Mount Pleasant Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Mount Pleasant averaged
7.12%
for the week of 2024-07-18, compared to the national average of
6.77% for the same period.
The average rate for the prior week (2024-07-11) was
7.34% and
one month ago for the week of 2024-06-13, the
average rate was 7.3%.
Mount Pleasant's average rate one year ago was 7.61%.
For refis of the same type during the week of 2024-07-18, the average rate
was 6.77%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Mount Pleasant 30 Year Fixed Rate | 2024-07-18 | 7.12% |
| Mount Pleasant 30 Year Fixed Rate Refi | 2024-07-18 | 6.77% |
| Mount Pleasant 15 Year Fixed Rate | 2024-07-18 | 6.15% |
| Mount Pleasant 15 Year Fixed Rate Refi | 2024-07-18 | 6.55% |
| Mount Pleasant 30 Year FHA | 2024-07-18 | 6.82% |
| Mount Pleasant 30 Year FHA Refi | 2024-07-18 | 6.79% |
| Mount Pleasant 30 Year USDA | 2024-07-18 | 6.53% |
| Mount Pleasant 30 Year USDA Refi | 2024-07-18 | 6.63% |
| Mount Pleasant 30 Year VA | 2024-07-18 | 6.2% |
| Mount Pleasant 30 Year VA Refi | 2024-07-18 | 6.1% |
Mount Pleasant 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 Mount Pleasant, 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.).
Mount Pleasant Average Closing Costs & Other Stats
Mount Pleasant, MI's 75 lenders originated 903
loans during 2023. The total origination value was $130,165,000, with an average loan value of
$144,147.
Mount Pleasant's average closing costs are $3,719.
The top Mount Pleasant lender as defined by loan originations is Isabella Bank, with
52 loans originated. Their average total fees are
$2,706, which is $861
lower than the next largest lender,
Mercantile Bank of Michigan.
The lowest fee Mount Pleasant lenders (with over 10 loans originated) are
Isabella Bank ($2,706), FIRST CHOICE MH LLC ($2,800), The Dart Bank ($3,461), Mercantile Bank of Michigan ($3,567) and ACADEMY MORTGAGE CORPORATION ($4,929).
The lowest rate Mount Pleasant lenders (with over 10 loans originated) are
Isabella Bank (6.44%), Mercantile Bank of Michigan (6.80%), QUICKEN LOANS, LLC (6.85%), The Dart Bank (6.98%) and UNITED WHOLESALE MORTGAGE, LLC (7.39%).
Mount Pleasant, 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 |
|---|---|---|---|---|
| Isabella Bank | $42,880,000 | $28,040,000 | -34.6% | 21.5% |
| Mercantile Bank of Michigan | $17,580,000 | $14,940,000 | -15.0% | 11.5% |
| QUICKEN LOANS, LLC | $14,050,000 | $8,560,000 | -39.1% | 6.6% |
| FIRST CHOICE MH LLC | $2,470,000 | $4,655,000 | 88.5% | 3.6% |
| ACADEMY MORTGAGE CORPORATION | $6,880,000 | $4,645,000 | -32.5% | 3.6% |
| The Dart Bank | $2,455,000 | $4,520,000 | 84.1% | 3.5% |
| UNITED WHOLESALE MORTGAGE, LLC | $5,270,000 | $4,145,000 | -21.3% | 3.2% |
| Mortgage Research Center, LLC | $4,865,000 | $3,940,000 | -19.0% | 3.0% |
| The Huntington National Bank | $6,270,000 | $3,200,000 | -49.0% | 2.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $1,630,000 | $2,365,000 | 45.1% | 1.8% |
| Independent Bank | $2,435,000 | $1,565,000 | -35.7% | 1.2% |
| Fifth Third Bank | $1,445,000 | $1,555,000 | 7.6% | 1.2% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $1,050,000 | $1,520,000 | 44.8% | 1.2% |
