Ludington Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Ludington averaged
6.94%
for the week of 2025-06-18, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2025-06-12) was
6.97% and
one month ago for the week of 2025-05-15, the
average rate was 6.94%.
Ludington's average rate one year ago was 7.08%.
For refis of the same type during the week of 2025-06-18, the average rate
was 7.31%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Ludington 30 Year Fixed Rate | 2025-06-18 | 6.94% |
| Ludington 30 Year Fixed Rate Refi | 2025-06-18 | 7.31% |
| Ludington 15 Year Fixed Rate | 2025-06-18 | 6.06% |
| Ludington 15 Year Fixed Rate Refi | 2025-06-18 | 6.06% |
| Ludington 30 Year FHA | 2025-06-18 | 0% |
| Ludington 30 Year FHA Refi | 2025-06-18 | -0.2% |
| Ludington 30 Year USDA | 2025-06-18 | 0.1% |
| Ludington 30 Year USDA Refi | 2025-06-18 | -0.1% |
| Ludington 30 Year VA | 2025-06-18 | -0.2% |
| Ludington 30 Year VA Refi | 2025-06-18 | 0.2% |
Ludington 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 Ludington, 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.).
Ludington Average Closing Costs & Other Stats
Ludington, MI's 49 lenders originated 395
loans during 2024. The total origination value was $81,505,000, with an average loan value of
$206,342.
Ludington's average closing costs are $4,418.
The top Ludington lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with
35 loans originated. Their average total fees are
$4,819, which is $1,332
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Ludington lenders (with over 10 loans originated) are
LAKE MICHIGAN CREDIT UNION ($3,435), MORTGAGE 1 INCORPORATED ($4,819), QUICKEN LOANS, LLC ($6,151), .
The lowest rate Ludington lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.72%), LAKE MICHIGAN CREDIT UNION (6.85%), MORTGAGE 1 INCORPORATED (6.88%), .
Ludington, 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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| MORTGAGE 1 INCORPORATED | $5,485,000 | $11,360,000 | 107.1% | 13.9% |
| LAKE MICHIGAN CREDIT UNION | $2,845,000 | $6,755,000 | 137.4% | 8.3% |
| QUICKEN LOANS, LLC | $5,655,000 | $6,690,000 | 18.3% | 8.2% |
| PNC Bank | $1,425,000 | $6,015,000 | 322.1% | 7.4% |
| The Huntington National Bank | $2,585,000 | $4,205,000 | 62.7% | 5.2% |
| The Dart Bank | $670,000 | $3,115,000 | 364.9% | 3.8% |
| The Shelby State Bank | $1,910,000 | $2,400,000 | 25.7% | 2.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $3,180,000 | $2,400,000 | -24.5% | 2.9% |
| GreenStone Farm Credit Services, FLCA | $1,215,000 | $2,290,000 | 88.5% | 2.8% |
| Fifth Third Bank | $1,750,000 | $2,020,000 | 15.4% | 2.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $745,000 | $1,925,000 | 158.4% | 2.4% |
| Mortgage Research Center, LLC | $430,000 | $1,810,000 | 320.9% | 2.2% |
| BROKER SOLUTIONS, INC. | $185,000 | $1,485,000 | 702.7% | 1.8% |
| Independent Bank | $2,710,000 | $1,345,000 | -50.4% | 1.7% |
| PREFERRED CREDIT UNION | $440,000 | $1,240,000 | 181.8% | 1.5% |
| American Community Bank & Trust | $1,125,000 | n/a | 1.4% | |
| CALCON MUTUAL MORTGAGE LLC | $1,040,000 | n/a | 1.3% | |
| MICHIGAN FIRST CREDIT UNION | $560,000 | $945,000 | 68.8% | 1.2% |
| GUILD MORTGAGE COMPANY | $940,000 | $840,000 | -10.6% | 1.0% |
