Cadillac Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Cadillac averaged
6.82%
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
7.05% and
one month ago for the week of 2024-10-03, the
average rate was 6.25%.
Cadillac's average rate one year ago was 8.09%.
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% |
| Cadillac 30 Year Fixed Rate | 2024-11-07 | 6.82% |
| Cadillac 30 Year Fixed Rate Refi | 2024-11-07 | 6.99% |
| Cadillac 15 Year Fixed Rate | 2024-11-07 | 6% |
| Cadillac 15 Year Fixed Rate Refi | 2024-11-07 | 6.5% |
| Cadillac 30 Year FHA | 2024-11-07 | 6.66% |
| Cadillac 30 Year FHA Refi | 2024-11-07 | 6.33% |
| Cadillac 30 Year USDA | 2024-11-07 | 6.68% |
| Cadillac 30 Year USDA Refi | 2024-11-07 | 6.38% |
| Cadillac 30 Year VA | 2024-11-07 | 6.44% |
| Cadillac 30 Year VA Refi | 2024-11-07 | 6.44% |
Cadillac 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 Cadillac, 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.).
Cadillac Average Closing Costs & Other Stats
Cadillac, MI's 75 lenders originated 903
loans during 2023. The total origination value was $142,555,000, with an average loan value of
$157,868.
Cadillac's average closing costs are $4,274.
The top Cadillac lender as defined by loan originations is Horizon Bank, with
41 loans originated. Their average total fees are
$3,071, which is $1,913
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Cadillac lenders (with over 10 loans originated) are
The Huntington National Bank ($3,036), Horizon Bank ($3,071), Mercantile Bank of Michigan ($3,475), Independent Bank ($3,760) and Fifth Third Bank ($4,617).
The lowest rate Cadillac lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. (6.34%), Fifth Third Bank (6.49%), Independent Bank (6.71%), The Huntington National Bank (6.91%) and Mercantile Bank of Michigan (6.95%).
Cadillac, 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 |
|---|---|---|---|---|
| Horizon Bank | $24,195,000 | $21,670,000 | -10.4% | 15.2% |
| QUICKEN LOANS, LLC | $14,745,000 | $12,690,000 | -13.9% | 8.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $6,965,000 | $9,525,000 | 36.8% | 6.7% |
| The Huntington National Bank | $16,715,000 | $9,370,000 | -43.9% | 6.6% |
| Fifth Third Bank | $10,230,000 | $5,760,000 | -43.7% | 4.0% |
| CALIBER HOME LOANS, INC. | $9,510,000 | $5,630,000 | -40.8% | 3.9% |
| Independent Bank | $8,085,000 | $4,670,000 | -42.2% | 3.3% |
| GUILD MORTGAGE COMPANY | $4,400,000 | n/a | 3.1% | |
| LAKE MICHIGAN CREDIT UNION | $4,445,000 | $4,330,000 | -2.6% | 3.0% |
| J. VIRGIL, INC. | $7,515,000 | $4,105,000 | -45.4% | 2.9% |
| Mercantile Bank of Michigan | $6,475,000 | $3,810,000 | -41.2% | 2.7% |
| GreenStone Farm Credit Services, FLCA | $4,225,000 | $3,350,000 | -20.7% | 2.3% |
| MORTGAGE 1 INCORPORATED | $5,115,000 | $2,900,000 | -43.3% | 2.0% |
| Mortgage Research Center, LLC | $4,010,000 | $2,900,000 | -27.7% | 2.0% |
| FIRST COMMUNITY MORTGAGE, INC. | $250,000 | $2,575,000 | 930.0% | 1.8% |
| Neighborhood Loans, Inc. | $1,370,000 | $2,325,000 | 69.7% | 1.6% |
| CARDINAL FINANCIAL | $2,710,000 | $2,295,000 | -15.3% | 1.6% |
| NEWREZ LLC | $485,000 | $2,215,000 | 356.7% | 1.6% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $2,195,000 | $1,570,000 | -28.5% | 1.1% |
| Flagstar Bank, FSB | $770,000 | $1,160,000 | 50.6% | 0.8% |
| Isabella Bank | $185,000 | $1,125,000 | 508.1% | 0.8% |
| Nicolet National Bank | $1,200,000 | $1,075,000 | -10.4% | 0.8% |
| VAN DYK MORTGAGE CORPORATION | $2,490,000 | $1,035,000 | -58.4% | 0.7% |
| NAVY FEDERAL CREDIT UNION | $1,365,000 | $1,025,000 | -24.9% | 0.7% |
| UNION HOME MORTGAGE CORP. | $1,300,000 | $970,000 | -25.4% | 0.7% |
| STAUNTON FINANCIAL, INC. | $430,000 | $965,000 | 124.4% | 0.7% |
| CHURCHILL MORTGAGE CORPORATION | $295,000 | $955,000 | 223.7% | 0.7% |
