MIDLAND Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Midland averaged
6.95%
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
6.98% and
one month ago for the week of 2024-10-03, the
average rate was 6.08%.
Midland's average rate one year ago was 7.92%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.69%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Midland 30 Year Fixed Rate | 2024-11-07 | 6.95% |
| Midland 30 Year Fixed Rate Refi | 2024-11-07 | 6.69% |
| Midland 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Midland 15 Year Fixed Rate Refi | 2024-11-07 | 6.5% |
| Midland 30 Year FHA | 2024-11-07 | 6.43% |
| Midland 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Midland 30 Year USDA | 2024-11-07 | 6.38% |
| Midland 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Midland 30 Year VA | 2024-11-07 | 6.44% |
| Midland 30 Year VA Refi | 2024-11-07 | 6.24% |
MIDLAND 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 MIDLAND, 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.).
MIDLAND Average Closing Costs & Other Stats
MIDLAND, MI's 103 lenders originated 1,544
loans during 2023. The total origination value was $272,570,000, with an average loan value of
$176,535.
MIDLAND's average closing costs are $3,804.
The top MIDLAND lender as defined by loan originations is DOW CHEMICAL EMPLOYEES', with
98 loans originated. Their average total fees are
$3,261, which is $2,132
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee MIDLAND lenders (with over 10 loans originated) are
Frankenmuth Credit Union ($1,854), Wildfire Credit Union ($2,430), Isabella Bank ($2,703), 1st State Financial, Ltd. ($2,961) and Independent Bank ($3,025).
The lowest rate MIDLAND lenders (with over 10 loans originated) are
Wildfire Credit Union (6.30%), 1st State Financial, Ltd. (6.39%), Isabella Bank (6.40%), Mercantile Bank of Michigan (6.58%) and QUICKEN LOANS, LLC (6.73%).
MIDLAND, 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 |
|---|---|---|---|---|
| DOW CHEMICAL EMPLOYEES' | $53,675,000 | $29,655,000 | -44.8% | 10.9% |
| QUICKEN LOANS, LLC | $32,250,000 | $25,825,000 | -19.9% | 9.5% |
| The Huntington National Bank | $23,520,000 | $17,410,000 | -26.0% | 6.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $14,380,000 | $13,855,000 | -3.7% | 5.1% |
| Isabella Bank | $22,815,000 | $13,295,000 | -41.7% | 4.9% |
| Frankenmuth Credit Union | $16,535,000 | $13,190,000 | -20.2% | 4.8% |
| FIRST COMMUNITY MORTGAGE, INC. | $210,000 | $13,180,000 | 6,176.2% | 4.8% |
| STAUNTON FINANCIAL, INC. | $6,665,000 | $8,385,000 | 25.8% | 3.1% |
| CARDINAL FINANCIAL | $23,790,000 | $7,675,000 | -67.7% | 2.8% |
| Wildfire Credit Union | $15,450,000 | $7,595,000 | -50.8% | 2.8% |
| ACADEMY MORTGAGE CORPORATION | $18,500,000 | $7,270,000 | -60.7% | 2.7% |
| The Dart Bank | $6,045,000 | $6,520,000 | 7.9% | 2.4% |
| Horizon Bank | $13,100,000 | $6,450,000 | -50.8% | 2.4% |
| 1st State Financial, Ltd. | $7,305,000 | $5,640,000 | -22.8% | 2.1% |
| Mortgage Research Center, LLC | $7,505,000 | $5,025,000 | -33.0% | 1.8% |
| Mercantile Bank of Michigan | $16,650,000 | $4,555,000 | -72.6% | 1.7% |
