Sault Ste. Marie Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Sault Ste. Marie averaged
7.06%
for the week of 2023-03-16, compared to the national average of
6.6% for the same period.
The average rate for the prior week (2023-03-09) was
7.19% and
one month ago for the week of 2023-02-09, the
average rate was 6.18%.
Sault Ste. Marie's average rate one year ago was 4.21%.
For refis of the same type during the week of 2023-03-16, the average rate
was 6.77%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
Sault Ste. Marie 30 Year Fixed Rate | 2023-03-16 | 7.06% |
Sault Ste. Marie 30 Year Fixed Rate Refi | 2023-03-16 | 6.77% |
Sault Ste. Marie 15 Year Fixed Rate | 2023-03-16 | 8.06% |
Sault Ste. Marie 15 Year Fixed Rate Refi | 2023-03-16 | 6.19% |
Sault Ste. Marie 30 Year FHA | 2023-03-16 | 6.81% |
Sault Ste. Marie 30 Year FHA Refi | 2023-03-16 | 6.79% |
Sault Ste. Marie 30 Year USDA | 2023-03-16 | 6.26% |
Sault Ste. Marie 30 Year USDA Refi | 2023-03-16 | 6.07% |
Sault Ste. Marie 30 Year VA | 2023-03-16 | 6.37% |
Sault Ste. Marie 30 Year VA Refi | 2023-03-16 | 6.06% |
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 57 lenders originated 491
loans during 2021. The total origination value was $72,065,000, with an average loan value of
$146,772.
Sault Ste. Marie's average closing costs are $3,711.
The top Sault Ste. Marie lender as defined by loan originations is QUICKEN LOANS, LLC, with
37 loans originated. Their average total fees are
$4,995, which is $2,831
higher than the next largest lender,
mBank.
The lowest fee Sault Ste. Marie lenders (with over 10 loans originated) are
mBank ($2,164), The Huntington National Bank ($2,977), UNITED WHOLESALE MORTGAGE, LLC ($3,302), QUICKEN LOANS, LLC ($4,995) and .
The lowest rate Sault Ste. Marie lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (3.10%), The Huntington National Bank (3.11%), UNITED WHOLESALE MORTGAGE, LLC (3.12%), mBank (3.66%) and .
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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
---|---|---|---|---|
QUICKEN LOANS, LLC | $8,130,000 | $12,715,000 | 56.4% | 17.6% |
The Huntington National Bank | $6,960,000 | $6,535,000 | -6.1% | 9.1% |
UNITED WHOLESALE MORTGAGE, LLC | $1,270,000 | $4,500,000 | 254.3% | 6.2% |
VAN DYK MORTGAGE CORPORATION | $3,400,000 | n/a | 4.7% | |
Mortgage Research Center, LLC | $4,480,000 | $3,135,000 | -30.0% | 4.4% |
First Federal Bank of the Midwest | $510,000 | $2,725,000 | 434.3% | 3.8% |
mBank | $5,125,000 | $2,210,000 | -56.9% | 3.1% |
FREEDOM MORTGAGE CORPORATION | $2,345,000 | $1,620,000 | -30.9% | 2.2% |
AMERIFIRST FINANCIAL CORPORATION | $270,000 | $1,510,000 | 459.3% | 2.1% |
GreenStone Farm Credit Services, FLCA | $1,760,000 | $1,280,000 | -27.3% | 1.8% |
CALIBER HOME LOANS, INC. | $1,245,000 | n/a | 1.7% | |
NEW DAY FINANCIAL, LLC | $1,055,000 | $1,120,000 | 6.2% | 1.6% |
INLANTA MORTGAGE, INC. | $245,000 | $1,105,000 | 351.0% | 1.5% |
