DETROIT - DEARBORN - LIVONIA Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Detroit - Dearborn - Livonia averaged 7.67% for the week of 2023-10-12, compared to the national average of 7.57% for the same period.

The average rate for the prior week (2023-10-05) was 7.49% and one month ago for the week of 2023-09-07, the average rate was 7.42%.

Detroit - Dearborn - Livonia's average rate one year ago was 6.76%.

For refis of the same type during the week of 2023-10-12, the average rate was 7.97%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-10-12 7.57%
Detroit - Dearborn - Livonia 30 Year Fixed Rate 2023-10-12 7.67%
Detroit - Dearborn - Livonia 30 Year Fixed Rate Refi 2023-10-12 7.97%
Detroit - Dearborn - Livonia 15 Year Fixed Rate 2023-10-12 6.69%
Detroit - Dearborn - Livonia 15 Year Fixed Rate Refi 2023-10-12 6.99%
Detroit - Dearborn - Livonia 30 Year FHA 2023-10-12 0.3%
Detroit - Dearborn - Livonia 30 Year FHA Refi 2023-10-12 0.1%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within DETROIT-DEARBORN-LIVONIA, MI.

DETROIT - DEARBORN - LIVONIA Top Lenders by Rates & Fees

The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the DETROIT-DEARBORN-LIVONIA, MI market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs

DETROIT-DEARBORN-LIVONIA, MI Mortgage Market Share & Volume

Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

Name 2021 Loan Value 2022 Loan Value % Change 2022 Market Share


DETROIT - DEARBORN - LIVONIA Housing Market Trends (Median, Average Prices & Listing Count)