| JPMorgan Chase Bank | $885,000 | $870,000 | -1.7% | 0.6% |
| The Dart Bank | $570,000 | $775,000 | 36.0% | 0.5% |
| First Merchants Bank | $575,000 | $680,000 | 18.3% | 0.5% |
| BROKER SOLUTIONS, INC. | $680,000 | $670,000 | -1.5% | 0.5% |
| NEW DAY FINANCIAL, LLC | $295,000 | $665,000 | 125.4% | 0.5% |
| COMMUNITY FINANCIAL CREDIT UNION | $15,000 | $625,000 | 4,066.7% | 0.4% |
| GVC MORTGAGE, INC. | $625,000 | n/a | 0.4% | |
| MORTGAGE CENTER L.C | $965,000 | $615,000 | -36.3% | 0.4% |
| MICHIGAN SCHOOLS AND GOVERNMENT | $130,000 | $575,000 | 342.3% | 0.4% |
| TEAM ONE CREDIT UNION | $305,000 | $550,000 | 80.3% | 0.4% |
| NEXERA HOLDING LLC | $395,000 | $545,000 | 38.0% | 0.4% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $570,000 | $510,000 | -10.5% | 0.4% |
| CREDIT UNION ONE | $1,725,000 | $510,000 | -70.4% | 0.4% |
| FINANCE OF AMERICA REVERSE LLC | $505,000 | n/a | 0.4% | |
| The Farmers National Bank of Canfield | $505,000 | n/a | 0.4% | |
| Citizens Bank | $865,000 | $480,000 | -44.5% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $175,000 | $480,000 | 174.3% | 0.3% |
| ACADEMY MORTGAGE CORPORATION | $470,000 | n/a | 0.3% | |
| ARBOR FINANCIAL CREDIT UNION | $185,000 | $460,000 | 148.6% | 0.3% |
| West Michigan Credit Union | $660,000 | $460,000 | -30.3% | 0.3% |
| CHERRY CREEK MORTGAGE, LLC | $75,000 | $445,000 | 493.3% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $160,000 | $420,000 | 162.5% | 0.3% |
| PENNYMAC LOAN SERVICES, LLC | $1,305,000 | $415,000 | -68.2% | 0.3% |
| TRIAD FINANCIAL SERVICES, INC. | $695,000 | $410,000 | -41.0% | 0.3% |
| Summit Mortgage Corporation | $395,000 | n/a | 0.3% | |
| Thumb Bank and Trust | $395,000 | n/a | 0.3% | |
| 21ST MORTGAGE CORPORATION | $495,000 | $390,000 | -21.2% | 0.3% |
| Stifel Bank and Trust | $385,000 | n/a | 0.3% | |
| Kellogg Community Credit Union | $155,000 | $380,000 | 145.2% | 0.3% |
| Commercial Bank | $375,000 | n/a | 0.3% | |
| Mr. Cooper ( Nationstar Mortgage ) | $1,825,000 | $375,000 | -79.5% | 0.3% |
| Wells Fargo Bank | $395,000 | $370,000 | -6.3% | 0.3% |
| KeyBank | $735,000 | $355,000 | -51.7% | 0.2% |
| LOANDEPOT.COM, LLC | $1,980,000 | $355,000 | -82.1% | 0.2% |
| Old National Bank | $345,000 | n/a | 0.2% | |
| Discover Bank | $315,000 | $325,000 | 3.2% | 0.2% |
| PNC Bank | $755,000 | $320,000 | -57.6% | 0.2% |
| Century Mortgage Company DBA Century Lending Company | $315,000 | n/a | 0.2% | |
| Bank of America | $135,000 | $305,000 | 125.9% | 0.2% |
| Preston Home Loans Inc | $295,000 | n/a | 0.2% | |
| CROSSCOUNTRY MORTGAGE, LLC | $495,000 | $290,000 | -41.4% | 0.2% |
| LEADERONE FINANCIAL CORPORATION | $85,000 | $290,000 | 241.2% | 0.2% |
| NORTHERN MORTGAGE SERVICES, LLC | $160,000 | $285,000 | 78.1% | 0.2% |
| SUCCESS MORTGAGE PARTNERS, INC. | $540,000 | $285,000 | -47.2% | 0.2% |
| Northpointe Bank | $375,000 | $275,000 | -26.7% | 0.2% |
| MID AMERICA MORTGAGE, INC. | $265,000 | n/a | 0.2% | |
| PROPER RATE, LLC | $265,000 | n/a | 0.2% | |
| CONSUMERS | $420,000 | $260,000 | -38.1% | 0.2% |
| CASE | $255,000 | n/a | 0.2% | |
| Carrington Mortgage Services, LLC | $290,000 | $250,000 | -13.8% | 0.2% |
| The Loan Store, Inc. | $245,000 | n/a | 0.2% | |
| Comerica Bank | $125,000 | $235,000 | 88.0% | 0.2% |
| ZILLOW HOME LOANS, LLC | $235,000 | n/a | 0.2% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $700,000 | $230,000 | -67.1% | 0.2% |
| DAS Acquisition Company, LLC | $285,000 | $225,000 | -21.1% | 0.2% |
| Honor Credit Union | $225,000 | n/a | 0.2% | |
| AMERISAVE MORTGAGE CORPORATION | $1,220,000 | $215,000 | -82.4% | 0.2% |
| Commerce Home Mortgage, Inc. | $175,000 | $215,000 | 22.9% | 0.2% |
| AMERICAN HERITAGE LENDING, INC. | $375,000 | $205,000 | -45.3% | 0.1% |
| TLC COMMUNITY Credit Union | $205,000 | n/a | 0.1% | |
