Houghton Mortgage Rates & Closing Costs

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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Houghton averaged 6.98% for the week of 2024-11-14, compared to the national average of 6.78% for the same period.

    The average rate for the prior week (2024-11-07) was 6.99% and one month ago for the week of 2024-10-10, the average rate was 6.42%.

    Houghton's average rate one year ago was 7.6%.

    For refis of the same type during the week of 2024-11-14, the average rate was 7.18%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-11-14 6.78%
    Houghton 30 Year Fixed Rate 2024-11-14 6.98%
    Houghton 30 Year Fixed Rate Refi 2024-11-14 7.18%
    Houghton 15 Year Fixed Rate 2024-11-14 6.09%
    Houghton 15 Year Fixed Rate Refi 2024-11-14 6.49%
    Houghton 30 Year FHA 2024-11-14 0.1%
    Houghton 30 Year FHA Refi 2024-11-14 0.3%
    Houghton 30 Year USDA 2024-11-14 -0.2%
    Houghton 30 Year USDA Refi 2024-11-14 -0.2%
    Houghton 30 Year VA 2024-11-14 -0.1%
    Houghton 30 Year VA Refi 2024-11-14 -0.2%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Houghton, MI.

    Houghton 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 Houghton, 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
    Range Bank 39 6.81% $2,463
    QUICKEN LOANS, LLC 22 6.98% $6,000
    IncredibleBank 18 7.14% $2,852
    The Huntington National Bank 5 6.73% $2,760
    JPMorgan Chase Bank 5 6.68% $5,889
    Flagstar Bank, FSB 4 6.58% $3,877
    UNITED WHOLESALE MORTGAGE, LLC 4 6.82% $5,159
    LAKE MICHIGAN CREDIT UNION 3 6.92% $3,256
    MORTGAGE CENTER L.C 3 5.88% $2,950
    Associated Bank 2 6.25% $3,766
    ZILLOW HOME LOANS, LLC 2 7.63% $4,199
    U.S. Bank 2 7.06% $2,557
    Mortgage Research Center, LLC 2 7.19% $3,304
    Honor Credit Union 2 6.81% $2,795
    J. VIRGIL, INC. 1 7.75% $12,106
    MICHIGAN FIRST CREDIT UNION 1 11.25% $8,104
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION 1 6.38% $3,165
    NAVY FEDERAL CREDIT UNION 1 7.00% $1,987
    NEWREZ LLC 1 6.63% $4,742
    Nicolet National Bank 1 7.88% $3,148
    OAK MORTGAGE, LLC 1 6.13% $5,094
    PHH Mortgage Corporation 1 6.25% $5,556
    PNC Bank 1 7.75% $3,458
    PROPER RATE, LLC 1 7.88% $3,701
    PURDUE FEDERAL CREDIT UNION 1 6.50% $2,469
    Quontic Bank 1 8.88% $6,368
    RIVER VALLEY CREDIT UNION 1 6.13% $3,610
    S1L, Inc. 1 6.13% $3,668
    Summit Credit Union 1 5.88% $1,999
    TEAM ONE CREDIT UNION 1 6.25% $0
    Ally Bank 1 6.63% $2,046
    USAA Federal Savings Bank 1 6.75% $3,395
    Wells Fargo Bank 1 7.63% $2,839
    UNION HOME MORTGAGE CORP. 1 7.38% $4,343
    AMERISAVE MORTGAGE CORPORATION 1 7.38% $3,398
    Atlantic Coast Mortgage, LLC 1 7.50% $3,737
    Barrington Bank & Trust Company, N.A. 1 8.13% $2,328
    BETTER MORTGAGE CORPORATION 1 6.63% $3,520
    Carrington Mortgage Services, LLC 1 6.25% $5,954
    Citizens Bank 1 5.75% $8,649
    CMG MORTGAGE, INC. 1 6.50% $3,936
    CoVantage Credit Union 1 6.88% $2,884
    Discover Bank 1 7.49% $0
    DOW CHEMICAL EMPLOYEES' 1 6.88% $2,873
    FINANCIAL PLUS CREDIT UNION 1 6.38% $2,578
    First Federal Bank 1 6.25% $2,208
    GUARANTEED RATE, INC. 1 7.88% $3,438

    Houghton Average Closing Costs & Other Stats

    Houghton, MI's 47 lenders originated 462 loans during 2023. The total origination value was $78,250,000, with an average loan value of $169,372.

