Sault Ste. Marie Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Sault Ste. Marie averaged
6.69%
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
6.72% and
one month ago for the week of 2025-05-15, the
average rate was 6.79%.
Sault Ste. Marie's average rate one year ago was 6.83%.
For refis of the same type during the week of 2025-06-18, the average rate
was 7.41%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Sault Ste. Marie 30 Year Fixed Rate | 2025-06-18 | 6.69% |
| Sault Ste. Marie 30 Year Fixed Rate Refi | 2025-06-18 | 7.41% |
| Sault Ste. Marie 15 Year Fixed Rate | 2025-06-18 | 6.16% |
| Sault Ste. Marie 15 Year Fixed Rate Refi | 2025-06-18 | 6.56% |
| Sault Ste. Marie 30 Year FHA | 2025-06-18 | -0.2% |
| Sault Ste. Marie 30 Year FHA Refi | 2025-06-18 | 0.1% |
| Sault Ste. Marie 30 Year USDA | 2025-06-18 | -0.2% |
| Sault Ste. Marie 30 Year USDA Refi | 2025-06-18 | 0.1% |
| Sault Ste. Marie 30 Year VA | 2025-06-18 | -0.1% |
| Sault Ste. Marie 30 Year VA Refi | 2025-06-18 | -0.1% |
Sault Ste. Marie 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 Sault Ste. Marie, 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.).
Sault Ste. Marie Average Closing Costs & Other Stats
Sault Ste. Marie, MI's 44 lenders originated 326
loans during 2024. The total origination value was $56,000,000, with an average loan value of
$171,779.
Sault Ste. Marie's average closing costs are $4,308.
The top Sault Ste. Marie lender as defined by loan originations is QUICKEN LOANS, LLC, with
23 loans originated. Their average total fees are
$6,069, which is $2,973
higher than the next largest lender,
Nicolet National Bank.
The lowest fee Sault Ste. Marie lenders (with over 10 loans originated) are
Nicolet National Bank ($3,096), BLG HOLDINGS, INC. ($4,586), QUICKEN LOANS, LLC ($6,069), .
The lowest rate Sault Ste. Marie lenders (with over 10 loans originated) are
BLG HOLDINGS, INC. (6.55%), QUICKEN LOANS, LLC (6.70%), Nicolet National Bank (7.08%), .
Sault Ste. Marie, 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 |
|---|---|---|---|---|
| QUICKEN LOANS, LLC | $4,495,000 | $8,985,000 | 99.9% | 16.0% |
| Nicolet National Bank | $4,440,000 | $7,990,000 | 80.0% | 14.3% |
| Mortgage Research Center, LLC | $2,435,000 | $4,270,000 | 75.4% | 7.6% |
| BLG HOLDINGS, INC. | $875,000 | $3,255,000 | 272.0% | 5.8% |
| The Huntington National Bank | $3,645,000 | $2,220,000 | -39.1% | 4.0% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,740,000 | $1,735,000 | -0.3% | 3.1% |
| NAVY FEDERAL CREDIT UNION | $585,000 | $1,580,000 | 170.1% | 2.8% |
| LOANDEPOT.COM, LLC | $1,035,000 | $1,410,000 | 36.2% | 2.5% |
| VAN DYK MORTGAGE CORPORATION | $2,320,000 | $1,305,000 | -43.8% | 2.3% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,135,000 | n/a | 2.0% | |
| GreenStone Farm Credit Services, FLCA | $1,515,000 | $1,115,000 | -26.4% | 2.0% |
| LAKE MICHIGAN CREDIT UNION | $375,000 | $1,020,000 | 172.0% | 1.8% |
| Carrington Mortgage Services, LLC | $250,000 | $950,000 | 280.0% | 1.7% |
| USAA Federal Savings Bank | $880,000 | $910,000 | 3.4% | 1.6% |
| FREEDOM MORTGAGE CORPORATION | $135,000 | $625,000 | 363.0% | 1.1% |
| STAUNTON FINANCIAL, INC. | $535,000 | n/a | 1.0% | |
| CREDIT UNION ONE | $325,000 | $520,000 | 60.0% | 0.9% |
| CROSSCOUNTRY MORTGAGE, LLC | $515,000 | n/a | 0.9% | |
| TOTAL MORTGAGE SERVICES, LLC | $505,000 | n/a | 0.9% | |
| UNION HOME MORTGAGE CORP. | $475,000 | n/a | 0.8% | |
| ROYAL UNITED MORTGAGE LLC | $65,000 | $425,000 | 553.8% | 0.8% |
| BROKER SOLUTIONS, INC. | $225,000 | $420,000 | 86.7% | 0.8% |
| GUILD MORTGAGE COMPANY | $365,000 | n/a | 0.7% | |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $165,000 | $360,000 | 118.2% | 0.6% |
| Horizon Bank | $360,000 | n/a | 0.6% | |
| PNC Bank | $500,000 | $360,000 | -28.0% | 0.6% |
| PENNYMAC LOAN SERVICES, LLC | $1,175,000 | $350,000 | -70.2% | 0.6% |
| Wells Fargo Bank | $350,000 | n/a | 0.6% | |
| MORTGAGE 1 INCORPORATED | $795,000 | $340,000 | -57.2% | 0.6% |
| COMMUNITY FINANCIAL CREDIT UNION | $75,000 | $315,000 | 320.0% | 0.6% |
| Mercantile Bank of Michigan | $300,000 | $315,000 | 5.0% | 0.6% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $355,000 | $305,000 | -14.1% | 0.5% |
| DEEPHAVEN MORTGAGE LLC | $295,000 | n/a | 0.5% | |
| MARSHALL COMMUNITY CREDIT UNION | $195,000 | $290,000 | 48.7% | 0.5% |
| GENISYS | $315,000 | $265,000 | -15.9% | 0.5% |
