | 1,609 sqft |
2024-09-01 | 0 days | 1,594 sqft |
Traverse City's median square footage for active listings during the 2024-09-01 period was 1,594 sqft. One year prior, the average listing was 1,708 sqft.