| Old National Bank | $340,000 | $795,000 | 133.8% | 1.0% |
| ChoiceOne Bank | $930,000 | $770,000 | -17.2% | 0.9% |
| FREEDOM MORTGAGE CORPORATION | $135,000 | $720,000 | 433.3% | 0.9% |
| MMS MORTGAGE SERVICES, LTD. | $690,000 | n/a | 0.8% | |
| CONSUMERS | $1,385,000 | $630,000 | -54.5% | 0.8% |
| United Bank of Michigan | $235,000 | $615,000 | 161.7% | 0.8% |
| Union Savings Bank | $605,000 | n/a | 0.7% | |
| Wells Fargo Bank | $605,000 | n/a | 0.7% | |
| VAN DYK MORTGAGE CORPORATION | $565,000 | n/a | 0.7% | |
| American Mortgage & Equity Consultants, Inc. | $530,000 | n/a | 0.7% | |
| Morgan Stanley Private Bank | $315,000 | $515,000 | 63.5% | 0.6% |
| Stifel Bank and Trust | $505,000 | n/a | 0.6% | |
| GREENSTATE CREDIT UNION | $370,000 | $495,000 | 33.8% | 0.6% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $1,150,000 | $495,000 | -57.0% | 0.6% |
| DOW CHEMICAL EMPLOYEES' | $385,000 | $480,000 | 24.7% | 0.6% |
| JPMorgan Chase Bank | $685,000 | $430,000 | -37.2% | 0.5% |
| EMM LOANS LLC | $420,000 | n/a | 0.5% | |
| FIRST COMMUNITY MORTGAGE, INC. | $610,000 | $410,000 | -32.8% | 0.5% |
| TOWNE MORTGAGE COMPANY | $405,000 | n/a | 0.5% | |
| DAS Acquisition Company, LLC | $385,000 | n/a | 0.5% | |
| UNION HOME MORTGAGE CORP. | $200,000 | $370,000 | 85.0% | 0.5% |
| Bank of America | $115,000 | $360,000 | 213.0% | 0.4% |
| Preston Home Loans Inc | $360,000 | n/a | 0.4% | |
| NEWREZ LLC | $1,055,000 | $350,000 | -66.8% | 0.4% |
| MICHIGAN SCHOOLS AND GOVERNMENT | $345,000 | n/a | 0.4% | |
| Mercantile Bank of Michigan | $275,000 | $320,000 | 16.4% | 0.4% |
| Hometown Equity Mortgage, LLC | $315,000 | n/a | 0.4% | |
| MICHIGAN ONE COMMUNITY Credit Union | $305,000 | n/a | 0.4% | |
| NexBank | $235,000 | $305,000 | 29.8% | 0.4% |
| Plains Commerce Bank | $295,000 | n/a | 0.4% | |
| Clearview Federal Credit Union | $105,000 | $285,000 | 171.4% | 0.3% |
| Figure Lending LLC | $70,000 | $280,000 | 300.0% | 0.3% |
| Bank of Ann Arbor | $275,000 | n/a | 0.3% | |
| Three Rivers Federal Credit Union | $275,000 | n/a | 0.3% | |
| LOANDEPOT.COM, LLC | $270,000 | n/a | 0.3% | |
| Wildfire Credit Union | $270,000 | n/a | 0.3% | |
| ALLIED MORTGAGE GROUP, INC. | $255,000 | n/a | 0.3% | |
| ARBOR FINANCIAL CREDIT UNION | $245,000 | n/a | 0.3% | |
| GERBER FEDERAL CREDIT UNION | $235,000 | n/a | 0.3% | |
| PENNYMAC LOAN SERVICES, LLC | $225,000 | n/a | 0.3% | |
| UNITED | $200,000 | $225,000 | 12.5% | 0.3% |
| DEEPHAVEN MORTGAGE LLC | $215,000 | n/a | 0.3% | |
| Equity Prime Mortgage LLC | $215,000 | n/a | 0.3% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $215,000 | n/a | 0.3% | |
| Credence Funding Corporation | $205,000 | n/a | 0.3% | |
| CHURCHILL MORTGAGE CORPORATION | $505,000 | $195,000 | -61.4% | 0.2% |
| LENDINGONE, LLC | $195,000 | n/a | 0.2% | |
| PLAZA HOME MORTGAGE, INC. | $195,000 | n/a | 0.2% | |
| LONGBRIDGE FINANCIAL, LLC | $190,000 | n/a | 0.2% | |
| Beeline Loans, Inc. | $185,000 | n/a | 0.2% | |
| CONTOUR MORTGAGE CORPORATION | $185,000 | n/a | 0.2% | |
| ELGA CREDIT UNION | $65,000 | $185,000 | 184.6% | 0.2% |
| Flagstar Bank, FSB | $685,000 | $185,000 | -73.0% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $75,000 | $180,000 | 140.0% | 0.2% |