| Independent Bank | $7,425,000 | $3,710,000 | -50.0% | 1.4% |
| PENNYMAC LOAN SERVICES, LLC | $2,210,000 | $3,230,000 | 46.2% | 1.2% |
| MEMBERS FIRST Credit Union | $9,740,000 | $2,600,000 | -73.3% | 1.0% |
| RiverHills Bank | $2,125,000 | n/a | 0.8% | |
| JOLT CREDIT UNION | $2,625,000 | $2,050,000 | -21.9% | 0.8% |
| LAKE MICHIGAN CREDIT UNION | $4,900,000 | $1,950,000 | -60.2% | 0.7% |
| GENEVA FINANCIAL, LLC | $3,240,000 | $1,910,000 | -41.0% | 0.7% |
| CROSSCOUNTRY MORTGAGE, LLC | $735,000 | $1,900,000 | 158.5% | 0.7% |
| NAVY FEDERAL CREDIT UNION | $3,155,000 | $1,870,000 | -40.7% | 0.7% |
| GreenStone Farm Credit Services, FLCA | $550,000 | $1,860,000 | 238.2% | 0.7% |
| Fifth Third Bank | $4,235,000 | $1,845,000 | -56.4% | 0.7% |
| PNC Bank | $4,045,000 | $1,845,000 | -54.4% | 0.7% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $2,045,000 | $1,645,000 | -19.6% | 0.6% |
| MICHIGAN MUTUAL, INC. | $1,000,000 | $1,590,000 | 59.0% | 0.6% |
| JPMorgan Chase Bank | $2,750,000 | $1,525,000 | -44.5% | 0.6% |
| MORTGAGE 1 INCORPORATED | $875,000 | $1,515,000 | 73.1% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $2,825,000 | $1,410,000 | -50.1% | 0.5% |
| USAA Federal Savings Bank | $1,020,000 | $1,340,000 | 31.4% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,090,000 | $1,325,000 | -36.6% | 0.5% |
| NEW DAY FINANCIAL, LLC | $770,000 | $1,310,000 | 70.1% | 0.5% |
| Neighborhood Loans, Inc. | $430,000 | $1,305,000 | 203.5% | 0.5% |
| Flagstar Bank, FSB | $1,870,000 | $1,135,000 | -39.3% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $2,275,000 | $1,120,000 | -50.8% | 0.4% |
| GVC MORTGAGE, INC. | $1,040,000 | $1,075,000 | 3.4% | 0.4% |
| UNION HOME MORTGAGE CORP. | $1,190,000 | $1,070,000 | -10.1% | 0.4% |
| ROSS MORTGAGE CORPORATION | $810,000 | $985,000 | 21.6% | 0.4% |
| J. VIRGIL, INC. | $1,755,000 | $980,000 | -44.2% | 0.4% |
| Bank of America | $1,315,000 | $935,000 | -28.9% | 0.3% |
| Preston Home Loans Inc | $1,015,000 | $920,000 | -9.4% | 0.3% |
| CREDIT UNION ONE | $820,000 | $915,000 | 11.6% | 0.3% |
| MICHIGAN SCHOOLS AND GOVERNMENT | $260,000 | $890,000 | 242.3% | 0.3% |
| NEWREZ LLC | $930,000 | $840,000 | -9.7% | 0.3% |
| 21ST MORTGAGE CORPORATION | $995,000 | $800,000 | -19.6% | 0.3% |
| Comerica Bank | $1,060,000 | $790,000 | -25.5% | 0.3% |
| LOANDEPOT.COM, LLC | $2,615,000 | $785,000 | -70.0% | 0.3% |
| DFCU FINANCIAL | $385,000 | $755,000 | 96.1% | 0.3% |
| FINANCIAL PLUS CREDIT UNION | $555,000 | $710,000 | 27.9% | 0.3% |
| The Federal Savings Bank | $925,000 | $695,000 | -24.9% | 0.3% |
| PREMIA MORTGAGE, LLC | $670,000 | n/a | 0.2% | |
| First Independence Bank | $660,000 | n/a | 0.2% | |
| American Mortgage & Equity Consultants, Inc. | $285,000 | $645,000 | 126.3% | 0.2% |
| CALIBER HOME LOANS, INC. | $2,255,000 | $640,000 | -71.6% | 0.2% |
| BLG HOLDINGS, INC. | $395,000 | $635,000 | 60.8% | 0.2% |
| GUARANTEED RATE AFFINITY, LLC | $630,000 | n/a | 0.2% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $805,000 | $610,000 | -24.2% | 0.2% |
| MORTGAGE CENTER L.C | $375,000 | $595,000 | 58.7% | 0.2% |
| Oakstar Bank | $595,000 | n/a | 0.2% | |