USAA Federal Savings Bank | $1,320,000 | $960,000 | -27.3% | 1.3% |
LAKE MICHIGAN CREDIT UNION | $595,000 | $950,000 | 59.7% | 1.3% |
HOME POINT FINANCIAL CORPORATION | $4,095,000 | $945,000 | -76.9% | 1.3% |
Nicolet National Bank | $930,000 | n/a | 1.3% | |
MID AMERICA MORTGAGE, INC. | $955,000 | $905,000 | -5.2% | 1.3% |
Wells Fargo Bank | $870,000 | $895,000 | 2.9% | 1.2% |
Flagstar Bank, FSB | $250,000 | $880,000 | 252.0% | 1.2% |
NAVY FEDERAL CREDIT UNION | $775,000 | $800,000 | 3.2% | 1.1% |
PENNYMAC LOAN SERVICES, LLC | $815,000 | $780,000 | -4.3% | 1.1% |
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $360,000 | $705,000 | 95.8% | 1.0% |
BETTER MORTGAGE CORPORATION | $690,000 | n/a | 1.0% | |
LOANDEPOT.COM, LLC | $1,535,000 | $635,000 | -58.6% | 0.9% |
AMERISAVE MORTGAGE CORPORATION | $310,000 | $615,000 | 98.4% | 0.9% |
MICHIGAN SCHOOLS AND GOVERNMENT | $595,000 | n/a | 0.8% | |
MEMBER FIRST MORTGAGE, LLC | $585,000 | n/a | 0.8% | |
LAKEVIEW LOAN SERVICING, LLC | $540,000 | n/a | 0.7% | |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $245,000 | $530,000 | 116.3% | 0.7% |
NEWREZ LLC | $105,000 | $515,000 | 390.5% | 0.7% |
Carrington Mortgage Services, LLC | $505,000 | $470,000 | -6.9% | 0.7% |
AMERICAN FINANCIAL NETWORK, INC. | $165,000 | $450,000 | 172.7% | 0.6% |
CROSSCOUNTRY MORTGAGE, LLC | $430,000 | n/a | 0.6% | |
TRIAD FINANCIAL SERVICES, INC. | $35,000 | $415,000 | 1,085.7% | 0.6% |
JPMorgan Chase Bank | $790,000 | $390,000 | -50.6% | 0.5% |
Mercantile Bank of Michigan | $85,000 | $355,000 | 317.6% | 0.5% |
PNC Bank | $735,000 | $340,000 | -53.7% | 0.5% |
21ST MORTGAGE CORPORATION | $765,000 | $315,000 | -58.8% | 0.4% |
Morgan Stanley Private Bank | $315,000 | n/a | 0.4% | |
EMBRACE HOME LOANS, INC. | $205,000 | $300,000 | 46.3% | 0.4% |
MORTGAGE 1 INCORPORATED | $290,000 | $300,000 | 3.4% | 0.4% |
The Central Trust Bank | $295,000 | n/a | 0.4% | |
The State Bank | $85,000 | $295,000 | 247.1% | 0.4% |
TOTAL MORTGAGE SERVICES, LLC | $295,000 | n/a | 0.4% | |
Vibrant Credit Union | $295,000 | n/a | 0.4% | |
AMERICAN FINANCING CORPORATION | $290,000 | n/a | 0.4% | |
PENTAGON FEDERAL CREDIT UNION | $480,000 | $285,000 | -40.6% | 0.4% |
VILLAGE CAPITAL & INVESTMENT LLC | $175,000 | $270,000 | 54.3% | 0.4% |
KeyBank | $265,000 | n/a | 0.4% | |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $475,000 | $260,000 | -45.3% | 0.4% |
Fifth Third Bank | $915,000 | $260,000 | -71.6% | 0.4% |
UNION HOME MORTGAGE CORP. | $590,000 | $255,000 | -56.8% | 0.4% |
GUARANTEED RATE, INC. | $55,000 | $245,000 | 345.5% | 0.3% |
MICHIGAN MUTUAL, INC. | $65,000 | $245,000 | 276.9% | 0.3% |
CLEARPATH LENDING | $135,000 | $240,000 | 77.8% | 0.3% |
Servion, Inc. | $240,000 | n/a | 0.3% | |
Bank of Ann Arbor | $235,000 | n/a | 0.3% | |
Isabella Bank | $155,000 | $220,000 | 41.9% | 0.3% |
UNIVERSITY LENDING GROUP, LLC | $215,000 | n/a | 0.3% | |
Barrington Bank & Trust Company, N.A. | $635,000 | $205,000 | -67.7% | 0.3% |
J. VIRGIL, INC. | $205,000 | n/a | 0.3% | |
