Traverse City Mortgage Rates & Closing Costs
30yr Fixed Rate
15yr Fixed Rate
FHA
USDA
VA
5/1 ARM
30 Year Fixed Rate mortgages in Traverse City averaged
6.98%
for the week of 2023-09-14, compared to the national average of
7.18% for the same period.
The average rate for the prior week (2023-09-07) was
7.02% and
one month ago for the week of 2023-08-10, the
average rate was 6.66%.
Traverse City's average rate one year ago was 5.79%.
For refis of the same type during the week of 2023-09-14, the average rate
was 6.4%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
| Traverse City 30 Year Fixed Rate | 2023-09-14 | 6.98% |
| Traverse City 30 Year Fixed Rate Refi | 2023-09-14 | 6.4% |
| Traverse City 15 Year Fixed Rate | 2023-09-14 | 6.31% |
| Traverse City 15 Year Fixed Rate Refi | 2023-09-14 | 5.06% |
| Traverse City 30 Year FHA | 2023-09-14 | 6.77% |
| Traverse City 30 Year FHA Refi | 2023-09-14 | 7.09% |
| Traverse City 30 Year USDA | 2023-09-14 | 6.88% |
| Traverse City 30 Year USDA Refi | 2023-09-14 | 6.98% |
| Traverse City 30 Year VA | 2023-09-14 | 6.45% |
| Traverse City 30 Year VA Refi | 2023-09-14 | 6.61% |
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Traverse City, MI.
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 193 lenders originated 4,524
loans during 2022. The total origination value was $1,272,280,000, with an average loan value of
$281,229.
Traverse City's average closing costs are $4,026.
The top Traverse City lender as defined by loan originations is QUICKEN LOANS, LLC, with
212 loans originated. Their average total fees are
$6,775, which is $2,787
higher than the next largest lender,
LAKE MICHIGAN CREDIT UNION.
The lowest fee Traverse City lenders (with over 10 loans originated) are
TEAM ONE CREDIT UNION ($1,076), CREDIT UNION ONE ($1,841), CONSUMERS ($3,217), Flagstar Bank, FSB ($3,510) and The Dart Bank ($3,538).
The lowest rate Traverse City lenders (with over 10 loans originated) are
Morgan Stanley Private Bank (3.51%), Bank of America (4.25%), MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION (4.26%), Wells Fargo Bank (4.38%) and TEAM ONE CREDIT UNION (4.39%).
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 | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| LAKE MICHIGAN CREDIT UNION | $217,500,000 | $150,815,000 | -30.7% | 11.9% |
| The Huntington National Bank | $230,525,000 | $138,780,000 | -39.8% | 10.9% |
| Independent Bank | $315,000 | $103,850,000 | 32,868.3% | 8.2% |
| QUICKEN LOANS, LLC | $207,335,000 | $87,805,000 | -57.7% | 6.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $125,650,000 | $84,340,000 | -32.9% | 6.6% |
| Fifth Third Bank | $88,060,000 | $55,195,000 | -37.3% | 4.3% |
| CALIBER HOME LOANS, INC. | $67,410,000 | $39,595,000 | -41.3% | 3.1% |
| PNC Bank | $15,545,000 | $36,185,000 | 132.8% | 2.8% |
| MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION | $19,430,000 | $32,910,000 | 69.4% | 2.6% |
| JPMorgan Chase Bank | $62,080,000 | $29,010,000 | -53.3% | 2.3% |
| Mercantile Bank of Michigan | $17,695,000 | $28,625,000 | 61.8% | 2.2% |
| Washington Federal Bank | $24,455,000 | n/a | 1.9% | |
| Nicolet National Bank | $2,635,000 | $20,975,000 | 696.0% | 1.6% |
| CREDIT UNION ONE | $24,630,000 | $17,380,000 | -29.4% | 1.4% |
| STAUNTON FINANCIAL, INC. | $27,350,000 | $16,835,000 | -38.4% | 1.3% |
| Bank of America | $25,040,000 | $15,205,000 | -39.3% | 1.2% |
| Wells Fargo Bank | $35,005,000 | $14,775,000 | -57.8% | 1.2% |
