Ludington 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 Ludington averaged 6.79% 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 6.92% and one month ago for the week of 2024-10-03, the average rate was 6.22%.

    Ludington's average rate one year ago was 8.16%.

    For refis of the same type during the week of 2024-11-07, the average rate was 7.39%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-11-07 6.79%
    Ludington 30 Year Fixed Rate 2024-11-07 6.79%
    Ludington 30 Year Fixed Rate Refi 2024-11-07 7.39%
    Ludington 15 Year Fixed Rate 2024-11-07 6.2%
    Ludington 15 Year Fixed Rate Refi 2024-11-07 6.5%
    Ludington 30 Year FHA 2024-11-07 6.53%
    Ludington 30 Year FHA Refi 2024-11-07 6.53%
    Ludington 30 Year USDA 2024-11-07 6.28%
    Ludington 30 Year USDA Refi 2024-11-07 6.68%
    Ludington 30 Year VA 2024-11-07 6.34%
    Ludington 30 Year VA Refi 2024-11-07 6.24%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Ludington, MI.

    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.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MORTGAGE 1 INCORPORATED 20 7.09% $5,174
    QUICKEN LOANS, LLC 11 6.60% $5,348
    UNITED WHOLESALE MORTGAGE, LLC 8 7.14% $4,307
    Neighborhood Loans, Inc. 7 6.93% $5,456
    NEWREZ LLC 5 7.20% $5,422
    Independent Bank 4 7.13% $4,675
    LAKE MICHIGAN CREDIT UNION 4 6.81% $4,294
    MORTGAGE CENTER L.C 3 6.71% $4,088
    JPMorgan Chase Bank 3 7.46% $3,101
    ChoiceOne Bank 3 6.63% $2,286
    Fifth Third Bank 2 6.99% $3,478
    PREFERRED CREDIT UNION 2 6.50% $4,137
    MICHIGAN FIRST CREDIT UNION 2 9.63% $7,101
    The Dart Bank 2 6.19% $3,382
    The Huntington National Bank 2 6.81% $3,741
    TOP FLITE FINANCIAL, INC. 2 7.25% $4,824
    GUILD MORTGAGE COMPANY 2 7.81% $6,063
    CONSUMERS 2 7.13% $5,759
    U.S. Bank 2 6.69% $250
    CROSSCOUNTRY MORTGAGE, LLC 2 7.35% $10,238
    NORTHERN MORTGAGE SERVICES, LLC 1 7.49% $6,338
    Paramount Residential Mortgage Group, Inc. 1 7.63% $5,998
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $1,982
    PFCU 1 6.75% $3,470
    PNC Bank 1 6.50% $6,792
    United Bank of Michigan 1 5.75% $2,552
    AMERICAN HERITAGE LENDING, INC. 1 9.50% $6,186
    WRIGHT-PATT CREDIT UNION, INC. 1 6.88% $3,437
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $6,810
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $5,136
    CALIBER HOME LOANS, INC. 1 7.13% $9,673
    Citizens Bank 1 6.50% $3,927
    Dort Financial Credit Union 1 7.00% $2,623
    DOW CHEMICAL EMPLOYEES' 1 7.13% $7,271
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.50% $2,582
    FIRST COMMUNITY MORTGAGE, INC. 1 6.88% $11,759
    Flagstar Bank, FSB 1 6.61% $8,100
    GREENSTATE CREDIT UNION 1 7.13% $7,731
    GreenStone Farm Credit Services, FLCA 1 6.85% $4,310
    GUARANTEED RATE, INC. 1 7.63% $6,990
    Macatawa Bank 1 4.75% $3,153
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION 1 6.63% $5,033
    Midwest BankCentre 1 6.13% $4,297
    Morgan Stanley Private Bank 1 7.25% $2,930
    NAVY FEDERAL CREDIT UNION 1 5.88% $2,197
    NBKC BANK 1 6.88% $2,747
    NexBank 1 7.63% $4,683

    Ludington Average Closing Costs & Other Stats

    Ludington, MI's 47 lenders originated 329 loans during 2023. The total origination value was $58,775,000, with an average loan value of $178,647.

    Ludington's average closing costs are $4,271.

    The top Ludington lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with 20 loans originated. Their average total fees are $5,174, which is $174 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ludington lenders (with over 10 loans originated) are MORTGAGE 1 INCORPORATED ($5,174), QUICKEN LOANS, LLC ($5,348), .

    The lowest rate Ludington lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.60%), MORTGAGE 1 INCORPORATED (7.09%), .

