Sault Ste. Marie 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 Sault Ste. Marie averaged 7.01% for the week of 2024-04-18, compared to the national average of 7.1% for the same period.

    The average rate for the prior week (2024-04-11) was 6.79% and one month ago for the week of 2024-03-14, the average rate was 6.65%.

    Sault Ste. Marie's average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-18, the average rate was 7.7%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-04-18 7.1%
    Sault Ste. Marie 30 Year Fixed Rate 2024-04-18 7.01%
    Sault Ste. Marie 30 Year Fixed Rate Refi 2024-04-18 7.7%
    Sault Ste. Marie 15 Year Fixed Rate 2024-04-18 6.39%
    Sault Ste. Marie 15 Year Fixed Rate Refi 2024-04-18 6.79%
    Sault Ste. Marie 30 Year FHA 2024-04-18 6.66%
    Sault Ste. Marie 30 Year FHA Refi 2024-04-18 6.96%
    Sault Ste. Marie 30 Year USDA 2024-04-18 6.86%
    Sault Ste. Marie 30 Year USDA Refi 2024-04-18 6.96%
    Sault Ste. Marie 30 Year VA 2024-04-18 6.86%
    Sault Ste. Marie 30 Year VA Refi 2024-04-18 6.76%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Sault Ste. Marie, MI.

    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.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Nicolet National Bank 19 7.26% $2,805
    QUICKEN LOANS, LLC 18 6.83% $5,412
    The Huntington National Bank 13 7.23% $3,507
    BLG HOLDINGS, INC. 6 6.75% $4,573
    PENNYMAC LOAN SERVICES, LLC 4 6.78% $5,457
    LEGEND LENDING CORPORATION 3 6.71% $5,978
    VAN DYK MORTGAGE CORPORATION 3 6.13% $3,913
    UNITED WHOLESALE MORTGAGE, LLC 2 6.90% $4,508
    LAKE MICHIGAN CREDIT UNION 2 7.19% $2,977
    GreenStone Farm Credit Services, FLCA 2 7.10% $4,355
    TOWNE MORTGAGE COMPANY 2 7.06% $6,282
    NEWREZ LLC 2 6.75% $5,129
    First State Bank 1 5.49% $3,061
    Flagstar Bank, FSB 1 6.63% $6,478
    GENISYS 1 6.75% $3,170
    Independent Bank 1 6.88% $5,804
    JPMorgan Chase Bank 1 6.88% $6,514
    LOANDEPOT.COM, LLC 1 6.50% $3,368
    MARSHALL COMMUNITY CREDIT UNION 1 7.50% $2,909
    Mercantile Bank of Michigan 1 7.00% $8,615
    MID AMERICA MORTGAGE, INC. 1 6.13% $3,601
    1st State Financial, Ltd. 1 6.25% $1,618
    MORTGAGE 1 INCORPORATED 1 8.13% $9,412
    NexBank 1 5.50% $7,477
    Plains Commerce Bank 1 7.63% $5,729
    PNC Bank 1 6.25% $5,318
    Range Bank 1 6.75% $2,730
    Truist 1 6.88% $3,087
    ZILLOW HOME LOANS, LLC 1 6.00% $7,004
    Morgan Stanley Private Bank 1 6.95% $2,801
    Adventure Credit Union 1 6.88% $2,781
    Ally Bank 1 7.50% $2,150
    ARBOR FINANCIAL CREDIT UNION 1 6.00% $3,318
    CALIBER HOME LOANS, INC. 1 6.38% $4,223
    CARTER FEDERAL CREDIT UNION 1 7.25% $5,819
    CMG MORTGAGE, INC. 1 6.25% $9,004
    CONSUMERS 1 7.25% $2,873
    CORNERSTONE HOME LENDING, INC. 1 6.88% $5,521
    Dearborn Federal Savings Bank 1 6.38% $3,139
    DOW CHEMICAL EMPLOYEES' 1 8.88% $4,044
    ENVOY MORTGAGE, LTD 1 6.88% $3,501

    Sault Ste. Marie Average Closing Costs & Other Stats

    Sault Ste. Marie, MI's 41 lenders originated 290 loans during 2023. The total origination value was $42,380,000, with an average loan value of $146,138.

    Sault Ste. Marie's average closing costs are $4,125.