| Morgan Stanley Private Bank | $8,660,000 | $13,520,000 | 56.1% | 1.1% |
| UNION HOME MORTGAGE CORP. | $28,685,000 | $12,160,000 | -57.6% | 1.0% |
| Mortgage Research Center, LLC | $10,620,000 | $9,640,000 | -9.2% | 0.8% |
| U.S. Bank | $6,610,000 | $9,385,000 | 42.0% | 0.7% |
| Citizens Bank | $6,095,000 | $8,190,000 | 34.4% | 0.6% |
| LOANDEPOT.COM, LLC | $24,320,000 | $8,175,000 | -66.4% | 0.6% |
| The Dart Bank | $3,845,000 | $8,130,000 | 111.4% | 0.6% |
| AMERIFIRST FINANCIAL CORPORATION | $15,050,000 | $7,855,000 | -47.8% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $16,640,000 | $7,465,000 | -55.1% | 0.6% |
| GreenStone Farm Credit Services, FLCA | $16,945,000 | $7,390,000 | -56.4% | 0.6% |
| Mr. Cooper ( Nationstar Mortgage ) | $9,350,000 | $6,630,000 | -29.1% | 0.5% |
| Neighborhood Loans, Inc. | $3,495,000 | $6,505,000 | 86.1% | 0.5% |
| Citibank | $1,420,000 | $6,090,000 | 328.9% | 0.5% |
| GENISYS | $5,315,000 | $5,725,000 | 7.7% | 0.4% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $4,105,000 | $5,635,000 | 37.3% | 0.4% |
| Flagstar Bank, FSB | $14,620,000 | $5,080,000 | -65.3% | 0.4% |
| CONSUMERS | $3,670,000 | $5,035,000 | 37.2% | 0.4% |
| J. VIRGIL, INC. | $6,455,000 | $4,915,000 | -23.9% | 0.4% |
| The State Bank | $2,640,000 | $4,760,000 | 80.3% | 0.4% |
| Isabella Bank | $2,040,000 | $4,625,000 | 126.7% | 0.4% |
| T2 FINANCIAL LLC | $8,800,000 | $4,520,000 | -48.6% | 0.4% |
| Comerica Bank | $3,050,000 | $4,150,000 | 36.1% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $4,205,000 | $3,920,000 | -6.8% | 0.3% |
| Old National Bank | $3,855,000 | $3,835,000 | -0.5% | 0.3% |
| AMERISAVE MORTGAGE CORPORATION | $10,520,000 | $3,790,000 | -64.0% | 0.3% |
| HOME POINT FINANCIAL CORPORATION | $9,345,000 | $3,790,000 | -59.4% | 0.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $6,755,000 | $3,720,000 | -44.9% | 0.3% |
| TEAM ONE CREDIT UNION | $9,610,000 | $3,700,000 | -61.5% | 0.3% |
| Associated Bank | $8,620,000 | $3,695,000 | -57.1% | 0.3% |
| Horizon Bank | $2,400,000 | $3,670,000 | 52.9% | 0.3% |
| TRIAD FINANCIAL SERVICES, INC. | $2,620,000 | $3,630,000 | 38.5% | 0.3% |
| Raymond James Bank | $1,645,000 | $3,475,000 | 111.2% | 0.3% |
| GREYSTONE SERVICING COMPANY LLC | $13,405,000 | $3,235,000 | -75.9% | 0.3% |
| First Merchants Bank | $2,730,000 | $3,175,000 | 16.3% | 0.2% |
| CHURCHILL MORTGAGE CORPORATION | $2,740,000 | $3,085,000 | 12.6% | 0.2% |
| DOW CHEMICAL EMPLOYEES' | $3,365,000 | $3,085,000 | -8.3% | 0.2% |
| BROKER SOLUTIONS, INC. | $4,700,000 | $2,950,000 | -37.2% | 0.2% |
| MICHIGAN MUTUAL, INC. | $5,660,000 | $2,900,000 | -48.8% | 0.2% |
| MORTGAGE 1 INCORPORATED | $4,540,000 | $2,860,000 | -37.0% | 0.2% |
| PENNYMAC LOAN SERVICES, LLC | $6,945,000 | $2,835,000 | -59.2% | 0.2% |
| FINANCE OF AMERICA MORTGAGE LLC | $3,395,000 | $2,775,000 | -18.3% | 0.2% |
| UBS Bank USA | $7,315,000 | $2,765,000 | -62.2% | 0.2% |
| BMO Harris Bank | $2,755,000 | n/a | 0.2% | |
| MORTGAGE CENTER L.C | $3,730,000 | $2,640,000 | -29.2% | 0.2% |
| COMMUNITY FINANCIAL CREDIT UNION | $1,500,000 | $2,635,000 | 75.7% | 0.2% |
| Frankenmuth Credit Union | $4,485,000 | $2,545,000 | -43.3% | 0.2% |
| NexBank | $2,390,000 | n/a | 0.2% | |
| Charles Schwab Bank, SSB | $8,475,000 | $2,365,000 | -72.1% | 0.2% |
| BAY EQUITY LLC | $2,250,000 | n/a | 0.2% | |
| LAKEVIEW LOAN SERVICING, LLC | $5,030,000 | $2,180,000 | -56.7% | 0.2% |
