Sault Ste. Marie VA Loan Rates, Closing Costs & Stats
Sault Ste. Marie, MI
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.
Sault Ste. Marie's 13 lenders originated 34 VA loans during 2023. The total origination value was $7,530,000, with an average VA loan value of $221,471.
Sault Ste. Marie VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Sault Ste. Marie
averaged
7.34%
for the week of 2024-04-19, compared to the national average (all VA variants) of
6.758% for the same period.
Sault Ste. Marie's average VA mortgage closing costs are $4,240.
The average rate for the prior week (2024-04-12) was
7.07% and
one month ago for the week of 2024-03-15, the
average rate was 6.63%.
The average rate one year ago was 6.52%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.96%.
Sault Ste. Marie 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 Sault Ste. Marie level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| Mortgage Research Center, LLC | 13 | 6.93% | $4,886 |
| USAA Federal Savings Bank | 4 | 5.91% | $7,120 |
| VAN DYK MORTGAGE CORPORATION | 2 | 6.94% | $7,206 |
| Citizens Bank | 2 | 5.69% | $2,599 |
| NAVY FEDERAL CREDIT UNION | 2 | 7.00% | $3,205 |
| Shamrock Home Loans, Inc. | 2 | 5.56% | $9,528 |
| HOMESIDE FINANCIAL, LLC | 1 | 7.13% | $13,844 |
| FREEDOM MORTGAGE CORPORATION | 1 | 6.25% | $8,081 |
| NEW DAY FINANCIAL, LLC | 1 | 6.88% | $10,863 |
| ROSS MORTGAGE CORPORATION | 1 | 6.88% | $11,457 |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | 1 | 7.13% | $8,266 |
| LOANDEPOT.COM, LLC | 1 | 2.99% | $10,036 |
| MORTGAGE 1 INCORPORATED | 1 | 6.63% | $7,359 |
The top Sault Ste. Marie VA lender as defined by loan originations is Mortgage Research Center, LLC, with
13 VA loans originated. Their average total fees are
$4,886, which is $2,234
lower than the next largest lender,
USAA Federal Savings Bank.
The lowest fee Sault Ste. Marie VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($4,886), .
The lowest rate Sault Ste. Marie VA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC (6.93%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Sault Ste. Marie (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 | $138,750 (15.7%) | $186,914 (10.2%) | 0.00 | 398 |
| 2018-02-01 | $137,900 (11.1%) | $185,743 (-1.1%) | 0.00 | 387 |
| 2018-03-01 | $139,000 (11.3%) | $192,974 (3.1%) | 0.00 | 366 |
| 2018-04-01 | $140,000 (12.0%) | $195,088 (4.3%) | 0.00 | 371 |
