Sault Ste. Marie Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

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%
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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 29 5.30% $5,263
Nicolet National Bank 23 5.33% $2,551
The Huntington National Bank 10 5.01% $3,054
UNITED WHOLESALE MORTGAGE, LLC 7 5.51% $3,361
VAN DYK MORTGAGE CORPORATION 5 4.80% $4,941
GreenStone Farm Credit Services, FLCA 5 6.34% $3,033
LEGEND LENDING CORPORATION 4 7.03% $3,511
INLANTA MORTGAGE, INC. 3 5.04% $6,454
LAKE MICHIGAN CREDIT UNION 3 4.92% $5,613
UNION HOME MORTGAGE CORP. 3 5.96% $3,277
MID AMERICA MORTGAGE, INC. 3 7.00% $3,606
Bank of Ann Arbor 2 5.31% $2,828
DOW CHEMICAL EMPLOYEES' 2 5.50% $2,262
Independent Bank 2 5.63% $2,719
LOANDEPOT.COM, LLC 2 4.43% $5,143
PNC Bank 2 5.81% $4,360
MORTGAGE CENTER L.C 2 5.19% $2,714
ROYAL UNITED MORTGAGE LLC 2 5.75% $6,821
MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION 2 3.94% $3,108
Fifth Third Bank 2 6.00% $3,042
Wells Fargo Bank 2 5.31% $3,802
Neighborhood Loans, Inc. 1 5.50% $3,243
PENNYMAC LOAN SERVICES, LLC 1 5.63% $12,591
PLAZA HOME MORTGAGE, INC. 1 3.75% $5,525
Range Bank 1 3.00% $3,150
Southwest Airlines Federal Credit Union 1 5.00% $3,147
The State Bank 1 4.38% $2,879
VIBE CREDIT UNION 1 5.50% $2,956
ACADEMY MORTGAGE CORPORATION 1 3.88% $5,497
Wyndham Capital Mortgage, Inc. 1 5.13% $2,904
Ally Bank 1 5.00% $1,766
AMERICAN INTERNET MORTGAGE, INC. 1 5.13% $5,225
AMERISAVE MORTGAGE CORPORATION 1 3.00% $7,543
BLG HOLDINGS, INC. 1 4.75% $3,231
CONSUMERS 1 6.00% $2,325
DFCU FINANCIAL 1 5.63% $3,914
ENVOY MORTGAGE, LTD 1 4.38% $3,390
FINANCE OF AMERICA MORTGAGE LLC 1 5.25% $3,768
FINANCIAL PLUS CREDIT UNION 1 4.63% $3,023
FIRST COMMUNITY MORTGAGE, INC. 1 4.88% $19,375
First Internet Bank of Indiana 1 5.00% $2,505
Flagstar Bank, FSB 1 5.50% $5,238
FREEDOM MORTGAGE CORPORATION 1 4.38% $2,787
GVC MORTGAGE, INC. 1 3.98% $3,774
Mercantile Bank of Michigan 1 5.63% $4,314
Morgan Stanley Private Bank 1 5.35% $2,711
MORTGAGE 1 INCORPORATED 1 4.50% $5,010
Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $4,724
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $6,791
NAVY FEDERAL CREDIT UNION 1 5.88% $3,465

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. 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 (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 for 2023-08-01 was $229,725, a difference of $40,425 (21.4%) versus the prior year and $-10,175 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 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. 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 1,424 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 listing age (time on market) for 2023-08-01 was 0 days.

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.