| Carrington Mortgage Services, LLC | $3,190,000 | $2,145,000 | -32.8% | 0.2% |
| Northpointe Bank | $4,345,000 | $1,985,000 | -54.3% | 0.2% |
| VAN DYK MORTGAGE CORPORATION | $1,630,000 | $1,975,000 | 21.2% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $2,160,000 | $1,910,000 | -11.6% | 0.2% |
| Ally Bank | $9,845,000 | $1,865,000 | -81.1% | 0.1% |
| MEMBER FIRST MORTGAGE, LLC | $3,130,000 | $1,865,000 | -40.4% | 0.1% |
| Union Savings Bank | $1,075,000 | $1,810,000 | 68.4% | 0.1% |
| GUARANTEED RATE, INC. | $11,710,000 | $1,800,000 | -84.6% | 0.1% |
| REVERSE MORTGAGE FUNDING LLC | $2,625,000 | $1,750,000 | -33.3% | 0.1% |
| USAA Federal Savings Bank | $2,750,000 | $1,605,000 | -41.6% | 0.1% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $5,430,000 | $1,600,000 | -70.5% | 0.1% |
| Goldman Sachs Bank USA | $785,000 | $1,570,000 | 100.0% | 0.1% |
| NEWREZ LLC | $16,895,000 | $1,520,000 | -91.0% | 0.1% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $2,745,000 | $1,405,000 | -48.8% | 0.1% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $3,360,000 | $1,395,000 | -58.5% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $4,485,000 | $1,385,000 | -69.1% | 0.1% |
| KeyBank | $6,570,000 | $1,355,000 | -79.4% | 0.1% |
| OAK MORTGAGE, LLC | $1,005,000 | $1,285,000 | 27.9% | 0.1% |
| BETTER MORTGAGE CORPORATION | $11,555,000 | $1,245,000 | -89.2% | 0.1% |
| Baxter Credit Union | $930,000 | $1,240,000 | 33.3% | 0.1% |
| Commerce Home Mortgage, Inc. | $1,220,000 | n/a | 0.1% | |
| PENTAGON FEDERAL CREDIT UNION | $2,225,000 | $1,215,000 | -45.4% | 0.1% |
| United Bank | $1,920,000 | $1,205,000 | -37.2% | 0.1% |
| AMERICAN ADVISORS GROUP | $1,430,000 | $1,200,000 | -16.1% | 0.1% |
| AMERICAN FINANCING CORPORATION | $2,945,000 | $1,115,000 | -62.1% | 0.1% |
| NEW DAY FINANCIAL, LLC | $3,990,000 | $1,105,000 | -72.3% | 0.1% |
| Stifel Bank and Trust | $5,295,000 | $1,080,000 | -79.6% | 0.1% |
| HIGHLANDS RESIDENTIAL MORTGAGE, LTD. | $770,000 | $1,040,000 | 35.1% | 0.1% |
| DAS Acquisition Company, LLC | $470,000 | $1,015,000 | 116.0% | 0.1% |
| Armed Forces Bank | $975,000 | n/a | 0.1% | |
| Waterford Bank, N.A. | $750,000 | $955,000 | 27.3% | 0.1% |
| Paramount Residential Mortgage Group, Inc. | $340,000 | $940,000 | 176.5% | 0.1% |
| EMBRACE HOME LOANS, INC. | $565,000 | $935,000 | 65.5% | 0.1% |
| Wyndham Capital Mortgage, Inc. | $2,645,000 | $935,000 | -64.7% | 0.1% |
| AMERICAN INTERNET MORTGAGE, INC. | $2,280,000 | $925,000 | -59.4% | 0.1% |
| GREENSTATE CREDIT UNION | $925,000 | n/a | 0.1% | |
| John Marshall Bank | $915,000 | n/a | 0.1% | |
| Preston Home Loans Inc | $515,000 | $915,000 | 77.7% | 0.1% |
| The Federal Savings Bank | $1,820,000 | $905,000 | -50.3% | 0.1% |
| NFM, INC. | $890,000 | n/a | 0.1% | |
| DRAPER AND KRAMER MORTGAGE CORP. | $570,000 | $885,000 | 55.3% | 0.1% |
| The State Bank and Trust Company | $165,000 | $885,000 | 436.4% | 0.1% |
| STOCKTON MORTGAGE CORPORATION | $225,000 | $875,000 | 288.9% | 0.1% |
| NBKC BANK | $3,080,000 | $870,000 | -71.8% | 0.1% |
| ANGEL OAK HOME LOANS LLC | $465,000 | $860,000 | 84.9% | 0.1% |
| MidFirst Bank | $855,000 | n/a | 0.1% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $760,000 | $850,000 | 11.8% | 0.1% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $830,000 | $840,000 | 1.2% | 0.1% |
| BLUELEAF LENDING, LLC | $2,900,000 | $825,000 | -71.6% | 0.1% |
| KEMBA CREDIT UNION, INC. | $795,000 | n/a | 0.1% | |
