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 7.06% 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%
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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 37 3.10% $4,995
mBank 15 3.66% $2,164
UNITED WHOLESALE MORTGAGE, LLC 12 3.12% $3,302
The Huntington National Bank 10 3.11% $2,977
VAN DYK MORTGAGE CORPORATION 7 3.48% $2,347
CALIBER HOME LOANS, INC. 5 3.34% $3,251
GreenStone Farm Credit Services, FLCA 5 3.57% $3,789
AMERIFIRST FINANCIAL CORPORATION 4 3.44% $5,970
NAVY FEDERAL CREDIT UNION 3 2.63% $3,671
Flagstar Bank, FSB 3 3.50% $2,555
LAKE MICHIGAN CREDIT UNION 3 3.17% $3,602
MICHIGAN SCHOOLS AND GOVERNMENT 2 3.00% $2,768
BETTER MORTGAGE CORPORATION 2 3.06% $2,880
AMERICAN FINANCING CORPORATION 2 3.56% $5,021
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 3.13% $3,623
JPMorgan Chase Bank 2 2.94% $4,000
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.19% $4,076
MICHIGAN MUTUAL, INC. 2 3.25% $3,165
HOME POINT FINANCIAL CORPORATION 1 3.38% $1,761
Independent Bank 1 3.25% $2,611
Isabella Bank 1 2.63% $2,290
J. VIRGIL, INC. 1 2.88% $3,396
LAFCU 1 2.88% $2,517
MEMBER FIRST MORTGAGE, LLC 1 3.13% $3,388
Morgan Stanley Private Bank 1 3.00% $2,620
MORTGAGE 1 INCORPORATED 1 2.88% $3,030
MORTGAGE CENTER L.C 1 3.25% $2,938
Mortgage Research Center, LLC 1 2.75% $261
Neighborhood Loans, Inc. 1 4.13% $2,725
NFM, INC. 1 3.38% $0
Nicolet National Bank 1 3.25% $3,197
PNC Bank 1 3.59% $0
Range Bank 1 3.00% $4,186
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $3,409
TCF National Bank 1 2.75% $2,040
The Central Trust Bank 1 3.25% $3,592
The State Bank 1 2.50% $3,320
UNIVERSITY LENDING GROUP, LLC 1 3.38% $2,750
AMERICAN FINANCIAL NETWORK, INC. 1 3.50% $7,506
Wanigas Credit Union 1 3.13% $2,183
AMERISAVE MORTGAGE CORPORATION 1 2.99% $2,016
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.99% $6,648
CHERRY CREEK MORTGAGE, LLC 1 3.38% $715
ChoiceOne Bank 1 3.25% $2,156
Citizens Bank 1 2.88% $2,852
COMMUNITY FINANCIAL CREDIT UNION 1 3.00% $2,455
CONTOUR MORTGAGE CORPORATION 1 3.38% $3,351
CROSSCOUNTRY MORTGAGE, LLC 1 2.88% $2,582
DFCU FINANCIAL 1 3.50% $2,637
DOW CHEMICAL EMPLOYEES' 1 3.13% $2,278
EMBRACE HOME LOANS, INC. 1 3.25% $4,554
Fifth Third Bank 1 3.25% $3,527
FIRST HERITAGE FINANCIAL, LLC 1 3.50% $2,483
FREEDOM MORTGAGE CORPORATION 1 3.13% $1,017
GENISYS 1 3.00% $2,555
Great Southern Bank 1 3.13% $2,653
GUARANTEED RATE, INC. 1 3.50% $5,897

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. 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 $149,974 (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 for 2023-02-01 was $239,900, a difference of $63,175 (35.8%) versus the prior year and $-7,525 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 2023-02-01 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. 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 1,425 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 listing age (time on market) for 2023-02-01 was 0 days.

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.