| 2018-05-01 | $148,375 (14.2%) | $197,789 (5.1%) | 0.00 | 382 |
| 2018-06-01 | $149,000 (14.7%) | $194,543 (2.0%) | 0.00 | 443 |
| 2018-07-01 | $144,250 (11.1%) | $191,157 (0.4%) | 0.00 | 485 |
| 2018-08-01 | $146,250 (9.5%) | $192,618 (-1.4%) | 0.00 | 489 |
| 2018-09-01 | $138,000 (2.2%) | $189,185 (-2.5%) | 0.00 | 464 |
| 2018-10-01 | $137,225 (0.6%) | $193,996 (7.3%) | 0.00 | 427 |
| 2018-11-01 | $135,000 (-1.6%) | $195,108 (7.6%) | 0.00 | 409 |
| 2018-12-01 | $139,000 (0.0%) | $196,075 (5.9%) | 0.00 | 373 |
| 2019-01-01 | $144,700 (4.3%) | $198,948 (6.4%) | 0.00 | 346 |
| 2019-02-01 | $149,000 (8.1%) | $204,049 (9.9%) | 0.00 | 344 |
| 2019-03-01 | $149,386 (7.5%) | $206,637 (7.1%) | 0.00 | 329 |
| 2019-04-01 | $149,948 (7.1%) | $209,033 (7.2%) | 0.00 | 329 |
| 2019-05-01 | $149,900 (1.0%) | $208,274 (5.3%) | 0.00 | 324 |
| 2019-06-01 | $157,000 (5.4%) | $208,672 (7.3%) | 0.00 | 354 |
| 2019-07-01 | $156,500 (8.5%) | $202,736 (6.1%) | 0.00 | 386 |
| 2019-08-01 | $155,455 (6.3%) | $201,498 (4.6%) | 0.00 | 391 |
| 2019-09-01 | $154,636 (12.1%) | $199,939 (5.7%) | 0.00 | 389 |
| 2019-10-01 | $154,341 (12.5%) | $198,900 (2.5%) | 0.00 | 383 |
| 2019-11-01 | $154,500 (14.4%) | $201,142 (3.1%) | 0.00 | 348 |
| 2019-12-01 | $159,000 (14.4%) | $200,900 (2.5%) | 0.00 | 313 |
| 2020-01-01 | $156,750 (8.3%) | $197,433 (-0.8%) | 0.00 | 296 |
| 2020-02-01 | $158,000 (6.0%) | $202,401 (-0.8%) | 0.00 | 294 |
| 2020-03-01 | $159,900 (7.0%) | $206,246 (-0.2%) | 0.00 | 286 |
| 2020-04-01 | $159,900 (6.6%) | $206,158 (-1.4%) | 0.00 | 287 |
| 2020-05-01 | $159,900 (6.7%) | $200,148 (-3.9%) | 0.00 | 287 |
| 2020-06-01 | $159,900 (1.9%) | $198,901 (-4.7%) | 0.00 | 279 |
| 2020-07-01 | $159,950 (2.2%) | $203,568 (0.4%) | 0.00 | 262 |
| 2020-08-01 | $167,450 (7.7%) | $203,844 (1.2%) | 0.00 | 232 |
| 2020-09-01 | $159,450 (3.1%) | $201,817 (0.9%) | 0.00 | 202 |
| 2020-10-01 | $159,450 (3.3%) | $210,772 (6.0%) | 0.00 | 174 |
| 2020-11-01 | $153,325 (-0.8%) | $213,336 (6.1%) | 0.00 | 173 |
| 2020-12-01 | $144,225 (-9.3%) | $197,625 (-1.6%) | 0.00 | 158 |
| 2021-01-01 | $146,500 (-6.5%) | $208,157 (5.4%) | 0.00 | 139 |
| 2021-02-01 | $156,000 (-1.3%) | $226,140 (11.7%) | 0.00 | 121 |
| 2021-03-01 | $175,000 (9.4%) | $237,445 (15.1%) | 0.00 | 107 |
| 2021-04-01 | $179,667 (12.4%) | $276,360 (34.1%) | 0.00 | 94 |
| 2021-05-01 | $199,900 (25.0%) | $298,525 (49.2%) | 0.00 | 99 |
| 2021-06-01 | $198,000 (23.8%) | $296,848 (49.2%) | 0.00 | 121 |
