Traverse City Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Traverse City averaged
7.16%
for the week of 2025-06-18, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2025-06-12) was
7.09% and
one month ago for the week of 2025-05-15, the
average rate was 6.96%.
Traverse City's average rate one year ago was 7.2%.
For refis of the same type during the week of 2025-06-18, the average rate
was 7.37%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Traverse City 30 Year Fixed Rate | 2025-06-18 | 7.16% |
| Traverse City 30 Year Fixed Rate Refi | 2025-06-18 | 7.37% |
| Traverse City 15 Year Fixed Rate | 2025-06-18 | 5.76% |
| Traverse City 15 Year Fixed Rate Refi | 2025-06-18 | 6.56% |
| Traverse City 30 Year FHA | 2025-06-18 | 0.13% |
| Traverse City 30 Year FHA Refi | 2025-06-18 | 0.1% |
| Traverse City 30 Year USDA | 2025-06-18 | -0.2% |
| Traverse City 30 Year USDA Refi | 2025-06-18 | -0.2% |
| Traverse City 30 Year VA | 2025-06-18 | -0.03% |
| Traverse City 30 Year VA Refi | 2025-06-18 | 0.1% |
Traverse City 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 Traverse City, 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.).
Traverse City Average Closing Costs & Other Stats
Traverse City, MI's 152 lenders originated 3,656
loans during 2024. The total origination value was $1,063,430,000, with an average loan value of
$290,873.
Traverse City's average closing costs are $4,390.
The top Traverse City lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
240 loans originated. Their average total fees are
$6,074, which is $2,389
higher than the next largest lender,
LAKE MICHIGAN CREDIT UNION.
The lowest fee Traverse City lenders (with over 10 loans originated) are
CREDIT UNION ONE ($3,470), Nicolet National Bank ($3,642), LAKE MICHIGAN CREDIT UNION ($3,684), The Dart Bank ($3,995) and STAUNTON FINANCIAL, INC. ($4,034).
The lowest rate Traverse City lenders (with over 10 loans originated) are
CREDIT UNION ONE (6.32%), LAKE MICHIGAN CREDIT UNION (6.60%), JPMorgan Chase Bank (6.62%), The Dart Bank (6.63%) and MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION (6.67%).
Traverse City, 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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| LAKE MICHIGAN CREDIT UNION | $107,475,000 | $123,120,000 | 14.6% | 11.6% |
| UNITED WHOLESALE MORTGAGE, LLC | $89,040,000 | $120,740,000 | 35.6% | 11.4% |
| The Huntington National Bank | $133,030,000 | $85,230,000 | -35.9% | 8.0% |
| QUICKEN LOANS, LLC | $46,575,000 | $58,905,000 | 26.5% | 5.5% |
| Independent Bank | $57,575,000 | $57,205,000 | -0.6% | 5.4% |
| Fifth Third Bank | $24,885,000 | $46,945,000 | 88.6% | 4.4% |
| Mercantile Bank of Michigan | $22,745,000 | $33,335,000 | 46.6% | 3.1% |
| CALCON MUTUAL MORTGAGE LLC | $20,060,000 | n/a | 1.9% | |
| CREDIT UNION ONE | $21,380,000 | $19,825,000 | -7.3% | 1.9% |
