Sturgis Mortgage Rates & Closing Costs

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

    30 Year Fixed Rate mortgages in Sturgis averaged 6.89% for the week of 2024-11-07, compared to the national average of 6.79% for the same period.

    The average rate for the prior week (2024-10-31) was 6.92% and one month ago for the week of 2024-10-03, the average rate was 6.12%.

    Sturgis's average rate one year ago was 7.86%.

    For refis of the same type during the week of 2024-11-07, the average rate was 6.79%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-11-07 6.79%
    Sturgis 30 Year Fixed Rate 2024-11-07 6.89%
    Sturgis 30 Year Fixed Rate Refi 2024-11-07 6.79%
    Sturgis 15 Year Fixed Rate 2024-11-07 5.9%
    Sturgis 15 Year Fixed Rate Refi 2024-11-07 6.5%
    Sturgis 30 Year FHA 2024-11-07 6.61%
    Sturgis 30 Year FHA Refi 2024-11-07 6.33%
    Sturgis 30 Year USDA 2024-11-07 6.48%
    Sturgis 30 Year USDA Refi 2024-11-07 6.48%
    Sturgis 30 Year VA 2024-11-07 6.44%
    Sturgis 30 Year VA Refi 2024-11-07 6.54%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Sturgis, MI.

    Sturgis 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 Sturgis, 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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    OAK MORTGAGE, LLC 73 6.86% $3,105
    RUOFF MORTGAGE COMPANY, INC. 34 6.89% $3,878
    OMNI Community Credit Union 33 6.91% $3,770
    QUICKEN LOANS, LLC 23 7.08% $4,511
    Fifth Third Bank 16 7.05% $4,040
    UNITED WHOLESALE MORTGAGE, LLC 14 6.99% $5,582
    CARDINAL FINANCIAL 12 7.43% $4,418
    ARBOR FINANCIAL CREDIT UNION 12 6.65% $3,418
    CONSUMERS 11 6.82% $3,204
    INTERRA CREDIT UNION 10 6.11% $3,045
    LAKE MICHIGAN CREDIT UNION 9 6.50% $3,855
    Neighborhood Loans, Inc. 8 6.80% $4,762
    Horizon Bank 7 7.27% $3,165
    The Huntington National Bank 7 7.34% $3,692
    JPMorgan Chase Bank 6 7.25% $4,904
    GVC MORTGAGE, INC. 5 7.50% $5,515
    Flagstar Bank, FSB 5 6.83% $4,686
    UNION HOME MORTGAGE CORP. 5 7.00% $5,407
    Farmers State Bank 5 7.31% $3,490
    Independent Bank 4 7.19% $3,463
    Lake City Bank 4 6.72% $3,245
    MORTGAGE CENTER L.C 3 5.88% $3,825
    GUARANTEED RATE, INC. 3 7.08% $5,274
    CONTOUR MORTGAGE CORPORATION 2 6.31% $8,894
    SUCCESS MORTGAGE PARTNERS, INC. 2 7.19% $5,383
    TEACHERS CREDIT UNION 2 6.75% $3,036
    The Farmers & Merchants State Bank 2 6.50% $6,174
    MORTGAGE 1 INCORPORATED 2 6.62% $11,052
    Kellogg Community Credit Union 2 6.81% $2,646
    Bank of America 2 6.31% $2,987
    MICHIGAN MUTUAL, INC. 2 6.50% $4,149
    UNITED 2 6.38% $4,162
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.25% $7,510
    BROKER SOLUTIONS, INC. 2 7.18% $3,852
    VAN DYK MORTGAGE CORPORATION 2 7.38% $3,269
    Pacor Mortgage Corp 2 6.19% $2,813
    Honor Credit Union 2 6.75% $2,477
    PNC Bank 2 6.88% $3,212
    HALLMARK HOME MORTGAGE, LLC 2 6.81% $7,256
    Notre Dame Federal Credit Union Corporation 2 7.38% $3,276
    Northpointe Bank 2 6.75% $3,317
    Wells Fargo Bank 1 7.50% $0
    Ally Bank 1 6.25% $3,378
    AMERICAN FINANCING CORPORATION 1 6.13% $4,812
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $7,058
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.62% $7,438
    BAY EQUITY LLC 1 6.75% $3,307
    Carrington Mortgage Services, LLC 1 5.88% $6,640
    Centier Bank 1 6.75% $2,208
    ChoiceOne Bank 1 6.50% $2,677
    CREDIT UNION ONE 1 6.38% $2,421
    EVERENCE FEDERAL CREDIT UNION 1 6.88% $2,346
    First State Bank of Middlebury 1 6.13% $2,793
    GENEVA FINANCIAL, LLC 1 7.25% $3,790
    GREAT LAKES 1 7.00% $6,382
    GREENSTATE CREDIT UNION 1 6.75% $2,994
    GUILD MORTGAGE COMPANY 1 7.38% $10,682
    ILLINOIS STATE CREDIT UNION 1 6.38% $2,085
    KeyBank 1 7.75% $4,898
    LOANDEPOT.COM, LLC 1 5.99% $4,871
    MARSHALL COMMUNITY CREDIT UNION 1 5.88% $2,699
    MEMBER FIRST MORTGAGE, LLC 1 6.88% $3,123
    Mercantile Bank of Michigan 1 5.75% $2,724
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION 1 6.50% $3,844
    Morgan Stanley Private Bank 1 4.85% $4,079
    Mortgage Research Center, LLC 1 6.75% $1,418
    Mr. Cooper ( Nationstar Mortgage ) 1 6.49% $6,093
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $6,901
    NAVY FEDERAL CREDIT UNION 1 7.00% $8,990
    Old National Bank 1 5.38% $3,258
    POLARIS HOME FUNDING CORP. 1 6.50% $8,678
    PREMIA MORTGAGE, LLC 1 6.38% $912
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.50% $4,149
    Summit Credit Union 1 5.88% $2,612
    SUMMIT HOME MORTGAGE, LLC 1 7.88% $3,818
    The Dart Bank 1 7.99% $4,031
    Three Rivers Federal Credit Union 1 7.13% $2,708
    THRIVE MORTGAGE, LLC 1 7.00% $2,696
    United Bank of Michigan 1 7.75% $2,402
    U.S. Bank 1 6.63% $4,579
    1st Source Bank 1 6.88% $2,779

