Bay City VA Loan Rates, Closing Costs & Stats

BAY CITY, MI

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Bay City's 25 lenders originated 77 VA loans during 2023. The total origination value was $13,005,000, with an average VA loan value of $168,896.

    Bay City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Bay City averaged 0.28% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Bay City's average VA mortgage closing costs are $3,798.

    The average rate for the prior week (2024-11-08) was 6.68% and one month ago for the week of 2024-10-11, the average rate was 6.05%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Bay City VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bay City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 21 7.11% $4,780
    QUICKEN LOANS, LLC 9 6.37% $5,272
    NAVY FEDERAL CREDIT UNION 6 6.29% $2,863
    ACADEMY MORTGAGE CORPORATION 6 7.10% $4,844
    UNITED WHOLESALE MORTGAGE, LLC 3 6.50% $3,773
    USAA Federal Savings Bank 3 5.79% $10,372
    J. VIRGIL, INC. 2 6.94% $4,327
    MICHIGAN MUTUAL, INC. 2 6.50% $11,739
    NEW DAY FINANCIAL, LLC 2 7.99% $6,936
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $6,201
    ENVOY MORTGAGE, LTD 2 6.25% $6,885
    Barrington Bank & Trust Company, N.A. 2 5.90% $4,909
    TOP FLITE FINANCIAL, INC. 1 6.13% $9,732
    VAN DYK MORTGAGE CORPORATION 1 7.13% $441
    BROKER SOLUTIONS, INC. 1 7.63% $11,597
    Equity Prime Mortgage LLC 1 7.25% $5,265
    FREEDOM MORTGAGE CORPORATION 1 7.25% $12,133
    LAKE MICHIGAN CREDIT UNION 1 6.50% $3,754
    LOANDEPOT.COM, LLC 1 6.88% $4,749
    MILEND, INC. 1 7.50% $10,078
    MOVEMENT MORTGAGE, LLC 1 7.75% $2,563
    Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $11,084
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $5,092
    STAUNTON FINANCIAL, INC. 1 6.75% $0
    The Huntington National Bank 1 7.00% $4,185

    The top Bay City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 21 VA loans originated. Their average total fees are $4,780, which is $492 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bay City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,780), .