| The Union Bank Company | $790,000 | n/a | 0.1% | |
| 1st State Financial, Ltd. | $1,530,000 | $770,000 | -49.7% | 0.1% |
| First Guaranty Mortgage Corporation | $870,000 | $765,000 | -12.1% | 0.1% |
| REDWOOD RESIDENTIAL ACQUISITION CORPORATION | $795,000 | $765,000 | -3.8% | 0.1% |
| ROYAL UNITED MORTGAGE LLC | $800,000 | $765,000 | -4.4% | 0.1% |
| MARSHALL COMMUNITY CREDIT UNION | $285,000 | $760,000 | 166.7% | 0.1% |
| Hometown Lenders, Inc. | $410,000 | $750,000 | 82.9% | 0.1% |
| City National Bank of Florida | $740,000 | n/a | 0.1% | |
| KELLER MORTGAGE, LLC | $3,155,000 | $735,000 | -76.7% | 0.1% |
| Adventure Credit Union | $660,000 | $730,000 | 10.6% | 0.1% |
| NORTHERN MORTGAGE SERVICES, LLC | $1,710,000 | $725,000 | -57.6% | 0.1% |
| American Airlines Federal Credit Union | $750,000 | $720,000 | -4.0% | 0.1% |
| UNIVERSITY OF MICHIGAN CREDIT UNION | $235,000 | $710,000 | 202.1% | 0.1% |
| Truist | $245,000 | $695,000 | 183.7% | 0.1% |
| EVERETT FINANCIAL, INC. | $495,000 | $690,000 | 39.4% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $890,000 | $690,000 | -22.5% | 0.1% |
| Honor Credit Union | $680,000 | $670,000 | -1.5% | 0.1% |
| DFCU FINANCIAL | $1,375,000 | $660,000 | -52.0% | 0.1% |
| First State Bank of St. Charles, Missouri | $645,000 | n/a | 0.1% | |
| BNY Mellon | $635,000 | $625,000 | -1.6% | 0.0% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $1,770,000 | $620,000 | -65.0% | 0.0% |
| BLG HOLDINGS, INC. | $145,000 | $610,000 | 320.7% | 0.0% |
| Chicago Mortgage Solutions LLC | $2,170,000 | $610,000 | -71.9% | 0.0% |
| Platinum Home Mortgage Corporation | $1,140,000 | $610,000 | -46.5% | 0.0% |
| Bank of Ann Arbor | $3,180,000 | $605,000 | -81.0% | 0.0% |
| Consumers Professional Credit Union | $605,000 | n/a | 0.0% | |
| West Michigan Credit Union | $230,000 | $600,000 | 160.9% | 0.0% |
| SUCCESS MORTGAGE PARTNERS, INC. | $685,000 | $585,000 | -14.6% | 0.0% |
| 21ST MORTGAGE CORPORATION | $370,000 | $580,000 | 56.8% | 0.0% |
| CMG MORTGAGE, INC. | $475,000 | $575,000 | 21.1% | 0.0% |
| NP, Inc. | $155,000 | $575,000 | 271.0% | 0.0% |
| Strong Home Mortgage, LLC | $1,465,000 | $565,000 | -61.4% | 0.0% |
| LONGBRIDGE FINANCIAL, LLC | $1,180,000 | $550,000 | -53.4% | 0.0% |
| AAC Credit Union | $545,000 | n/a | 0.0% | |
| NATIONS DIRECT MORTGAGE, LLC | $310,000 | $535,000 | 72.6% | 0.0% |
| WRIGHT PATMAN CONGRESSIONAL FEDERAL CREDIT UNION | $535,000 | n/a | 0.0% | |
| PHH Mortgage Corporation | $300,000 | $525,000 | 75.0% | 0.0% |
| ARBOR FINANCIAL CREDIT UNION | $855,000 | $505,000 | -40.9% | 0.0% |
| Bank of England | $1,145,000 | $505,000 | -55.9% | 0.0% |
| FirstBank | $505,000 | n/a | 0.0% | |
| First State Bank | $560,000 | $505,000 | -9.8% | 0.0% |
| Figure Lending LLC | $190,000 | $500,000 | 163.2% | 0.0% |
| Nations Lending Corporation | $1,025,000 | $500,000 | -51.2% | 0.0% |
| MILESTONE HOME LENDING, LLC | $495,000 | n/a | 0.0% | |
| GUILD MORTGAGE COMPANY | $265,000 | $485,000 | 83.0% | 0.0% |
| North American Savings Bank, F.S.B. | $1,150,000 | $485,000 | -57.8% | 0.0% |
| COMPASS MORTGAGE, INC. | $455,000 | n/a | 0.0% | |
| First-Citizens Bank & Trust Company | $455,000 | n/a | 0.0% | |
| Lake City Bank | $2,260,000 | $455,000 | -79.9% | 0.0% |
| Sunflower Bank | $670,000 | $455,000 | -32.1% | 0.0% |
| First Federal Savings Bank | $435,000 | n/a | 0.0% | |
| ALLIANT CREDIT UNION | $430,000 | n/a | 0.0% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $950,000 | $430,000 | -54.7% | 0.0% |