| BMO Harris Bank | $585,000 | n/a | 0.2% | |
| HOMESTAR FINANCIAL CORPORATION | $580,000 | n/a | 0.2% | |
| United Bay Community Credit Union | $635,000 | $570,000 | -10.2% | 0.2% |
| Discover Bank | $265,000 | $550,000 | 107.5% | 0.2% |
| MOVEMENT MORTGAGE, LLC | $540,000 | n/a | 0.2% | |
| CANOPY MORTGAGE, LLC | $235,000 | $535,000 | 127.7% | 0.2% |
| Northpointe Bank | $725,000 | $530,000 | -26.9% | 0.2% |
| UNITED FINANCIAL Credit Union | $945,000 | $525,000 | -44.4% | 0.2% |
| GUARANTEED RATE, INC. | $855,000 | $495,000 | -42.1% | 0.2% |
| UNITED | $485,000 | n/a | 0.2% | |
| DAS Acquisition Company, LLC | $480,000 | n/a | 0.2% | |
| PENTAGON FEDERAL CREDIT UNION | $135,000 | $480,000 | 255.6% | 0.2% |
| ENVOY MORTGAGE, LTD | $3,375,000 | $470,000 | -86.1% | 0.2% |
| Citizens Bank | $990,000 | $465,000 | -53.0% | 0.2% |
| MERCK SHARP & DOHME FEDERAL CREDIT UNION | $465,000 | n/a | 0.2% | |
| Wells Fargo Bank | $3,840,000 | $460,000 | -88.0% | 0.2% |
| First Savings Bank | $295,000 | $455,000 | 54.2% | 0.2% |
| Stifel Bank and Trust | $455,000 | n/a | 0.2% | |
| LENDINGONE, LLC | $435,000 | n/a | 0.2% | |
| ALLIANT CREDIT UNION | $415,000 | n/a | 0.2% | |
| AMERICAN FINANCIAL NETWORK, INC. | $405,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $530,000 | $405,000 | -23.6% | 0.1% |
| GENISYS | $85,000 | $390,000 | 358.8% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $345,000 | $390,000 | 13.0% | 0.1% |
| AMERICAN FINANCING CORPORATION | $455,000 | $375,000 | -17.6% | 0.1% |
| Deere Employees Credit Union | $375,000 | n/a | 0.1% | |
| OCMBC, INC. | $360,000 | n/a | 0.1% | |
| BM Real Estate Services, Inc. | $280,000 | $345,000 | 23.2% | 0.1% |
| Prosperity Home Mortgage, LLC | $345,000 | n/a | 0.1% | |
| Sunflower Bank | $345,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $330,000 | n/a | 0.1% | |
| CONSUMERS | $315,000 | n/a | 0.1% | |
| LENDINGHOME FUNDING CORPORATION | $315,000 | $310,000 | -1.6% | 0.1% |
| Carrington Mortgage Services, LLC | $335,000 | $300,000 | -10.4% | 0.1% |
| SUN WEST MORTGAGE COMPANY, INC. | $105,000 | $295,000 | 181.0% | 0.1% |
| MEMBER FIRST MORTGAGE, LLC | $425,000 | $290,000 | -31.8% | 0.1% |
| SUCCESS MORTGAGE PARTNERS, INC. | $245,000 | $290,000 | 18.4% | 0.1% |
| Lake Huron Credit Union | $285,000 | n/a | 0.1% | |
| LIBERTY HOME MORTGAGE CORPORATION | $285,000 | n/a | 0.1% | |
| NexBank | $275,000 | n/a | 0.1% | |
| UIF CORPORATION | $265,000 | n/a | 0.1% | |
| BNC National Bank | $445,000 | $255,000 | -42.7% | 0.1% |
| Figure Lending LLC | $25,000 | $235,000 | 840.0% | 0.1% |
| West Michigan Community Bank | $235,000 | n/a | 0.1% | |
| HEALTH ADVANTAGE FEDERAL CREDIT UNION | $360,000 | $225,000 | -37.5% | 0.1% |
| TEAM ONE CREDIT UNION | $450,000 | $225,000 | -50.0% | 0.1% |
| FinancialEdge Community Credit Union | $270,000 | $220,000 | -18.5% | 0.1% |
| Capital Bank | $215,000 | n/a | 0.1% | |
| AAC Credit Union | $205,000 | n/a | 0.1% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $385,000 | $205,000 | -46.8% | 0.1% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $210,000 | $205,000 | -2.4% | 0.1% |
