Sault Ste. Marie Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Sault Ste. Marie averaged
7.11%
for the week of 2023-09-21, compared to the national average of
7.19% for the same period.
The average rate for the prior week (2023-09-14) was
7.4% and
one month ago for the week of 2023-08-17, the
average rate was 7.01%.
Sault Ste. Marie's average rate one year ago was 6.24%.
For refis of the same type during the week of 2023-09-21, the average rate
was 7.29%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2023-09-21 | 7.19% |
Sault Ste. Marie 30 Year Fixed Rate | 2023-09-21 | 7.11% |
Sault Ste. Marie 30 Year Fixed Rate Refi | 2023-09-21 | 7.29% |
Sault Ste. Marie 15 Year Fixed Rate | 2023-09-21 | 6.64% |
Sault Ste. Marie 15 Year Fixed Rate Refi | 2023-09-21 | 6.74% |
Sault Ste. Marie 30 Year FHA | 2023-09-21 | 6.94% |
Sault Ste. Marie 30 Year FHA Refi | 2023-09-21 | 7.14% |
Sault Ste. Marie 30 Year USDA | 2023-09-21 | 7.22% |
Sault Ste. Marie 30 Year USDA Refi | 2023-09-21 | 7.02% |
Sault Ste. Marie 30 Year VA | 2023-09-21 | 7.02% |
Sault Ste. Marie 30 Year VA Refi | 2023-09-21 | 6.82% |
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 50 lenders originated 391
loans during 2022. The total origination value was $57,305,000, with an average loan value of
$146,560.
Sault Ste. Marie's average closing costs are $3,933.
The top Sault Ste. Marie lender as defined by loan originations is QUICKEN LOANS, LLC, with
29 loans originated. Their average total fees are
$5,263, which is $2,712
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 ($2,551), The Huntington National Bank ($3,054), QUICKEN LOANS, LLC ($5,263), .
The lowest rate Sault Ste. Marie lenders (with over 10 loans originated) are
The Huntington National Bank (5.01%), QUICKEN LOANS, LLC (5.30%), Nicolet National Bank (5.33%), .
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
---|---|---|---|---|
QUICKEN LOANS, LLC | $12,715,000 | $10,095,000 | -20.6% | 17.6% |
The Huntington National Bank | $6,535,000 | $5,660,000 | -13.4% | 9.9% |
Nicolet National Bank | $930,000 | $4,985,000 | 436.0% | 8.7% |
Mortgage Research Center, LLC | $3,135,000 | $4,365,000 | 39.2% | 7.6% |
VAN DYK MORTGAGE CORPORATION | $3,400,000 | $4,155,000 | 22.2% | 7.3% |
Cedar Rapids Bank and Trust Company | $1,955,000 | n/a | 3.4% | |
UNITED WHOLESALE MORTGAGE, LLC | $4,500,000 | $1,760,000 | -60.9% | 3.1% |
MID AMERICA MORTGAGE, INC. | $905,000 | $1,610,000 | 77.9% | 2.8% |
PENNYMAC LOAN SERVICES, LLC | $780,000 | $985,000 | 26.3% | 1.7% |
AMERISAVE MORTGAGE CORPORATION | $615,000 | $945,000 | 53.7% | 1.6% |
GreenStone Farm Credit Services, FLCA | $1,280,000 | $860,000 | -32.8% | 1.5% |
LOANDEPOT.COM, LLC | $635,000 | $810,000 | 27.6% | 1.4% |
USAA Federal Savings Bank | $960,000 | $805,000 | -16.1% | 1.4% |
MORTGAGE CENTER L.C | $175,000 | $785,000 | 348.6% | 1.4% |
Flagstar Bank, FSB | $880,000 | $760,000 | -13.6% | 1.3% |
LAKE MICHIGAN CREDIT UNION | $950,000 | $710,000 | -25.3% | 1.2% |
INLANTA MORTGAGE, INC. | $1,105,000 | $650,000 | -41.2% | 1.1% |
LEGEND LENDING CORPORATION | $580,000 | n/a | 1.0% | |
FIRST COMMUNITY MORTGAGE, INC. | $565,000 | n/a | 1.0% | |
