Coldwater Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Coldwater averaged
6.73%
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
7.06% and
one month ago for the week of 2024-10-03, the
average rate was 6.36%.
Coldwater's average rate one year ago was 8%.
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% |
| Coldwater 30 Year Fixed Rate | 2024-11-07 | 6.73% |
| Coldwater 30 Year Fixed Rate Refi | 2024-11-07 | 6.99% |
| Coldwater 15 Year Fixed Rate | 2024-11-07 | 6% |
| Coldwater 15 Year Fixed Rate Refi | 2024-11-07 | 5.9% |
| Coldwater 30 Year FHA | 2024-11-07 | 6.63% |
| Coldwater 30 Year FHA Refi | 2024-11-07 | 6.23% |
| Coldwater 30 Year USDA | 2024-11-07 | 6.28% |
| Coldwater 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Coldwater 30 Year VA | 2024-11-07 | 6.44% |
| Coldwater 30 Year VA Refi | 2024-11-07 | 6.34% |
Coldwater 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 Coldwater, 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.).
Coldwater Average Closing Costs & Other Stats
Coldwater, MI's 53 lenders originated 719
loans during 2023. The total origination value was $112,215,000, with an average loan value of
$156,071.
Coldwater's average closing costs are $4,020.
The top Coldwater lender as defined by loan originations is OAK MORTGAGE, LLC, with
28 loans originated. Their average total fees are
$3,313, which is $2,854
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Coldwater lenders (with over 10 loans originated) are
OAK MORTGAGE, LLC ($3,313), RUOFF MORTGAGE COMPANY, INC. ($3,882), GVC MORTGAGE, INC. ($4,126), UNION HOME MORTGAGE CORP. ($5,418) and QUICKEN LOANS, LLC ($6,167).
The lowest rate Coldwater lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.69%), OAK MORTGAGE, LLC (6.74%), RUOFF MORTGAGE COMPANY, INC. (6.93%), UNITED WHOLESALE MORTGAGE, LLC (6.97%) and GVC MORTGAGE, INC. (6.99%).
Coldwater, 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 |
|---|---|---|---|---|
| The Huntington National Bank | $4,255,000 | $10,575,000 | 148.5% | 9.4% |
| Southern Michigan Bank & Trust | $10,715,000 | $9,985,000 | -6.8% | 8.9% |
| QUICKEN LOANS, LLC | $12,210,000 | $8,780,000 | -28.1% | 7.8% |
| UNION HOME MORTGAGE CORP. | $1,030,000 | $7,885,000 | 665.5% | 7.0% |
| OAK MORTGAGE, LLC | $22,210,000 | $7,520,000 | -66.1% | 6.7% |
| GVC MORTGAGE, INC. | $2,100,000 | $5,225,000 | 148.8% | 4.7% |
| Honor Credit Union | $6,060,000 | $3,965,000 | -34.6% | 3.5% |
| MARSHALL COMMUNITY CREDIT UNION | $3,660,000 | $3,530,000 | -3.6% | 3.1% |
| CONSUMERS | $6,350,000 | $3,395,000 | -46.5% | 3.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $2,375,000 | $3,260,000 | 37.3% | 2.9% |
| RUOFF MORTGAGE COMPANY, INC. | $2,160,000 | $3,180,000 | 47.2% | 2.8% |
| Sturgis Bank & Trust Company | $5,620,000 | $3,000,000 | -46.6% | 2.7% |
| PNC Bank | $4,165,000 | $2,970,000 | -28.7% | 2.6% |
| Mortgage Research Center, LLC | $1,750,000 | $1,890,000 | 8.0% | 1.7% |
| Merchants Bank of Indiana | $1,495,000 | n/a | 1.3% | |
| Carrington Mortgage Services, LLC | $235,000 | $1,320,000 | 461.7% | 1.2% |
| 21ST MORTGAGE CORPORATION | $485,000 | $1,240,000 | 155.7% | 1.1% |
| County National Bank | $675,000 | $1,225,000 | 81.5% | 1.1% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $910,000 | $1,045,000 | 14.8% | 0.9% |
| OMNI Community Credit Union | $530,000 | $1,045,000 | 97.2% | 0.9% |
| Fifth Third Bank | $2,175,000 | $930,000 | -57.2% | 0.8% |
| CARDINAL FINANCIAL | $670,000 | $905,000 | 35.1% | 0.8% |
| Neighborhood Loans, Inc. | $655,000 | $890,000 | 35.9% | 0.8% |
| BROKER SOLUTIONS, INC. | $1,390,000 | $860,000 | -38.1% | 0.8% |