| Wildfire Credit Union | $285,000 | $205,000 | -28.1% | 0.1% |
| Nations Lending Corporation | $190,000 | $180,000 | -5.3% | 0.1% |
| GENISYS | $150,000 | $175,000 | 16.7% | 0.1% |
| KALSEE CREDIT UNION | $45,000 | $175,000 | 288.9% | 0.1% |
| FREEDOM MORTGAGE CORPORATION | $1,440,000 | $165,000 | -88.5% | 0.1% |
| The State Bank | $165,000 | n/a | 0.1% | |
| AmeriHome Mortgage Company, LLC | $400,000 | $155,000 | -61.3% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $495,000 | $155,000 | -68.7% | 0.1% |
| RELIANCE FIRST CAPITAL, LLC | $155,000 | n/a | 0.1% | |
| SUN WEST MORTGAGE COMPANY, INC. | $155,000 | n/a | 0.1% | |
| UNITED | $155,000 | n/a | 0.1% | |
| Zeal Credit Union | $150,000 | n/a | 0.1% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $135,000 | n/a | 0.1% | |
| Coastal Community Bank | $135,000 | n/a | 0.1% | |
| OAK MORTGAGE, LLC | $135,000 | n/a | 0.1% | |
| Barrington Bank & Trust Company, N.A. | $125,000 | $125,000 | 0.0% | 0.1% |
| Figure Lending LLC | $55,000 | $115,000 | 109.1% | 0.1% |
| State Department Federal Credit Union | $115,000 | n/a | 0.1% | |
| Bank of Ann Arbor | $105,000 | n/a | 0.1% | |
| Centier Bank | $105,000 | n/a | 0.1% | |
| Dort Financial Credit Union | $170,000 | $105,000 | -38.2% | 0.1% |
| Civista Bank | $95,000 | n/a | 0.1% | |
| ELGA CREDIT UNION | $435,000 | $95,000 | -78.2% | 0.1% |
| Lake Trust Credit Union | $95,000 | n/a | 0.1% | |
| DFCU FINANCIAL | $405,000 | $80,000 | -80.2% | 0.1% |
| Adventure Credit Union | $75,000 | n/a | 0.1% | |
| PHH Mortgage Corporation | $105,000 | $75,000 | -28.6% | 0.1% |
| STOCKTON MORTGAGE CORPORATION | $45,000 | $55,000 | 22.2% | 0.0% |
| Lakeview Community Capital, LLC | $45,000 | n/a | 0.0% | |
| STAR USA FEDERAL CREDIT UNION | $35,000 | n/a | 0.0% |
Cadillac's top lender by overall market share is Horizon Bank, with 15.2% market share. In second place, with 8.9%, is QUICKEN LOANS, LLC, having originated $12,690,000 in loans. In third place, with 6.7%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $9,525,000 in loans. In fourth place, with 6.6%, is The Huntington National Bank, having originated $9,370,000 in loans. In fifth place, with 4.0%, is Fifth Third Bank, having originated $5,760,000 in loans.
Cadillac, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 489 | $99,345,000 | $203,160 |
| Cash Out Refi | 119 | $15,795,000 | $132,731 |
| Home Improvement | 118 | $10,870,000 | $92,119 |
| Refi | 100 | $11,210,000 | $112,100 |
| Other | 77 | $5,335,000 | $69,286 |
Cadillac's most frequently cited loan purpose was Home Purchase, with 489 originations. The 2nd most popular reason was Cash Out Refi, with 119 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 368 | $65,350,000 | $177,582 |
| 7-8% | 229 | $40,695,000 | $177,707 |
| Over 8% | 221 | $20,095,000 | $90,928 |
| 5-6% | 74 | $14,370,000 | $194,189 |
| 4-5% | 4 | $690,000 | $172,500 |
| 3-4% | 1 | $385,000 | $385,000 |
During 2023, Cadillac's most frequently originated rate bucket was 6-7%, with 368 originations.
Loan Sizing (Cadillac, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 350 | $51,520,000 | $147,200 |
| $100,000 or less | 313 | $18,065,000 | $57,716 |
| $200k-400k | 203 | $54,705,000 | $269,483 |
| $400k-600k | 31 | $14,085,000 | $454,355 |
| $600k-1000k | 6 | $4,180,000 | $696,667 |
Cadillac's loan sizing saw the bucket of loans from $100k-200k with 350 originations, totaling $51,520,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 345 | $70,275,000 | $203,696 |
| 60-80% | 176 | $36,660,000 | $208,295 |
| 20-40% | 165 | $13,145,000 | $79,667 |
| 40-60% | 109 | $15,925,000 | $146,101 |
| Under 20% | 86 | $3,430,000 | $39,884 |
| Over 100% | 4 | $1,320,000 | $330,000 |
Cadillac's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 345 originations, totaling $70,275,000 in origination value.