JPMorgan Chase Bank | $390,000 | $480,000 | 23.1% | 0.8% |
Bank of Ann Arbor | $235,000 | $470,000 | 100.0% | 0.8% |
Independent Bank | $190,000 | $465,000 | 144.7% | 0.8% |
PNC Bank | $340,000 | $460,000 | 35.3% | 0.8% |
DOW CHEMICAL EMPLOYEES' | $165,000 | $410,000 | 148.5% | 0.7% |
UNION HOME MORTGAGE CORP. | $255,000 | $405,000 | 58.8% | 0.7% |
Wyndham Capital Mortgage, Inc. | $205,000 | $405,000 | 97.6% | 0.7% |
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $705,000 | $390,000 | -44.7% | 0.7% |
Citizens Bank | $125,000 | $375,000 | 200.0% | 0.7% |
PLAZA HOME MORTGAGE, INC. | $360,000 | n/a | 0.6% | |
FREEDOM MORTGAGE CORPORATION | $1,620,000 | $350,000 | -78.4% | 0.6% |
21ST MORTGAGE CORPORATION | $315,000 | $345,000 | 9.5% | 0.6% |
Truist | $345,000 | n/a | 0.6% | |
MORTGAGE 1 INCORPORATED | $300,000 | $330,000 | 10.0% | 0.6% |
FINANCE OF AMERICA MORTGAGE LLC | $315,000 | n/a | 0.5% | |
ENVOY MORTGAGE, LTD | $295,000 | n/a | 0.5% | |
Mr. Cooper ( Nationstar Mortgage ) | $145,000 | $285,000 | 96.6% | 0.5% |
The State Bank | $295,000 | $285,000 | -3.4% | 0.5% |
HOME POINT FINANCIAL CORPORATION | $945,000 | $275,000 | -70.9% | 0.5% |
Wells Fargo Bank | $895,000 | $235,000 | -73.7% | 0.4% |
TEAM ONE CREDIT UNION | $225,000 | n/a | 0.4% | |
Barrington Bank & Trust Company, N.A. | $205,000 | $220,000 | 7.3% | 0.4% |
Fifth Third Bank | $260,000 | $220,000 | -15.4% | 0.4% |
CALIBER HOME LOANS, INC. | $1,245,000 | $215,000 | -82.7% | 0.4% |
COMMUNITY FINANCIAL CREDIT UNION | $125,000 | $210,000 | 68.0% | 0.4% |
NAVY FEDERAL CREDIT UNION | $800,000 | $210,000 | -73.8% | 0.4% |
NEWREZ LLC | $515,000 | $205,000 | -60.2% | 0.4% |
Range Bank | $145,000 | $205,000 | 41.4% | 0.4% |
Ally Bank | $195,000 | n/a | 0.3% | |
Carrington Mortgage Services, LLC | $470,000 | $190,000 | -59.6% | 0.3% |
ROYAL UNITED MORTGAGE LLC | $45,000 | $190,000 | 322.2% | 0.3% |
VIBE CREDIT UNION | $185,000 | n/a | 0.3% | |
MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $55,000 | $180,000 | 227.3% | 0.3% |
STAUNTON FINANCIAL, INC. | $175,000 | n/a | 0.3% | |
CONSUMERS | $160,000 | n/a | 0.3% | |
BLG HOLDINGS, INC. | $155,000 | n/a | 0.3% | |
GVC MORTGAGE, INC. | $65,000 | $155,000 | 138.5% | 0.3% |
TRIAD FINANCIAL SERVICES, INC. | $415,000 | $150,000 | -63.9% | 0.3% |
CROSSCOUNTRY MORTGAGE, LLC | $430,000 | $145,000 | -66.3% | 0.3% |
BROKER SOLUTIONS, INC. | $155,000 | $135,000 | -12.9% | 0.2% |
HOMESIDE FINANCIAL, LLC | $145,000 | $135,000 | -6.9% | 0.2% |
KENT COUNTY CREDIT UNION | $135,000 | n/a | 0.2% | |
NETWORK CAPITAL FUNDING CORPORATION | $135,000 | n/a | 0.2% | |
ELGA CREDIT UNION | $70,000 | $130,000 | 85.7% | 0.2% |
AMERICAN FINANCING CORPORATION | $290,000 | $125,000 | -56.9% | 0.2% |
PLANET HOME LENDING, LLC | $145,000 | $125,000 | -13.8% | 0.2% |
Mercantile Bank of Michigan | $355,000 | $120,000 | -66.2% | 0.2% |
ACADEMY MORTGAGE CORPORATION | $125,000 | $115,000 | -8.0% | 0.2% |
AMERICAN INTERNET MORTGAGE, INC. | $115,000 | n/a | 0.2% | |
ChoiceOne Bank | $145,000 | $115,000 | -20.7% | 0.2% |
NEW DAY FINANCIAL, LLC | $1,120,000 | $115,000 | -89.7% | 0.2% |
Southwest Airlines Federal Credit Union | $115,000 | n/a | 0.2% | |
CREDIT UNION ONE | $105,000 | $105,000 | 0.0% | 0.2% |