| MORTGAGE CENTER L.C | $2,010,000 | $845,000 | -58.0% | 0.8% |
| PENNYMAC LOAN SERVICES, LLC | $260,000 | $815,000 | 213.5% | 0.7% |
| Kellogg Community Credit Union | $1,460,000 | $805,000 | -44.9% | 0.7% |
| Guardian Savings Bank, A Federal Savings Bank | $785,000 | n/a | 0.7% | |
| CROSSCOUNTRY MORTGAGE, LLC | $615,000 | $745,000 | 21.1% | 0.7% |
| JPMorgan Chase Bank | $770,000 | $735,000 | -4.5% | 0.7% |
| Flagstar Bank, FSB | $1,320,000 | $725,000 | -45.1% | 0.6% |
| MID AMERICA MORTGAGE, INC. | $1,100,000 | $675,000 | -38.6% | 0.6% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $5,520,000 | $670,000 | -87.9% | 0.6% |
| LENDINGONE, LLC | $640,000 | n/a | 0.6% | |
| NFM, INC. | $560,000 | n/a | 0.5% | |
| UIF CORPORATION | $135,000 | $550,000 | 307.4% | 0.5% |
| The Union Bank Company | $495,000 | n/a | 0.4% | |
| Wells Fargo Bank | $720,000 | $480,000 | -33.3% | 0.4% |
| First Federal Bank of the Midwest | $2,495,000 | $465,000 | -81.4% | 0.4% |
| Farmers State Bank | $1,640,000 | $460,000 | -72.0% | 0.4% |
| Citizens Bank | $610,000 | $450,000 | -26.2% | 0.4% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $220,000 | $450,000 | 104.5% | 0.4% |
| Mr. Cooper ( Nationstar Mortgage ) | $680,000 | $440,000 | -35.3% | 0.4% |
| NAVY FEDERAL CREDIT UNION | $220,000 | $430,000 | 95.5% | 0.4% |
| GreenStone Farm Credit Services, FLCA | $1,420,000 | $420,000 | -70.4% | 0.4% |
| NORTHERN MORTGAGE SERVICES, LLC | $415,000 | n/a | 0.4% | |
| ZILLOW HOME LOANS, LLC | $115,000 | $410,000 | 256.5% | 0.4% |
| The First National Bank of Pandora | $405,000 | n/a | 0.4% | |
| TEACHERS CREDIT UNION | $380,000 | $395,000 | 3.9% | 0.4% |
| LAKE MICHIGAN CREDIT UNION | $1,450,000 | $385,000 | -73.4% | 0.3% |
| Northpointe Bank | $55,000 | $380,000 | 590.9% | 0.3% |
| MIDWEST AMERICA | $410,000 | $365,000 | -11.0% | 0.3% |
| GUIDANCE RESIDENTIAL, LLC | $350,000 | n/a | 0.3% | |
| GUILD MORTGAGE COMPANY | $325,000 | n/a | 0.3% | |
| The Genoa Banking Company | $305,000 | n/a | 0.3% | |
| Three Rivers Federal Credit Union | $620,000 | $305,000 | -50.8% | 0.3% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $235,000 | $300,000 | 27.7% | 0.3% |
| NEW DAY FINANCIAL, LLC | $105,000 | $290,000 | 176.2% | 0.3% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $555,000 | $285,000 | -48.6% | 0.3% |
| LOANDEPOT.COM, LLC | $1,825,000 | $285,000 | -84.4% | 0.3% |
| ADVIA | $260,000 | $265,000 | 1.9% | 0.2% |
| ProFed Federal Credit Union | $330,000 | $265,000 | -19.7% | 0.2% |
| GUARANTEED RATE, INC. | $1,030,000 | $260,000 | -74.8% | 0.2% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $215,000 | $255,000 | 18.6% | 0.2% |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $250,000 | n/a | 0.2% | |
| TLC COMMUNITY Credit Union | $245,000 | n/a | 0.2% | |
| SUMMIT HOME MORTGAGE, LLC | $220,000 | n/a | 0.2% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $205,000 | n/a | 0.2% | |
| PREMIA MORTGAGE, LLC | $535,000 | $205,000 | -61.7% | 0.2% |
| NETWORK CAPITAL FUNDING CORPORATION | $165,000 | $195,000 | 18.2% | 0.2% |
| The State Bank and Trust Company | $1,555,000 | $195,000 | -87.5% | 0.2% |
| Discover Bank | $80,000 | $180,000 | 125.0% | 0.2% |
| MORTGAGE 1 INCORPORATED | $1,150,000 | $175,000 | -84.8% | 0.2% |
| Paramount Residential Mortgage Group, Inc. | $175,000 | n/a | 0.2% | |
| Frankenmuth Credit Union | $165,000 | n/a | 0.1% | |
| GREENSTATE CREDIT UNION | $100,000 | $165,000 | 65.0% | 0.1% |
| TOP FLITE FINANCIAL, INC. | $460,000 | $165,000 | -64.1% | 0.1% |
| GUARANTEED RATE AFFINITY, LLC | $155,000 | n/a | 0.1% | |
| PHH Mortgage Corporation | $155,000 | n/a | 0.1% | |