| GVC MORTGAGE, INC. | $135,000 | $425,000 | 214.8% | 0.0% |
| Macatawa Bank | $1,645,000 | $425,000 | -74.2% | 0.0% |
| FINANCE OF AMERICA REVERSE LLC | $420,000 | n/a | 0.0% | |
| Dort Financial Credit Union | $230,000 | $415,000 | 80.4% | 0.0% |
| VILLAGE CAPITAL MORTGAGE | $1,485,000 | $415,000 | -72.1% | 0.0% |
| Equity Prime Mortgage LLC | $410,000 | n/a | 0.0% | |
| Kellogg Community Credit Union | $915,000 | $410,000 | -55.2% | 0.0% |
| Three Rivers Federal Credit Union | $165,000 | $410,000 | 148.5% | 0.0% |
| HAMILTON HOME LOANS, INC. | $405,000 | n/a | 0.0% | |
| Semper Home Loans, Inc. | $405,000 | n/a | 0.0% | |
| ROSS MORTGAGE CORPORATION | $1,815,000 | $395,000 | -78.2% | 0.0% |
| UNIVERSITY LENDING GROUP, LLC | $1,995,000 | $380,000 | -81.0% | 0.0% |
| EMM LOANS LLC | $545,000 | $375,000 | -31.2% | 0.0% |
| Network Funding, L.P. | $375,000 | n/a | 0.0% | |
| VIBE CREDIT UNION | $970,000 | $370,000 | -61.9% | 0.0% |
| 1st Source Bank | $1,500,000 | $355,000 | -76.3% | 0.0% |
| JLB CORPORATION | $355,000 | n/a | 0.0% | |
| RESIDENTIAL BANCORP. | $255,000 | $355,000 | 39.2% | 0.0% |
| The Shelby State Bank | $355,000 | n/a | 0.0% | |
| GSF Mortgage Corporation | $350,000 | n/a | 0.0% | |
| WOODTRUST BANK | $345,000 | n/a | 0.0% | |
| ZILLOW HOME LOANS, LLC | $1,780,000 | $340,000 | -80.9% | 0.0% |
| AMERICAN FINANCIAL RESOURCES, INC. | $570,000 | $335,000 | -41.2% | 0.0% |
| Grand River Bank | $820,000 | $335,000 | -59.1% | 0.0% |
| MOVEMENT MORTGAGE, LLC | $685,000 | $335,000 | -51.1% | 0.0% |
| Centier Bank | $130,000 | $325,000 | 150.0% | 0.0% |
| Discover Bank | $515,000 | $325,000 | -36.9% | 0.0% |
| OAKTREE FUNDING CORP. | $325,000 | n/a | 0.0% | |
| West Town Bank & Trust | $730,000 | $325,000 | -55.5% | 0.0% |
| DEEPHAVEN MORTGAGE LLC | $195,000 | $315,000 | 61.5% | 0.0% |
| SUMMIT HOME MORTGAGE, LLC | $630,000 | $315,000 | -50.0% | 0.0% |
| TOWNE MORTGAGE COMPANY | $740,000 | $315,000 | -57.4% | 0.0% |
| GENEVA FINANCIAL, LLC | $260,000 | $310,000 | 19.2% | 0.0% |
| MICHIGAN FIRST CREDIT UNION | $660,000 | $310,000 | -53.0% | 0.0% |
| S1L, Inc. | $355,000 | $305,000 | -14.1% | 0.0% |
| Superior Credit Union, Inc. | $305,000 | n/a | 0.0% | |
| CREDIT UNION MORTGAGE ASSOCIATION, INC. | $440,000 | $285,000 | -35.2% | 0.0% |
| FIRST HERITAGE FINANCIAL, LLC | $530,000 | $285,000 | -46.2% | 0.0% |
| KENT COUNTY CREDIT UNION | $285,000 | n/a | 0.0% | |
| Wildfire Credit Union | $2,130,000 | $280,000 | -86.9% | 0.0% |
| First Savings Bank | $345,000 | $275,000 | -20.3% | 0.0% |
| HEALTH ADVANTAGE FEDERAL CREDIT UNION | $690,000 | $265,000 | -61.6% | 0.0% |
| Hometown Equity Mortgage, LLC | $175,000 | $265,000 | 51.4% | 0.0% |
| WINGS FINANCIAL | $330,000 | $265,000 | -19.7% | 0.0% |
| UNITED | $1,195,000 | $260,000 | -78.2% | 0.0% |
| INOVA FEDERAL CREDIT UNION | $75,000 | $255,000 | 240.0% | 0.0% |
| RELIANCE FIRST CAPITAL, LLC | $620,000 | $255,000 | -58.9% | 0.0% |
| RUOFF MORTGAGE COMPANY, INC. | $1,960,000 | $255,000 | -87.0% | 0.0% |
| SECURITYNATIONAL MORTGAGE COMPANY | $255,000 | n/a | 0.0% | |
| The Genoa Banking Company | $255,000 | n/a | 0.0% | |
| Barrington Bank & Trust Company, N.A. | $1,910,000 | $250,000 | -86.9% | 0.0% |
| Plains Commerce Bank | $175,000 | $245,000 | 40.0% | 0.0% |
| HOMESITE MORTGAGE, LLC | $245,000 | $235,000 | -4.1% | 0.0% |
| ChoiceOne Bank | $1,565,000 | $225,000 | -85.6% | 0.0% |