| JPMorgan Chase Bank | $21,315,000 | $18,690,000 | -12.3% | 1.8% |
| NEWREZ LLC | $10,665,000 | $17,315,000 | 62.4% | 1.6% |
| The Dart Bank | $8,190,000 | $13,905,000 | 69.8% | 1.3% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $17,865,000 | $13,700,000 | -23.3% | 1.3% |
| Bank of America | $7,340,000 | $12,990,000 | 77.0% | 1.2% |
| GENISYS | $5,025,000 | $12,860,000 | 155.9% | 1.2% |
| GUARANTEED RATE, INC. | $5,340,000 | $11,105,000 | 108.0% | 1.0% |
| GreenStone Farm Credit Services, FLCA | $8,655,000 | $9,625,000 | 11.2% | 0.9% |
| Mortgage Research Center, LLC | $6,275,000 | $9,425,000 | 50.2% | 0.9% |
| Nicolet National Bank | $9,510,000 | $9,365,000 | -1.5% | 0.9% |
| STAUNTON FINANCIAL, INC. | $6,940,000 | $8,735,000 | 25.9% | 0.8% |
| First National Bank of America | $8,390,000 | n/a | 0.8% | |
| First Merchants Bank | $2,100,000 | $7,555,000 | 259.8% | 0.7% |
| FREEDOM MORTGAGE CORPORATION | $3,390,000 | $7,515,000 | 121.7% | 0.7% |
| Flagstar Bank, FSB | $2,930,000 | $7,190,000 | 145.4% | 0.7% |
| NAVY FEDERAL CREDIT UNION | $3,555,000 | $6,170,000 | 73.6% | 0.6% |
| Goldman Sachs Bank USA | $2,415,000 | $6,015,000 | 149.1% | 0.6% |
| Morgan Stanley Private Bank | $8,155,000 | $5,760,000 | -29.4% | 0.5% |
| PNC Bank | $26,015,000 | $5,635,000 | -78.3% | 0.5% |
| UNION HOME MORTGAGE CORP. | $4,515,000 | $5,135,000 | 13.7% | 0.5% |
| Charles Schwab Bank, SSB | $2,085,000 | $5,010,000 | 140.3% | 0.5% |
| LOANDEPOT.COM, LLC | $2,515,000 | $4,995,000 | 98.6% | 0.5% |
| GUILD MORTGAGE COMPANY | $340,000 | $4,715,000 | 1,286.8% | 0.4% |
| CONSUMERS | $5,185,000 | $4,635,000 | -10.6% | 0.4% |
| First Community Bank | $3,360,000 | $4,610,000 | 37.2% | 0.4% |
| BELLWETHER ENTERPRISE REAL ESTATE CAPITAL, LLC | $4,485,000 | n/a | 0.4% | |
| Horizon Bank | $925,000 | $4,065,000 | 339.5% | 0.4% |
| Citibank | $5,540,000 | $3,715,000 | -32.9% | 0.3% |
| NexBank | $3,675,000 | n/a | 0.3% | |
| U.S. Bank | $6,300,000 | $3,505,000 | -44.4% | 0.3% |
| FIRST COMMUNITY MORTGAGE, INC. | $1,935,000 | $3,495,000 | 80.6% | 0.3% |
| PENNYMAC LOAN SERVICES, LLC | $1,455,000 | $3,490,000 | 139.9% | 0.3% |
| Bank of Colorado | $3,435,000 | n/a | 0.3% | |
| UBS Bank USA | $1,400,000 | $3,415,000 | 143.9% | 0.3% |
| LIMA ONE CAPITAL, LLC | $3,400,000 | n/a | 0.3% | |
| LONGBRIDGE FINANCIAL, LLC | $3,335,000 | n/a | 0.3% | |
| Wells Fargo Bank | $9,320,000 | $3,215,000 | -65.5% | 0.3% |
| First State Bank | $1,080,000 | $2,965,000 | 174.5% | 0.3% |
| MORTGAGE CENTER L.C | $790,000 | $2,860,000 | 262.0% | 0.3% |
| GREENSTATE CREDIT UNION | $235,000 | $2,835,000 | 1,106.4% | 0.3% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $810,000 | $2,770,000 | 242.0% | 0.3% |
| Citizens Bank | $2,900,000 | $2,740,000 | -5.5% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,335,000 | $2,705,000 | 15.8% | 0.3% |
| MOVEMENT MORTGAGE, LLC | $935,000 | $2,660,000 | 184.5% | 0.3% |