    The top Sault Ste. Marie lender as defined by loan originations is Nicolet National Bank, with 19 loans originated. Their average total fees are $2,805, which is $2,607 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sault Ste. Marie lenders (with over 10 loans originated) are Nicolet National Bank ($2,805), The Huntington National Bank ($3,507), QUICKEN LOANS, LLC ($5,412), .

    The lowest rate Sault Ste. Marie lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.83%), The Huntington National Bank (7.23%), Nicolet National Bank (7.26%), .

    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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    QUICKEN LOANS, LLC $10,095,000 $4,495,000 -55.5% 10.6%
    Nicolet National Bank $4,985,000 $4,440,000 -10.9% 10.5%
    The Huntington National Bank $5,660,000 $3,645,000 -35.6% 8.6%
    Mortgage Research Center, LLC $4,365,000 $2,435,000 -44.2% 5.7%
    VAN DYK MORTGAGE CORPORATION $4,155,000 $2,320,000 -44.2% 5.5%
    UNITED WHOLESALE MORTGAGE, LLC $1,760,000 $1,740,000 -1.1% 4.1%
    GreenStone Farm Credit Services, FLCA $860,000 $1,515,000 76.2% 3.6%
    PENNYMAC LOAN SERVICES, LLC $985,000 $1,175,000 19.3% 2.8%
    LOANDEPOT.COM, LLC $810,000 $1,035,000 27.8% 2.4%
    DOW CHEMICAL EMPLOYEES' $410,000 $935,000 128.0% 2.2%
    USAA Federal Savings Bank $805,000 $880,000 9.3% 2.1%
    BLG HOLDINGS, INC. $155,000 $875,000 464.5% 2.1%
    Citizens Bank $375,000 $835,000 122.7% 2.0%
    MID AMERICA MORTGAGE, INC. $1,610,000 $805,000 -50.0% 1.9%
    MORTGAGE 1 INCORPORATED $330,000 $795,000 140.9% 1.9%
    NAVY FEDERAL CREDIT UNION $210,000 $585,000 178.6% 1.4%
    PNC Bank $460,000 $500,000 8.7% 1.2%
    Shamrock Home Loans, Inc. $480,000 n/a 1.1%
    NexBank $465,000 n/a 1.1%
    LEGEND LENDING CORPORATION $580,000 $435,000 -25.0% 1.0%
    CHURCHILL MORTGAGE CORPORATION $420,000 n/a 1.0%
    DFCU FINANCIAL $95,000 $405,000 326.3% 1.0%
    Independent Bank $465,000 $380,000 -18.3% 0.9%
    LAKE MICHIGAN CREDIT UNION $710,000 $375,000 -47.2% 0.9%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $355,000 n/a 0.8%
    CREDIT UNION ONE $105,000 $325,000 209.5% 0.8%
    GENISYS $25,000 $315,000 1,160.0% 0.7%
    Mercantile Bank of Michigan $120,000 $300,000 150.0% 0.7%
    ARBOR FINANCIAL CREDIT UNION $285,000 n/a 0.7%
    NEWREZ LLC $205,000 $280,000 36.6% 0.7%
    CONSUMERS $160,000 $270,000 68.8% 0.6%
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION $180,000 $255,000 41.7% 0.6%
    ROSS MORTGAGE CORPORATION $255,000 n/a 0.6%
    Carrington Mortgage Services, LLC $190,000 $250,000 31.6% 0.6%