    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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    QUICKEN LOANS, LLC $9,770,000 $5,655,000 -42.1% 9.6%
    MORTGAGE 1 INCORPORATED $7,950,000 $5,485,000 -31.0% 9.3%
    UNITED WHOLESALE MORTGAGE, LLC $1,270,000 $3,180,000 150.4% 5.4%
    First Merchants Bank $2,885,000 n/a 4.9%
    LAKE MICHIGAN CREDIT UNION $8,435,000 $2,845,000 -66.3% 4.8%
    Independent Bank $1,450,000 $2,710,000 86.9% 4.6%
    The Huntington National Bank $7,235,000 $2,585,000 -64.3% 4.4%
    The Shelby State Bank $2,490,000 $1,910,000 -23.3% 3.2%
    Fifth Third Bank $6,830,000 $1,750,000 -74.4% 3.0%
    PNC Bank $3,790,000 $1,425,000 -62.4% 2.4%
    CONSUMERS $1,040,000 $1,385,000 33.2% 2.4%
    Neighborhood Loans, Inc. $2,120,000 $1,365,000 -35.6% 2.3%
    GreenStone Farm Credit Services, FLCA $775,000 $1,215,000 56.8% 2.1%
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION $1,450,000 $1,150,000 -20.7% 2.0%
    NEWREZ LLC $1,055,000 n/a 1.8%
    GUILD MORTGAGE COMPANY $940,000 n/a 1.6%
    ChoiceOne Bank $225,000 $930,000 313.3% 1.6%
    Midwest BankCentre $750,000 n/a 1.3%
    CROSSCOUNTRY MORTGAGE, LLC $885,000 $745,000 -15.8% 1.3%
    Flagstar Bank, FSB $455,000 $685,000 50.5% 1.2%
    JPMorgan Chase Bank $1,540,000 $685,000 -55.5% 1.2%
    The Dart Bank $1,035,000 $670,000 -35.3% 1.1%
    AMERISAVE MORTGAGE CORPORATION $235,000 $635,000 170.2% 1.1%
    FIRST COMMUNITY MORTGAGE, INC. $610,000 n/a 1.0%
    Commerce Bank $585,000 n/a 1.0%
    MICHIGAN FIRST CREDIT UNION $560,000 n/a 1.0%
    MORTGAGE CENTER L.C $515,000 n/a 0.9%
    CHURCHILL MORTGAGE CORPORATION $505,000 n/a 0.9%
    GUARANTEED RATE, INC. $445,000 $495,000 11.2% 0.8%
    TOP FLITE FINANCIAL, INC. $455,000 n/a 0.8%
    PREFERRED CREDIT UNION $2,030,000 $440,000 -78.3% 0.7%
    Mortgage Research Center, LLC $1,875,000 $430,000 -77.1% 0.7%
    NAVY FEDERAL CREDIT UNION $820,000 $390,000 -52.4% 0.7%
    CALIBER HOME LOANS, INC. $1,420,000 $385,000 -72.9% 0.7%
    DOW CHEMICAL EMPLOYEES' $235,000 $385,000 63.8% 0.7%
    TRIAD FINANCIAL SERVICES, INC. $775,000 $375,000 -51.6% 0.6%
    GREENSTATE CREDIT UNION $370,000 n/a 0.6%
    Old National Bank $340,000 n/a 0.6%
    U.S. Bank $340,000 n/a 0.6%
    PENTAGON FEDERAL CREDIT UNION $335,000 n/a 0.6%
    BAY EQUITY LLC $315,000 n/a 0.5%
    Macatawa Bank $620,000 $315,000 -49.2% 0.5%
    Morgan Stanley Private Bank $315,000 n/a 0.5%
    NBKC BANK $285,000 n/a 0.5%
    Dort Financial Credit Union $185,000 $280,000 51.4% 0.5%
    Mercantile Bank of Michigan $2,240,000 $275,000 -87.7% 0.5%
    MORTGAGE SOLUTIONS OF COLORADO, LLC $275,000 n/a 0.5%
    PFCU $265,000 n/a 0.5%
    PROVIDENT FUNDING ASSOCIATES, L.P. $255,000 n/a 0.4%
    Mr. Cooper ( Nationstar Mortgage ) $355,000 $250,000 -29.6% 0.4%
    NexBank $235,000 n/a 0.4%
    United Bank of Michigan $605,000 $235,000 -61.2% 0.4%
    DRAPER AND KRAMER MORTGAGE CORP. $205,000 n/a 0.3%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $660,000 $205,000 -68.9% 0.3%
    University Bank $205,000 n/a 0.3%
    UNION HOME MORTGAGE CORP. $200,000 n/a 0.3%
    UNITED $200,000 n/a 0.3%
    BROKER SOLUTIONS, INC. $225,000 $185,000 -17.8% 0.3%
    NORTHERN MORTGAGE SERVICES, LLC $205,000 $185,000 -9.8% 0.3%
    Citizens Bank $730,000 $180,000 -75.3% 0.3%
    ADVIA $85,000 $175,000 105.9% 0.3%
    COPOCO Community Credit Union $155,000 n/a 0.3%
    Paramount Residential Mortgage Group, Inc. $155,000 n/a 0.3%
    Honor Credit Union $830,000 $150,000 -81.9% 0.3%
    AMERICAN PACIFIC MORTGAGE CORPORATION $145,000 n/a 0.2%
    AMERICAN HERITAGE LENDING, INC. $135,000 n/a 0.2%
    FREEDOM MORTGAGE CORPORATION $495,000 $135,000 -72.7% 0.2%
    Northstar Bank $125,000 n/a 0.2%
    Bank of America $710,000 $115,000 -83.8% 0.2%
    Clearview Federal Credit Union $105,000 n/a 0.2%
    FINANCE OF AMERICA REVERSE LLC $95,000 n/a 0.2%
    Centier Bank $35,000 $90,000 157.1% 0.2%
    Ally Bank $185,000 $85,000 -54.1% 0.1%
    STOCKTON MORTGAGE CORPORATION $85,000 n/a 0.1%
    LENDINGHOME FUNDING CORPORATION $75,000 n/a 0.1%
    ROYAL UNITED MORTGAGE LLC $75,000 $75,000 0.0% 0.1%
    21ST MORTGAGE CORPORATION $250,000 $70,000 -72.0% 0.1%
    Figure Lending LLC $215,000 $70,000 -67.4% 0.1%
    ELGA CREDIT UNION $65,000 n/a 0.1%
    S&T Bank $65,000 n/a 0.1%
    Comerica Bank $55,000 n/a 0.1%
    FARMERS INSURANCE GROUP FEDERAL CREDIT UNION $55,000 n/a 0.1%
    PHH Mortgage Corporation $270,000 $55,000 -79.6% 0.1%
    WRIGHT-PATT CREDIT UNION, INC. $55,000 n/a 0.1%
    UNIVERSITY OF MICHIGAN CREDIT UNION $45,000 n/a 0.1%
    VIBE CREDIT UNION $25,000 n/a 0.0%
    CREDIT UNION ONE $110,000 $15,000 -86.4% 0.0%
    Coastal Community Bank $5,000 n/a 0.0%