| Morgan Stanley Private Bank | $895,000 | $205,000 | -77.1% | 0.1% |
| Truist | $195,000 | n/a | 0.1% | |
| Johnson Bank | $185,000 | n/a | 0.1% | |
| LAKEVIEW LOAN SERVICING, LLC | $1,205,000 | $185,000 | -84.6% | 0.1% |
| Northstar Bank | $185,000 | n/a | 0.1% | |
| Willamette Valley Bank | $185,000 | n/a | 0.1% | |
| Cornerstone First Mortgage, Inc | $175,000 | n/a | 0.1% | |
| Equity Prime Mortgage LLC | $175,000 | n/a | 0.1% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $795,000 | $175,000 | -78.0% | 0.1% |
| Great Lakes Federal Credit Union | $170,000 | n/a | 0.1% | |
| DELMAR FINANCIAL COMPANY | $165,000 | n/a | 0.1% | |
| GUILD MORTGAGE COMPANY | $165,000 | n/a | 0.1% | |
| LEADERONE FINANCIAL CORPORATION | $165,000 | n/a | 0.1% | |
| BROKER SOLUTIONS, INC. | $1,110,000 | $160,000 | -85.6% | 0.1% |
| Family First Credit Union | $160,000 | n/a | 0.1% | |
| Auto Club Trust, FSB | $155,000 | n/a | 0.1% | |
| Goldwater Bank, N.A. | $105,000 | $155,000 | 47.6% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $155,000 | n/a | 0.1% | |
| LONGBRIDGE FINANCIAL, LLC | $150,000 | n/a | 0.1% | |
| NFM, INC. | $145,000 | n/a | 0.1% | |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $2,315,000 | $145,000 | -93.7% | 0.1% |
| FINANCE OF AMERICA REVERSE LLC | $140,000 | n/a | 0.1% | |
| CHURCHILL MORTGAGE CORPORATION | $760,000 | $135,000 | -82.2% | 0.0% |
| Thumb Bank and Trust | $135,000 | n/a | 0.0% | |
| VIBE CREDIT UNION | $610,000 | $130,000 | -78.7% | 0.0% |
| Ally Bank | $740,000 | $125,000 | -83.1% | 0.0% |
| EMM LOANS LLC | $125,000 | n/a | 0.0% | |
| Honor Credit Union | $125,000 | n/a | 0.0% | |
| SPRING EQ, LLC | $150,000 | $120,000 | -20.0% | 0.0% |
| U.S. Bank | $1,025,000 | $120,000 | -88.3% | 0.0% |
| Commercial Bank | $370,000 | $110,000 | -70.3% | 0.0% |
| EMBRACE HOME LOANS, INC. | $645,000 | $105,000 | -83.7% | 0.0% |
| Lake Trust Credit Union | $35,000 | $105,000 | 200.0% | 0.0% |
| ROYAL UNITED MORTGAGE LLC | $495,000 | $105,000 | -78.8% | 0.0% |
| First State Bank | $310,000 | $95,000 | -69.4% | 0.0% |
| COMMUNITY CHOICE CREDIT UNION | $15,000 | $90,000 | 500.0% | 0.0% |
| GTE Federal Credit Union | $85,000 | n/a | 0.0% | |
| Bank of England | $175,000 | $75,000 | -57.1% | 0.0% |
| The State Bank | $2,025,000 | $75,000 | -96.3% | 0.0% |
| Coastal Community Bank | $70,000 | n/a | 0.0% | |
| ELGA CREDIT UNION | $135,000 | $70,000 | -48.1% | 0.0% |
| Baxter Credit Union | $55,000 | n/a | 0.0% | |
| COPOCO Community Credit Union | $120,000 | $45,000 | -62.5% | 0.0% |
| SUNRISE FAMILY CREDIT UNION | $235,000 | $35,000 | -85.1% | 0.0% |
| Dort Financial Credit Union | $35,000 | $25,000 | -28.6% | 0.0% |
MIDLAND's top lender by overall market share is DOW CHEMICAL EMPLOYEES', with 10.9% market share. In second place, with 9.5%, is QUICKEN LOANS, LLC, having originated $25,825,000 in loans. In third place, with 6.4%, is The Huntington National Bank, having originated $17,410,000 in loans. In fourth place, with 5.1%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $13,855,000 in loans. In fifth place, with 4.9%, is Isabella Bank, having originated $13,295,000 in loans.