| FIRST COMMUNITY MORTGAGE, INC. | $1,495,000 | n/a | 1.1% | |
| PNC Bank | $2,665,000 | $1,380,000 | -48.2% | 1.1% |
| GreenStone Farm Credit Services, FLCA | $3,895,000 | $1,325,000 | -66.0% | 1.0% |
| PENNYMAC LOAN SERVICES, LLC | $625,000 | $1,310,000 | 109.6% | 1.0% |
| MID AMERICA MORTGAGE, INC. | $4,990,000 | $1,250,000 | -74.9% | 1.0% |
| MEMBERS FIRST Credit Union | $4,575,000 | $1,145,000 | -75.0% | 0.9% |
| BM Real Estate Services, Inc. | $3,060,000 | $1,135,000 | -62.9% | 0.9% |
| STAUNTON FINANCIAL, INC. | $1,070,000 | n/a | 0.8% | |
| MORTGAGE CENTER L.C | $3,365,000 | $1,040,000 | -69.1% | 0.8% |
| DOW CHEMICAL EMPLOYEES' | $3,365,000 | $1,010,000 | -70.0% | 0.8% |
| CREDIT UNION ONE | $100,000 | $975,000 | 875.0% | 0.7% |
| Neighborhood Loans, Inc. | $925,000 | $975,000 | 5.4% | 0.7% |
| J. VIRGIL, INC. | $735,000 | $935,000 | 27.2% | 0.7% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,065,000 | $915,000 | -14.1% | 0.7% |
| Wildfire Credit Union | $155,000 | $915,000 | 490.3% | 0.7% |
| UNION HOME MORTGAGE CORP. | $1,430,000 | $910,000 | -36.4% | 0.7% |
| Paramount Residential Mortgage Group, Inc. | $135,000 | $895,000 | 563.0% | 0.7% |
| 1st State Financial, Ltd. | $270,000 | $865,000 | 220.4% | 0.7% |
| CONSUMERS | $590,000 | $865,000 | 46.6% | 0.7% |
| CARDINAL FINANCIAL | $1,850,000 | $785,000 | -57.6% | 0.6% |
| LAKE MICHIGAN CREDIT UNION | $1,845,000 | $780,000 | -57.7% | 0.6% |
| GUARANTEED RATE, INC. | $665,000 | n/a | 0.5% | |
| Preston Home Loans Inc | $670,000 | $660,000 | -1.5% | 0.5% |
| FREEDOM MORTGAGE CORPORATION | $2,380,000 | $600,000 | -74.8% | 0.5% |
| BLG HOLDINGS, INC. | $335,000 | $595,000 | 77.6% | 0.5% |
| LOANDEPOT.COM, LLC | $380,000 | $590,000 | 55.3% | 0.5% |
| MMS MORTGAGE SERVICES, LTD. | $165,000 | $575,000 | 248.5% | 0.4% |
| MICHIGAN MUTUAL, INC. | $185,000 | $510,000 | 175.7% | 0.4% |
| SPRING EQ, LLC | $505,000 | n/a | 0.4% | |
| Commercial Bank | $925,000 | $460,000 | -50.3% | 0.4% |
| GVC MORTGAGE, INC. | $460,000 | n/a | 0.4% | |
| LEGEND LENDING CORPORATION | $2,000,000 | $455,000 | -77.3% | 0.3% |
| AMERISAVE MORTGAGE CORPORATION | $930,000 | $450,000 | -51.6% | 0.3% |
| Lake Trust Credit Union | $560,000 | $445,000 | -20.5% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $175,000 | $440,000 | 151.4% | 0.3% |
| RUOFF MORTGAGE COMPANY, INC. | $440,000 | $435,000 | -1.1% | 0.3% |
| CALIBER HOME LOANS, INC. | $235,000 | $420,000 | 78.7% | 0.3% |
| Flagstar Bank, FSB | $2,215,000 | $415,000 | -81.3% | 0.3% |
| 21ST MORTGAGE CORPORATION | $2,505,000 | $400,000 | -84.0% | 0.3% |
| PLAZA HOME MORTGAGE, INC. | $115,000 | $395,000 | 243.5% | 0.3% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $385,000 | n/a | 0.3% | |
| Frankenmuth Credit Union | $320,000 | $380,000 | 18.8% | 0.3% |
| GREENSTATE CREDIT UNION | $225,000 | $380,000 | 68.9% | 0.3% |
| Southern Michigan Bank & Trust | $380,000 | n/a | 0.3% | |
| NAVY FEDERAL CREDIT UNION | $795,000 | $370,000 | -53.5% | 0.3% |
| DFCU FINANCIAL | $365,000 | n/a | 0.3% | |
| USAA Federal Savings Bank | $365,000 | n/a | 0.3% | |