    HOMESIDE FINANCIAL, LLC $135,000 $245,000 81.5% 0.6%
    JPMorgan Chase Bank $480,000 $235,000 -51.0% 0.6%
    NEW DAY FINANCIAL, LLC $115,000 $235,000 104.3% 0.6%
    TOWNE MORTGAGE COMPANY $230,000 n/a 0.5%
    BROKER SOLUTIONS, INC. $135,000 $225,000 66.7% 0.5%
    Adventure Credit Union $215,000 n/a 0.5%
    UIF CORPORATION $215,000 n/a 0.5%
    ZILLOW HOME LOANS, LLC $215,000 n/a 0.5%
    Isabella Bank $55,000 $210,000 281.8% 0.5%
    Ally Bank $195,000 $205,000 5.1% 0.5%
    Flagstar Bank, FSB $760,000 $200,000 -73.7% 0.5%
    ENVOY MORTGAGE, LTD $295,000 $195,000 -33.9% 0.5%
    MARSHALL COMMUNITY CREDIT UNION $195,000 n/a 0.5%
    ELGA CREDIT UNION $130,000 $185,000 42.3% 0.4%
    ACADEMY MORTGAGE CORPORATION $115,000 $180,000 56.5% 0.4%
    FINANCE OF AMERICA REVERSE LLC $175,000 n/a 0.4%
    The Shelby State Bank $175,000 n/a 0.4%
    CALIBER HOME LOANS, INC. $215,000 $165,000 -23.3% 0.4%
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION $390,000 $165,000 -57.7% 0.4%
    NBKC BANK $165,000 n/a 0.4%
    21ST MORTGAGE CORPORATION $345,000 $160,000 -53.6% 0.4%
    CORNERSTONE HOME LENDING, INC. $155,000 n/a 0.4%
    Dearborn Federal Savings Bank $155,000 n/a 0.4%
    OCMBC, INC. $155,000 n/a 0.4%
    Bay Bank $145,000 n/a 0.3%
    CARTER FEDERAL CREDIT UNION $145,000 n/a 0.3%
    CMG MORTGAGE, INC. $145,000 n/a 0.3%
    First State Bank $145,000 n/a 0.3%
    Plains Commerce Bank $145,000 n/a 0.3%
    Range Bank $205,000 $145,000 -29.3% 0.3%
    Truist $345,000 $145,000 -58.0% 0.3%
    FREEDOM MORTGAGE CORPORATION $350,000 $135,000 -61.4% 0.3%
    The Park National Bank $45,000 $135,000 200.0% 0.3%
    TRIAD FINANCIAL SERVICES, INC. $150,000 $135,000 -10.0% 0.3%
    MICHIGAN MUTUAL, INC. $130,000 n/a 0.3%
    Morgan Stanley Private Bank $95,000 $115,000 21.1% 0.3%
    Paramount Residential Mortgage Group, Inc. $115,000 n/a 0.3%
    BMO Harris Bank $105,000 n/a 0.2%
    Comerica Bank $105,000 n/a 0.2%
    First Community Bank $95,000 n/a 0.2%
    MOVEMENT MORTGAGE, LLC $95,000 n/a 0.2%
    AMERISAVE MORTGAGE CORPORATION $945,000 $85,000 -91.0% 0.2%
    COMMUNITY FINANCIAL CREDIT UNION $210,000 $75,000 -64.3% 0.2%
    RELIANCE FIRST CAPITAL, LLC $75,000 n/a 0.2%
    1st State Financial, Ltd. $45,000 $65,000 44.4% 0.2%
    American Airlines Federal Credit Union $65,000 n/a 0.2%
    MICHIGAN FIRST CREDIT UNION $65,000 n/a 0.2%
    ROYAL UNITED MORTGAGE LLC $190,000 $65,000 -65.8% 0.2%
    Meijer Credit Union $35,000 n/a 0.1%
    Figure Lending LLC $15,000 $25,000 66.7% 0.1%
    HOMEBRIDGE FINANCIAL SERVICES, INC. $25,000 n/a 0.1%