    Sturgis Average Closing Costs & Other Stats

    Sturgis, MI's 81 lenders originated 1,161 loans during 2023. The total origination value was $163,495,000, with an average loan value of $140,823.

    Sturgis's average closing costs are $4,006.

    The top Sturgis lender as defined by loan originations is OAK MORTGAGE, LLC, with 73 loans originated. Their average total fees are $3,105, which is $773 lower than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Sturgis lenders (with over 10 loans originated) are INTERRA CREDIT UNION ($3,045), OAK MORTGAGE, LLC ($3,105), CONSUMERS ($3,204), ARBOR FINANCIAL CREDIT UNION ($3,418) and OMNI Community Credit Union ($3,770).

    The lowest rate Sturgis lenders (with over 10 loans originated) are INTERRA CREDIT UNION (6.11%), ARBOR FINANCIAL CREDIT UNION (6.65%), CONSUMERS (6.82%), OAK MORTGAGE, LLC (6.86%) and RUOFF MORTGAGE COMPANY, INC. (6.89%).

    Sturgis, 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
    OAK MORTGAGE, LLC $28,245,000 $19,240,000 -31.9% 11.8%
    Sturgis Bank & Trust Company $13,245,000 $12,745,000 -3.8% 7.8%
    OMNI Community Credit Union $12,580,000 $10,250,000 -18.5% 6.3%
    RUOFF MORTGAGE COMPANY, INC. $12,085,000 $9,600,000 -20.6% 5.9%
    QUICKEN LOANS, LLC $16,550,000 $7,675,000 -53.6% 4.7%
    UNITED WHOLESALE MORTGAGE, LLC $4,060,000 $5,875,000 44.7% 3.6%
    Fifth Third Bank $5,090,000 $4,730,000 -7.1% 2.9%
    The Huntington National Bank $6,055,000 $3,725,000 -38.5% 2.3%
    ARBOR FINANCIAL CREDIT UNION $7,465,000 $3,685,000 -50.6% 2.3%
    LAKE MICHIGAN CREDIT UNION $2,240,000 $3,475,000 55.1% 2.1%
    Neighborhood Loans, Inc. $565,000 $3,120,000 452.2% 1.9%
    CONSUMERS $4,480,000 $3,075,000 -31.4% 1.9%
    UNION HOME MORTGAGE CORP. $300,000 $2,880,000 860.0% 1.8%
    Flagstar Bank, FSB $3,380,000 $2,870,000 -15.1% 1.8%
    Mortgage Research Center, LLC $2,310,000 $2,565,000 11.0% 1.6%
    CARDINAL FINANCIAL $2,125,000 $2,555,000 20.2% 1.6%
    INTERRA CREDIT UNION $2,460,000 $2,495,000 1.4% 1.5%
    Farmers State Bank $4,270,000 $2,415,000 -43.4% 1.5%
    Lake City Bank $1,330,000 $2,060,000 54.9% 1.3%
    GVC MORTGAGE, INC. $830,000 $2,025,000 144.0% 1.2%
    Horizon Bank $3,190,000 $1,925,000 -39.7% 1.2%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $280,000 $1,890,000 575.0% 1.2%
    Southern Michigan Bank & Trust $2,550,000 $1,730,000 -32.2% 1.1%
    GreenStone Farm Credit Services, FLCA $710,000 $1,585,000 123.2% 1.0%
    SUCCESS MORTGAGE PARTNERS, INC. $2,170,000 $1,480,000 -31.8% 0.9%
    Carrington Mortgage Services, LLC $1,135,000 $1,405,000 23.8% 0.9%
    JPMorgan Chase Bank $3,065,000 $1,395,000 -54.5% 0.9%
    Kellogg Community Credit Union $1,620,000 $1,360,000 -16.0% 0.8%
    The Campbell & Fetter Bank $410,000 $1,165,000 184.1% 0.7%