| ZILLOW HOME LOANS, LLC | $470,000 | $350,000 | -25.5% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $240,000 | $340,000 | 41.7% | 0.3% |
| NBKC BANK | $245,000 | $325,000 | 32.7% | 0.2% |
| First State Bank | $315,000 | n/a | 0.2% | |
| TOWNE MORTGAGE COMPANY | $440,000 | $315,000 | -28.4% | 0.2% |
| MICHIGAN ONE COMMUNITY Credit Union | $310,000 | n/a | 0.2% | |
| VAN DYK MORTGAGE CORPORATION | $855,000 | $305,000 | -64.3% | 0.2% |
| ROSS MORTGAGE CORPORATION | $300,000 | n/a | 0.2% | |
| U.S. Bank | $205,000 | $285,000 | 39.0% | 0.2% |
| UNITED FINANCIAL Credit Union | $235,000 | $280,000 | 19.1% | 0.2% |
| PENTAGON FEDERAL CREDIT UNION | $275,000 | n/a | 0.2% | |
| Providence Bank & Trust | $275,000 | n/a | 0.2% | |
| First Federal Bank | $265,000 | n/a | 0.2% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $250,000 | $260,000 | 4.0% | 0.2% |
| MICHIGAN FIRST CREDIT UNION | $165,000 | $260,000 | 57.6% | 0.2% |
| Discover Bank | $85,000 | $250,000 | 194.1% | 0.2% |
| Bank of America | $215,000 | $240,000 | 11.6% | 0.2% |
| GUARANTEED RATE AFFINITY, LLC | $235,000 | n/a | 0.2% | |
| MICHIGAN SCHOOLS AND GOVERNMENT | $570,000 | $225,000 | -60.5% | 0.2% |
| BROKER SOLUTIONS, INC. | $370,000 | $220,000 | -40.5% | 0.2% |
| NEWREZ LLC | $215,000 | $220,000 | 2.3% | 0.2% |
| 1st National Bank | $215,000 | n/a | 0.2% | |
| Equity Prime Mortgage LLC | $295,000 | $215,000 | -27.1% | 0.2% |
| MEMBER FIRST MORTGAGE, LLC | $85,000 | $215,000 | 152.9% | 0.2% |
| NEW DAY FINANCIAL, LLC | $565,000 | $215,000 | -61.9% | 0.2% |
| JPMorgan Chase Bank | $900,000 | $210,000 | -76.7% | 0.2% |
| Ally Bank | $155,000 | $205,000 | 32.3% | 0.2% |
| GENISYS | $85,000 | $205,000 | 141.2% | 0.2% |
| AMCAP MORTGAGE, LTD. | $195,000 | n/a | 0.1% | |
| HOMESTAR FINANCIAL CORPORATION | $165,000 | $195,000 | 18.2% | 0.1% |
| MORTGAGE 1 INCORPORATED | $410,000 | $195,000 | -52.4% | 0.1% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $595,000 | $195,000 | -67.2% | 0.1% |
| Citibank | $260,000 | $175,000 | -32.7% | 0.1% |
| GENEVA FINANCIAL, LLC | $1,030,000 | $175,000 | -83.0% | 0.1% |
| PREFERRED CREDIT UNION | $145,000 | $170,000 | 17.2% | 0.1% |
| HOMEXPRESS MORTGAGE CORP. | $155,000 | n/a | 0.1% | |
| UNIVERSITY OF MICHIGAN CREDIT UNION | $65,000 | $150,000 | 130.8% | 0.1% |
| ARBOR FINANCIAL CREDIT UNION | $220,000 | $145,000 | -34.1% | 0.1% |
| First Merchants Bank | $735,000 | $145,000 | -80.3% | 0.1% |
| Horizon Bank | $145,000 | n/a | 0.1% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $165,000 | $145,000 | -12.1% | 0.1% |
| RELIANCE FIRST CAPITAL, LLC | $125,000 | $145,000 | 16.0% | 0.1% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $510,000 | $135,000 | -73.5% | 0.1% |
| HOMESIDE FINANCIAL, LLC | $135,000 | $135,000 | 0.0% | 0.1% |
| RIVER VALLEY CREDIT UNION | $105,000 | $130,000 | 23.8% | 0.1% |
| EVERETT FINANCIAL, INC. | $125,000 | n/a | 0.1% | |
| GUILD MORTGAGE COMPANY | $125,000 | n/a | 0.1% | |
| The Loan Store, Inc. | $125,000 | n/a | 0.1% | |
| COMMUNITY FIRST | $365,000 | $115,000 | -68.5% | 0.1% |
| Extra | $115,000 | n/a | 0.1% | |