DFCU FINANCIAL | $115,000 | $95,000 | -17.4% | 0.2% |
First Internet Bank of Indiana | $95,000 | n/a | 0.2% | |
Morgan Stanley Private Bank | $315,000 | $95,000 | -69.8% | 0.2% |
MUTUAL OF OMAHA MORTGAGE, INC. | $95,000 | n/a | 0.2% | |
PFCU | $95,000 | n/a | 0.2% | |
ALLIANT CREDIT UNION | $85,000 | n/a | 0.1% | |
AMERICAN ADVISORS GROUP | $35,000 | $75,000 | 114.3% | 0.1% |
AMERICAN FINANCIAL RESOURCES, INC. | $75,000 | n/a | 0.1% | |
FINANCIAL PLUS CREDIT UNION | $65,000 | n/a | 0.1% | |
Isabella Bank | $220,000 | $55,000 | -75.0% | 0.1% |
1st State Financial, Ltd. | $45,000 | n/a | 0.1% | |
Neighborhood Loans, Inc. | $75,000 | $45,000 | -40.0% | 0.1% |
The Park National Bank | $45,000 | n/a | 0.1% | |
ADVIA | $35,000 | n/a | 0.1% | |
JOLT CREDIT UNION | $35,000 | n/a | 0.1% | |
COMMUNITY CHOICE CREDIT UNION | $25,000 | $25,000 | 0.0% | 0.0% |
GENISYS | $100,000 | $25,000 | -75.0% | 0.0% |
Figure Lending LLC | $35,000 | $15,000 | -57.1% | 0.0% |
Sault Ste. Marie's top lender by overall market share is QUICKEN LOANS, LLC, with 17.6% market share. In second place, with 9.9%, is The Huntington National Bank, having originated $5,660,000 in loans. In third place, with 8.7%, is Nicolet National Bank, having originated $4,985,000 in loans. In fourth place, with 7.6%, is Mortgage Research Center, LLC, having originated $4,365,000 in loans. In fifth place, with 7.3%, is VAN DYK MORTGAGE CORPORATION, having originated $4,155,000 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. LouisDate | 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 (8.8%) | 0.00 | 398 |
2018-02-01 | $137,900 (10.4%) | $185,743 (-2.5%) | 0.00 | 387 |
2018-03-01 | $139,000 (11.3%) | $192,974 (1.7%) | 0.00 | 366 |
2018-04-01 | $140,000 (11.2%) | $195,088 (2.8%) | 0.00 | 371 |
2018-05-01 | $148,500 (14.3%) | $198,166 (3.9%) | 0.00 | 383 |
2018-06-01 | $149,000 (14.7%) | $194,910 (1.0%) | 0.00 | 444 |
2018-07-01 | $145,000 (11.6%) | $191,470 (-0.8%) | 0.00 | 486 |
2018-08-01 | $146,600 (9.3%) | $192,927 (-2.6%) | 0.00 | 490 |
2018-09-01 | $138,000 (2.2%) | $189,511 (-3.7%) | 0.00 | 465 |
2018-10-01 | $137,225 (0.6%) | $193,996 (5.6%) | 0.00 | 427 |
2018-11-01 | $135,000 (-1.6%) | $195,108 (7.0%) | 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 | $149,407 (7.5%) | $206,644 (7.1%) | 0.00 | 329 |
2019-04-01 | $149,973 (7.1%) | $209,048 (7.2%) | 0.00 | 329 |
2019-05-01 | $149,900 (0.9%) | $208,274 (5.1%) | 0.00 | 324 |
2019-06-01 | $157,000 (5.4%) | $208,672 (7.1%) | 0.00 | 354 |
2019-07-01 | $156,500 (7.9%) | $202,736 (5.9%) | 0.00 | 386 |
2019-08-01 | $155,455 (6.0%) | $201,498 (4.4%) | 0.00 | 391 |
2019-09-01 | $154,636 (12.1%) | $199,939 (5.5%) | 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 | $199,950 (25.4%) | $307,167 (52.2%) | 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 (-5.0%) | $242,577 (-21.0%) | 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 | $244,900 (19.5%) | $369,068 (47.0%) | 0.00 | 70 |
2023-06-01 | $225,000 (22.0%) | $340,389 (41.8%) | 0.00 | 85 |
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 |
Sault Ste. Marie's median listing price comes in at 0% of the national average.