    Houghton's average closing costs are $3,376.

    The top Houghton lender as defined by loan originations is Range Bank, with 39 loans originated. Their average total fees are $2,463, which is $3,537 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Houghton lenders (with over 10 loans originated) are Range Bank ($2,463), IncredibleBank ($2,852), QUICKEN LOANS, LLC ($6,000), .

    The lowest rate Houghton lenders (with over 10 loans originated) are Range Bank (6.81%), QUICKEN LOANS, LLC (6.98%), IncredibleBank (7.14%), .

    Houghton, 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
    Range Bank $17,470,000 $16,045,000 -8.2% 20.5%
    QUICKEN LOANS, LLC $8,250,000 $6,505,000 -21.2% 8.3%
    IncredibleBank $8,345,000 $5,195,000 -37.7% 6.6%
    Mortgage Research Center, LLC $1,180,000 $2,430,000 105.9% 3.1%
    The Huntington National Bank $2,375,000 $1,800,000 -24.2% 2.3%
    UNITED WHOLESALE MORTGAGE, LLC $1,790,000 $1,630,000 -8.9% 2.1%
    JPMorgan Chase Bank $530,000 $1,225,000 131.1% 1.6%
    GreenStone Farm Credit Services, FLCA $535,000 $1,160,000 116.8% 1.5%
    Flagstar Bank, FSB $2,285,000 $1,045,000 -54.3% 1.3%
    NAVY FEDERAL CREDIT UNION $890,000 $935,000 5.1% 1.2%
    LAKE MICHIGAN CREDIT UNION $870,000 $840,000 -3.4% 1.1%
    Wells Fargo Bank $4,085,000 $760,000 -81.4% 1.0%
    CoVantage Credit Union $25,000 $685,000 2,640.0% 0.9%
    Associated Bank $445,000 $670,000 50.6% 0.9%
    AMERISAVE MORTGAGE CORPORATION $660,000 n/a 0.8%
    Honor Credit Union $205,000 $655,000 219.5% 0.8%
    USAA Federal Savings Bank $705,000 $610,000 -13.5% 0.8%
    FREEDOM MORTGAGE CORPORATION $325,000 $600,000 84.6% 0.8%
    BROKER SOLUTIONS, INC. $95,000 $535,000 463.2% 0.7%
    NEXERA HOLDING LLC $485,000 n/a 0.6%
    MORTGAGE CENTER L.C $110,000 $480,000 336.4% 0.6%
    BETTER MORTGAGE CORPORATION $580,000 $435,000 -25.0% 0.6%
    DOW CHEMICAL EMPLOYEES' $75,000 $425,000 466.7% 0.5%
    J. VIRGIL, INC. $365,000 n/a 0.5%
    Atlantic Coast Mortgage, LLC $325,000 n/a 0.4%
    PURDUE FEDERAL CREDIT UNION $325,000 n/a 0.4%
    IVY MORTGAGE, INC. $305,000 n/a 0.4%
    RIVER VALLEY CREDIT UNION $295,000 n/a 0.4%
