BAY CITY Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Bay City averaged
6.77%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.9% and
one month ago for the week of 2024-10-03, the
average rate was 6%.
Bay City's average rate one year ago was 8.04%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.99%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Bay City 30 Year Fixed Rate | 2024-11-07 | 6.77% |
| Bay City 30 Year Fixed Rate Refi | 2024-11-07 | 6.99% |
| Bay City 15 Year Fixed Rate | 2024-11-07 | 5.9% |
| Bay City 15 Year Fixed Rate Refi | 2024-11-07 | 6.6% |
| Bay City 30 Year FHA | 2024-11-07 | 6.53% |
| Bay City 30 Year FHA Refi | 2024-11-07 | 6.53% |
| Bay City 30 Year USDA | 2024-11-07 | 6.48% |
| Bay City 30 Year USDA Refi | 2024-11-07 | 6.68% |
| Bay City 30 Year VA | 2024-11-07 | 6.14% |
| Bay City 30 Year VA Refi | 2024-11-07 | 6.34% |
BAY CITY 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 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 Average Closing Costs & Other Stats
BAY CITY, MI's 84 lenders originated 1,802
loans during 2023. The total origination value was $225,590,000, with an average loan value of
$125,189.
BAY CITY's average closing costs are $3,571.
The top BAY CITY lender as defined by loan originations is QUICKEN LOANS, LLC, with
50 loans originated. Their average total fees are
$5,280, which is $2,811
higher than the next largest lender,
Frankenmuth Credit Union.
The lowest fee BAY CITY lenders (with over 10 loans originated) are
FinancialEdge Community Credit Union ($2,309), Wildfire Credit Union ($2,375), Frankenmuth Credit Union ($2,469), 1st State Financial, Ltd. ($2,507) and FINANCIAL PLUS CREDIT UNION ($2,595).
The lowest rate BAY CITY lenders (with over 10 loans originated) are
FINANCIAL PLUS CREDIT UNION (6.42%), Wildfire Credit Union (6.43%), 1st State Financial, Ltd. (6.46%), Frankenmuth Credit Union (6.71%) and MICHIGAN MUTUAL, INC. (6.76%).
BAY CITY, 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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| ACADEMY MORTGAGE CORPORATION | $25,645,000 | $16,755,000 | -34.7% | 7.4% |
| The Huntington National Bank | $22,405,000 | $16,330,000 | -27.1% | 7.2% |
| Frankenmuth Credit Union | $19,030,000 | $16,070,000 | -15.6% | 7.1% |
| QUICKEN LOANS, LLC | $25,420,000 | $15,505,000 | -39.0% | 6.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $15,040,000 | $9,670,000 | -35.7% | 4.3% |
| Wildfire Credit Union | $12,955,000 | $8,870,000 | -31.5% | 3.9% |
| Prudential Huntoon Paige Associates, LLC | $8,450,000 | n/a | 3.7% | |
| DOW CHEMICAL EMPLOYEES' | $18,050,000 | $8,350,000 | -53.7% | 3.7% |
| PNC Bank | $4,580,000 | $8,095,000 | 76.7% | 3.6% |
| Independent Bank | $11,150,000 | $6,755,000 | -39.4% | 3.0% |
| United Bay Community Credit Union | $9,235,000 | $6,460,000 | -30.0% | 2.9% |
| 1st State Financial, Ltd. | $7,725,000 | $5,120,000 | -33.7% | 2.3% |
| FinancialEdge Community Credit Union | $6,870,000 | $4,085,000 | -40.5% | 1.8% |
| FIRST COMMUNITY MORTGAGE, INC. | $280,000 | $4,005,000 | 1,330.4% | 1.8% |