    The lowest rate Bay City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (7.11%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $87,850 (3.5%) $118,872 (4.2%) 0.00 333
    2018-02-01 $88,800 (4.0%) $124,293 (5.5%) 0.00 327
    2018-03-01 $89,900 (4.3%) $128,418 (4.5%) 0.00 302
    2018-04-01 $95,850 (6.6%) $137,364 (6.3%) 0.00 279
    2018-05-01 $97,350 (2.5%) $135,241 (1.9%) 0.00 286
    2018-06-01 $98,950 (10.1%) $136,047 (7.7%) 0.00 390
    2018-07-01 $99,900 (13.0%) $146,147 (20.6%) 0.00 387
    2018-08-01 $107,000 (22.7%) $149,864 (24.3%) 0.00 388
    2018-09-01 $109,900 (27.9%) $150,976 (26.8%) 0.00 391
    2018-10-01 $108,000 (24.6%) $145,219 (21.1%) 0.00 384
    2018-11-01 $105,575 (19.1%) $144,487 (21.7%) 0.00 375
    2018-12-01 $96,400 (7.2%) $142,129 (18.8%) 0.00 369
    2019-01-01 $94,800 (7.9%) $141,432 (19.0%) 0.00 348
    2019-02-01 $89,900 (1.2%) $141,547 (13.9%) 0.00 312
    2019-03-01 $93,457 (4.0%) $243,923 (89.9%) 0.00 292
    2019-04-01 $98,350 (2.6%) $246,983 (79.8%) 0.00 281
    2019-05-01 $102,400 (5.2%) $150,654 (11.4%) 0.00 297
    2019-06-01 $119,450 (20.7%) $163,601 (20.3%) 0.00 317
    2019-07-01 $115,400 (15.5%) $158,067 (8.2%) 0.00 330
    2019-08-01 $116,445 (8.8%) $160,240 (6.9%) 0.00 349
    2019-09-01 $117,264 (6.7%) $160,799 (6.5%) 0.00 365
    2019-10-01 $114,334 (5.9%) $160,594 (10.6%) 0.00 383
    2019-11-01 $99,900 (-5.4%) $155,554 (7.7%) 0.00 366
    2019-12-01 $94,900 (-1.6%) $150,448 (5.9%) 0.00 319
    2020-01-01 $88,275 (-6.9%) $143,454 (1.4%) 0.00 277
    2020-02-01 $89,900 (0.0%) $152,713 (7.9%) 0.00 265
    2020-03-01 $93,475 (0.0%) $155,537 (-36.2%) 0.00 248
    2020-04-01 $94,950 (-3.5%) $155,074 (-37.2%) 0.00 216
    2020-05-01 $99,900 (-2.4%) $156,472 (3.9%) 0.00 199
    2020-06-01 $117,100 (-2.0%) $167,798 (2.6%) 0.00 188
    2020-07-01 $110,225 (-4.5%) $172,528 (9.2%) 0.00 164
    2020-08-01 $115,900 (-0.5%) $942,848 (488.4%) 0.00 152
    2020-09-01 $112,625 (-4.0%) $176,584 (9.8%) 0.00 139
    2020-10-01 $109,900 (-3.9%) $160,416 (-0.1%) 0.00 134
    2020-11-01 $123,650 (23.8%) $159,572 (2.6%) 0.00 123
    2020-12-01 $127,425 (34.3%) $166,159 (10.4%) 0.00 114
    2021-01-01 $129,900 (47.2%) $173,595 (21.0%) 0.00 110
    2021-02-01 $126,650 (40.9%) $169,815 (11.2%) 0.00 92
    2021-03-01 $106,225 (13.6%) $180,650 (16.2%) 0.00 82
    2021-04-01 $161,950 (70.6%) $205,368 (32.4%) 0.00 70
    2021-05-01 $149,900 (50.1%) $195,317 (24.8%) 0.00 85
    2021-06-01 $141,175 (20.6%) $205,632 (22.6%) 0.00 120
    2021-07-01 $146,400 (32.8%) $206,550 (19.7%) 0.00 149
    2021-08-01 $137,475 (18.6%) $191,196 (-79.7%) 0.00 169
    2021-09-01 $128,400 (14.0%) $186,384 (5.6%) 0.00 175
    2021-10-01 $124,900 (13.7%) $188,410 (17.5%) 0.00 179
    2021-11-01 $121,075 (-2.1%) $175,098 (9.7%) 0.00 157
    2021-12-01 $107,350 (-15.8%) $170,322 (2.5%) 0.00 146
    2022-01-01 $103,500 (-20.3%) $169,917 (-2.1%) 0.00 117
    2022-02-01 $119,700 (-5.5%) $186,640 (9.9%) 0.00 100
    2022-03-01 $129,300 (21.7%) $191,254 (5.9%) 0.00 76
    2022-04-01 $149,900 (-7.4%) $205,438 (0.0%) 0.00 75
    2022-05-01 $152,725 (1.9%) $213,624 (9.4%) 0.00 95
    2022-06-01 $151,225 (7.1%) $197,918 (-3.8%) 0.00 119
    2022-07-01 $169,900 (16.1%) $222,625 (7.8%) 0.00 139
    2022-08-01 $174,950 (27.3%) $226,089 (18.3%) 0.00 141
    2022-09-01 $180,500 (40.6%) $215,421 (15.6%) 0.00 132
    2022-10-01 $178,700 (43.1%) $215,677 (14.5%) 0.00 137
    2022-11-01 $165,225 (36.5%) $199,913 (14.2%) 0.00 134
    2022-12-01 $159,900 (49.0%) $203,128 (19.3%) 0.00 127
    2023-01-01 $152,400 (47.3%) $200,700 (18.1%) 0.00 111
    2023-02-01 $178,500 (49.1%) $224,151 (20.1%) 0.00 92
    2023-03-01 $208,650 (61.4%) $242,878 (27.0%) 0.00 75
    2023-04-01 $177,500 (18.4%) $243,777 (18.7%) 0.00 68
    2023-05-01 $171,950 (12.6%) $230,327 (7.8%) 0.00 73
    2023-06-01 $177,450 (17.3%) $223,834 (13.1%) 0.00 88
    2023-07-01 $182,400 (7.4%) $222,773 (0.1%) 0.00 96
    2023-08-01 $179,175 (2.4%) $224,385 (-0.8%) 0.00 100
    2023-09-01 $172,400 (-4.5%) $231,585 (7.5%) 0.00 106
    2023-10-01 $157,450 (-11.9%) $218,460 (1.3%) 0.00 129
    2023-11-01 $154,900 (-6.3%) $213,245 (6.7%) 0.00 152
    2023-12-01 $155,000 (-3.1%) $208,100 (2.5%) 0.00 142
    2024-01-01 $161,400 (5.9%) $201,271 (0.3%) 0.00 134
    2024-02-01 $167,450 (-6.2%) $214,895 (-4.1%) 0.00 125
    2024-03-01 $169,450 (-18.8%) $222,124 (-8.6%) 0.00 120
    2024-04-01 $196,950 (11.0%) $245,575 (0.7%) 0.00 111
    2024-05-01 $199,000 (15.7%) $248,432 (7.9%) 0.00 119
    2024-06-01 $199,000 (12.1%) $248,406 (11.0%) 0.00 110
    2024-07-01 $207,500 (13.8%) $244,704 (9.8%) 0.00 126
    2024-08-01 $199,950 (11.6%) $239,312 (6.7%) 0.00 117
    2024-09-01 $202,225 (17.3%) $249,643 (7.8%) 0.00 127
    2024-10-01 $197,250 (25.3%) $254,537 (16.5%) 0.00 145
    Bay City's median listing price for 2024-10-01 was $197,250, a difference of $39,800 (25.3%) versus the prior year and $-4,975 versus the prior month.