    Ludington's top lender by overall market share is QUICKEN LOANS, LLC, with 9.6% market share. In second place, with 9.3%, is MORTGAGE 1 INCORPORATED, having originated $5,485,000 in loans. In third place, with 5.4%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $3,180,000 in loans. In fourth place, with 4.9%, is First Merchants Bank, having originated $2,885,000 in loans. In fifth place, with 4.8%, is LAKE MICHIGAN CREDIT UNION, having originated $2,845,000 in loans.

    Ludington, MI Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 187 $43,105,000 $230,508
    Cash Out Refi 46 $6,440,000 $140,000
    Home Improvement 38 $2,410,000 $63,421
    Other 29 $2,975,000 $102,586
    Refi 29 $3,845,000 $132,586

    Ludington's most frequently cited loan purpose was Home Purchase, with 187 originations. The 2nd most popular reason was Cash Out Refi, with 46 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 117 $22,455,000 $191,923
    7-8% 91 $19,555,000 $214,890
    Over 8% 61 $4,875,000 $79,918
    5-6% 39 $7,385,000 $189,359
    2.5-3% 2 $920,000 $460,000
    4-5% 2 $780,000 $390,000
    3-4% 1 $405,000 $405,000

    During 2023, Ludington's most frequently originated rate bucket was 6-7%, with 117 originations.

    Loan Sizing (Ludington, MI MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 115 $6,485,000 $56,391
    $100k-200k 108 $15,880,000 $147,037
    $200k-400k 85 $22,675,000 $266,765
    $400k-600k 16 $7,660,000 $478,750
    $600k-1000k 3 $1,915,000 $638,333
    $Over $1MM 2 $4,160,000 $2,080,000

    Ludington's loan sizing saw the bucket of loans from $100,000 or less with 115 originations, totaling $6,485,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 108 $25,270,000 $233,981
    60-80% 70 $18,360,000 $262,286
    20-40% 47 $4,255,000 $90,532
    Under 20% 43 $2,075,000 $48,256
    40-60% 39 $5,995,000 $153,718
    Over 100% 1 $205,000 $205,000

    Ludington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 108 originations, totaling $25,270,000 in origination value.