    Sault Ste. Marie's top lender by overall market share is QUICKEN LOANS, LLC, with 10.6% market share. In second place, with 10.5%, is Nicolet National Bank, having originated $4,440,000 in loans. In third place, with 8.6%, is The Huntington National Bank, having originated $3,645,000 in loans. In fourth place, with 5.7%, is Mortgage Research Center, LLC, having originated $2,435,000 in loans. In fifth place, with 5.5%, is VAN DYK MORTGAGE CORPORATION, having originated $2,320,000 in loans.

    Sault Ste. Marie Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Sault Ste. Marie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $138,750 (15.7%) $186,914 (10.2%) 0.00 398
    2018-02-01 $137,900 (11.1%) $185,743 (-1.1%) 0.00 387
    2018-03-01 $139,000 (11.3%) $192,974 (3.1%) 0.00 366
    2018-04-01 $140,000 (12.0%) $195,088 (4.3%) 0.00 371
    2018-05-01 $148,375 (14.2%) $197,789 (5.1%) 0.00 382
    2018-06-01 $149,000 (14.7%) $194,543 (2.0%) 0.00 443
    2018-07-01 $144,250 (11.1%) $191,157 (0.4%) 0.00 485
    2018-08-01 $146,250 (9.5%) $192,618 (-1.4%) 0.00 489
    2018-09-01 $138,000 (2.2%) $189,185 (-2.5%) 0.00 464
    2018-10-01 $137,225 (0.6%) $193,996 (7.3%) 0.00 427
    2018-11-01 $135,000 (-1.6%) $195,108 (7.6%) 0.00 409
    2018-12-01 $139,000 (0.0%) $196,075 (5.9%) 0.00 373
    2019-01-01 $144,700 (4.3%) $198,948 (6.4%) 0.00 346
    2019-02-01 $149,000 (8.1%) $204,049 (9.9%) 0.00 344
    2019-03-01 $149,386 (7.5%) $206,637 (7.1%) 0.00 329
    2019-04-01 $149,948 (7.1%) $209,033 (7.2%) 0.00 329
    2019-05-01 $149,900 (1.0%) $208,274 (5.3%) 0.00 324
    2019-06-01 $157,000 (5.4%) $208,672 (7.3%) 0.00 354
    2019-07-01 $156,500 (8.5%) $202,736 (6.1%) 0.00 386
    2019-08-01 $155,455 (6.3%) $201,498 (4.6%) 0.00 391
    2019-09-01 $154,636 (12.1%) $199,939 (5.7%) 0.00 389
    2019-10-01 $154,341 (12.5%) $198,900 (2.5%) 0.00 383
    2019-11-01 $154,500 (14.4%) $201,142 (3.1%) 0.00 348
    2019-12-01 $159,000 (14.4%) $200,900 (2.5%) 0.00 313
    2020-01-01 $156,750 (8.3%) $197,433 (-0.8%) 0.00 296
    2020-02-01 $158,000 (6.0%) $202,401 (-0.8%) 0.00 294
    2020-03-01 $159,900 (7.0%) $206,246 (-0.2%) 0.00 286
    2020-04-01 $159,900 (6.6%) $206,158 (-1.4%) 0.00 287
    2020-05-01 $159,900 (6.7%) $200,148 (-3.9%) 0.00 287
    2020-06-01 $159,900 (1.9%) $198,901 (-4.7%) 0.00 279
    2020-07-01 $159,950 (2.2%) $203,568 (0.4%) 0.00 262
    2020-08-01 $167,450 (7.7%) $203,844 (1.2%) 0.00 232
    2020-09-01 $159,450 (3.1%) $201,817 (0.9%) 0.00 202
    2020-10-01 $159,450 (3.3%) $210,772 (6.0%) 0.00 174