    Nicolet National Bank $860,000 $275,000 -68.0% 0.4%
    Citizens Bank $210,000 $265,000 26.2% 0.3%
    MICHIGAN FIRST CREDIT UNION $265,000 n/a 0.3%
    MUTUAL OF OMAHA MORTGAGE, INC. $260,000 n/a 0.3%
    NEW DAY FINANCIAL, LLC $175,000 $235,000 34.3% 0.3%
    CMG MORTGAGE, INC. $230,000 n/a 0.3%
    UNION HOME MORTGAGE CORP. $125,000 $215,000 72.0% 0.3%
    FOUNDATION MORTGAGE CORPORATION $205,000 n/a 0.3%
    PROPER RATE, LLC $205,000 n/a 0.3%
    CHURCHILL MORTGAGE CORPORATION $75,000 $195,000 160.0% 0.2%
    U.S. Bank $450,000 $190,000 -57.8% 0.2%
    Discover Bank $80,000 $185,000 131.3% 0.2%
    OAK MORTGAGE, LLC $185,000 n/a 0.2%
    ZILLOW HOME LOANS, LLC $245,000 $180,000 -26.5% 0.2%
    Ally Bank $135,000 $175,000 29.6% 0.2%
    Quontic Bank $175,000 n/a 0.2%
    NEWREZ LLC $170,000 n/a 0.2%
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION $295,000 $165,000 -44.1% 0.2%
    TOWER $165,000 n/a 0.2%
    GUARANTEED RATE, INC. $465,000 $155,000 -66.7% 0.2%
    HOMEBRIDGE FINANCIAL SERVICES, INC. $700,000 $145,000 -79.3% 0.2%
    LOANDEPOT.COM, LLC $920,000 $125,000 -86.4% 0.2%
    First Federal Bank $115,000 n/a 0.1%
    TEAM ONE CREDIT UNION $115,000 n/a 0.1%
    Barrington Bank & Trust Company, N.A. $55,000 $105,000 90.9% 0.1%
    Deere Employees Credit Union $105,000 n/a 0.1%
    LIMA ONE CAPITAL, LLC $115,000 $105,000 -8.7% 0.1%
    Paramount Residential Mortgage Group, Inc. $105,000 n/a 0.1%
    PNC Bank $330,000 $105,000 -68.2% 0.1%
    Carrington Mortgage Services, LLC $95,000 n/a 0.1%
    CROSSCOUNTRY MORTGAGE, LLC $530,000 $95,000 -82.1% 0.1%
    FINANCIAL PLUS CREDIT UNION $85,000 n/a 0.1%
    PHH Mortgage Corporation $65,000 $85,000 30.8% 0.1%
    S1L, Inc. $85,000 n/a 0.1%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $195,000 $75,000 -61.5% 0.1%
    PREMIER MORTGAGE RESOURCES, L.L.C. $75,000 n/a 0.1%
    Summit Credit Union $75,000 n/a 0.1%
    PENNYMAC LOAN SERVICES, LLC $305,000 $65,000 -78.7% 0.1%
    AMERICAN FINANCING CORPORATION $55,000 n/a 0.1%
    Figure Lending LLC $65,000 $50,000 -23.1% 0.1%
    CREDIT UNION ONE $45,000 n/a 0.1%
    Bank of America $115,000 $25,000 -78.3% 0.0%