Third Federal Savings and Loan Association of Cleveland | $205,000 | n/a | 0.3% | |
Wyndham Capital Mortgage, Inc. | $205,000 | n/a | 0.3% | |
Univest Bank and Trust Co. | $195,000 | n/a | 0.3% | |
Independent Bank | $190,000 | n/a | 0.3% | |
Great Southern Bank | $185,000 | n/a | 0.3% | |
Honor Credit Union | $280,000 | $180,000 | -35.7% | 0.2% |
MORTGAGE CENTER L.C | $200,000 | $175,000 | -12.5% | 0.2% |
NFM, INC. | $175,000 | n/a | 0.2% | |
DOW CHEMICAL EMPLOYEES' | $165,000 | n/a | 0.2% | |
FIRST HERITAGE FINANCIAL, LLC | $165,000 | n/a | 0.2% | |
HEALTH ADVANTAGE FEDERAL CREDIT UNION | $175,000 | $165,000 | -5.7% | 0.2% |
MOVEMENT MORTGAGE, LLC | $165,000 | n/a | 0.2% | |
BROKER SOLUTIONS, INC. | $465,000 | $155,000 | -66.7% | 0.2% |
ChoiceOne Bank | $145,000 | n/a | 0.2% | |
HOMESIDE FINANCIAL, LLC | $145,000 | n/a | 0.2% | |
Mr. Cooper ( Nationstar Mortgage ) | $200,000 | $145,000 | -27.5% | 0.2% |
PLANET HOME LENDING, LLC | $145,000 | n/a | 0.2% | |
Range Bank | $330,000 | $145,000 | -56.1% | 0.2% |
Wanigas Credit Union | $145,000 | n/a | 0.2% | |
CONTOUR MORTGAGE CORPORATION | $135,000 | n/a | 0.2% | |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $135,000 | $135,000 | 0.0% | 0.2% |
SUN WEST MORTGAGE COMPANY, INC. | $135,000 | n/a | 0.2% | |
TCF National Bank | $525,000 | $135,000 | -74.3% | 0.2% |
ACADEMY MORTGAGE CORPORATION | $125,000 | n/a | 0.2% | |
Citizens Bank | $125,000 | n/a | 0.2% | |
COMMUNITY FINANCIAL CREDIT UNION | $95,000 | $125,000 | 31.6% | 0.2% |
DFCU FINANCIAL | $115,000 | n/a | 0.2% | |
Bank of England | $105,000 | n/a | 0.1% | |
CREDIT UNION ONE | $105,000 | $105,000 | 0.0% | 0.1% |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $250,000 | $105,000 | -58.0% | 0.1% |
GENISYS | $100,000 | n/a | 0.1% | |
CHERRY CREEK MORTGAGE, LLC | $95,000 | n/a | 0.1% | |
CORNING | $95,000 | n/a | 0.1% | |
RUOFF MORTGAGE COMPANY, INC. | $95,000 | $95,000 | 0.0% | 0.1% |
SUCCESS MORTGAGE PARTNERS, INC. | $95,000 | n/a | 0.1% | |
SUMMIT FUNDING, INC. | $95,000 | n/a | 0.1% | |
Discover Bank | $85,000 | n/a | 0.1% | |
LAFCU | $85,000 | n/a | 0.1% | |
MEMBERS FIRST Credit Union | $230,000 | $85,000 | -63.0% | 0.1% |
The Dart Bank | $530,000 | $85,000 | -84.0% | 0.1% |
COPOCO Community Credit Union | $75,000 | n/a | 0.1% | |
INOVA FEDERAL CREDIT UNION | $75,000 | n/a | 0.1% | |
Low VA Rates, LLC | $75,000 | n/a | 0.1% | |
Neighborhood Loans, Inc. | $75,000 | n/a | 0.1% | |
Southern Michigan Bank & Trust | $75,000 | n/a | 0.1% | |
ELGA CREDIT UNION | $70,000 | n/a | 0.1% | |
BankVista | $65,000 | n/a | 0.1% | |
GVC MORTGAGE, INC. | $65,000 | n/a | 0.1% | |
Michigan Educational Credit Union | $55,000 | n/a | 0.1% | |
MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $225,000 | $55,000 | -75.6% | 0.1% |
ROYAL UNITED MORTGAGE LLC | $95,000 | $45,000 | -52.6% | 0.1% |
AMERICAN ADVISORS GROUP | $35,000 | $35,000 | 0.0% | 0.0% |
Centier Bank | $35,000 | n/a | 0.0% | |
Figure Lending LLC | $35,000 | n/a | 0.0% | |