    MEMBER FIRST MORTGAGE, LLC $1,430,000 $1,130,000 -21.0% 0.7%
    MORTGAGE CENTER L.C $745,000 $1,130,000 51.7% 0.7%
    The Fountain Trust Company $1,105,000 n/a 0.7%
    HALLMARK HOME MORTGAGE, LLC $370,000 $1,095,000 195.9% 0.7%
    GUARANTEED RATE, INC. $1,965,000 $1,055,000 -46.3% 0.6%
    Old National Bank $2,140,000 $1,005,000 -53.0% 0.6%
    ADVIA $370,000 $995,000 168.9% 0.6%
    BROKER SOLUTIONS, INC. $315,000 $990,000 214.3% 0.6%
    Citizens Bank $875,000 $935,000 6.9% 0.6%
    First State Bank of Middlebury $1,280,000 $900,000 -29.7% 0.6%
    CROSSCOUNTRY MORTGAGE, LLC $1,680,000 $890,000 -47.0% 0.5%
    The Farmers & Merchants State Bank $410,000 $870,000 112.2% 0.5%
    TEACHERS CREDIT UNION $260,000 $845,000 225.0% 0.5%
    FREEDOM MORTGAGE CORPORATION $1,450,000 $830,000 -42.8% 0.5%
    Bank of America $800,000 n/a 0.5%
    CONTOUR MORTGAGE CORPORATION $485,000 $770,000 58.8% 0.5%
    Northpointe Bank $940,000 $770,000 -18.1% 0.5%
    Wells Fargo Bank $1,445,000 $750,000 -48.1% 0.5%
    PNC Bank $1,425,000 $745,000 -47.7% 0.5%
    First Federal Savings Bank $1,370,000 $725,000 -47.1% 0.4%
    Independent Bank $470,000 $720,000 53.2% 0.4%
    PREMIA MORTGAGE, LLC $685,000 $680,000 -0.7% 0.4%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $500,000 $680,000 36.0% 0.4%
    VAN DYK MORTGAGE CORPORATION $525,000 $655,000 24.8% 0.4%
    Honor Credit Union $1,225,000 $650,000 -46.9% 0.4%
    Municipal Trust and Savings Bank $615,000 n/a 0.4%
    Morgan Stanley Private Bank $605,000 n/a 0.4%
    CITY FIRST MORTGAGE SERVICES, L.L.C. $600,000 n/a 0.4%
    AMERISAVE MORTGAGE CORPORATION $1,580,000 $540,000 -65.8% 0.3%
    The Dart Bank $1,155,000 $540,000 -53.2% 0.3%
    MORTGAGE 1 INCORPORATED $350,000 $530,000 51.4% 0.3%
    TOWNE MORTGAGE COMPANY $525,000 n/a 0.3%
    Mercantile Bank of Michigan $360,000 $515,000 43.1% 0.3%
    UNITED $115,000 $515,000 347.8% 0.3%
    MICHIGAN MUTUAL, INC. $475,000 n/a 0.3%
    1st Source Bank $2,560,000 $465,000 -81.8% 0.3%
    LAKEVIEW LOAN SERVICING, LLC $945,000 $420,000 -55.6% 0.3%
    MUTUAL OF OMAHA MORTGAGE, INC. $370,000 $420,000 13.5% 0.3%
    NAVY FEDERAL CREDIT UNION $320,000 $420,000 31.3% 0.3%
    GUILD MORTGAGE COMPANY $415,000 n/a 0.3%
    Figure Lending LLC $25,000 $385,000 1,440.0% 0.2%
    Old Second National Bank $385,000 n/a 0.2%
    POLARIS HOME FUNDING CORP. $370,000 n/a 0.2%
    FINANCE OF AMERICA REVERSE LLC $345,000 n/a 0.2%
    Prosperity Home Mortgage, LLC $340,000 n/a 0.2%
    AMERICAN FINANCIAL RESOURCES, INC. $335,000 n/a 0.2%
    BLG HOLDINGS, INC. $335,000 n/a 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $2,535,000 $310,000 -87.8% 0.2%
    Notre Dame Federal Credit Union Corporation $250,000 $310,000 24.0% 0.2%
    Pacor Mortgage Corp $1,005,000 $310,000 -69.2% 0.2%
