BAY CITY Mortgage Rates
30 Year Fixed Rate mortgages in Bay City averaged
5.47%
for the week of 2022-05-12, compared to the national average of
5.3% for the same period.
The average rate for the prior week (2022-05-05) was
5.54% and
one month ago for the week of 2022-04-07, the
average rate was 4.79%.
Bay City's average rate one year ago was 3.09%.
For refis of the same type during the week of 2022-05-12, the average rate
was 5.28%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2022-05-12 | 5.3% |
| Bay City 30 Year Fixed Rate | 2022-05-12 | 5.47% |
| Bay City 30 Year Fixed Rate Refi | 2022-05-12 | 5.28% |
| Bay City 15 Year Fixed Rate | 2022-05-12 | 5.24% |
| Bay City 15 Year Fixed Rate Refi | 2022-05-12 | 4.57% |
| Bay City 30 Year FHA | 2022-05-12 | 5.78% |
| Bay City 30 Year FHA Refi | 2022-05-12 | 5.36% |
| Bay City 30 Year USDA | 2022-05-12 | 5.74% |
| Bay City 30 Year USDA Refi | 2022-05-12 | 4.99% |
| Bay City 30 Year VA | 2022-05-12 | 5.28% |
| Bay City 30 Year VA Refi | 2022-05-12 | 5.19% |
BAY CITY Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lendor, for only loans originated in the BAY CITY, 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.).
BAY CITY, MI's 113 lenders originated 3,859
loans during 2021. The total origination value was $501,715,000, with an average loan value of
$130,012.
The top BAY CITY lender as defined by loan originations is QUICKEN LOANS, LLC, with
131 loans originated. Their average total fees are
$4,256, which is $970
higher than the next largest lender,
ACADEMY MORTGAGE CORPORATION.
The lowest fee BAY CITY lenders (with over 10 loans originated) are
TEAM ONE CREDIT UNION ($1,465), Frankenmuth Credit Union ($1,946), JPMorgan Chase Bank ($2,053), FinancialEdge Community Credit Union ($2,062) and 1st State Financial, Ltd. ($2,126).
The lowest rate BAY CITY lenders (with over 10 loans originated) are
TEAM ONE CREDIT UNION (2.90%), JOLT CREDIT UNION (2.98%), TCF National Bank (3.03%), SUNRISE FAMILY CREDIT UNION (3.07%) and 1st State Financial, Ltd. (3.09%).
BAY CITY, MI Lender 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| QUICKEN LOANS, LLC | $31,875,000 | $49,840,000 | 56.4% | 9.9% |
| ACADEMY MORTGAGE CORPORATION | $35,720,000 | $39,260,000 | 9.9% | 7.8% |
| Frankenmuth Credit Union | $27,700,000 | $30,490,000 | 10.1% | 6.1% |
| Independent Bank | $24,485,000 | $22,210,000 | -9.3% | 4.4% |
| DOW CHEMICAL EMPLOYEES' | $21,065,000 | $21,420,000 | 1.7% | 4.3% |
| The Huntington National Bank | $13,450,000 | $20,235,000 | 50.4% | 4.0% |
| 1st State Financial, Ltd. | $21,895,000 | $19,460,000 | -11.1% | 3.9% |
| Isabella Bank | $8,940,000 | $19,015,000 | 112.7% | 3.8% |
| UNITED WHOLESALE MORTGAGE, LLC | $8,135,000 | $18,415,000 | 126.4% | 3.7% |
| Wildfire Credit Union | $12,390,000 | $18,115,000 | 46.2% | 3.6% |
| United Bay Community Credit Union | $29,685,000 | $17,595,000 | -40.7% | 3.5% |
| FinancialEdge Community Credit Union | $16,045,000 | $11,795,000 | -26.5% | 2.4% |
| FREEDOM MORTGAGE CORPORATION | $11,300,000 | $11,405,000 | 0.9% | 2.3% |
| Wanigas Credit Union | $18,725,000 | $11,090,000 | -40.8% | 2.2% |
| LAKE MICHIGAN CREDIT UNION | $6,970,000 | $10,630,000 | 52.5% | 2.1% |