| 2021-07-01 | $198,000 (23.8%) | $297,999 (46.4%) | 0.00 | 116 |
| 2021-08-01 | $202,000 (20.6%) | $316,545 (55.3%) | 0.00 | 120 |
| 2021-09-01 | $202,450 (27.0%) | $309,247 (53.2%) | 0.00 | 123 |
| 2021-10-01 | $210,000 (31.7%) | $298,838 (41.8%) | 0.00 | 110 |
| 2021-11-01 | $185,925 (21.3%) | $277,405 (30.0%) | 0.00 | 98 |
| 2021-12-01 | $176,950 (22.7%) | $257,774 (30.4%) | 0.00 | 90 |
| 2022-01-01 | $167,450 (14.3%) | $262,693 (26.2%) | 0.00 | 75 |
| 2022-02-01 | $176,725 (13.3%) | $266,736 (18.0%) | 0.00 | 55 |
| 2022-03-01 | $222,500 (27.1%) | $291,854 (22.9%) | 0.00 | 49 |
| 2022-04-01 | $194,950 (8.5%) | $276,878 (0.2%) | 0.00 | 53 |
| 2022-05-01 | $205,000 (2.6%) | $250,996 (-15.9%) | 0.00 | 64 |
| 2022-06-01 | $184,500 (-6.8%) | $240,062 (-19.1%) | 0.00 | 82 |
| 2022-07-01 | $190,000 (-4.0%) | $235,083 (-21.1%) | 0.00 | 92 |
| 2022-08-01 | $189,300 (-6.3%) | $240,017 (-24.2%) | 0.00 | 93 |
| 2022-09-01 | $189,925 (-6.2%) | $242,577 (-21.6%) | 0.00 | 92 |
| 2022-10-01 | $199,900 (-4.8%) | $294,351 (-1.5%) | 0.00 | 92 |
| 2022-11-01 | $225,000 (21.0%) | $367,333 (32.4%) | 0.00 | 80 |
| 2022-12-01 | $232,450 (31.4%) | $379,511 (47.2%) | 0.00 | 74 |
| 2023-01-01 | $247,425 (47.8%) | $421,396 (60.4%) | 0.00 | 61 |
| 2023-02-01 | $239,900 (35.8%) | $403,510 (51.3%) | 0.00 | 63 |
| 2023-03-01 | $250,000 (12.4%) | $426,657 (46.2%) | 0.00 | 64 |
| 2023-04-01 | $270,000 (38.5%) | $476,667 (72.2%) | 0.00 | 56 |
| 2023-05-01 | $242,400 (18.2%) | $367,064 (46.2%) | 0.00 | 71 |
| 2023-06-01 | $225,000 (22.0%) | $337,424 (40.6%) | 0.00 | 86 |
| 2023-07-01 | $239,900 (26.3%) | $334,933 (42.5%) | 0.00 | 100 |
| 2023-08-01 | $229,725 (21.4%) | $328,440 (36.8%) | 0.00 | 103 |
| 2023-09-01 | $215,000 (13.2%) | $318,327 (31.2%) | 0.00 | 102 |
| 2023-10-01 | $212,500 (6.3%) | $292,074 (-0.8%) | 0.00 | 103 |
| 2023-11-01 | $218,000 (-3.1%) | $294,642 (-19.8%) | 0.00 | 94 |
| 2023-12-01 | $225,250 (-3.1%) | $324,842 (-14.4%) | 0.00 | 84 |
| 2024-01-01 | $234,450 (-5.2%) | $333,099 (-21.0%) | 0.00 | 73 |
| 2024-02-01 | $249,250 (3.9%) | $329,927 (-18.2%) | 0.00 | 70 |
| 2024-03-01 | $250,000 (0.0%) | $352,729 (-17.3%) | 0.00 | 63 |
Sault Ste. Marie's median listing price comes in at 0% of the national average.
Sault Ste. Marie's average listing price for 2024-03-01 was $352,729, a difference of $-73,928 (-17.3%) versus the prior year and $22,802 versus the prior month.