    ChoiceOne Bank $275,000 $300,000 9.1% 0.2%
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION $310,000 $295,000 -4.8% 0.2%
    U.S. Bank $2,845,000 $280,000 -90.2% 0.2%
    Summit Credit Union $275,000 n/a 0.2%
    BETTER MORTGAGE CORPORATION $255,000 $265,000 3.9% 0.2%
    INOVA FEDERAL CREDIT UNION $160,000 $260,000 62.5% 0.2%
    KeyBank $1,225,000 $250,000 -79.6% 0.2%
    TOP FLITE FINANCIAL, INC. $155,000 $250,000 61.3% 0.2%
    GREAT LAKES $245,000 n/a 0.1%
    USAA Federal Savings Bank $1,120,000 $245,000 -78.1% 0.1%
    United Bay Community Credit Union $235,000 n/a 0.1%
    LOANDEPOT.COM, LLC $1,975,000 $230,000 -88.4% 0.1%
    Centier Bank $25,000 $225,000 800.0% 0.1%
    NEW DAY FINANCIAL, LLC $175,000 $225,000 28.6% 0.1%
    Platinum Home Mortgage Corporation $225,000 n/a 0.1%
    LENDINGHOME FUNDING CORPORATION $200,000 n/a 0.1%
    GENEVA FINANCIAL, LLC $195,000 n/a 0.1%
    VILLAGE CAPITAL MORTGAGE $195,000 n/a 0.1%
    First Federal Bank $185,000 n/a 0.1%
    21ST MORTGAGE CORPORATION $80,000 $180,000 125.0% 0.1%
    ROYAL UNITED MORTGAGE LLC $160,000 $180,000 12.5% 0.1%
    United Bank of Michigan $180,000 n/a 0.1%
    NATIONS DIRECT MORTGAGE, LLC $175,000 n/a 0.1%
    HOWARD HANNA FINANCIAL SERVICES, INC. $165,000 n/a 0.1%
    Preston Home Loans Inc $165,000 n/a 0.1%
    J. VIRGIL, INC. $155,000 n/a 0.1%
    NEWREZ LLC $560,000 $155,000 -72.3% 0.1%
    NORTHERN MORTGAGE SERVICES, LLC $155,000 n/a 0.1%
    STOCKTON MORTGAGE CORPORATION $155,000 n/a 0.1%
    THRIVE MORTGAGE, LLC $155,000 n/a 0.1%
    BAY EQUITY LLC $145,000 n/a 0.1%
    GREENSTATE CREDIT UNION $205,000 $145,000 -29.3% 0.1%
    LONGBRIDGE FINANCIAL, LLC $145,000 n/a 0.1%
    SUMMIT HOME MORTGAGE, LLC $145,000 n/a 0.1%
    PENNYMAC LOAN SERVICES, LLC $745,000 $135,000 -81.9% 0.1%
    CREDIT UNION ONE $125,000 n/a 0.1%
    FIRST COLONY MORTGAGE CORPORATION $125,000 n/a 0.1%
    ILLINOIS STATE CREDIT UNION $125,000 n/a 0.1%
    AMERICAN FINANCING CORPORATION $115,000 $115,000 0.0% 0.1%
    GSF Mortgage Corporation $115,000 n/a 0.1%
    MARSHALL COMMUNITY CREDIT UNION $115,000 n/a 0.1%
    Ally Bank $205,000 $95,000 -53.7% 0.1%
    LIMA ONE CAPITAL, LLC $95,000 n/a 0.1%
    Three Rivers Federal Credit Union $400,000 $95,000 -76.3% 0.1%
    PFCU $55,000 $90,000 63.6% 0.1%
    TRIAD FINANCIAL SERVICES, INC. $85,000 n/a 0.1%
    Discover Bank $170,000 $80,000 -52.9% 0.0%
    Coastal Community Bank $75,000 n/a 0.0%
    KALSEE CREDIT UNION $450,000 $65,000 -85.6% 0.0%
    Leader Bank $65,000 n/a 0.0%
    STAUNTON FINANCIAL, INC. $65,000 n/a 0.0%
    Lake Trust Credit Union $45,000 n/a 0.0%
    Lakeview Community Capital, LLC $35,000 n/a 0.0%
    EVERENCE FEDERAL CREDIT UNION $105,000 $25,000 -76.2% 0.0%
    MidFirst Bank $25,000 n/a 0.0%
    PENTAGON FEDERAL CREDIT UNION $25,000 n/a 0.0%