    2020-11-01 $153,325 (-0.8%) $213,336 (6.1%) 0.00 173
    2020-12-01 $144,225 (-9.3%) $197,625 (-1.6%) 0.00 158
    2021-01-01 $146,500 (-6.5%) $208,157 (5.4%) 0.00 139
    2021-02-01 $156,000 (-1.3%) $226,140 (11.7%) 0.00 121
    2021-03-01 $175,000 (9.4%) $237,445 (15.1%) 0.00 107
    2021-04-01 $179,667 (12.4%) $276,360 (34.1%) 0.00 94
    2021-05-01 $199,900 (25.0%) $298,525 (49.2%) 0.00 99
    2021-06-01 $198,000 (23.8%) $296,848 (49.2%) 0.00 121
    2021-07-01 $198,000 (23.8%) $297,999 (46.4%) 0.00 116
    2021-08-01 $202,000 (20.6%) $316,545 (55.3%) 0.00 120
    2021-09-01 $202,450 (27.0%) $309,247 (53.2%) 0.00 123
    2021-10-01 $210,000 (31.7%) $298,838 (41.8%) 0.00 110
    2021-11-01 $185,925 (21.3%) $277,405 (30.0%) 0.00 98
    2021-12-01 $176,950 (22.7%) $257,774 (30.4%) 0.00 90
    2022-01-01 $167,450 (14.3%) $262,693 (26.2%) 0.00 75
    2022-02-01 $176,725 (13.3%) $266,736 (18.0%) 0.00 55
    2022-03-01 $222,500 (27.1%) $291,854 (22.9%) 0.00 49
    2022-04-01 $194,950 (8.5%) $276,878 (0.2%) 0.00 53
    2022-05-01 $205,000 (2.6%) $250,996 (-15.9%) 0.00 64
    2022-06-01 $184,500 (-6.8%) $240,062 (-19.1%) 0.00 82
    2022-07-01 $190,000 (-4.0%) $235,083 (-21.1%) 0.00 92
    2022-08-01 $189,300 (-6.3%) $240,017 (-24.2%) 0.00 93
    2022-09-01 $189,925 (-6.2%) $242,577 (-21.6%) 0.00 92
    2022-10-01 $199,900 (-4.8%) $294,351 (-1.5%) 0.00 92
    2022-11-01 $225,000 (21.0%) $367,333 (32.4%) 0.00 80
    2022-12-01 $232,450 (31.4%) $379,511 (47.2%) 0.00 74
    2023-01-01 $247,425 (47.8%) $421,396 (60.4%) 0.00 61
    2023-02-01 $239,900 (35.8%) $403,510 (51.3%) 0.00 63
    2023-03-01 $250,000 (12.4%) $426,657 (46.2%) 0.00 64
    2023-04-01 $270,000 (38.5%) $476,667 (72.2%) 0.00 56
    2023-05-01 $242,400 (18.2%) $367,064 (46.2%) 0.00 71
    2023-06-01 $225,000 (22.0%) $337,424 (40.6%) 0.00 86
    2023-07-01 $239,900 (26.3%) $334,933 (42.5%) 0.00 100
    2023-08-01 $229,725 (21.4%) $328,440 (36.8%) 0.00 103
    2023-09-01 $215,000 (13.2%) $318,327 (31.2%) 0.00 102
    2023-10-01 $212,500 (6.3%) $292,074 (-0.8%) 0.00 103
    2023-11-01 $218,000 (-3.1%) $294,642 (-19.8%) 0.00 94
    2023-12-01 $225,250 (-3.1%) $324,842 (-14.4%) 0.00 84
    2024-01-01 $234,450 (-5.2%) $333,099 (-21.0%) 0.00 73
    2024-02-01 $249,250 (3.9%) $329,927 (-18.2%) 0.00 70
    2024-03-01 $250,000 (0.0%) $352,729 (-17.3%) 0.00 63
    Sault Ste. Marie's median listing price for 2024-03-01 was $250,000, a difference of $0 (0.0%) versus the prior year and $750 versus the prior month.