| Mortgage Research Center, LLC | $5,990,000 | $3,685,000 | -38.5% | 1.6% |
| JOLT CREDIT UNION | $3,075,000 | $3,480,000 | 13.2% | 1.5% |
| MICHIGAN MUTUAL, INC. | $4,000,000 | $3,475,000 | -13.1% | 1.5% |
| STAUNTON FINANCIAL, INC. | $2,505,000 | $3,405,000 | 35.9% | 1.5% |
| LAKE MICHIGAN CREDIT UNION | $6,610,000 | $3,355,000 | -49.2% | 1.5% |
| FINANCIAL PLUS CREDIT UNION | $2,340,000 | $3,235,000 | 38.2% | 1.4% |
| SUNRISE FAMILY CREDIT UNION | $3,815,000 | $3,235,000 | -15.2% | 1.4% |
| Isabella Bank | $3,235,000 | $3,010,000 | -7.0% | 1.3% |
| UNITED FINANCIAL Credit Union | $1,505,000 | $2,175,000 | 44.5% | 1.0% |
| J. VIRGIL, INC. | $2,355,000 | $2,145,000 | -8.9% | 1.0% |
| ADVIA | $45,000 | $2,140,000 | 4,655.6% | 0.9% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $1,330,000 | $2,090,000 | 57.1% | 0.9% |
| NAVY FEDERAL CREDIT UNION | $2,280,000 | $1,955,000 | -14.3% | 0.9% |
| DAS Acquisition Company, LLC | $85,000 | $1,895,000 | 2,129.4% | 0.8% |
| Servion, Inc. | $1,590,000 | $1,860,000 | 17.0% | 0.8% |
| PENNYMAC LOAN SERVICES, LLC | $775,000 | $1,735,000 | 123.9% | 0.8% |
| CARDINAL FINANCIAL | $5,890,000 | $1,715,000 | -70.9% | 0.8% |
| 21ST MORTGAGE CORPORATION | $1,435,000 | $1,675,000 | 16.7% | 0.7% |
| LENDINGHOME FUNDING CORPORATION | $665,000 | $1,605,000 | 141.4% | 0.7% |
| TEAM ONE CREDIT UNION | $1,875,000 | $1,605,000 | -14.4% | 0.7% |
| JPMorgan Chase Bank | $2,990,000 | $1,380,000 | -53.8% | 0.6% |
| Fifth Third Bank | $4,385,000 | $1,205,000 | -72.5% | 0.5% |
| Preston Home Loans Inc | $305,000 | $1,180,000 | 286.9% | 0.5% |
| Great Lakes Federal Credit Union | $1,125,000 | n/a | 0.5% | |
| TOP FLITE FINANCIAL, INC. | $115,000 | $1,105,000 | 860.9% | 0.5% |
| The Dart Bank | $135,000 | $1,070,000 | 692.6% | 0.5% |
| MORTGAGE 1 INCORPORATED | $685,000 | $1,035,000 | 51.1% | 0.5% |
| NEWREZ LLC | $860,000 | $1,025,000 | 19.2% | 0.5% |
| LOANDEPOT.COM, LLC | $1,075,000 | $1,000,000 | -7.0% | 0.4% |
| GENEVA FINANCIAL, LLC | $490,000 | $950,000 | 93.9% | 0.4% |
| BLG HOLDINGS, INC. | $85,000 | $925,000 | 988.2% | 0.4% |
| Thumb Bank and Trust | $2,040,000 | $855,000 | -58.1% | 0.4% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,755,000 | $800,000 | -54.4% | 0.4% |
| Mercantile Bank of Michigan | $1,330,000 | $775,000 | -41.7% | 0.3% |
| UNION HOME MORTGAGE CORP. | $715,000 | $765,000 | 7.0% | 0.3% |
| CREDIT UNION ONE | $780,000 | $760,000 | -2.6% | 0.3% |
| USAA Federal Savings Bank | $1,255,000 | $695,000 | -44.6% | 0.3% |
| FREEDOM MORTGAGE CORPORATION | $1,805,000 | $685,000 | -62.0% | 0.3% |
| The State Bank | $525,000 | $680,000 | 29.5% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $570,000 | $660,000 | 15.8% | 0.3% |
| COPOCO Community Credit Union | $1,815,000 | $650,000 | -64.2% | 0.3% |
| ELGA CREDIT UNION | $220,000 | $645,000 | 193.2% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,610,000 | $635,000 | -60.6% | 0.3% |
| Equity Prime Mortgage LLC | $575,000 | $630,000 | 9.6% | 0.3% |