| USAA Federal Savings Bank | $3,660,000 | $2,605,000 | -28.8% | 0.2% |
| J. VIRGIL, INC. | $1,455,000 | $2,545,000 | 74.9% | 0.2% |
| MICHIGAN FIRST CREDIT UNION | $615,000 | $2,530,000 | 311.4% | 0.2% |
| American Mortgage & Equity Consultants, Inc. | $2,470,000 | n/a | 0.2% | |
| NEW DAY FINANCIAL, LLC | $1,835,000 | $2,425,000 | 32.2% | 0.2% |
| M&T Bank | $245,000 | $2,415,000 | 885.7% | 0.2% |
| BMO Harris Bank | $725,000 | $2,395,000 | 230.3% | 0.2% |
| The Loan Store, Inc. | $2,280,000 | n/a | 0.2% | |
| Frankenmuth Credit Union | $3,890,000 | $2,255,000 | -42.0% | 0.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,580,000 | $2,195,000 | -14.9% | 0.2% |
| NBKC BANK | $580,000 | $2,090,000 | 260.3% | 0.2% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $205,000 | $2,070,000 | 909.8% | 0.2% |
| BROKER SOLUTIONS, INC. | $2,995,000 | $1,980,000 | -33.9% | 0.2% |
| Florida Capital Bank | $1,455,000 | $1,980,000 | 36.1% | 0.2% |
| LENDSURE MORTGAGE CORP. | $635,000 | $1,870,000 | 194.5% | 0.2% |
| 1st State Financial, Ltd. | $1,005,000 | $1,845,000 | 83.6% | 0.2% |
| TEAM ONE CREDIT UNION | $1,930,000 | $1,820,000 | -5.7% | 0.2% |
| CMG MORTGAGE, INC. | $645,000 | $1,710,000 | 165.1% | 0.2% |
| ARBOR FINANCIAL CREDIT UNION | $1,235,000 | $1,620,000 | 31.2% | 0.2% |
| CHURCHILL MORTGAGE CORPORATION | $490,000 | $1,615,000 | 229.6% | 0.2% |
| Raymond James Bank | $2,920,000 | $1,605,000 | -45.0% | 0.2% |
| DFCU FINANCIAL | $495,000 | $1,565,000 | 216.2% | 0.1% |
| MICHIGAN SCHOOLS AND GOVERNMENT | $1,005,000 | $1,455,000 | 44.8% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $880,000 | $1,415,000 | 60.8% | 0.1% |
| 21ST MORTGAGE CORPORATION | $1,120,000 | $1,405,000 | 25.4% | 0.1% |
| MICHIGAN MUTUAL, INC. | $3,155,000 | $1,400,000 | -55.6% | 0.1% |
| Discover Bank | $1,150,000 | $1,395,000 | 21.3% | 0.1% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,140,000 | $1,375,000 | -35.7% | 0.1% |
| Signature Bank, N.A. | $1,335,000 | n/a | 0.1% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $4,990,000 | $1,275,000 | -74.4% | 0.1% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $1,250,000 | $1,260,000 | 0.8% | 0.1% |
| MORTGAGE 1 INCORPORATED | $2,320,000 | $1,250,000 | -46.1% | 0.1% |
| The Federal Savings Bank | $1,755,000 | $1,235,000 | -29.6% | 0.1% |
| SUCCESS MORTGAGE PARTNERS, INC. | $1,225,000 | n/a | 0.1% | |
| Coastal Community Bank | $870,000 | $1,170,000 | 34.5% | 0.1% |
| Old National Bank | $4,030,000 | $1,160,000 | -71.2% | 0.1% |
| Stifel Bank and Trust | $785,000 | $1,155,000 | 47.1% | 0.1% |
| The State Bank | $780,000 | $1,145,000 | 46.8% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $300,000 | $1,135,000 | 278.3% | 0.1% |
| ChoiceOne Bank | $495,000 | $1,120,000 | 126.3% | 0.1% |
| TRIAD FINANCIAL SERVICES, INC. | $1,830,000 | $1,105,000 | -39.6% | 0.1% |
| United Bank of Michigan | $230,000 | $1,095,000 | 376.1% | 0.1% |