    Sault Ste. Marie's median listing price comes in at 0% of the national average.

    Sault Ste. Marie's average listing price for 2024-03-01 was $352,729, a difference of $-73,928 (-17.3%) versus the prior year and $22,802 versus the prior month.

    For the 2024-03-01 period, Sault Ste. Marie had 63 MLS listings, a difference of -7 listings (-10%) versus the prior month and -1 listings (-2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sault Ste. Marie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,355 sqft
    2018-02-01 0 days 1,400 sqft
    2018-03-01 0 days 1,433 sqft
    2018-04-01 0 days 1,429 sqft
    2018-05-01 0 days 1,420 sqft
    2018-06-01 0 days 1,424 sqft
    2018-07-01 0 days 1,389 sqft
    2018-08-01 0 days 1,391 sqft
    2018-09-01 0 days 1,350 sqft
    2018-10-01 0 days 1,365 sqft
    2018-11-01 0 days 1,358 sqft
    2018-12-01 0 days 1,352 sqft
    2019-01-01 0 days 1,362 sqft
    2019-02-01 0 days 1,392 sqft
    2019-03-01 0 days 1,395 sqft
    2019-04-01 0 days 1,403 sqft
    2019-05-01 0 days 1,400 sqft
    2019-06-01 0 days 1,400 sqft
    2019-07-01 0 days 1,371 sqft
    2019-08-01 0 days 1,361 sqft
    2019-09-01 0 days 1,383 sqft
    2019-10-01 0 days 1,400 sqft
    2019-11-01 0 days 1,394 sqft
    2019-12-01 0 days 1,391 sqft
    2020-01-01 0 days 1,321 sqft
    2020-02-01 0 days 1,354 sqft
    2020-03-01 0 days 1,404 sqft
    2020-04-01 0 days 1,400 sqft
    2020-05-01 0 days 1,400 sqft
    2020-06-01 0 days 1,375 sqft
    2020-07-01 0 days 1,387 sqft
    2020-08-01 0 days 1,400 sqft
    2020-09-01 0 days 1,351 sqft
    2020-10-01 0 days 1,325 sqft
    2020-11-01 0 days 1,354 sqft
    2020-12-01 0 days 1,388 sqft
    2021-01-01 0 days 1,400 sqft
    2021-02-01 0 days 1,420 sqft
    2021-03-01 0 days 1,388 sqft
    2021-04-01 0 days 1,346 sqft
    2021-05-01 0 days 1,440 sqft
    2021-06-01 0 days 1,488 sqft
    2021-07-01 0 days 1,512 sqft
    2021-08-01 0 days 1,512 sqft
    2021-09-01 0 days 1,428 sqft
    2021-10-01 0 days 1,432 sqft
    2021-11-01 0 days 1,392 sqft
    2021-12-01 0 days 1,334 sqft
    2022-01-01 0 days 1,360 sqft
    2022-02-01 0 days 1,427 sqft
    2022-03-01 0 days 1,522 sqft
    2022-04-01 0 days 1,418 sqft
    2022-05-01 0 days 1,378 sqft
    2022-06-01 0 days 1,350 sqft
    2022-07-01 0 days 1,337 sqft
    2022-08-01 0 days 1,376 sqft
    2022-09-01 0 days 1,346 sqft
    2022-10-01 0 days 1,451 sqft
    2022-11-01 0 days 1,570 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,600 sqft
    2023-02-01 0 days 1,586 sqft
    2023-03-01 0 days 1,613 sqft
    2023-04-01 0 days 1,613 sqft
    2023-05-01 0 days 1,462 sqft
    2023-06-01 0 days 1,459 sqft
    2023-07-01 0 days 1,443 sqft
    2023-08-01 0 days 1,412 sqft
    2023-09-01 0 days 1,380 sqft
    2023-10-01 0 days 1,347 sqft
    2023-11-01 0 days 1,408 sqft
    2023-12-01 0 days 1,440 sqft
    2024-01-01 0 days 1,420 sqft
    2024-02-01 0 days 1,476 sqft
    2024-03-01 0 days 1,500 sqft
    Sault Ste. Marie's median listing age (time on market) for 2024-03-01 was 0 days.

    Sault Ste. Marie's median square footage for active listings during the 2024-03-01 period was 1,500 sqft. One year prior, the average listing was 1,613 sqft.

    Sault Ste. Marie, MI Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 193 $31,595,000 $163,705
    Cash Out Refi 40 $5,090,000 $127,250
    Home Improvement 20 $1,870,000 $93,500
    Refi 19 $2,325,000 $122,368
    Other 18 $1,500,000 $83,333

    Sault Ste. Marie's most frequently cited loan purpose was Home Purchase, with 193 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 118 $18,700,000 $158,475
    7-8% 71 $10,685,000 $150,493
    Over 8% 63 $6,135,000 $97,381
    5-6% 31 $5,955,000 $192,097
    <2.5% 2 $20,000 $10,000
    4-5% 1 $205,000 $205,000
    2.5-3% 1 $265,000 $265,000

    During 2023, Sault Ste. Marie's most frequently originated rate bucket was 6-7%, with 118 originations.

    Loan Sizing (Sault Ste. Marie, MI MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 134 $19,220,000 $143,433
    $100,000 or less 95 $6,225,000 $65,526
    $200k-400k 55 $13,615,000 $247,545
    $400k-600k 4 $1,760,000 $440,000
    $600k-1000k 2 $1,560,000 $780,000

    Sault Ste. Marie's loan sizing saw the bucket of loans from $100k-200k with 134 originations, totaling $19,220,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 143 $24,255,000 $169,615
    60-80% 66 $9,790,000 $148,333
    20-40% 29 $2,165,000 $74,655
    40-60% 26 $4,010,000 $154,231
    Under 20% 14 $580,000 $41,429
    Over 100% 3 $815,000 $271,667

    Sault Ste. Marie's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 143 originations, totaling $24,255,000 in origination value.