| KeyBank | $9,940,000 | n/a | 2.0% | |
| JOLT CREDIT UNION | $6,495,000 | $7,880,000 | 21.3% | 1.6% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $4,600,000 | $7,010,000 | 52.4% | 1.4% |
| Mortgage Research Center, LLC | $4,530,000 | $6,555,000 | 44.7% | 1.3% |
| TCF National Bank | $20,050,000 | $6,120,000 | -69.5% | 1.2% |
| ENVOY MORTGAGE, LTD | $4,380,000 | $6,090,000 | 39.0% | 1.2% |
| SUNRISE FAMILY CREDIT UNION | $5,960,000 | $5,060,000 | -15.1% | 1.0% |
| Wells Fargo Bank | $1,835,000 | $5,060,000 | 175.7% | 1.0% |
| Fifth Third Bank | $3,275,000 | $5,010,000 | 53.0% | 1.0% |
| Horizon Bank | $1,760,000 | $4,815,000 | 173.6% | 1.0% |
| Mr. Cooper ( Nationstar Mortgage ) | $4,095,000 | $4,775,000 | 16.6% | 1.0% |
| PNC Bank | $6,380,000 | $4,755,000 | -25.5% | 0.9% |
| Thumb Bank and Trust | $8,695,000 | $4,445,000 | -48.9% | 0.9% |
| TEAM ONE CREDIT UNION | $6,140,000 | $4,295,000 | -30.0% | 0.9% |
| MICHIGAN MUTUAL, INC. | $740,000 | $3,620,000 | 389.2% | 0.7% |
| COPOCO Community Credit Union | $2,140,000 | $3,485,000 | 62.9% | 0.7% |
| JPMorgan Chase Bank | $2,140,000 | $3,120,000 | 45.8% | 0.6% |
| MID AMERICA MORTGAGE, INC. | $2,205,000 | $3,030,000 | 37.4% | 0.6% |
| UNITED FINANCIAL Credit Union | $2,965,000 | $2,970,000 | 0.2% | 0.6% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,840,000 | $2,645,000 | 43.8% | 0.5% |
| PENNYMAC LOAN SERVICES, LLC | $740,000 | $2,405,000 | 225.0% | 0.5% |
| UNION HOME MORTGAGE CORP. | $1,635,000 | $2,370,000 | 45.0% | 0.5% |
| LOANDEPOT.COM, LLC | $1,965,000 | $2,275,000 | 15.8% | 0.5% |
| CALIBER HOME LOANS, INC. | $905,000 | $2,270,000 | 150.8% | 0.5% |
| NEWREZ LLC | $1,015,000 | $2,270,000 | 123.6% | 0.5% |
| HEALTH ADVANTAGE FEDERAL CREDIT UNION | $2,010,000 | $2,185,000 | 8.7% | 0.4% |
| Flagstar Bank, FSB | $2,720,000 | $2,065,000 | -24.1% | 0.4% |
| Mercantile Bank of Michigan | $2,095,000 | $2,020,000 | -3.6% | 0.4% |
| MEMBERS FIRST Credit Union | $1,360,000 | $2,010,000 | 47.8% | 0.4% |
| GreenStone Farm Credit Services, FLCA | $4,510,000 | $1,880,000 | -58.3% | 0.4% |
| Servion, Inc. | $2,275,000 | $1,845,000 | -18.9% | 0.4% |
| USAA Federal Savings Bank | $1,620,000 | $1,815,000 | 12.0% | 0.4% |
| J. VIRGIL, INC. | $820,000 | $1,800,000 | 119.5% | 0.4% |
| 21ST MORTGAGE CORPORATION | $955,000 | $1,680,000 | 75.9% | 0.3% |
| LAKEVIEW LOAN SERVICING, LLC | $1,280,000 | $1,590,000 | 24.2% | 0.3% |
| AMERISAVE MORTGAGE CORPORATION | $1,980,000 | $1,540,000 | -22.2% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $610,000 | $1,455,000 | 138.5% | 0.3% |
| Carrington Mortgage Services, LLC | $1,360,000 | $1,350,000 | -0.7% | 0.3% |
| Lake Huron Credit Union | $1,865,000 | $1,280,000 | -31.4% | 0.3% |
| NORTHERN MORTGAGE SERVICES, LLC | $1,205,000 | n/a | 0.2% | |
| Bank of America | $260,000 | $1,155,000 | 344.2% | 0.2% |
| VILLAGE CAPITAL & INVESTMENT LLC | $375,000 | $1,155,000 | 208.0% | 0.2% |
| PLAZA HOME MORTGAGE, INC. | $135,000 | $1,145,000 | 748.1% | 0.2% |
| GENEVA FINANCIAL, LLC | $1,140,000 | n/a | 0.2% | |
| LENDINGHOME FUNDING CORPORATION | $305,000 | $1,140,000 | 273.8% | 0.2% |
| U.S. Bank | $420,000 | $1,115,000 | 165.5% | 0.2% |