For the 2024-03-01 period, Sault Ste. Marie had 63 MLS listings, a difference of -7 listings (-10%) versus the prior month and -1 listings (-2%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Sault Ste. Marie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 1,355 sqft |
| 2018-02-01 | 0 days | 1,400 sqft |
| 2018-03-01 | 0 days | 1,433 sqft |
| 2018-04-01 | 0 days | 1,429 sqft |
| 2018-05-01 | 0 days | 1,420 sqft |
| 2018-06-01 | 0 days | 1,424 sqft |
| 2018-07-01 | 0 days | 1,389 sqft |
| 2018-08-01 | 0 days | 1,391 sqft |
| 2018-09-01 | 0 days | 1,350 sqft |
| 2018-10-01 | 0 days | 1,365 sqft |
| 2018-11-01 | 0 days | 1,358 sqft |
| 2018-12-01 | 0 days | 1,352 sqft |
| 2019-01-01 | 0 days | 1,362 sqft |
| 2019-02-01 | 0 days | 1,392 sqft |
| 2019-03-01 | 0 days | 1,395 sqft |
| 2019-04-01 | 0 days | 1,403 sqft |
| 2019-05-01 | 0 days | 1,400 sqft |
| 2019-06-01 | 0 days | 1,400 sqft |
| 2019-07-01 | 0 days | 1,371 sqft |
| 2019-08-01 | 0 days | 1,361 sqft |
| 2019-09-01 | 0 days | 1,383 sqft |
| 2019-10-01 | 0 days | 1,400 sqft |
| 2019-11-01 | 0 days | 1,394 sqft |
| 2019-12-01 | 0 days | 1,391 sqft |
| 2020-01-01 | 0 days | 1,321 sqft |
| 2020-02-01 | 0 days | 1,354 sqft |
| 2020-03-01 | 0 days | 1,404 sqft |
| 2020-04-01 | 0 days | 1,400 sqft |
| 2020-05-01 | 0 days | 1,400 sqft |
| 2020-06-01 | 0 days | 1,375 sqft |
| 2020-07-01 | 0 days | 1,387 sqft |
| 2020-08-01 | 0 days | 1,400 sqft |
| 2020-09-01 | 0 days | 1,351 sqft |
| 2020-10-01 | 0 days | 1,325 sqft |
| 2020-11-01 | 0 days | 1,354 sqft |
| 2020-12-01 | 0 days | 1,388 sqft |
| 2021-01-01 | 0 days | 1,400 sqft |
| 2021-02-01 | 0 days | 1,420 sqft |
| 2021-03-01 | 0 days | 1,388 sqft |
| 2021-04-01 | 0 days | 1,346 sqft |
| 2021-05-01 | 0 days | 1,440 sqft |
| 2021-06-01 | 0 days | 1,488 sqft |
| 2021-07-01 | 0 days | 1,512 sqft |
| 2021-08-01 | 0 days | 1,512 sqft |
| 2021-09-01 | 0 days | 1,428 sqft |
| 2021-10-01 | 0 days | 1,432 sqft |
| 2021-11-01 | 0 days | 1,392 sqft |
| 2021-12-01 | 0 days | 1,334 sqft |
| 2022-01-01 | 0 days | 1,360 sqft |
| 2022-02-01 | 0 days | 1,427 sqft |
| 2022-03-01 | 0 days | 1,522 sqft |
| 2022-04-01 | 0 days | 1,418 sqft |
| 2022-05-01 | 0 days | 1,378 sqft |
| 2022-06-01 | 0 days | 1,350 sqft |
| 2022-07-01 | 0 days | 1,337 sqft |
| 2022-08-01 | 0 days | 1,376 sqft |
| 2022-09-01 | 0 days | 1,346 sqft |
| 2022-10-01 | 0 days | 1,451 sqft |
| 2022-11-01 | 0 days | 1,570 sqft |
| 2022-12-01 | 0 days | 1,600 sqft |
| 2023-01-01 | 0 days | 1,600 sqft |
| 2023-02-01 | 0 days | 1,586 sqft |
| 2023-03-01 | 0 days | 1,613 sqft |
| 2023-04-01 | 0 days | 1,613 sqft |
| 2023-05-01 | 0 days | 1,462 sqft |
| 2023-06-01 | 0 days | 1,459 sqft |
| 2023-07-01 | 0 days | 1,443 sqft |
| 2023-08-01 | 0 days | 1,412 sqft |
| 2023-09-01 | 0 days | 1,380 sqft |
| 2023-10-01 | 0 days | 1,347 sqft |
| 2023-11-01 | 0 days | 1,408 sqft |
| 2023-12-01 | 0 days | 1,440 sqft |
| 2024-01-01 | 0 days | 1,420 sqft |
| 2024-02-01 | 0 days | 1,476 sqft |
| 2024-03-01 | 0 days | 1,500 sqft |
Sault Ste. Marie's median square footage for active listings during the 2024-03-01 period was 1,500 sqft. One year prior, the average listing was 1,613 sqft.