| Figure Lending LLC | $1,065,000 | $1,070,000 | 0.5% | 0.1% |
| First National Bank of Michigan | $1,065,000 | n/a | 0.1% | |
| Carrington Mortgage Services, LLC | $1,610,000 | $1,055,000 | -34.5% | 0.1% |
| DEEPHAVEN MORTGAGE LLC | $1,045,000 | n/a | 0.1% | |
| Northpointe Bank | $2,750,000 | $1,005,000 | -63.5% | 0.1% |
| STOCKTON MORTGAGE CORPORATION | $410,000 | $995,000 | 142.7% | 0.1% |
| AMWEST FUNDING CORP. | $950,000 | n/a | 0.1% | |
| Preston Home Loans Inc | $305,000 | $950,000 | 211.5% | 0.1% |
| MEMBER FIRST MORTGAGE, LLC | $210,000 | $945,000 | 350.0% | 0.1% |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $710,000 | $940,000 | 32.4% | 0.1% |
| Third Federal Savings and Loan Association of Cleveland | $95,000 | $935,000 | 884.2% | 0.1% |
| County National Bank | $930,000 | n/a | 0.1% | |
| Dort Financial Credit Union | $270,000 | $930,000 | 244.4% | 0.1% |
| TOP FLITE FINANCIAL, INC. | $275,000 | $930,000 | 238.2% | 0.1% |
| Bell Bank | $875,000 | n/a | 0.1% | |
| NFM, INC. | $865,000 | n/a | 0.1% | |
| PLAZA HOME MORTGAGE, INC. | $285,000 | $845,000 | 196.5% | 0.1% |
| ZILLOW HOME LOANS, LLC | $655,000 | $835,000 | 27.5% | 0.1% |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $205,000 | $820,000 | 300.0% | 0.1% |
| PFCU | $450,000 | $815,000 | 81.1% | 0.1% |
| ROSS MORTGAGE CORPORATION | $665,000 | $810,000 | 21.8% | 0.1% |
| West Michigan Community Bank | $300,000 | $810,000 | 170.0% | 0.1% |
| Northwest Federal Credit Union | $795,000 | n/a | 0.1% | |
| OCMBC, INC. | $790,000 | n/a | 0.1% | |
| Plains Commerce Bank | $395,000 | $790,000 | 100.0% | 0.1% |
| 1st Source Bank | $775,000 | n/a | 0.1% | |
| Commerce Home Mortgage, Inc. | $345,000 | $770,000 | 123.2% | 0.1% |
| Isabella Bank | $1,345,000 | $765,000 | -43.1% | 0.1% |
| Leader Bank | $765,000 | n/a | 0.1% | |
| KeyBank | $470,000 | $750,000 | 59.6% | 0.1% |
| AMERICAN FINANCING CORPORATION | $280,000 | $745,000 | 166.1% | 0.1% |
| Midwest Heritage Bank FSB | $695,000 | n/a | 0.1% | |
| Kellogg Community Credit Union | $665,000 | n/a | 0.1% | |
| Comerica Bank | $1,110,000 | $660,000 | -40.5% | 0.1% |
| NETWORK CAPITAL FUNDING CORPORATION | $355,000 | $645,000 | 81.7% | 0.1% |
| Baxter Credit Union | $630,000 | n/a | 0.1% | |
| AMERISAVE MORTGAGE CORPORATION | $1,750,000 | $625,000 | -64.3% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $620,000 | n/a | 0.1% | |
| Highpoint Community Bank | $615,000 | n/a | 0.1% | |
| Ally Bank | $610,000 | n/a | 0.1% | |
| Macatawa Bank | $1,005,000 | $605,000 | -39.8% | 0.1% |
| BETTER MORTGAGE CORPORATION | $595,000 | n/a | 0.1% | |
| Merchants Bank of Indiana | $585,000 | n/a | 0.1% | |
| PLANET HOME LENDING, LLC | $745,000 | $580,000 | -22.1% | 0.1% |
| EASTMAN | $565,000 | n/a | 0.1% | |
| First-Citizens Bank & Trust Company | $555,000 | n/a | 0.1% | |
| Eaton Community Bank | $545,000 | n/a | 0.1% | |