| LEGEND LENDING CORPORATION | $225,000 | n/a | 0.0% | |
| MIDWEST LOAN SOLUTIONS, INC. | $730,000 | $225,000 | -69.2% | 0.0% |
| United Bay Community Credit Union | $540,000 | $225,000 | -58.3% | 0.0% |
| SPRING EQ, LLC | $125,000 | $220,000 | 76.0% | 0.0% |
| SUN WEST MORTGAGE COMPANY, INC. | $440,000 | $215,000 | -51.1% | 0.0% |
| RIVER VALLEY CREDIT UNION | $210,000 | n/a | 0.0% | |
| Highpoint Community Bank | $205,000 | n/a | 0.0% | |
| KINECTA | $205,000 | n/a | 0.0% | |
| FINANCIAL PLUS CREDIT UNION | $175,000 | $195,000 | 11.4% | 0.0% |
| IncredibleBank | $195,000 | n/a | 0.0% | |
| RBC Bank, (Georgia) | $195,000 | n/a | 0.0% | |
| INLANTA MORTGAGE, INC. | $135,000 | $185,000 | 37.0% | 0.0% |
| SWBC MORTGAGE CORPORATION | $185,000 | n/a | 0.0% | |
| THE ANDERSON FINANCIAL GROUP, INC. | $635,000 | $185,000 | -70.9% | 0.0% |
| AmeriHome Mortgage Company, LLC | $495,000 | $180,000 | -63.6% | 0.0% |
| MICHIGAN SCHOOLS AND GOVERNMENT | $2,810,000 | $180,000 | -93.6% | 0.0% |
| State Department Federal Credit Union | $165,000 | n/a | 0.0% | |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $2,530,000 | $155,000 | -93.9% | 0.0% |
| CORNERSTONE HOME LENDING, INC. | $1,060,000 | $155,000 | -85.4% | 0.0% |
| ELGA CREDIT UNION | $1,635,000 | $155,000 | -90.5% | 0.0% |
| IMPAC MORTGAGE CORP. | $790,000 | $155,000 | -80.4% | 0.0% |
| Lake Trust Credit Union | $150,000 | n/a | 0.0% | |
| INB | $145,000 | n/a | 0.0% | |
| TOP FLITE FINANCIAL, INC. | $720,000 | $145,000 | -79.9% | 0.0% |
| 121 FINANCIAL | $125,000 | n/a | 0.0% | |
| Deere Employees Credit Union | $125,000 | n/a | 0.0% | |
| Gateway First Bank | $530,000 | $125,000 | -76.4% | 0.0% |
| Chartwell Financial, LLC | $105,000 | $120,000 | 14.3% | 0.0% |
| Bethpage Federal Credit Union | $115,000 | n/a | 0.0% | |
| LOANPAL, LLC | $115,000 | n/a | 0.0% | |
| PLANET HOME LENDING, LLC | $445,000 | $115,000 | -74.2% | 0.0% |
| SOUTHWEST STAGE FUNDING, LLC | $115,000 | $115,000 | 0.0% | 0.0% |
| Auto Club Trust, FSB | $340,000 | $105,000 | -69.1% | 0.0% |
| First Financial Bank | $105,000 | n/a | 0.0% | |
| BIRMINGHAM-BLOOMFIELD Credit Union | $95,000 | n/a | 0.0% | |
| ENVOY MORTGAGE, LTD | $185,000 | $95,000 | -48.6% | 0.0% |
| Service Federal Credit Union | $95,000 | n/a | 0.0% | |
| First Federal Bank of the Midwest | $430,000 | $85,000 | -80.2% | 0.0% |
| ADVANTAGE ONE Credit Union | $75,000 | n/a | 0.0% | |
| Wanigas Credit Union | $85,000 | $75,000 | -11.8% | 0.0% |
| MEMBERS FIRST Credit Union | $50,000 | n/a | 0.0% | |
| COMMUNITY CHOICE CREDIT UNION | $95,000 | $45,000 | -52.6% | 0.0% |
| COMMUNITY FIRST | $45,000 | n/a | 0.0% | |
| People Driven Credit Union | $45,000 | n/a | 0.0% | |
| Citizens State Bank of La Crosse | $35,000 | n/a | 0.0% | |
| KEMBA FINANCIAL | $35,000 | n/a | 0.0% | |
| Northwest Federal Credit Union | $35,000 | n/a | 0.0% | |
| ADVIA | $105,000 | $15,000 | -85.7% | 0.0% |
| FinancialEdge Community Credit Union | $15,000 | n/a | 0.0% |
Traverse City's top lender by overall market share is LAKE MICHIGAN CREDIT UNION, with 11.9% market share. In second place, with 10.9%, is The Huntington National Bank, having originated $138,780,000 in loans. In third place, with 8.2%, is Independent Bank, having originated $103,850,000 in loans. In fourth place, with 6.9%, is QUICKEN LOANS, LLC, having originated $87,805,000 in loans. In fifth place, with 6.6%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $84,340,000 in loans.