| The Dart Bank | $495,000 | $1,040,000 | 110.1% | 0.2% |
| HOME POINT FINANCIAL CORPORATION | $1,035,000 | $930,000 | -10.1% | 0.2% |
| NEW DAY FINANCIAL, LLC | $1,480,000 | $900,000 | -39.2% | 0.2% |
| AMERICAN FINANCING CORPORATION | $870,000 | n/a | 0.2% | |
| CREDIT UNION ONE | $2,630,000 | $825,000 | -68.6% | 0.2% |
| The State Bank | $395,000 | $805,000 | 103.8% | 0.2% |
| Preston Home Loans Inc | $770,000 | n/a | 0.2% | |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $425,000 | $760,000 | 78.8% | 0.2% |
| Ally Bank | $715,000 | n/a | 0.1% | |
| MORTGAGE CENTER L.C | $590,000 | $715,000 | 21.2% | 0.1% |
| MEMBER FIRST MORTGAGE, LLC | $760,000 | $705,000 | -7.2% | 0.1% |
| HOMESIDE FINANCIAL, LLC | $645,000 | n/a | 0.1% | |
| Northpointe Bank | $505,000 | $640,000 | 26.7% | 0.1% |
| GUARANTEED RATE, INC. | $245,000 | $625,000 | 155.1% | 0.1% |
| SUCCESS MORTGAGE PARTNERS, INC. | $1,095,000 | $625,000 | -42.9% | 0.1% |
| Paramount Residential Mortgage Group, Inc. | $340,000 | $620,000 | 82.4% | 0.1% |
| BETTER MORTGAGE CORPORATION | $345,000 | $615,000 | 78.3% | 0.1% |
| BROKER SOLUTIONS, INC. | $795,000 | $610,000 | -23.3% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $2,320,000 | $560,000 | -75.9% | 0.1% |
| AmeriHome Mortgage Company, LLC | $525,000 | $525,000 | 0.0% | 0.1% |
| ROYAL UNITED MORTGAGE LLC | $940,000 | $495,000 | -47.3% | 0.1% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $490,000 | n/a | 0.1% | |
| WESTERN EXPRESS LENDING | $485,000 | n/a | 0.1% | |
| AMERIFIRST FINANCIAL CORPORATION | $1,815,000 | $465,000 | -74.4% | 0.1% |
| RELIANCE FIRST CAPITAL, LLC | $465,000 | n/a | 0.1% | |
| Citizens Bank | $2,050,000 | $455,000 | -77.8% | 0.1% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $740,000 | $455,000 | -38.5% | 0.1% |
| PHH Mortgage Corporation | $85,000 | $455,000 | 435.3% | 0.1% |
| ELGA CREDIT UNION | $115,000 | $450,000 | 291.3% | 0.1% |
| FINANCE OF AMERICA MORTGAGE LLC | $485,000 | $445,000 | -8.2% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $650,000 | $425,000 | -34.6% | 0.1% |
| MORTGAGE 1 INCORPORATED | $675,000 | $415,000 | -38.5% | 0.1% |
| Wyndham Capital Mortgage, Inc. | $415,000 | n/a | 0.1% | |
| BM Real Estate Services, Inc. | $55,000 | $405,000 | 636.4% | 0.1% |
| First Federal Savings Bank | $405,000 | n/a | 0.1% | |
| TOWNE MORTGAGE COMPANY | $740,000 | $395,000 | -46.6% | 0.1% |
| InterContinental Capital Group, Inc | $390,000 | n/a | 0.1% | |
| SUMMIT FUNDING, INC. | $460,000 | $390,000 | -15.2% | 0.1% |
| Chicago Mortgage Solutions LLC | $350,000 | n/a | 0.1% | |
| RUOFF MORTGAGE COMPANY, INC. | $345,000 | n/a | 0.1% | |
| SIRVA MORTGAGE, INC. | $345,000 | n/a | 0.1% | |
| ChoiceOne Bank | $370,000 | $325,000 | -12.2% | 0.1% |
| MICHIGAN SCHOOLS AND GOVERNMENT | $325,000 | n/a | 0.1% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $605,000 | $325,000 | -46.3% | 0.1% |
| ROSS MORTGAGE CORPORATION | $235,000 | $325,000 | 38.3% | 0.1% |
| FINANCIAL PLUS CREDIT UNION | $95,000 | $315,000 | 231.6% | 0.1% |
| STOCKTON MORTGAGE CORPORATION | $315,000 | n/a | 0.1% | |
| Republic Bank & Trust Company | $305,000 | n/a | 0.1% | |