| INTERCAP LENDING INC. | $545,000 | n/a | 0.1% | |
| Grand River Bank | $2,105,000 | $535,000 | -74.6% | 0.1% |
| THE MORTGAGE LINK, INC. | $445,000 | $535,000 | 20.2% | 0.1% |
| Cornerstone First Mortgage, Inc | $505,000 | n/a | 0.0% | |
| FNBC Bank & Trust | $495,000 | n/a | 0.0% | |
| RESIDENTIAL WHOLESALE MORTGAGE, INC. | $495,000 | n/a | 0.0% | |
| Lakeview Community Capital, LLC | $480,000 | n/a | 0.0% | |
| Farmers Bank & Trust | $475,000 | n/a | 0.0% | |
| HOMESIDE FINANCIAL, LLC | $475,000 | n/a | 0.0% | |
| PACIFIC RESIDENTIAL MORTGAGE, LLC | $375,000 | $475,000 | 26.7% | 0.0% |
| CANOPY MORTGAGE, LLC | $470,000 | n/a | 0.0% | |
| Civista Bank | $455,000 | n/a | 0.0% | |
| Community First National Bank | $455,000 | n/a | 0.0% | |
| Sierra Pacific Mortgage Company, Inc. | $225,000 | $455,000 | 102.2% | 0.0% |
| RF Renovo Management Company, LLC | $445,000 | n/a | 0.0% | |
| COMMUNITY FINANCIAL CREDIT UNION | $1,255,000 | $440,000 | -64.9% | 0.0% |
| Elements Financial Federal Credit Union | $435,000 | n/a | 0.0% | |
| BLG HOLDINGS, INC. | $425,000 | n/a | 0.0% | |
| TOWNE MORTGAGE COMPANY | $425,000 | n/a | 0.0% | |
| Union Savings Bank | $425,000 | n/a | 0.0% | |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $400,000 | $425,000 | 6.3% | 0.0% |
| LIBERTY HOME MORTGAGE CORPORATION | $405,000 | $415,000 | 2.5% | 0.0% |
| HSBC BANK USA, NATIONAL ASSOCIATION | $405,000 | n/a | 0.0% | |
| Michigan Educational Credit Union | $405,000 | n/a | 0.0% | |
| UNIVERSITY OF MICHIGAN CREDIT UNION | $45,000 | $400,000 | 788.9% | 0.0% |
| Nations Lending Corporation | $145,000 | $390,000 | 169.0% | 0.0% |
| First Federal Bank of the Midwest | $385,000 | n/a | 0.0% | |
| Heartland Bank | $385,000 | n/a | 0.0% | |
| Presidential Bank, FSB | $385,000 | n/a | 0.0% | |
| GREENWOOD | $380,000 | n/a | 0.0% | |
| DAS Acquisition Company, LLC | $730,000 | $365,000 | -50.0% | 0.0% |
| EMM LOANS LLC | $365,000 | n/a | 0.0% | |
| Key Mortgage Services, Inc. | $365,000 | n/a | 0.0% | |
| DOW CHEMICAL EMPLOYEES' | $3,435,000 | $360,000 | -89.5% | 0.0% |
| Arvest Bank | $345,000 | n/a | 0.0% | |
| Centra Credit Union | $345,000 | n/a | 0.0% | |
| HOMESTEAD FUNDING CORP. | $335,000 | $345,000 | 3.0% | 0.0% |
| UNITED HOME LOANS, INC. | $335,000 | n/a | 0.0% | |
| Waterstone Mortgage Corporation | $335,000 | n/a | 0.0% | |
| OceanFirst Bank | $325,000 | n/a | 0.0% | |
| PHH Mortgage Corporation | $325,000 | $325,000 | 0.0% | 0.0% |
| PURDUE FEDERAL CREDIT UNION | $325,000 | n/a | 0.0% | |
| Quontic Bank | $325,000 | n/a | 0.0% | |
| AMERICAN HERITAGE LENDING, INC. | $165,000 | $315,000 | 90.9% | 0.0% |
| AMERICAN PORTFOLIO MORTGAGE CORPORATION | $315,000 | n/a | 0.0% | |
| CARDINAL FINANCIAL | $5,150,000 | $315,000 | -93.9% | 0.0% |
| LENDINGONE, LLC | $245,000 | $315,000 | 28.6% | 0.0% |
| Bethpage Federal Credit Union | $345,000 | $305,000 | -11.6% | 0.0% |
