Sault Ste. Marie Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Sault Ste. Marie averaged
6.23%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
6.43% and
one month ago for the week of 2024-09-05, the
average rate was 6.66%.
Sault Ste. Marie's average rate one year ago was 7.8%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.42%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
| Sault Ste. Marie 30 Year Fixed Rate | 2024-10-10 | 6.23% |
| Sault Ste. Marie 30 Year Fixed Rate Refi | 2024-10-10 | 6.42% |
| Sault Ste. Marie 15 Year Fixed Rate | 2024-10-10 | 5.51% |
| Sault Ste. Marie 15 Year Fixed Rate Refi | 2024-10-10 | 6.01% |
| Sault Ste. Marie 30 Year FHA | 2024-10-10 | 6.3% |
| Sault Ste. Marie 30 Year FHA Refi | 2024-10-10 | 6.3% |
| Sault Ste. Marie 30 Year USDA | 2024-10-10 | 5.88% |
| Sault Ste. Marie 30 Year USDA Refi | 2024-10-10 | 6.28% |
| Sault Ste. Marie 30 Year VA | 2024-10-10 | 5.65% |
| Sault Ste. Marie 30 Year VA Refi | 2024-10-10 | 5.65% |
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 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, 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.