| Sunflower Bank | $300,000 | n/a | 0.1% | |
| Extra | $285,000 | n/a | 0.1% | |
| Hometown Lenders, Inc. | $280,000 | n/a | 0.1% | |
| SECURITY CREDIT UNION | $75,000 | $280,000 | 273.3% | 0.1% |
| GUARANTY HOME MORTGAGE CORPORATION | $265,000 | n/a | 0.1% | |
| Low VA Rates, LLC | $345,000 | $265,000 | -23.2% | 0.1% |
| Southern Michigan Bank & Trust | $265,000 | n/a | 0.1% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $255,000 | n/a | 0.1% | |
| Neighborhood Loans, Inc. | $95,000 | $250,000 | 163.2% | 0.0% |
| BLG HOLDINGS, INC. | $245,000 | n/a | 0.0% | |
| CLEARPATH LENDING | $565,000 | $245,000 | -56.6% | 0.0% |
| ADVISORS CAPITAL, INC. | $250,000 | $240,000 | -4.0% | 0.0% |
| ZILLOW HOME LOANS, LLC | $125,000 | $240,000 | 92.0% | 0.0% |
| Bank of Ann Arbor | $235,000 | n/a | 0.0% | |
| NP, Inc. | $185,000 | $235,000 | 27.0% | 0.0% |
| Northstar Bank | $880,000 | $220,000 | -75.0% | 0.0% |
| Figure Lending LLC | $55,000 | $200,000 | 263.6% | 0.0% |
| Bank of Idaho | $195,000 | n/a | 0.0% | |
| FINANCE OF AMERICA COMMERCIAL LLC | $190,000 | n/a | 0.0% | |
| AAC Credit Union | $185,000 | n/a | 0.0% | |
| First Federal Bank | $125,000 | $185,000 | 48.0% | 0.0% |
| PLANET HOME LENDING, LLC | $235,000 | $185,000 | -21.3% | 0.0% |
| Auto Club Trust, FSB | $175,000 | n/a | 0.0% | |
| Bank of England | $175,000 | n/a | 0.0% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $135,000 | $175,000 | 29.6% | 0.0% |
| The Federal Savings Bank | $165,000 | $175,000 | 6.1% | 0.0% |
| Home Mortgage Alliance Corp | $160,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $200,000 | $160,000 | -20.0% | 0.0% |
| ARBOR FINANCIAL CREDIT UNION | $595,000 | $155,000 | -73.9% | 0.0% |
| Magnolia Bank | $470,000 | $155,000 | -67.0% | 0.0% |
| CHURCHILL MORTGAGE CORPORATION | $170,000 | $150,000 | -11.8% | 0.0% |
| First Internet Bank of Indiana | $135,000 | n/a | 0.0% | |
| First State Bank | $135,000 | n/a | 0.0% | |
| Goldwater Bank, N.A. | $135,000 | n/a | 0.0% | |
| SOVEREIGN LENDING GROUP INCORPORATED | $185,000 | $135,000 | -27.0% | 0.0% |
| T&I Credit union | $135,000 | n/a | 0.0% | |
| AMERICAN INTERNET MORTGAGE, INC. | $145,000 | $125,000 | -13.8% | 0.0% |
| First Guaranty Mortgage Corporation | $495,000 | $125,000 | -74.7% | 0.0% |
| INLANTA MORTGAGE, INC. | $125,000 | n/a | 0.0% | |
| LIMA ONE CAPITAL, LLC | $125,000 | n/a | 0.0% | |
| COMMUNITY FINANCIAL CREDIT UNION | $115,000 | n/a | 0.0% | |
| NATIONS RELIABLE LENDING, LLC | $115,000 | n/a | 0.0% | |
| SOUTHWEST STAGE FUNDING, LLC | $110,000 | n/a | 0.0% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $155,000 | $105,000 | -32.3% | 0.0% |
| Citibank | $105,000 | n/a | 0.0% | |
| Dort Financial Credit Union | $105,000 | n/a | 0.0% | |
| JAMES B. NUTTER & COMPANY | $105,000 | n/a | 0.0% | |
| Level One Bank | $105,000 | n/a | 0.0% | |
| SOFI LENDING CORP. | $265,000 | $105,000 | -60.4% | 0.0% |
| SOUTHWEST FUNDING, LP | $390,000 | $105,000 | -73.1% | 0.0% |
| SUN WEST MORTGAGE COMPANY, INC. | $455,000 | $105,000 | -76.9% | 0.0% |
| Discover Bank | $310,000 | $95,000 | -69.4% | 0.0% |
| OCEANSIDE MORTGAGE COMPANY | $85,000 | $95,000 | 11.8% | 0.0% |
| PURDUE FEDERAL CREDIT UNION | $95,000 | n/a | 0.0% | |