Traverse City Housing Market Trends (Median, Average Prices & Listing Count)
Realtor.com - Traverse City (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 | $326,675 (7.2%) | $460,056 (4.1%) | 1.21 | 1,137 |
| 2018-02-01 | $325,000 (6.8%) | $461,184 (6.7%) | 1.18 | 1,108 |
| 2018-03-01 | $324,950 (8.4%) | $457,845 (6.2%) | 1.14 | 1,155 |
| 2018-04-01 | $325,000 (8.4%) | $463,858 (10.3%) | 1.10 | 1,229 |
| 2018-05-01 | $329,000 (10.0%) | $468,137 (10.5%) | 1.10 | 1,369 |
| 2018-06-01 | $325,000 (8.3%) | $461,790 (7.1%) | 1.08 | 1,583 |
| 2018-07-01 | $318,500 (-0.2%) | $449,748 (0.8%) | 1.06 | 1,747 |
| 2018-08-01 | $315,000 (-1.6%) | $448,475 (-1.8%) | 1.06 | 1,774 |
| 2018-09-01 | $309,000 (-3.1%) | $447,490 (-1.2%) | 1.04 | 1,743 |
| 2018-10-01 | $300,750 (-6.6%) | $447,429 (-2.1%) | 1.02 | 1,681 |
| 2018-11-01 | $309,500 (-5.3%) | $454,225 (-2.5%) | 1.05 | 1,582 |
| 2018-12-01 | $310,500 (-5.6%) | $466,265 (-0.9%) | 1.07 | 1,374 |
| 2019-01-01 | $309,892 (-5.1%) | $466,426 (1.4%) | 1.07 | 1,248 |
| 2019-02-01 | $305,350 (-6.1%) | $463,499 (0.5%) | 1.03 | 1,211 |
| 2019-03-01 | $318,314 (-2.0%) | $468,581 (2.3%) | 1.04 | 1,211 |
| 2019-04-01 | $324,950 (0.0%) | $470,084 (1.3%) | 1.03 | 1,227 |
| 2019-05-01 | $329,000 (0.0%) | $473,545 (1.2%) | 1.03 | 1,345 |
| 2019-06-01 | $329,900 (1.5%) | $479,102 (3.8%) | 1.03 | 1,530 |
| 2019-07-01 | $330,000 (3.6%) | $483,432 (7.5%) | 1.03 | 1,606 |
| 2019-08-01 | $329,441 (4.6%) | $481,958 (7.5%) | 1.04 | 1,595 |
| 2019-09-01 | $328,602 (6.3%) | $477,507 (6.7%) | 1.05 | 1,565 |
| 2019-10-01 | $339,018 (12.7%) | $487,657 (9.0%) | 1.09 | 1,351 |
| 2019-11-01 | $349,000 (12.8%) | $502,855 (10.7%) | 1.14 | 1,076 |
| 2019-12-01 | $349,450 (12.5%) | $509,877 (9.4%) | 1.17 | 972 |
| 2020-01-01 | $349,000 (12.6%) | $512,932 (10.0%) | 1.17 | 874 |
| 2020-02-01 | $369,000 (20.8%) | $535,348 (15.5%) | 1.21 | 788 |
| 2020-03-01 | $379,900 (19.4%) | $541,297 (15.5%) | 1.19 | 776 |
| 2020-04-01 | $386,175 (18.8%) | $542,383 (15.4%) | 1.21 | 800 |
| 2020-05-01 | $395,000 (20.1%) | $560,008 (18.3%) | 1.20 | 857 |
| 2020-06-01 | $399,350 (21.1%) | $576,416 (20.3%) | 1.18 | 878 |
| 2020-07-01 | $387,400 (17.4%) | $593,234 (22.7%) | 1.12 | 769 |
| 2020-08-01 | $384,900 (16.8%) | $593,774 (23.2%) | 1.10 | 715 |
| 2020-09-01 | $379,350 (15.4%) | $592,503 (24.1%) | 1.09 | 613 |
| 2020-10-01 | $379,900 (12.1%) | $621,066 (27.4%) | 1.09 | 546 |
| 2020-11-01 | $386,200 (10.7%) | $645,041 (28.3%) | 1.13 | 466 |
| 2020-12-01 | $378,725 (8.4%) | $637,203 (25.0%) | 1.13 | 422 |
| 2021-01-01 | $389,000 (11.5%) | $591,604 (15.3%) | 1.16 | 343 |
| 2021-02-01 | $410,000 (11.1%) | $630,799 (17.8%) | 1.19 | 276 |
| 2021-03-01 | $423,900 (11.6%) | $697,628 (28.9%) | 1.20 | 272 |
| 2021-04-01 | $427,100 (10.6%) | $715,891 (32.0%) | 1.16 | 260 |
| 2021-05-01 | $449,000 (13.7%) | $717,080 (28.1%) | 1.19 | 317 |
| 2021-06-01 | $475,000 (18.9%) | $749,391 (30.0%) | 1.25 | 354 |
| 2021-07-01 | $450,000 (16.2%) | $739,264 (24.6%) | 1.19 | 372 |