| NexBank | $465,000 | $265,000 | -43.0% | 0.5% |
| VILLAGE CAPITAL MORTGAGE | $265,000 | n/a | 0.5% | |
| Isabella Bank | $210,000 | $250,000 | 19.0% | 0.4% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $255,000 | $250,000 | -2.0% | 0.4% |
| Bank First, N.A. | $235,000 | n/a | 0.4% | |
| GreenStone Farm Credit Services, ACA | $225,000 | n/a | 0.4% | |
| OAK MORTGAGE, LLC | $225,000 | n/a | 0.4% | |
| CONSUMERS | $270,000 | $215,000 | -20.4% | 0.4% |
| Flagstar Bank, FSB | $200,000 | $195,000 | -2.5% | 0.3% |
| MID AMERICA MORTGAGE, INC. | $805,000 | $185,000 | -77.0% | 0.3% |
| RUOFF MORTGAGE COMPANY, INC. | $185,000 | n/a | 0.3% | |
| The Dart Bank | $175,000 | n/a | 0.3% | |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $165,000 | n/a | 0.3% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $165,000 | n/a | 0.3% | |
| Barrington Bank & Trust Company, N.A. | $155,000 | n/a | 0.3% | |
| FIRST COMMUNITY MORTGAGE, INC. | $155,000 | n/a | 0.3% | |
| NEWREZ LLC | $280,000 | $155,000 | -44.6% | 0.3% |
| Three Rivers Federal Credit Union | $145,000 | n/a | 0.3% | |
| KeyBank | $135,000 | n/a | 0.2% | |
| Morgan Stanley Private Bank | $115,000 | $135,000 | 17.4% | 0.2% |
| MICHIGAN MUTUAL, INC. | $130,000 | $130,000 | 0.0% | 0.2% |
| Comerica Bank | $105,000 | $125,000 | 19.0% | 0.2% |
| Independent Bank | $380,000 | $125,000 | -67.1% | 0.2% |
| American Bank and Trust Company | $115,000 | n/a | 0.2% | |
| PLAZA HOME MORTGAGE, INC. | $115,000 | n/a | 0.2% | |
| Discover Bank | $110,000 | n/a | 0.2% | |
| Kellogg Community Credit Union | $95,000 | n/a | 0.2% | |
| AMERICAN FINANCING CORPORATION | $85,000 | n/a | 0.2% | |
| AMERISAVE MORTGAGE CORPORATION | $85,000 | $85,000 | 0.0% | 0.2% |
| Citizens Bank | $835,000 | $75,000 | -91.0% | 0.1% |
| Third Federal Savings and Loan Association of Cleveland | $75,000 | n/a | 0.1% | |
| LOANPAL, LLC | $65,000 | n/a | 0.1% | |
| Summit Credit Union | $65,000 | n/a | 0.1% | |
| SPRING EQ, LLC | $35,000 | n/a | 0.1% | |
| 21ST MORTGAGE CORPORATION | $160,000 | $25,000 | -84.4% | 0.0% |
| DFCU FINANCIAL | $405,000 | $25,000 | -93.8% | 0.0% |
| Fifth Third Bank | $25,000 | n/a | 0.0% | |
| Coastal Community Bank | $15,000 | n/a | 0.0% | |
| FINANCE OF AMERICA REVERSE LLC | $175,000 | $15,000 | -91.4% | 0.0% |
Sault Ste. Marie's top lender by overall market share is QUICKEN LOANS, LLC, with 16.0% market share. In second place, with 14.3%, is Nicolet National Bank, having originated $7,990,000 in loans. In third place, with 7.6%, is Mortgage Research Center, LLC, having originated $4,270,000 in loans. In fourth place, with 5.8%, is BLG HOLDINGS, INC., having originated $3,255,000 in loans. In fifth place, with 4.0%, is The Huntington National Bank, having originated $2,220,000 in loans.
Sault Ste. Marie, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 197 | $38,405,000 | $194,949 |
| Cash Out Refi | 60 | $9,840,000 | $164,000 |
| Other | 24 | $1,980,000 | $82,500 |
| Refi | 24 | $4,060,000 | $169,167 |
| Home Improvement | 21 | $1,715,000 | $81,667 |
Sault Ste. Marie's most frequently cited loan purpose was Home Purchase, with 197 originations. The 2nd most popular reason was Cash Out Refi, with 60 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 139 | $26,235,000 | $188,741 |
| 7-8% | 89 | $16,115,000 | $181,067 |
| Over 8% | 59 | $6,265,000 | $106,186 |
| 5-6% | 38 | $7,380,000 | $194,211 |
| <2.5% | 1 | $5,000 | $5,000 |
During 2024, Sault Ste. Marie's most frequently originated rate bucket was 6-7%, with 139 originations.
Loan Sizing (Sault Ste. Marie, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 138 | $20,260,000 | $146,812 |
| $100,000 or less | 88 | $5,730,000 | $65,114 |
| $200k-400k | 88 | $23,440,000 | $266,364 |
| $400k-600k | 9 | $4,355,000 | $483,889 |
| $600k-1000k | 3 | $2,215,000 | $738,333 |
Sault Ste. Marie's loan sizing saw the bucket of loans from $100k-200k with 138 originations, totaling $20,260,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 154 | $30,420,000 | $197,532 |
| 60-80% | 84 | $15,400,000 | $183,333 |
| 20-40% | 29 | $2,855,000 | $98,448 |
| 40-60% | 29 | $4,335,000 | $149,483 |
| Under 20% | 20 | $710,000 | $35,500 |
| Over 100% | 7 | $1,555,000 | $222,143 |
Sault Ste. Marie's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 154 originations, totaling $30,420,000 in origination value.