    Houghton's top lender by overall market share is Range Bank, with 20.5% market share. In second place, with 8.3%, is QUICKEN LOANS, LLC, having originated $6,505,000 in loans. In third place, with 6.6%, is IncredibleBank, having originated $5,195,000 in loans. In fourth place, with 3.1%, is Mortgage Research Center, LLC, having originated $2,430,000 in loans. In fifth place, with 2.3%, is The Huntington National Bank, having originated $1,800,000 in loans.

    Houghton Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Houghton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $119,975 (7.6%) $188,822 (17.7%) 0.00 174
    2018-02-01 $124,375 (12.4%) $191,157 (20.2%) 0.00 170
    2018-03-01 $142,450 (19.0%) $205,596 (30.3%) 0.00 170
    2018-04-01 $152,675 (13.2%) $224,633 (28.8%) 0.00 165
    2018-05-01 $153,450 (-3.2%) $223,789 (12.8%) 0.00 183
    2018-06-01 $155,000 (8.5%) $214,782 (8.0%) 0.00 247
    2018-07-01 $153,950 (10.0%) $207,572 (4.1%) 0.00 260
    2018-08-01 $147,500 (6.1%) $203,458 (1.8%) 0.00 264
    2018-09-01 $134,950 (3.9%) $191,065 (-0.4%) 0.00 253
    2018-10-01 $134,900 (-0.8%) $189,905 (-2.9%) 0.00 228
    2018-11-01 $137,975 (-0.9%) $197,870 (-1.6%) 0.00 195
    2018-12-01 $140,950 (10.6%) $199,707 (3.7%) 0.00 167
    2019-01-01 $131,250 (9.4%) $198,650 (5.2%) 0.00 136
    2019-02-01 $130,750 (5.1%) $203,706 (6.6%) 0.00 127
    2019-03-01 $152,043 (6.7%) $223,317 (8.6%) 0.00 124
    2019-04-01 $172,400 (12.9%) $231,191 (2.9%) 0.00 127
    2019-05-01 $163,175 (6.3%) $230,798 (3.1%) 0.00 172
    2019-06-01 $179,000 (15.5%) $227,164 (5.8%) 0.00 214
    2019-07-01 $165,075 (7.2%) $212,059 (2.2%) 0.00 241
    2019-08-01 $156,600 (6.2%) $205,089 (0.8%) 0.00 243
    2019-09-01 $152,325 (12.9%) $199,341 (4.3%) 0.00 241
    2019-10-01 $146,950 (8.9%) $193,118 (1.7%) 0.00 238
    2019-11-01 $139,000 (0.7%) $186,822 (-5.6%) 0.00 207
    2019-12-01 $145,075 (2.9%) $194,571 (-2.6%) 0.00 183
    2020-01-01 $148,850 (13.4%) $193,952 (-2.4%) 0.00 143
    2020-02-01 $153,750 (17.6%) $202,187 (-0.8%) 0.00 126
    2020-03-01 $182,000 (19.7%) $224,898 (0.7%) 0.00 121
    2020-04-01 $170,000 (-1.4%) $220,045 (-4.8%) 0.00 126
    2020-05-01 $167,500 (2.7%) $224,321 (-2.8%) 0.00 131
    2020-06-01 $167,125 (-6.6%) $222,174 (-2.2%) 0.00 143
    2020-07-01 $164,950 (-0.1%) $226,070 (6.6%) 0.00 150
    2020-08-01 $167,450 (6.9%) $224,539 (9.5%) 0.00 142
    2020-09-01 $169,000 (11.0%) $236,115 (18.5%) 0.00 119
    2020-10-01 $139,900 (-4.8%) $237,845 (23.2%) 0.00 91
    2020-11-01 $139,000 (0.0%) $248,014 (32.8%) 0.00 75
    2020-12-01 $149,450 (3.0%) $265,830 (36.6%) 0.00 55
    2021-01-01 $137,450 (-7.7%) $256,662 (32.3%) 0.00 46