| FIRST COMMUNITY MORTGAGE, INC. | $85,000 | $85,000 | 0.0% | 0.0% |
| AMERICAN FINANCIAL RESOURCES, INC. | $280,000 | $75,000 | -73.2% | 0.0% |
| BAYSHORE MORTGAGE FUNDING, LLC | $85,000 | $75,000 | -11.8% | 0.0% |
| First National Bank of Omaha | $75,000 | n/a | 0.0% | |
| GENISYS | $475,000 | $75,000 | -84.2% | 0.0% |
| SPRING EQ, LLC | $105,000 | $70,000 | -33.3% | 0.0% |
| TIAA, FSB | $235,000 | $70,000 | -70.2% | 0.0% |
| Comerica Bank | $150,000 | $65,000 | -56.7% | 0.0% |
| Old Second National Bank | $115,000 | $55,000 | -52.2% | 0.0% |
| UNIVERSITY LENDING GROUP, LLC | $260,000 | $55,000 | -78.8% | 0.0% |
| UIF CORPORATION | $45,000 | n/a | 0.0% | |
| UNITED | $45,000 | n/a | 0.0% | |
| SOVITA Credit Union | $25,000 | n/a | 0.0% | |
| AMERICAN ADVISORS GROUP | $100,000 | $15,000 | -85.0% | 0.0% |
| Lake Trust Credit Union | $15,000 | n/a | 0.0% | |
| WINGS FINANCIAL | $205,000 | $15,000 | -92.7% | 0.0% |
BAY CITY's top lender by overall market share is QUICKEN LOANS, LLC, with 9.9% market share. In second place, with 7.8%, is ACADEMY MORTGAGE CORPORATION, having originated $39,260,000 in loans. In third place, with 6.1%, is Frankenmuth Credit Union, having originated $30,490,000 in loans. In third place, with 4.4%, is Independent Bank, having originated $22,210,000 in loans. In third place, with 4.3%, is DOW CHEMICAL EMPLOYEES', having originated $21,420,000 in loans.
BAY CITY, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,624 | $230,940,000 | $142,204 |
| Refi | 1,172 | $151,570,000 | $129,326 |
| Cash Out Refi | 857 | $103,265,000 | $120,496 |
| Home Improvement | 117 | $7,935,000 | $67,821 |
| Other | 89 | $8,005,000 | $89,944 |
Bay City's most frequently cited loan purpose was Home Purchase, with 1,624 originations. The 2nd most popular reason was Refi, with 1,172 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,297 | $194,945,000 | $150,305 |
| 2.5-3% | 1,192 | $160,760,000 | $134,866 |
| <2.5% | 692 | $81,450,000 | $117,702 |
| 4-5% | 179 | $16,555,000 | $92,486 |
| 5-6% | 54 | $3,150,000 | $58,333 |
| 7-8% | 24 | $2,740,000 | $114,167 |
| 6-7% | 15 | $865,000 | $57,667 |
| Over 8% | 15 | $735,000 | $49,000 |
During 2021, Bay City's most frequently originated rate bucket was 3-4%, with 1,297 originations.
Loan Sizing (BAY CITY, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 1,785 | $116,295,000 | $65,151 |
| $100k-200k | 1,580 | $219,000,000 | $138,608 |
| $200k-400k | 449 | $118,375,000 | $263,641 |
| $400k-600k | 33 | $15,075,000 | $456,818 |
| $600k-1000k | 7 | $4,535,000 | $647,857 |
| $Over $1MM | 5 | $28,435,000 | $5,687,000 |
BAY CITY's loan sizing saw the bucket of loans from $100,000 or less with 1,785 originations, totaling $116,295,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 1,451 | $213,425,000 | $147,088 |
| 60-80% | 1,134 | $170,020,000 | $149,929 |
| 40-60% | 434 | $45,120,000 | $103,963 |
| 20-40% | 176 | $10,950,000 | $62,216 |
| Under 20% | 138 | $2,270,000 | $16,449 |
| Over 100% | 19 | $3,425,000 | $180,263 |
BAY CITY's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 1,451 originations, totaling $213,425,000 in origination value.