| MEMBERS FIRST Credit Union | $1,830,000 | $610,000 | -66.7% | 0.3% |
| Wells Fargo Bank | $1,040,000 | $585,000 | -43.8% | 0.3% |
| Discover Bank | $90,000 | $575,000 | 538.9% | 0.3% |
| BROKER SOLUTIONS, INC. | $820,000 | $550,000 | -32.9% | 0.2% |
| First Merchants Bank | $125,000 | $545,000 | 336.0% | 0.2% |
| MICHIGAN SCHOOLS AND GOVERNMENT | $395,000 | $530,000 | 34.2% | 0.2% |
| Barrington Bank & Trust Company, N.A. | $75,000 | $525,000 | 600.0% | 0.2% |
| GreenStone Farm Credit Services, FLCA | $1,980,000 | $520,000 | -73.7% | 0.2% |
| Lake Huron Credit Union | $1,345,000 | $520,000 | -61.3% | 0.2% |
| Horizon Bank | $7,430,000 | $445,000 | -94.0% | 0.2% |
| CONSUMERS | $365,000 | $430,000 | 17.8% | 0.2% |
| Neighborhood Loans, Inc. | $790,000 | $405,000 | -48.7% | 0.2% |
| First State Bank | $1,160,000 | $380,000 | -67.2% | 0.2% |
| Northstar Bank | $180,000 | $365,000 | 102.8% | 0.2% |
| PLAZA HOME MORTGAGE, INC. | $395,000 | $365,000 | -7.6% | 0.2% |
| RELIANCE FIRST CAPITAL, LLC | $315,000 | $365,000 | 15.9% | 0.2% |
| ChoiceOne Bank | $370,000 | $350,000 | -5.4% | 0.2% |
| Dort Financial Credit Union | $170,000 | $330,000 | 94.1% | 0.1% |
| ENVOY MORTGAGE, LTD | $4,190,000 | $330,000 | -92.1% | 0.1% |
| Prosperity Home Mortgage, LLC | $330,000 | n/a | 0.1% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $80,000 | $325,000 | 306.3% | 0.1% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $55,000 | $315,000 | 472.7% | 0.1% |
| Bank of America | $600,000 | $310,000 | -48.3% | 0.1% |
| Citizens Bank | $300,000 | $305,000 | 1.7% | 0.1% |
| LIMA ONE CAPITAL, LLC | $95,000 | $290,000 | 205.3% | 0.1% |
| LEGEND LENDING CORPORATION | $1,365,000 | $285,000 | -79.1% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $2,340,000 | $285,000 | -87.8% | 0.1% |
| MOVEMENT MORTGAGE, LLC | $285,000 | n/a | 0.1% | |
| NEW DAY FINANCIAL, LLC | $675,000 | $280,000 | -58.5% | 0.1% |
| CANOPY MORTGAGE, LLC | $270,000 | n/a | 0.1% | |
| GVC MORTGAGE, INC. | $270,000 | n/a | 0.1% | |
| The Federal Savings Bank | $265,000 | n/a | 0.1% | |
| AXIA FINANCIAL, LLC | $240,000 | n/a | 0.1% | |
| AMERISAVE MORTGAGE CORPORATION | $1,250,000 | $235,000 | -81.2% | 0.1% |
| North American Savings Bank, F.S.B. | $235,000 | n/a | 0.1% | |
| Peoples Bank | $235,000 | n/a | 0.1% | |
| Figure Lending LLC | $400,000 | $225,000 | -43.8% | 0.1% |
| EMM LOANS LLC | $215,000 | n/a | 0.1% | |
| Paramount Residential Mortgage Group, Inc. | $185,000 | $215,000 | 16.2% | 0.1% |
| CHURCHILL MORTGAGE CORPORATION | $555,000 | $205,000 | -63.1% | 0.1% |
| ZILLOW HOME LOANS, LLC | $910,000 | $200,000 | -78.0% | 0.1% |
| Comerica Bank | $5,480,000 | $195,000 | -96.4% | 0.1% |
| BAYSHORE MORTGAGE FUNDING, LLC | $180,000 | n/a | 0.1% | |
| MILEND, INC. | $175,000 | n/a | 0.1% | |
| Family First Credit Union | $165,000 | n/a | 0.1% | |
| First Savings Bank | $165,000 | n/a | 0.1% | |
| MORTGAGE CENTER L.C | $290,000 | $165,000 | -43.1% | 0.1% |
| Ally Bank | $420,000 | $155,000 | -63.1% | 0.1% |