MIDLAND, MI Average Rent (2023)
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| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 48612 | Midland, MI MSA | $600 | $630 | $830 | $1,110 | $1,210 |
| 48615 | Midland, MI MSA | $640 | $670 | $880 | $1,180 | $1,260 |
| 48618 | Midland, MI MSA | $600 | $630 | $830 | $1,110 | $1,210 |
| 48620 | Midland, MI MSA | $720 | $750 | $980 | $1,320 | $1,400 |
| 48623 | Midland, MI MSA | $740 | $830 | $1,100 | $1,400 | $1,480 |
| 48626 | Midland, MI MSA | $570 | $640 | $840 | $1,090 | $1,210 |
| 48628 | Midland, MI MSA | $780 | $820 | $1,070 | $1,440 | $1,530 |
| 48634 | Midland, MI MSA | $590 | $650 | $830 | $1,090 | $1,210 |
| 48637 | Midland, MI MSA | $630 | $710 | $940 | $1,200 | $1,270 |
| 48640 | Midland, MI MSA | $680 | $710 | $930 | $1,250 | $1,330 |
| 48641 | Midland, MI MSA | $720 | $750 | $980 | $1,320 | $1,400 |
| 48642 | Midland, MI MSA | $770 | $800 | $1,050 | $1,410 | $1,500 |
| 48652 | Midland, MI MSA | $880 | $950 | $1,220 | $1,610 | $1,770 |
| 48657 | Midland, MI MSA | $670 | $690 | $910 | $1,220 | $1,300 |
| 48662 | Midland, MI MSA | $940 | $980 | $1,280 | $1,720 | $1,830 |
| 48667 | Midland, MI MSA | $720 | $750 | $980 | $1,320 | $1,400 |
| 48858 | Midland, MI MSA | $650 | $680 | $890 | $1,190 | $1,270 |
| 48880 | Midland, MI MSA | $640 | $670 | $880 | $1,180 | $1,260 |
| 48883 | Midland, MI MSA | $600 | $630 | $830 | $1,110 | $1,210 |
2022 Average & Median Rent Data Statistics
MIDLAND, MI average 1BR rent: $734, median: $710
MIDLAND, MI average 2BR rent: $961, median: $930
MIDLAND, MI average 3BR rent: $1,277, median: $1,220
MIDLAND, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 959 | $207,215,000 | $216,074 |
| Cash Out Refi | 213 | $28,105,000 | $131,948 |
| Home Improvement | 152 | $11,900,000 | $78,289 |
| Other | 136 | $11,990,000 | $88,162 |
| Refi | 84 | $13,360,000 | $159,048 |
Midland's most frequently cited loan purpose was Home Purchase, with 959 originations. The 2nd most popular reason was Cash Out Refi, with 213 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 574 | $116,310,000 | $202,631 |
| 7-8% | 438 | $81,280,000 | $185,571 |
| Over 8% | 318 | $33,030,000 | $103,868 |
| 5-6% | 151 | $30,385,000 | $201,225 |
| 4-5% | 16 | $5,390,000 | $336,875 |
| <2.5% | 13 | $165,000 | $12,692 |
| 3-4% | 2 | $360,000 | $180,000 |
| 2.5-3% | 2 | $390,000 | $195,000 |
During 2023, Midland's most frequently originated rate bucket was 6-7%, with 574 originations.
Loan Sizing (MIDLAND, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 618 | $91,160,000 | $147,508 |
| $100,000 or less | 457 | $26,235,000 | $57,407 |
| $200k-400k | 380 | $102,570,000 | $269,921 |
| $400k-600k | 67 | $32,285,000 | $481,866 |
| $600k-1000k | 17 | $12,315,000 | $724,412 |
| $Over $1MM | 5 | $8,005,000 | $1,601,000 |
MIDLAND's loan sizing saw the bucket of loans from $100k-200k with 618 originations, totaling $91,160,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 653 | $143,775,000 | $220,176 |
| 60-80% | 353 | $69,565,000 | $197,068 |
| 20-40% | 210 | $17,700,000 | $84,286 |
| 40-60% | 142 | $23,660,000 | $166,620 |
| Under 20% | 138 | $5,440,000 | $39,420 |
| Over 100% | 12 | $4,050,000 | $337,500 |
MIDLAND's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 653 originations, totaling $143,775,000 in origination value.