    2021-02-01 $144,450 (-6.1%) $290,803 (43.8%) 0.00 41
    2021-03-01 $173,850 (-4.5%) $318,458 (41.6%) 0.00 37
    2021-04-01 $164,525 (-3.2%) $309,376 (40.6%) 0.00 44
    2021-05-01 $171,610 (2.5%) $308,710 (37.6%) 0.00 51
    2021-06-01 $163,625 (-2.1%) $273,068 (22.9%) 0.00 78
    2021-07-01 $180,000 (9.1%) $272,200 (20.4%) 0.00 82
    2021-08-01 $162,725 (-2.8%) $253,190 (12.8%) 0.00 76
    2021-09-01 $147,475 (-12.7%) $237,190 (0.5%) 0.00 68
    2021-10-01 $157,000 (12.2%) $229,631 (-3.5%) 0.00 67
    2021-11-01 $150,000 (7.9%) $285,025 (14.9%) 0.00 54
    2021-12-01 $151,000 (1.0%) $292,740 (10.1%) 0.00 53
    2022-01-01 $145,000 (5.5%) $322,601 (25.7%) 0.00 36
    2022-02-01 $182,450 (26.3%) $463,878 (59.5%) 0.00 18
    2022-03-01 $244,700 (40.8%) $586,496 (84.2%) 0.00 15
    2022-04-01 $232,250 (41.2%) $447,871 (44.8%) 0.00 17
    2022-05-01 $186,175 (8.5%) $410,839 (33.1%) 0.00 23
    2022-06-01 $214,500 (31.1%) $379,879 (39.1%) 0.00 37
    2022-07-01 $247,450 (37.5%) $373,611 (37.3%) 0.00 51
    2022-08-01 $252,400 (55.1%) $357,228 (41.1%) 0.00 57
    2022-09-01 $195,950 (32.9%) $316,628 (33.5%) 0.00 59
    2022-10-01 $177,000 (12.7%) $316,663 (37.9%) 0.00 57
    2022-11-01 $195,500 (30.3%) $329,969 (15.8%) 0.00 49
    2022-12-01 $259,900 (72.1%) $353,161 (20.6%) 0.00 34
    2023-01-01 $242,500 (67.2%) $380,482 (17.9%) 0.00 29
    2023-02-01 $261,250 (43.2%) $302,172 (-34.9%) 0.00 28
    2023-03-01 $263,750 (7.8%) $338,405 (-42.3%) 0.00 32
    2023-04-01 $214,000 (-7.9%) $348,094 (-22.3%) 0.00 35
    2023-05-01 $162,350 (-12.8%) $318,977 (-22.4%) 0.00 38
    2023-06-01 $164,700 (-23.2%) $297,449 (-21.7%) 0.00 48
    2023-07-01 $239,000 (-3.4%) $360,267 (-3.6%) 0.00 54
    2023-08-01 $244,000 (-3.3%) $352,768 (-1.3%) 0.00 65
    2023-09-01 $229,000 (16.9%) $340,048 (7.4%) 0.00 60
    2023-10-01 $204,500 (15.5%) $322,731 (1.9%) 0.00 58
    2023-11-01 $190,125 (-2.8%) $290,733 (-11.9%) 0.00 58
    2023-12-01 $178,000 (-31.5%) $237,303 (-32.8%) 0.00 56
    2024-01-01 $167,250 (-31.0%) $225,335 (-40.8%) 0.00 46
    2024-02-01 $167,000 (-36.1%) $236,219 (-21.8%) 0.00 41
    2024-03-01 $169,900 (-35.6%) $234,152 (-30.8%) 0.00 45
    2024-04-01 $186,675 (-12.8%) $252,923 (-27.3%) 0.00 38
    2024-05-01 $239,700 (47.6%) $323,514 (1.4%) 0.00 46
    2024-06-01 $263,950 (60.3%) $334,466 (12.4%) 0.00 62
    2024-07-01 $279,750 (17.1%) $355,250 (-1.4%) 0.00 86
    2024-08-01 $274,900 (12.7%) $347,147 (-1.6%) 0.00 91
    2024-09-01 $232,000 (1.3%) $322,075 (-5.3%) 0.00 97
    2024-10-01 $223,650 (9.4%) $309,461 (-4.1%) 0.00 98
    Houghton's median listing price for 2024-10-01 was $223,650, a difference of $19,150 (9.4%) versus the prior year and $-8,350 versus the prior month.