| LENDINGHOME FUNDING CORPORATION | $125,000 | $295,000 | 136.0% | 0.0% |
| Honor Credit Union | $1,205,000 | $290,000 | -75.9% | 0.0% |
| Atlantic Coast Mortgage, LLC | $285,000 | n/a | 0.0% | |
| EVERETT FINANCIAL, INC. | $165,000 | $285,000 | 72.7% | 0.0% |
| Financial Partners Credit Union | $285,000 | n/a | 0.0% | |
| First Western Trust Bank | $285,000 | n/a | 0.0% | |
| GUARANTEED RATE AFFINITY, LLC | $255,000 | $285,000 | 11.8% | 0.0% |
| North American Savings Bank, F.S.B. | $455,000 | $285,000 | -37.4% | 0.0% |
| Credence Funding Corporation | $275,000 | n/a | 0.0% | |
| FBC MORTGAGE, LLC | $265,000 | n/a | 0.0% | |
| Prosperity Home Mortgage, LLC | $175,000 | $265,000 | 51.4% | 0.0% |
| Century Mortgage Company DBA Century Lending Company | $255,000 | n/a | 0.0% | |
| Commerce Bank | $255,000 | n/a | 0.0% | |
| Consumers Professional Credit Union | $255,000 | n/a | 0.0% | |
| OAKTREE FUNDING CORP. | $255,000 | n/a | 0.0% | |
| SPRING EQ, LLC | $160,000 | $250,000 | 56.3% | 0.0% |
| NATIONS RELIABLE LENDING, LLC | $245,000 | n/a | 0.0% | |
| LEADERONE FINANCIAL CORPORATION | $555,000 | $235,000 | -57.7% | 0.0% |
| NUMARK CREDIT UNION | $235,000 | n/a | 0.0% | |
| Bank of England | $225,000 | n/a | 0.0% | |
| COMMUNITYAMERICA | $225,000 | n/a | 0.0% | |
| West Michigan Credit Union | $75,000 | $225,000 | 200.0% | 0.0% |
| The Old Fort Banking Company | $215,000 | n/a | 0.0% | |
| ALLIANT CREDIT UNION | $95,000 | $205,000 | 115.8% | 0.0% |
| V.I.P. MORTGAGE, INC. | $205,000 | n/a | 0.0% | |
| Adventure Credit Union | $370,000 | $200,000 | -45.9% | 0.0% |
| Equity Prime Mortgage LLC | $115,000 | $195,000 | 69.6% | 0.0% |
| University Bank | $1,400,000 | $185,000 | -86.8% | 0.0% |
| CAPITAL CONCEPTS, INC. | $175,000 | n/a | 0.0% | |
| Notre Dame Federal Credit Union Corporation | $175,000 | n/a | 0.0% | |
| TEMPLE VIEW CAPITAL FUNDING, LP | $165,000 | $175,000 | 6.1% | 0.0% |
| FINANCE OF AMERICA REVERSE LLC | $1,275,000 | $160,000 | -87.5% | 0.0% |
| US MORTGAGE CORPORATION | $155,000 | n/a | 0.0% | |
| HighTechLending Inc | $135,000 | n/a | 0.0% | |
| MEMBERS FIRST Credit Union | $135,000 | n/a | 0.0% | |
| Service Federal Credit Union | $295,000 | $135,000 | -54.2% | 0.0% |
| First Western Federal Savings Bank | $125,000 | n/a | 0.0% | |
| RUOFF MORTGAGE COMPANY, INC. | $1,275,000 | $125,000 | -90.2% | 0.0% |
| Wildfire Credit Union | $3,565,000 | $110,000 | -96.9% | 0.0% |
| LOANPAL, LLC | $105,000 | n/a | 0.0% | |
| Sturgis Bank & Trust Company | $1,310,000 | $105,000 | -92.0% | 0.0% |
| ELGA CREDIT UNION | $810,000 | $100,000 | -87.7% | 0.0% |
| COMMUNITY CHOICE CREDIT UNION | $55,000 | $85,000 | 54.5% | 0.0% |
| SCOTT CREDIT UNION | $85,000 | n/a | 0.0% | |
| ROYAL UNITED MORTGAGE LLC | $625,000 | $75,000 | -88.0% | 0.0% |
| Connexus Credit Union | $65,000 | n/a | 0.0% | |
| LAFCU | $65,000 | n/a | 0.0% | |
| VIBE CREDIT UNION | $510,000 | $65,000 | -87.3% | 0.0% |