    Bay City's median listing price comes in at 0% of the national average.

    Bay City's average listing price for 2024-10-01 was $254,537, a difference of $36,077 (16.5%) versus the prior year and $4,894 versus the prior month.

    For the 2024-10-01 period, Bay City had 145 MLS listings, a difference of 18 listings (14%) versus the prior month and 16 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,380 sqft
    2018-02-01 0 days 1,367 sqft
    2018-03-01 0 days 1,373 sqft
    2018-04-01 0 days 1,386 sqft
    2018-05-01 0 days 1,386 sqft
    2018-06-01 0 days 1,387 sqft
    2018-07-01 0 days 1,400 sqft
    2018-08-01 0 days 1,424 sqft
    2018-09-01 0 days 1,448 sqft
    2018-10-01 0 days 1,454 sqft
    2018-11-01 0 days 1,442 sqft
    2018-12-01 0 days 1,396 sqft
    2019-01-01 0 days 1,402 sqft
    2019-02-01 0 days 1,391 sqft
    2019-03-01 0 days 1,386 sqft
    2019-04-01 0 days 1,418 sqft
    2019-05-01 0 days 1,454 sqft
    2019-06-01 0 days 1,477 sqft
    2019-07-01 0 days 1,471 sqft
    2019-08-01 0 days 1,509 sqft
    2019-09-01 0 days 1,487 sqft
    2019-10-01 0 days 1,467 sqft
    2019-11-01 0 days 1,452 sqft
    2019-12-01 0 days 1,402 sqft
    2020-01-01 0 days 1,361 sqft
    2020-02-01 0 days 1,362 sqft
    2020-03-01 0 days 1,400 sqft
    2020-04-01 0 days 1,367 sqft
    2020-05-01 0 days 1,403 sqft
    2020-06-01 0 days 1,535 sqft
    2020-07-01 0 days 1,531 sqft
    2020-08-01 0 days 1,566 sqft
    2020-09-01 0 days 1,497 sqft
    2020-10-01 0 days 1,483 sqft
    2020-11-01 0 days 1,474 sqft
    2020-12-01 0 days 1,426 sqft
    2021-01-01 0 days 1,480 sqft
    2021-02-01 0 days 1,402 sqft
    2021-03-01 0 days 1,378 sqft
    2021-04-01 0 days 1,546 sqft
    2021-05-01 0 days 1,480 sqft
    2021-06-01 0 days 1,460 sqft
    2021-07-01 0 days 1,500 sqft
    2021-08-01 0 days 1,489 sqft
    2021-09-01 0 days 1,475 sqft
    2021-10-01 0 days 1,497 sqft
    2021-11-01 0 days 1,500 sqft
    2021-12-01 0 days 1,473 sqft
    2022-01-01 0 days 1,491 sqft
    2022-02-01 0 days 1,419 sqft
    2022-03-01 0 days 1,413 sqft
    2022-04-01 0 days 1,461 sqft
    2022-05-01 0 days 1,527 sqft
    2022-06-01 0 days 1,466 sqft
    2022-07-01 0 days 1,496 sqft
    2022-08-01 0 days 1,515 sqft
    2022-09-01 0 days 1,519 sqft
    2022-10-01 0 days 1,557 sqft
    2022-11-01 0 days 1,526 sqft
    2022-12-01 0 days 1,546 sqft
    2023-01-01 0 days 1,454 sqft
    2023-02-01 0 days 1,500 sqft
    2023-03-01 0 days 1,545 sqft
    2023-04-01 0 days 1,546 sqft
    2023-05-01 0 days 1,545 sqft
    2023-06-01 0 days 1,546 sqft
    2023-07-01 0 days 1,452 sqft
    2023-08-01 0 days 1,507 sqft
    2023-09-01 0 days 1,458 sqft
    2023-10-01 0 days 1,443 sqft
    2023-11-01 0 days 1,506 sqft
    2023-12-01 0 days 1,456 sqft
    2024-01-01 0 days 1,413 sqft
    2024-02-01 0 days 1,445 sqft
    2024-03-01 0 days 1,433 sqft
    2024-04-01 0 days 1,518 sqft
    2024-05-01 0 days 1,520 sqft
    2024-06-01 0 days 1,530 sqft
    2024-07-01 0 days 1,586 sqft
    2024-08-01 0 days 1,523 sqft
    2024-09-01 0 days 1,537 sqft
    2024-10-01 0 days 1,532 sqft
    Bay City's median listing age (time on market) for 2024-10-01 was 0 days.

    Bay City's median square footage for active listings during the 2024-10-01 period was 1,532 sqft. One year prior, the average listing was 1,443 sqft.

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.