| West Michigan Community Bank | $175,000 | n/a | 0.2% | |
| TEAM ONE CREDIT UNION | $165,000 | n/a | 0.2% | |
| SUCCESS MORTGAGE PARTNERS, INC. | $155,000 | n/a | 0.2% | |
| TOWER | $155,000 | n/a | 0.2% | |
| First Merchants Bank | $2,885,000 | $150,000 | -94.8% | 0.2% |
| NAVY FEDERAL CREDIT UNION | $390,000 | $150,000 | -61.5% | 0.2% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $145,000 | $135,000 | -6.9% | 0.2% |
| LOANPAL, LLC | $135,000 | n/a | 0.2% | |
| Third Federal Savings and Loan Association of Cleveland | $135,000 | n/a | 0.2% | |
| GUARANTEED RATE, INC. | $495,000 | $125,000 | -74.7% | 0.2% |
| MEMBERS FIRST Credit Union | $85,000 | n/a | 0.1% | |
| S&T Bank | $65,000 | $85,000 | 30.8% | 0.1% |
| Coastal Community Bank | $5,000 | $80,000 | 1,500.0% | 0.1% |
| TRIAD FINANCIAL SERVICES, INC. | $375,000 | $75,000 | -80.0% | 0.1% |
| U.S. Bank | $340,000 | $75,000 | -77.9% | 0.1% |
| ADVIA | $175,000 | $65,000 | -62.9% | 0.1% |
| West Michigan Credit Union | $55,000 | n/a | 0.1% | |
| COMMUNITY CHOICE CREDIT UNION | $45,000 | n/a | 0.1% | |
| SPRING EQ, LLC | $45,000 | n/a | 0.1% | |
| GreenStone Farm Credit Services, ACA | $25,000 | n/a | 0.0% |
Ludington's top lender by overall market share is MORTGAGE 1 INCORPORATED, with 13.9% market share. In second place, with 8.3%, is LAKE MICHIGAN CREDIT UNION, having originated $6,755,000 in loans. In third place, with 8.2%, is QUICKEN LOANS, LLC, having originated $6,690,000 in loans. In fourth place, with 7.4%, is PNC Bank, having originated $6,015,000 in loans. In fifth place, with 5.2%, is The Huntington National Bank, having originated $4,205,000 in loans.
Ludington, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 180 | $48,380,000 | $268,778 |
| Cash Out Refi | 62 | $10,080,000 | $162,581 |
| Refi | 52 | $12,710,000 | $244,423 |
| Other | 51 | $5,565,000 | $109,118 |
| Home Improvement | 50 | $4,770,000 | $95,400 |
Ludington's most frequently cited loan purpose was Home Purchase, with 180 originations. The 2nd most popular reason was Cash Out Refi, with 62 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 169 | $44,185,000 | $261,450 |
| 7-8% | 88 | $16,520,000 | $187,727 |
| Over 8% | 86 | $9,540,000 | $110,930 |
| 5-6% | 27 | $5,545,000 | $205,370 |
| 4-5% | 2 | $320,000 | $160,000 |
During 2024, Ludington's most frequently originated rate bucket was 6-7%, with 169 originations.
Loan Sizing (Ludington, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 137 | $20,345,000 | $148,504 |
| $200k-400k | 114 | $29,120,000 | $255,439 |
| $100,000 or less | 106 | $6,350,000 | $59,906 |
| $400k-600k | 24 | $11,710,000 | $487,917 |
| $600k-1000k | 11 | $7,745,000 | $704,091 |
| $Over $1MM | 3 | $6,235,000 | $2,078,333 |
Ludington's loan sizing saw the bucket of loans from $100k-200k with 137 originations, totaling $20,345,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 108 | $27,640,000 | $255,926 |
| 60-80% | 88 | $21,240,000 | $241,364 |
| 20-40% | 63 | $7,235,000 | $114,841 |
| 40-60% | 59 | $15,885,000 | $269,237 |
| Under 20% | 43 | $2,215,000 | $51,512 |
| Over 100% | 4 | $810,000 | $202,500 |
Ludington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 108 originations, totaling $27,640,000 in origination value.