    Sturgis's top lender by overall market share is OAK MORTGAGE, LLC, with 11.8% market share. In second place, with 7.8%, is Sturgis Bank & Trust Company, having originated $12,745,000 in loans. In third place, with 6.3%, is OMNI Community Credit Union, having originated $10,250,000 in loans. In fourth place, with 5.9%, is RUOFF MORTGAGE COMPANY, INC., having originated $9,600,000 in loans. In fifth place, with 4.7%, is QUICKEN LOANS, LLC, having originated $7,675,000 in loans.

    Sturgis, MI Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 585 $114,495,000 $195,718
    Other 197 $13,415,000 $68,096
    Cash Out Refi 165 $20,095,000 $121,788
    Home Improvement 129 $7,865,000 $60,969
    Refi 85 $7,625,000 $89,706

    Sturgis's most frequently cited loan purpose was Home Purchase, with 585 originations. The 2nd most popular reason was Other, with 197 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 404 $70,030,000 $173,342
    7-8% 280 $47,320,000 $169,000
    Over 8% 158 $11,980,000 $75,823
    5-6% 93 $15,495,000 $166,613
    <2.5% 12 $240,000 $20,000
    4-5% 2 $970,000 $485,000
    2.5-3% 2 $80,000 $40,000

    During 2023, Sturgis's most frequently originated rate bucket was 6-7%, with 404 originations.

    Loan Sizing (Sturgis, MI MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 479 $24,455,000 $51,054
    $100k-200k 430 $62,870,000 $146,209
    $200k-400k 222 $57,790,000 $260,315
    $400k-600k 18 $8,760,000 $486,667
    $600k-1000k 10 $6,630,000 $663,000
    $Over $1MM 2 $2,990,000 $1,495,000

    Sturgis's loan sizing saw the bucket of loans from $100,000 or less with 479 originations, totaling $24,455,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 413 $78,935,000 $191,126
    60-80% 194 $38,120,000 $196,495
    Under 20% 123 $4,765,000 $38,740
    20-40% 116 $8,800,000 $75,862
    40-60% 103 $13,975,000 $135,680
    Over 100% 7 $1,885,000 $269,286

    Sturgis's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 413 originations, totaling $78,935,000 in origination value.