| GreenStone Farm Credit Services, ACA | $45,000 | $55,000 | 22.2% | 0.0% |
| MEMBERFOCUS COMMUNITY | $205,000 | $55,000 | -73.2% | 0.0% |
| SECURITY CREDIT UNION | $55,000 | n/a | 0.0% | |
| Range Bank | $45,000 | n/a | 0.0% | |
| TOWER | $45,000 | n/a | 0.0% | |
| SUN Federal Credit Union | $35,000 | n/a | 0.0% | |
| INOVA FEDERAL CREDIT UNION | $25,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $25,000 | n/a | 0.0% | |
| UNITED | $265,000 | $25,000 | -90.6% | 0.0% |
| WINGS FINANCIAL | $335,000 | $25,000 | -92.5% | 0.0% |
| Meijer Credit Union | $25,000 | $15,000 | -40.0% | 0.0% |
Traverse City's top lender by overall market share is LAKE MICHIGAN CREDIT UNION, with 11.6% market share. In second place, with 11.4%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $120,740,000 in loans. In third place, with 8.0%, is The Huntington National Bank, having originated $85,230,000 in loans. In fourth place, with 5.5%, is QUICKEN LOANS, LLC, having originated $58,905,000 in loans. In fifth place, with 5.4%, is Independent Bank, having originated $57,205,000 in loans.
Traverse City, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,707 | $672,675,000 | $394,069 |
| Cash Out Refi | 573 | $131,635,000 | $229,729 |
| Refi | 476 | $138,540,000 | $291,050 |
| Home Improvement | 461 | $48,845,000 | $105,954 |
| Other | 439 | $71,735,000 | $163,405 |
Traverse City's most frequently cited loan purpose was Home Purchase, with 1,707 originations. The 2nd most popular reason was Cash Out Refi, with 573 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 1,290 | $471,480,000 | $365,488 |
| Over 8% | 1,051 | $150,175,000 | $142,888 |
| 7-8% | 720 | $217,870,000 | $302,597 |
| 5-6% | 368 | $149,610,000 | $406,549 |
| 4-5% | 14 | $5,570,000 | $397,857 |
| <2.5% | 7 | $205,000 | $29,286 |
| 3-4% | 2 | $570,000 | $285,000 |
| 2.5-3% | 1 | $25,000 | $25,000 |
During 2024, Traverse City's most frequently originated rate bucket was 6-7%, with 1,290 originations.
Loan Sizing (Traverse City, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 1,308 | $371,470,000 | $283,998 |
| $100k-200k | 811 | $116,295,000 | $143,397 |
| $100,000 or less | 803 | $46,825,000 | $58,313 |
| $400k-600k | 418 | $200,240,000 | $479,043 |
| $600k-1000k | 210 | $157,400,000 | $749,524 |
| $Over $1MM | 106 | $171,200,000 | $1,615,094 |
Traverse City's loan sizing saw the bucket of loans from $200k-400k with 1,308 originations, totaling $371,470,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 892 | $338,250,000 | $379,204 |
| 60-80% | 784 | $353,770,000 | $451,237 |
| Under 20% | 649 | $51,245,000 | $78,960 |
| 20-40% | 620 | $100,270,000 | $161,726 |
| 40-60% | 435 | $129,355,000 | $297,368 |
| Over 100% | 23 | $10,045,000 | $436,739 |
Traverse City's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 892 originations, totaling $338,250,000 in origination value.