    Houghton's median listing price comes in at 0% of the national average.

    Houghton's average listing price for 2024-10-01 was $309,461, a difference of $-13,270 (-4.1%) versus the prior year and $-12,614 versus the prior month.

    For the 2024-10-01 period, Houghton had 98 MLS listings, a difference of 1 listings (1%) versus the prior month and 40 listings (69%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Houghton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,572 sqft
    2018-02-01 0 days 1,568 sqft
    2018-03-01 0 days 1,576 sqft
    2018-04-01 0 days 1,581 sqft
    2018-05-01 0 days 1,566 sqft
    2018-06-01 0 days 1,593 sqft
    2018-07-01 0 days 1,592 sqft
    2018-08-01 0 days 1,579 sqft
    2018-09-01 0 days 1,552 sqft
    2018-10-01 0 days 1,550 sqft
    2018-11-01 0 days 1,540 sqft
    2018-12-01 0 days 1,572 sqft
    2019-01-01 0 days 1,558 sqft
    2019-02-01 0 days 1,578 sqft
    2019-03-01 0 days 1,653 sqft
    2019-04-01 0 days 1,704 sqft
    2019-05-01 0 days 1,693 sqft
    2019-06-01 0 days 1,696 sqft
    2019-07-01 0 days 1,656 sqft
    2019-08-01 0 days 1,665 sqft
    2019-09-01 0 days 1,654 sqft
    2019-10-01 0 days 1,643 sqft
    2019-11-01 0 days 1,649 sqft
    2019-12-01 0 days 1,625 sqft
    2020-01-01 0 days 1,606 sqft
    2020-02-01 0 days 1,588 sqft
    2020-03-01 0 days 1,604 sqft
    2020-04-01 0 days 1,588 sqft
    2020-05-01 0 days 1,672 sqft
    2020-06-01 0 days 1,635 sqft
    2020-07-01 0 days 1,709 sqft
    2020-08-01 0 days 1,672 sqft
    2020-09-01 0 days 1,731 sqft
    2020-10-01 0 days 1,588 sqft
    2020-11-01 0 days 1,537 sqft
    2020-12-01 0 days 1,588 sqft
    2021-01-01 0 days 1,536 sqft
    2021-02-01 0 days 1,575 sqft
    2021-03-01 0 days 1,770 sqft
    2021-04-01 0 days 1,877 sqft
    2021-05-01 0 days 1,861 sqft
    2021-06-01 0 days 1,687 sqft
    2021-07-01 0 days 1,855 sqft
    2021-08-01 0 days 1,810 sqft
    2021-09-01 0 days 1,850 sqft
    2021-10-01 0 days 1,829 sqft
    2021-11-01 0 days 1,827 sqft
    2021-12-01 0 days 1,773 sqft
    2022-01-01 0 days 1,583 sqft
    2022-02-01 0 days 1,468 sqft
    2022-03-01 0 days 1,680 sqft
    2022-04-01 0 days 1,824 sqft
    2022-05-01 0 days 1,628 sqft
    2022-06-01 0 days 1,762 sqft
    2022-07-01 0 days 1,584 sqft
    2022-08-01 0 days 1,737 sqft
    2022-09-01 0 days 1,649 sqft
    2022-10-01 0 days 1,556 sqft
    2022-11-01 0 days 1,624 sqft
    2022-12-01 0 days 1,656 sqft
    2023-01-01 0 days 1,637 sqft
    2023-02-01 0 days 1,653 sqft
    2023-03-01 0 days 1,926 sqft
    2023-04-01 0 days 1,840 sqft
    2023-05-01 0 days 1,702 sqft
    2023-06-01 0 days 1,653 sqft
    2023-07-01 0 days 1,613 sqft
    2023-08-01 0 days 1,438 sqft
    2023-09-01 0 days 1,381 sqft
    2023-10-01 0 days 1,410 sqft
    2023-11-01 0 days 1,379 sqft
    2023-12-01 0 days 1,380 sqft
    2024-01-01 0 days 1,502 sqft
    2024-02-01 0 days 1,446 sqft
    2024-03-01 0 days 1,451 sqft
    2024-04-01 0 days 1,825 sqft
    2024-05-01 0 days 1,859 sqft
    2024-06-01 0 days 1,844 sqft
    2024-07-01 0 days 1,877 sqft
    2024-08-01 0 days 1,880 sqft
    2024-09-01 0 days 1,773 sqft
    2024-10-01 0 days 1,729 sqft
    Houghton's median listing age (time on market) for 2024-10-01 was 0 days.

    Houghton's median square footage for active listings during the 2024-10-01 period was 1,729 sqft. One year prior, the average listing was 1,410 sqft.

    Houghton, MI Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 281 $55,375,000 $197,064
    Cash Out Refi 80 $10,650,000 $133,125
    Home Improvement 43 $3,475,000 $80,814
    Refi 35 $7,155,000 $204,429
    Other 23 $1,595,000 $69,348

    Houghton's most frequently cited loan purpose was Home Purchase, with 281 originations. The 2nd most popular reason was Cash Out Refi, with 80 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 192 $35,880,000 $186,875
    7-8% 147 $27,295,000 $185,680
    Over 8% 86 $9,090,000 $105,698
    5-6% 35 $5,755,000 $164,429
    2.5-3% 1 $65,000 $65,000
    4-5% 1 $165,000 $165,000

    During 2023, Houghton's most frequently originated rate bucket was 6-7%, with 192 originations.

    Loan Sizing (Houghton, MI MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 173 $10,695,000 $61,821
    $100k-200k 162 $22,370,000 $138,086
    $200k-400k 103 $27,835,000 $270,243
    $400k-600k 16 $7,590,000 $474,375
    $Over $1MM 5 $7,755,000 $1,551,000
    $600k-1000k 3 $2,005,000 $668,333

    Houghton's loan sizing saw the bucket of loans from $100,000 or less with 173 originations, totaling $10,695,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 186 $36,120,000 $194,194
    60-80% 138 $27,870,000 $201,957
    40-60% 54 $7,620,000 $141,111
    20-40% 49 $3,735,000 $76,224
    Under 20% 30 $1,970,000 $65,667
    Over 100% 4 $870,000 $217,500

    Houghton's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 186 originations, totaling $36,120,000 in origination value.