| American Mortgage & Equity Consultants, Inc. | $155,000 | n/a | 0.1% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $155,000 | n/a | 0.1% | |
| GUILD MORTGAGE COMPANY | $145,000 | n/a | 0.1% | |
| NATIONS DIRECT MORTGAGE, LLC | $145,000 | n/a | 0.1% | |
| NBKC BANK | $145,000 | n/a | 0.1% | |
| Stifel Bank and Trust | $805,000 | $135,000 | -83.2% | 0.1% |
| Bank of Ann Arbor | $125,000 | n/a | 0.1% | |
| BM Real Estate Services, Inc. | $75,000 | $120,000 | 60.0% | 0.1% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $120,000 | n/a | 0.1% | |
| GENISYS | $170,000 | $115,000 | -32.4% | 0.1% |
| HOMESTAR FINANCIAL CORPORATION | $115,000 | n/a | 0.1% | |
| MEMBER FIRST MORTGAGE, LLC | $95,000 | $115,000 | 21.1% | 0.1% |
| PREMIA MORTGAGE, LLC | $115,000 | n/a | 0.1% | |
| GUARANTEED RATE, INC. | $135,000 | $110,000 | -18.5% | 0.0% |
| AMERICAN FINANCIAL RESOURCES, INC. | $105,000 | n/a | 0.0% | |
| ARBOR FINANCIAL CREDIT UNION | $105,000 | n/a | 0.0% | |
| FINANCE OF AMERICA REVERSE LLC | $105,000 | n/a | 0.0% | |
| HOMESITE MORTGAGE, LLC | $105,000 | n/a | 0.0% | |
| Flagstar Bank, FSB | $1,610,000 | $100,000 | -93.8% | 0.0% |
| ROYAL UNITED MORTGAGE LLC | $455,000 | $100,000 | -78.0% | 0.0% |
| COMMUNITY FINANCIAL CREDIT UNION | $65,000 | $95,000 | 46.2% | 0.0% |
| SUCCESS MORTGAGE PARTNERS, INC. | $425,000 | $95,000 | -77.6% | 0.0% |
| VELOCITY COMMERCIAL CAPITAL, LLC | $95,000 | n/a | 0.0% | |
| HEALTH ADVANTAGE FEDERAL CREDIT UNION | $960,000 | $85,000 | -91.1% | 0.0% |
| MMS MORTGAGE SERVICES, LTD. | $85,000 | n/a | 0.0% | |
| Coastal Community Bank | $80,000 | n/a | 0.0% | |
| A&D Mortgage LLC | $75,000 | n/a | 0.0% | |
| HOMESIDE FINANCIAL, LLC | $300,000 | $75,000 | -75.0% | 0.0% |
| Old National Bank | $12,955,000 | $75,000 | -99.4% | 0.0% |
| U.S. Bank | $170,000 | $75,000 | -55.9% | 0.0% |
| DELMAR FINANCIAL COMPANY | $65,000 | n/a | 0.0% | |
| SOVITA Credit Union | $65,000 | n/a | 0.0% | |
| AMERICAN FINANCING CORPORATION | $280,000 | $55,000 | -80.4% | 0.0% |
| CALIBER HOME LOANS, INC. | $795,000 | $55,000 | -93.1% | 0.0% |
| Lakeview Community Capital, LLC | $215,000 | $55,000 | -74.4% | 0.0% |
| LOANPAL, LLC | $75,000 | $55,000 | -26.7% | 0.0% |
| Northpointe Bank | $55,000 | n/a | 0.0% | |
| ROSS MORTGAGE CORPORATION | $210,000 | $55,000 | -73.8% | 0.0% |
| VAN DYK MORTGAGE CORPORATION | $55,000 | n/a | 0.0% | |
| First Independence Bank | $45,000 | n/a | 0.0% | |
| GREENSTATE CREDIT UNION | $15,000 | $45,000 | 200.0% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $140,000 | $40,000 | -71.4% | 0.0% |
| SPRING EQ, LLC | $35,000 | n/a | 0.0% |
BAY CITY's top lender by overall market share is ACADEMY MORTGAGE CORPORATION, with 7.4% market share. In second place, with 7.2%, is The Huntington National Bank, having originated $16,330,000 in loans. In third place, with 7.1%, is Frankenmuth Credit Union, having originated $16,070,000 in loans. In fourth place, with 6.9%, is QUICKEN LOANS, LLC, having originated $15,505,000 in loans. In fifth place, with 4.3%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $9,670,000 in loans.
