Cadillac Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Cadillac averaged 6.8% for the week of 2024-07-18, compared to the national average of 6.77% for the same period.

    The average rate for the prior week (2024-07-11) was 6.92% and one month ago for the week of 2024-06-13, the average rate was 7.08%.

    Cadillac's average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-07-18, the average rate was 7.27%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-07-18 6.77%
    Cadillac 30 Year Fixed Rate 2024-07-18 6.8%
    Cadillac 30 Year Fixed Rate Refi 2024-07-18 7.27%
    Cadillac 15 Year Fixed Rate 2024-07-18 6.05%
    Cadillac 15 Year Fixed Rate Refi 2024-07-18 6.35%
    Cadillac 30 Year FHA 2024-07-18 6.82%
    Cadillac 30 Year FHA Refi 2024-07-18 6.39%
    Cadillac 30 Year USDA 2024-07-18 6.43%
    Cadillac 30 Year USDA Refi 2024-07-18 6.63%
    Cadillac 30 Year VA 2024-07-18 6.3%
    Cadillac 30 Year VA Refi 2024-07-18 6.3%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Cadillac, MI.

    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.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Horizon Bank 41 7.13% $3,071
    UNITED WHOLESALE MORTGAGE, LLC 33 7.35% $4,984
    QUICKEN LOANS, LLC 27 7.02% $6,230
    CALIBER HOME LOANS, INC. 22 6.34% $4,865
    Fifth Third Bank 19 6.49% $4,617
    GUILD MORTGAGE COMPANY 17 7.32% $5,302
    J. VIRGIL, INC. 16 7.28% $7,789
    Independent Bank 13 6.71% $3,760
    Mercantile Bank of Michigan 13 6.95% $3,475
    The Huntington National Bank 11 6.91% $3,036
    LAKE MICHIGAN CREDIT UNION 9 6.60% $3,221
    NEWREZ LLC 8 7.15% $5,004
    JPMorgan Chase Bank 6 6.81% $4,403
    Neighborhood Loans, Inc. 5 6.70% $4,526
    MORTGAGE 1 INCORPORATED 5 7.35% $5,713
    FIRST COMMUNITY MORTGAGE, INC. 4 7.28% $6,192
    Flagstar Bank, FSB 3 7.08% $5,307
    STAUNTON FINANCIAL, INC. 3 7.37% $3,425
    GreenStone Farm Credit Services, FLCA 3 7.87% $4,906
    CHERRY CREEK MORTGAGE, LLC 3 7.00% $751
    MICHIGAN SCHOOLS AND GOVERNMENT 2 6.75% $3,606
    MORTGAGE CENTER L.C 2 6.00% $3,081
    CREDIT UNION ONE 2 6.56% $3,115
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.56% $7,715
    Nicolet National Bank 2 7.25% $2,690
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.56% $6,236
    ACADEMY MORTGAGE CORPORATION 2 7.63% $5,878
    First Merchants Bank 2 6.44% $3,545
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.37% $5,216
    GVC MORTGAGE, INC. 2 7.18% $4,845
    Summit Mortgage Corporation 2 6.56% $3,116
    CARDINAL FINANCIAL 2 6.81% $4,837
    UNION HOME MORTGAGE CORP. 2 7.19% $5,493
    COMMUNITY FINANCIAL CREDIT UNION 2 6.69% $3,093
    VAN DYK MORTGAGE CORPORATION 2 7.06% $3,167
    Wells Fargo Bank 2 6.69% $4,951
    CONSUMERS 2 8.38% $3,645
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION 2 7.19% $3,557
    Wildfire Credit Union 1 6.13% $2,355
    Adventure Credit Union 1 5.75% $1,918
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.99% $6,610
    ARBOR FINANCIAL CREDIT UNION 1 6.88% $3,688
    Bank of Ann Arbor 1 7.00% $2,296
    CHURCHILL MORTGAGE CORPORATION 1 7.50% $5,416
    Citizens Bank 1 8.63% $3,444
    Civista Bank 1 6.50% $2,399
    Commerce Home Mortgage, Inc. 1 8.25% $7,612
    DAS Acquisition Company, LLC 1 7.25% $5,317
    Discover Bank 1 6.24% $0
    Dort Financial Credit Union 1 5.50% $1,878
    GENISYS 1 5.75% $2,614
    Isabella Bank 1 6.00% $2,987
    LEADERONE FINANCIAL CORPORATION 1 7.99% $4,017
    LOANDEPOT.COM, LLC 1 7.50% $4,244
    Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $6,944
    NAVY FEDERAL CREDIT UNION 1 8.00% $2,452
    NORTHERN MORTGAGE SERVICES, LLC 1 6.99% $11,626
    Northpointe Bank 1 6.63% $3,339
    OAK MORTGAGE, LLC 1 6.75% $2,672
    Old National Bank 1 6.13% $4,343
    PENNYMAC LOAN SERVICES, LLC 1 6.38% $3,605
    PNC Bank 1 6.88% $4,013
    PROPER RATE, LLC 1 6.99% $6,280
    ROYAL UNITED MORTGAGE LLC 1 6.38% $6,902
    State Department Federal Credit Union 1 6.38% $3,638
    Stifel Bank and Trust 1 6.00% $3,048
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $8,437
    TEAM ONE CREDIT UNION 1 7.00% $3,840
    The Farmers National Bank of Canfield 1 5.88% $4,017
    The Loan Store, Inc. 1 7.38% $8,765
    The State Bank 1 8.13% $3,600
    TLC COMMUNITY Credit Union 1 5.50% $2,744
    UNITED 1 7.13% $2,105
    West Michigan Credit Union 1 6.88% $2,826
    21ST MORTGAGE CORPORATION 1 7.70% $4,384

    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.