COMMUNITY CHOICE CREDIT UNION | $25,000 | n/a | 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 9.1%, is The Huntington National Bank, having originated $6,535,000 in loans. In third place, with 6.2%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $4,500,000 in loans. In fourth place, with 4.7%, is VAN DYK MORTGAGE CORPORATION, having originated $3,400,000 in loans. In fifth place, with 4.4%, is Mortgage Research Center, LLC, having originated $3,135,000 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 | $149,974 (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 |
Sault Ste. Marie's median listing price comes in at 0% of the national average.
Sault Ste. Marie's average listing price for 2023-02-01 was $403,510, a difference of $136,774 (51.3%) versus the prior year and $-17,886 versus the prior month.
For the 2023-02-01 period, Sault Ste. Marie had 63 MLS listings, a difference of 2 listings (3%) versus the prior month and 8 listings (15%) 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 | 1,425 sqft |
2018-07-01 | 0 days | 1,397 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 |
Sault Ste. Marie's median square footage for active listings during the 2023-02-01 period was 1,586 sqft. One year prior, the average listing was 1,427 sqft.
Sault Ste. Marie, MI Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 236 | $36,790,000 | $155,890 |
Refi | 155 | $22,115,000 | $142,677 |
Cash Out Refi | 83 | $11,655,000 | $140,422 |
Home Improvement | 12 | $940,000 | $78,333 |
Other | 5 | $565,000 | $113,000 |
Sault Ste. Marie's most frequently cited loan purpose was Home Purchase, with 236 originations. The 2nd most popular reason was Refi, with 155 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
2.5-3% | 186 | $27,680,000 | $148,817 |
3-4% | 175 | $28,475,000 | $162,714 |
<2.5% | 85 | $13,455,000 | $158,294 |
Over 8% | 13 | $425,000 | $32,692 |
4-5% | 12 | $1,130,000 | $94,167 |
7-8% | 9 | $315,000 | $35,000 |
5-6% | 8 | $380,000 | $47,500 |
6-7% | 3 | $205,000 | $68,333 |
During 2021, Sault Ste. Marie's most frequently originated rate bucket was 2.5-3%, with 186 originations.
Loan Sizing (Sault Ste. Marie, MI MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 252 | $35,620,000 | $141,349 |
$100,000 or less | 149 | $9,725,000 | $65,268 |
$200k-400k | 85 | $22,055,000 | $259,471 |
$400k-600k | 4 | $1,940,000 | $485,000 |
$Over $1MM | 1 | $2,725,000 | $2,725,000 |
Sault Ste. Marie's loan sizing saw the bucket of loans from $100k-200k with 252 originations, totaling $35,620,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 224 | $35,800,000 | $159,821 |
60-80% | 145 | $21,055,000 | $145,207 |
40-60% | 50 | $6,620,000 | $132,400 |
20-40% | 14 | $1,490,000 | $106,429 |
Over 100% | 7 | $1,495,000 | $213,571 |
Under 20% | 5 | $165,000 | $33,000 |
Sault Ste. Marie's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 224 originations, totaling $35,800,000 in origination value.