| MARSHALL COMMUNITY CREDIT UNION | $115,000 | n/a | 0.1% | |
| VILLAGE CAPITAL MORTGAGE | $325,000 | $115,000 | -64.6% | 0.1% |
| CMG MORTGAGE, INC. | $105,000 | n/a | 0.1% | |
| Great Lakes Federal Credit Union | $105,000 | n/a | 0.1% | |
| SUCCESS MORTGAGE PARTNERS, INC. | $830,000 | $105,000 | -87.3% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $95,000 | n/a | 0.1% | |
| SUN WEST MORTGAGE COMPANY, INC. | $95,000 | n/a | 0.1% | |
| Coastal Community Bank | $90,000 | n/a | 0.1% | |
| ADVANTAGE ONE Credit Union | $85,000 | n/a | 0.1% | |
| AMERICAN HERITAGE LENDING, INC. | $270,000 | $85,000 | -68.5% | 0.1% |
| ChoiceOne Bank | $85,000 | n/a | 0.1% | |
| LENDINGHOME FUNDING CORPORATION | $55,000 | $85,000 | 54.5% | 0.1% |
| The Federal Savings Bank | $85,000 | n/a | 0.1% | |
| NEW ENGLAND FEDERAL CREDIT UNION | $65,000 | n/a | 0.0% | |
| United Bay Community Credit Union | $45,000 | n/a | 0.0% | |
| Wells Fargo Bank | $1,090,000 | $45,000 | -95.9% | 0.0% |
| Figure Lending LLC | $35,000 | $25,000 | -28.6% | 0.0% |
Mount Pleasant's top lender by overall market share is Isabella Bank, with 21.5% market share. In second place, with 11.5%, is Mercantile Bank of Michigan, having originated $14,940,000 in loans. In third place, with 6.6%, is QUICKEN LOANS, LLC, having originated $8,560,000 in loans. In fourth place, with 3.6%, is FIRST CHOICE MH LLC, having originated $4,655,000 in loans. In fifth place, with 3.6%, is ACADEMY MORTGAGE CORPORATION, having originated $4,645,000 in loans.
Mount Pleasant, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 563 | $96,485,000 | $171,377 |
| Home Improvement | 101 | $6,455,000 | $63,911 |
| Cash Out Refi | 85 | $11,765,000 | $138,412 |
| Other | 77 | $6,575,000 | $85,390 |
| Refi | 77 | $8,885,000 | $115,390 |
Mount Pleasant's most frequently cited loan purpose was Home Purchase, with 563 originations. The 2nd most popular reason was Home Improvement, with 101 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 353 | $58,165,000 | $164,773 |
| 7-8% | 210 | $33,130,000 | $157,762 |
| Over 8% | 167 | $14,635,000 | $87,635 |
| 5-6% | 97 | $16,715,000 | $172,320 |
| <2.5% | 5 | $35,000 | $7,000 |
During 2023, Mount Pleasant's most frequently originated rate bucket was 6-7%, with 353 originations.
Loan Sizing (Mount Pleasant, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 374 | $53,060,000 | $141,872 |
| $100,000 or less | 325 | $18,295,000 | $56,292 |
| $200k-400k | 182 | $47,190,000 | $259,286 |
| $400k-600k | 18 | $8,230,000 | $457,222 |
| $600k-1000k | 3 | $2,355,000 | $785,000 |
| $Over $1MM | 1 | $1,035,000 | $1,035,000 |
Mount Pleasant's loan sizing saw the bucket of loans from $100k-200k with 374 originations, totaling $53,060,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 366 | $70,670,000 | $193,087 |
| 60-80% | 202 | $32,510,000 | $160,941 |
| 20-40% | 87 | $5,855,000 | $67,299 |
| Under 20% | 80 | $2,900,000 | $36,250 |
| 40-60% | 74 | $8,480,000 | $114,595 |
| Over 100% | 3 | $965,000 | $321,667 |
Mount Pleasant's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 366 originations, totaling $70,670,000 in origination value.