| Figure Lending LLC | $150,000 | n/a | 0.1% | |
| Waterstone Mortgage Corporation | $500,000 | $145,000 | -71.0% | 0.1% |
| KeyBank | $125,000 | $135,000 | 8.0% | 0.1% |
| LENDINGHOME FUNDING CORPORATION | $135,000 | n/a | 0.1% | |
| USAA Federal Savings Bank | $195,000 | $135,000 | -30.8% | 0.1% |
| Directions Credit Union, Inc. | $175,000 | $125,000 | -28.6% | 0.1% |
| Equity Prime Mortgage LLC | $115,000 | n/a | 0.1% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $115,000 | n/a | 0.1% | |
| MEMBER FIRST MORTGAGE, LLC | $105,000 | $115,000 | 9.5% | 0.1% |
| MICHIGAN MUTUAL, INC. | $835,000 | $115,000 | -86.2% | 0.1% |
| 1st Source Bank | $205,000 | $105,000 | -48.8% | 0.1% |
| Independent Bank | $550,000 | $105,000 | -80.9% | 0.1% |
| Union Savings Bank | $105,000 | n/a | 0.1% | |
| SUCCESS MORTGAGE PARTNERS, INC. | $165,000 | $95,000 | -42.4% | 0.1% |
| KALSEE CREDIT UNION | $90,000 | n/a | 0.1% | |
| SUN WEST MORTGAGE COMPANY, INC. | $85,000 | n/a | 0.1% | |
| UNITED | $290,000 | $85,000 | -70.7% | 0.1% |
| NEWREZ LLC | $205,000 | $75,000 | -63.4% | 0.1% |
| SPRING EQ, LLC | $65,000 | n/a | 0.1% | |
| Superior Credit Union, Inc. | $305,000 | $65,000 | -78.7% | 0.1% |
| COMMUNITY CHOICE CREDIT UNION | $65,000 | $60,000 | -7.7% | 0.1% |
| INTERRA CREDIT UNION | $55,000 | n/a | 0.0% | |
| Coastal Community Bank | $35,000 | n/a | 0.0% | |
| GENISYS | $35,000 | $35,000 | 0.0% | 0.0% |
| The Farmers & Merchants State Bank | $500,000 | $25,000 | -95.0% | 0.0% |
Coldwater's top lender by overall market share is The Huntington National Bank, with 9.4% market share. In second place, with 8.9%, is Southern Michigan Bank & Trust, having originated $9,985,000 in loans. In third place, with 7.8%, is QUICKEN LOANS, LLC, having originated $8,780,000 in loans. In fourth place, with 7.0%, is UNION HOME MORTGAGE CORP., having originated $7,885,000 in loans. In fifth place, with 6.7%, is OAK MORTGAGE, LLC, having originated $7,520,000 in loans.
Coldwater, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 360 | $77,180,000 | $214,389 |
| Cash Out Refi | 120 | $15,410,000 | $128,417 |
| Home Improvement | 82 | $4,190,000 | $51,098 |
| Other | 82 | $6,040,000 | $73,659 |
| Refi | 75 | $9,395,000 | $125,267 |
Coldwater's most frequently cited loan purpose was Home Purchase, with 360 originations. The 2nd most popular reason was Cash Out Refi, with 120 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 234 | $40,210,000 | $171,838 |
| Over 8% | 155 | $13,005,000 | $83,903 |
| 7-8% | 148 | $23,850,000 | $161,149 |
| 5-6% | 72 | $12,150,000 | $168,750 |
| 4-5% | 3 | $335,000 | $111,667 |
| 3-4% | 2 | $800,000 | $400,000 |
During 2023, Coldwater's most frequently originated rate bucket was 6-7%, with 234 originations.
Loan Sizing (Coldwater, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 290 | $41,270,000 | $142,310 |
| $100,000 or less | 281 | $14,075,000 | $50,089 |
| $200k-400k | 121 | $32,565,000 | $269,132 |
| $400k-600k | 18 | $8,480,000 | $471,111 |
| $600k-1000k | 6 | $4,420,000 | $736,667 |
| $Over $1MM | 3 | $11,405,000 | $3,801,667 |
Coldwater's loan sizing saw the bucket of loans from $100k-200k with 290 originations, totaling $41,270,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 263 | $48,015,000 | $182,567 |
| 60-80% | 119 | $24,425,000 | $205,252 |
| 20-40% | 85 | $5,855,000 | $68,882 |
| Under 20% | 78 | $2,570,000 | $32,949 |
| 40-60% | 68 | $8,780,000 | $129,118 |
| Over 100% | 4 | $8,620,000 | $2,155,000 |
Coldwater's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 263 originations, totaling $48,015,000 in origination value.