Sault Ste. Marie's average listing price for 2023-08-01 was $328,440, a difference of $88,423 (36.8%) versus the prior year and $-6,493 versus the prior month.
For the 2023-08-01 period, Sault Ste. Marie had 103 MLS listings, a difference of 3 listings (3%) versus the prior month and 10 listings (11%) 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. LouisDate | 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 | 1,424 sqft |
2018-06-01 | 0 days | 1,424 sqft |
2018-07-01 | 0 days | 1,392 sqft |
2018-08-01 | 0 days | 1,394 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 | 1,421 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 | 1,465 sqft |
2023-06-01 | 0 days | 1,468 sqft |
2023-07-01 | 0 days | 1,443 sqft |
2023-08-01 | 0 days | 1,412 sqft |
Sault Ste. Marie's median square footage for active listings during the 2023-08-01 period was 1,412 sqft. One year prior, the average listing was 1,376 sqft.
Sault Ste. Marie, MI Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 233 | $39,075,000 | $167,704 |
Cash Out Refi | 77 | $10,325,000 | $134,091 |
Refi | 37 | $5,035,000 | $136,081 |
Home Improvement | 30 | $1,840,000 | $61,333 |
Other | 14 | $1,030,000 | $73,571 |
Sault Ste. Marie's most frequently cited loan purpose was Home Purchase, with 233 originations. The 2nd most popular reason was Cash Out Refi, with 77 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 99 | $14,805,000 | $149,545 |
4-5% | 84 | $13,640,000 | $162,381 |
3-4% | 73 | $10,685,000 | $146,370 |
6-7% | 63 | $8,085,000 | $128,333 |
2.5-3% | 27 | $4,265,000 | $157,963 |
7-8% | 23 | $2,795,000 | $121,522 |
Over 8% | 17 | $735,000 | $43,235 |
<2.5% | 3 | $285,000 | $95,000 |
During 2022, Sault Ste. Marie's most frequently originated rate bucket was 5-6%, with 99 originations.
Loan Sizing (Sault Ste. Marie, MI MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 173 | $24,535,000 | $141,821 |
$100,000 or less | 137 | $8,575,000 | $62,591 |
$200k-400k | 74 | $19,300,000 | $260,811 |
$400k-600k | 5 | $2,295,000 | $459,000 |
$600k-1000k | 1 | $645,000 | $645,000 |
$Over $1MM | 1 | $1,955,000 | $1,955,000 |
Sault Ste. Marie's loan sizing saw the bucket of loans from $100k-200k with 173 originations, totaling $24,535,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 206 | $32,690,000 | $158,689 |
60-80% | 86 | $13,310,000 | $154,767 |
40-60% | 40 | $4,670,000 | $116,750 |
20-40% | 28 | $1,810,000 | $64,643 |
Under 20% | 15 | $615,000 | $41,000 |
Over 100% | 6 | $1,650,000 | $275,000 |
Sault Ste. Marie's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 206 originations, totaling $32,690,000 in origination value.