Realtor.com - DETROIT - DEARBORN - LIVONIA (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 $199,900 (7.3%) $309,546 (5.2%) 0.74 9,945
2018-02-01 $206,000 (7.1%) $318,858 (6.5%) 0.75 9,275
2018-03-01 $224,900 (5.9%) $338,000 (8.2%) 0.79 9,086
2018-04-01 $242,450 (7.8%) $343,562 (5.1%) 0.82 9,495
2018-05-01 $249,900 (6.6%) $348,825 (3.2%) 0.83 10,501
2018-06-01 $253,650 (7.7%) $353,504 (3.9%) 0.85 11,786
2018-07-01 $249,900 (6.3%) $346,143 (2.7%) 0.83 12,984
2018-08-01 $244,950 (8.1%) $336,232 (2.9%) 0.82 14,307
2018-09-01 $239,900 (6.6%) $334,464 (2.9%) 0.81 14,962
2018-10-01 $231,215 (4.4%) $326,470 (1.2%) 0.78 14,886
2018-11-01 $225,000 (4.1%) $318,710 (0.1%) 0.76 14,433
2018-12-01 $219,900 (4.8%) $314,557 (-0.2%) 0.76 13,258
2019-01-01 $218,750 (9.4%) $313,385 (1.2%) 0.76 12,165
2019-02-01 $219,950 (6.8%) $317,091 (-0.6%) 0.74 11,497
2019-03-01 $232,814 (3.5%) $329,689 (-2.5%) 0.76 11,352
2019-04-01 $250,300 (3.2%) $345,409 (0.5%) 0.79 11,490
2019-05-01 $259,900 (4.0%) $351,987 (0.9%) 0.81 12,361
2019-06-01 $262,000 (3.3%) $350,206 (-0.9%) 0.82 13,710
2019-07-01 $259,900 (4.0%) $344,093 (-0.6%) 0.81 14,992
2019-08-01 $253,355 (3.4%) $337,148 (0.3%) 0.80 15,527
2019-09-01 $243,536 (1.5%) $328,224 (-1.9%) 0.78 15,830
2019-10-01 $236,991 (2.5%) $321,800 (-1.4%) 0.76 15,906
2019-11-01 $229,900 (2.2%) $317,760 (-0.3%) 0.75 14,872
2019-12-01 $224,900 (2.3%) $311,261 (-1.1%) 0.75 13,036
2020-01-01 $219,950 (0.6%) $310,507 (-0.9%) 0.74 11,630
2020-02-01 $222,500 (1.2%) $315,613 (-0.5%) 0.73 10,735
2020-03-01 $237,950 (2.2%) $329,652 (0.0%) 0.75 10,381
2020-04-01 $244,018 (-2.5%) $333,355 (-3.5%) 0.76 9,897
2020-05-01 $249,900 (-3.9%) $338,721 (-3.8%) 0.76 10,720
2020-06-01 $272,450 (4.0%) $365,198 (4.3%) 0.80 10,261
2020-07-01 $278,000 (7.0%) $374,371 (8.8%) 0.81 9,828
2020-08-01 $274,900 (8.5%) $373,948 (10.9%) 0.79 9,307
2020-09-01 $269,950 (10.9%) $373,482 (13.8%) 0.77 8,987
2020-10-01 $264,900 (11.8%) $373,821 (16.2%) 0.76 8,479
2020-11-01 $254,950 (10.9%) $373,390 (17.5%) 0.75 7,673
2020-12-01 $249,900 (11.1%) $370,777 (19.1%) 0.74 6,750
2021-01-01 $249,900 (13.6%) $372,913 (20.1%) 0.75 5,686
2021-02-01 $250,000 (12.4%) $388,653 (23.1%) 0.73 4,727
2021-03-01 $266,138 (11.9%) $398,112 (20.8%) 0.76 4,597
2021-04-01 $269,950 (10.6%) $405,925 (21.8%) 0.73 4,725
2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,267
2021-06-01 $276,575 (1.5%) $396,675 (8.6%) 0.73 6,498
2021-07-01 $275,000 (-1.1%) $391,506 (4.6%) 0.73 7,192
2021-08-01 $267,400 (-2.7%) $383,727 (2.6%) 0.71 7,991
2021-09-01 $249,950 (-7.4%) $370,605 (-0.8%) 0.67 8,195
2021-10-01 $242,990 (-8.3%) $360,143 (-3.7%) 0.65 7,880
2021-11-01 $227,450 (-10.8%) $348,427 (-6.7%) 0.61 7,274
2021-12-01 $216,950 (-13.2%) $345,719 (-6.8%) 0.59 6,293
2022-01-01 $205,000 (-18.0%) $341,406 (-8.5%) 0.55 5,189
2022-02-01 $216,100 (-13.6%) $354,219 (-8.9%) 0.56 4,626
2022-03-01 $227,450 (-14.5%) $360,375 (-9.5%) 0.57 4,771
2022-04-01 $249,900 (-7.4%) $376,980 (-7.1%) 0.60 5,012
2022-05-01 $274,000 (-2.1%) $384,646 (-6.2%) 0.63 6,342
2022-06-01 $279,950 (1.2%) $388,407 (-2.1%) 0.62 7,666
2022-07-01 $279,900 (1.8%) $381,926 (-2.5%) 0.63 9,283
2022-08-01 $272,350 (1.9%) $370,524 (-3.4%) 0.63 9,869
2022-09-01 $263,908 (5.6%) $366,211 (-1.2%) 0.62 9,756
2022-10-01 $250,000 (2.9%) $355,640 (-1.3%) 0.59 9,857
2022-11-01 $247,000 (8.6%) $347,750 (-0.2%) 0.59 9,743
2022-12-01 $230,000 (6.0%) $341,684 (-1.2%) 0.57 8,673
2023-01-01 $227,250 (10.9%) $343,293 (0.6%) 0.56 7,432
2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
2023-03-01 $236,950 (4.2%) $362,607 (0.6%) 0.56 5,939
2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,886
2023-05-01 $267,450 (-2.4%) $399,483 (3.9%) 0.61 6,033
2023-06-01 $270,000 (-3.6%) $402,237 (3.6%) 0.61 6,447
2023-07-01 $269,000 (-3.9%) $393,640 (3.1%) 0.61 6,991
2023-08-01 $272,400 (0.0%) $389,930 (5.2%) 0.63 7,448
2023-09-01 $262,000 (-0.7%) $386,050 (5.4%) 0.61 7,660
DETROIT - DEARBORN - LIVONIA's median listing price for 2023-09-01 was $262,000, a difference of $-1,908 (-0.7%) versus the prior year and $-10,400 versus the prior month.

DETROIT - DEARBORN - LIVONIA's median listing price comes in at 61% of the national average.

DETROIT - DEARBORN - LIVONIA's average listing price for 2023-09-01 was $386,050, a difference of $19,839 (5.4%) versus the prior year and $-3,880 versus the prior month.