BAY CITY, MI Average Rent (2023)
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| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 48604 | Bay City, MI MSA | $670 | $760 | $1,000 | $1,270 | $1,340 |
| 48611 | Bay City, MI MSA | $650 | $710 | $910 | $1,190 | $1,320 |
| 48613 | Bay City, MI MSA | $770 | $840 | $1,070 | $1,400 | $1,550 |
| 48623 | Bay City, MI MSA | $740 | $830 | $1,100 | $1,400 | $1,480 |
| 48631 | Bay City, MI MSA | $590 | $650 | $830 | $1,080 | $1,200 |
| 48634 | Bay City, MI MSA | $590 | $650 | $830 | $1,090 | $1,210 |
| 48642 | Bay City, MI MSA | $770 | $800 | $1,050 | $1,410 | $1,500 |
| 48650 | Bay City, MI MSA | $700 | $760 | $970 | $1,270 | $1,410 |
| 48652 | Bay City, MI MSA | $880 | $950 | $1,220 | $1,610 | $1,770 |
| 48658 | Bay City, MI MSA | $590 | $650 | $830 | $1,080 | $1,200 |
| 48659 | Bay City, MI MSA | $630 | $680 | $870 | $1,140 | $1,260 |
| 48706 | Bay City, MI MSA | $650 | $710 | $910 | $1,190 | $1,320 |
| 48707 | Bay City, MI MSA | $630 | $690 | $880 | $1,160 | $1,270 |
| 48708 | Bay City, MI MSA | $600 | $660 | $840 | $1,100 | $1,220 |
| 48710 | Bay City, MI MSA | $630 | $690 | $880 | $1,160 | $1,270 |
| 48732 | Bay City, MI MSA | $600 | $660 | $840 | $1,100 | $1,220 |
| 48747 | Bay City, MI MSA | $590 | $670 | $860 | $1,120 | $1,220 |
| 48757 | Bay City, MI MSA | $560 | $630 | $830 | $1,050 | $1,120 |
2022 Average & Median Rent Data Statistics
BAY CITY, MI average 1BR rent: $722, median: $690
BAY CITY, MI average 2BR rent: $929, median: $880
BAY CITY, MI average 3BR rent: $1,212, median: $1,160
BAY CITY, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,083 | $155,075,000 | $143,190 |
| Cash Out Refi | 272 | $37,060,000 | $136,250 |
| Home Improvement | 179 | $10,625,000 | $59,358 |
| Other | 176 | $11,750,000 | $66,761 |
| Refi | 92 | $11,080,000 | $120,435 |
Bay City's most frequently cited loan purpose was Home Purchase, with 1,083 originations. The 2nd most popular reason was Cash Out Refi, with 272 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 624 | $89,410,000 | $143,285 |
| 7-8% | 455 | $59,455,000 | $130,670 |
| Over 8% | 363 | $28,925,000 | $79,683 |
| 5-6% | 176 | $30,660,000 | $174,205 |
| <2.5% | 56 | $490,000 | $8,750 |
| 4-5% | 31 | $7,855,000 | $253,387 |
| 3-4% | 2 | $80,000 | $40,000 |
| 2.5-3% | 1 | $395,000 | $395,000 |
During 2023, Bay City's most frequently originated rate bucket was 6-7%, with 624 originations.
Loan Sizing (BAY CITY, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 891 | $49,305,000 | $55,337 |
| $100k-200k | 684 | $95,590,000 | $139,751 |
| $200k-400k | 195 | $50,635,000 | $259,667 |
| $400k-600k | 23 | $10,655,000 | $463,261 |
| $Over $1MM | 5 | $16,455,000 | $3,291,000 |
| $600k-1000k | 4 | $2,950,000 | $737,500 |
BAY CITY's loan sizing saw the bucket of loans from $100,000 or less with 891 originations, totaling $49,305,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 763 | $113,245,000 | $148,421 |
| 60-80% | 365 | $56,935,000 | $155,986 |
| 20-40% | 210 | $12,660,000 | $60,286 |
| Under 20% | 194 | $4,940,000 | $25,464 |
| 40-60% | 168 | $27,180,000 | $161,786 |
| Over 100% | 4 | $770,000 | $192,500 |
BAY CITY's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 763 originations, totaling $113,245,000 in origination value.