Sault Ste. Marie Mortgage Rates & Closing Costs

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  • Trends
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  • Loan Attributes
    • 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.