For the 2023-09-01 period, DETROIT - DEARBORN - LIVONIA had 7,660 MLS listings, a difference of 212 listings (3%) versus the prior month and -2,096 listings (-21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - DETROIT - DEARBORN - LIVONIA (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 63 days 1,578 sqft
2018-02-01 58 days 1,582 sqft
2018-03-01 45 days 1,644 sqft
2018-04-01 36 days 1,686 sqft
2018-05-01 33 days 1,713 sqft
2018-06-01 33 days 1,734 sqft
2018-07-01 36 days 1,723 sqft
2018-08-01 35 days 1,700 sqft
2018-09-01 40 days 1,692 sqft
2018-10-01 43 days 1,642 sqft
2018-11-01 46 days 1,613 sqft
2018-12-01 56 days 1,585 sqft
2019-01-01 61 days 1,582 sqft
2019-02-01 60 days 1,596 sqft
2019-03-01 45 days 1,632 sqft
2019-04-01 36 days 1,684 sqft
2019-05-01 34 days 1,717 sqft
2019-06-01 36 days 1,728 sqft
2019-07-01 37 days 1,724 sqft
2019-08-01 40 days 1,706 sqft
2019-09-01 43 days 1,675 sqft
2019-10-01 45 days 1,651 sqft
2019-11-01 51 days 1,624 sqft
2019-12-01 62 days 1,598 sqft
2020-01-01 69 days 1,584 sqft
2020-02-01 58 days 1,586 sqft
2020-03-01 47 days 1,605 sqft
2020-04-01 59 days 1,620 sqft
2020-05-01 65 days 1,640 sqft
2020-06-01 37 days 1,725 sqft
2020-07-01 37 days 1,740 sqft
2020-08-01 33 days 1,710 sqft
2020-09-01 35 days 1,669 sqft
2020-10-01 36 days 1,641 sqft
2020-11-01 40 days 1,600 sqft
2020-12-01 48 days 1,576 sqft
2021-01-01 51 days 1,557 sqft
2021-02-01 39 days 1,562 sqft
2021-03-01 28 days 1,577 sqft
2021-04-01 22 days 1,595 sqft
2021-05-01 18 days 1,604 sqft
2021-06-01 19 days 1,600 sqft
2021-07-01 22 days 1,590 sqft
2021-08-01 24 days 1,558 sqft
2021-09-01 30 days 1,514 sqft
2021-10-01 31 days 1,493 sqft
2021-11-01 36 days 1,450 sqft
2021-12-01 43 days 1,420 sqft
2022-01-01 52 days 1,406 sqft
2022-02-01 34 days 1,416 sqft
2022-03-01 25 days 1,441 sqft
2022-04-01 22 days 1,486 sqft
2022-05-01 20 days 1,537 sqft
2022-06-01 23 days 1,559 sqft
2022-07-01 28 days 1,551 sqft
2022-08-01 32 days 1,532 sqft
2022-09-01 39 days 1,522 sqft
2022-10-01 39 days 1,500 sqft
2022-11-01 43 days 1,484 sqft
2022-12-01 52 days 1,454 sqft
2023-01-01 62 days 1,444 sqft
2023-02-01 55 days 1,457 sqft
2023-03-01 46 days 1,473 sqft
2023-04-01 37 days 1,508 sqft
2023-05-01 30 days 1,531 sqft
2023-06-01 31 days 1,536 sqft
2023-07-01 32 days 1,532 sqft
2023-08-01 36 days 1,523 sqft
2023-09-01 40 days 1,508 sqft
DETROIT - DEARBORN - LIVONIA's median listing age (time on market) for 2023-09-01 was 40 days. This is 3% longer than the same period one year ago.

DETROIT - DEARBORN - LIVONIA's median square footage for active listings during the 2023-09-01 period was 1,508 sqft. One year prior, the average listing was 1,522 sqft.

DETROIT-DEARBORN-LIVONIA, MI Market Loan Reason

Loan Purpose Originations Total Value Average Loan

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan

Loan Sizing (DETROIT-DEARBORN-LIVONIA, MI MSA)

Loan Size Originations Total Value Average Loan

LTV Distribution

Loan to Value Originations Total Value Average Loan