| 2021-08-01 | $455,000 (18.2%) | $732,227 (23.3%) | 1.21 | 388 |
| 2021-09-01 | $450,000 (18.6%) | $740,610 (25.0%) | 1.20 | 376 |
| 2021-10-01 | $435,000 (14.5%) | $741,798 (19.4%) | 1.16 | 357 |
| 2021-11-01 | $424,925 (10.0%) | $761,535 (18.1%) | 1.14 | 313 |
| 2021-12-01 | $436,950 (15.4%) | $772,161 (21.2%) | 1.18 | 262 |
| 2022-01-01 | $457,500 (17.6%) | $792,133 (33.9%) | 1.24 | 238 |
| 2022-02-01 | $453,450 (10.6%) | $811,637 (28.7%) | 1.18 | 204 |
| 2022-03-01 | $495,000 (16.8%) | $843,592 (20.9%) | 1.24 | 207 |
| 2022-04-01 | $485,000 (13.6%) | $861,299 (20.3%) | 1.16 | 215 |
| 2022-05-01 | $499,000 (11.1%) | $857,224 (19.5%) | 1.14 | 298 |
| 2022-06-01 | $499,500 (5.2%) | $860,393 (14.8%) | 1.11 | 389 |
| 2022-07-01 | $535,000 (18.9%) | $816,565 (10.5%) | 1.21 | 508 |
| 2022-08-01 | $520,000 (14.3%) | $790,376 (7.9%) | 1.20 | 529 |
| 2022-09-01 | $506,750 (12.6%) | $780,532 (5.4%) | 1.18 | 483 |
| 2022-10-01 | $499,950 (14.9%) | $764,063 (3.0%) | 1.18 | 472 |
| 2022-11-01 | $481,050 (13.2%) | $748,948 (-1.7%) | 1.16 | 430 |
| 2022-12-01 | $479,900 (9.8%) | $763,714 (-1.1%) | 1.18 | 361 |
| 2023-01-01 | $465,200 (1.7%) | $774,045 (-2.3%) | 1.15 | 285 |
| 2023-02-01 | $487,450 (7.5%) | $788,513 (-2.9%) | 1.18 | 291 |
| 2023-03-01 | $492,400 (-0.5%) | $796,645 (-5.6%) | 1.16 | 291 |
| 2023-04-01 | $499,000 (2.9%) | $809,578 (-6.0%) | 1.16 | 315 |
| 2023-05-01 | $534,000 (7.0%) | $827,090 (-3.5%) | 1.21 | 367 |
| 2023-06-01 | $524,500 (5.0%) | $811,622 (-5.7%) | 1.18 | 451 |
| 2023-07-01 | $497,500 (-7.0%) | $772,506 (-5.4%) | 1.13 | 508 |
| 2023-08-01 | $495,000 (-4.8%) | $757,657 (-4.1%) | 1.14 | 514 |
Traverse City's median listing price for 2023-08-01 was $495,000, a difference of
$-25,000
(-4.8%) versus the prior year and
$-2,500 versus the prior month.
Traverse City's median listing price comes in at 114% of the national average.
Traverse City's average listing price for 2023-08-01 was $757,657, a difference of $-32,719 (-4.1%) versus the prior year and $-14,849 versus the prior month.
For the 2023-08-01 period, Traverse City had 514 MLS listings, a difference of 6 listings (1%) versus the prior month and -15 listings (-3%) versus the prior year.
Traverse City's median listing price comes in at 114% of the national average.
Traverse City's average listing price for 2023-08-01 was $757,657, a difference of $-32,719 (-4.1%) versus the prior year and $-14,849 versus the prior month.
For the 2023-08-01 period, Traverse City had 514 MLS listings, a difference of 6 listings (1%) versus the prior month and -15 listings (-3%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Traverse City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 121 days | 1,701 sqft |
| 2018-02-01 | 122 days | 1,700 sqft |
| 2018-03-01 | 127 days | 1,719 sqft |
| 2018-04-01 | 83 days | 1,717 sqft |
| 2018-05-01 | 55 days | 1,750 sqft |
| 2018-06-01 | 49 days | 1,777 sqft |
| 2018-07-01 | 56 days | 1,771 sqft |
| 2018-08-01 | 66 days | 1,790 sqft |
| 2018-09-01 | 75 days | 1,800 sqft |
| 2018-10-01 | 80 days | 1,739 sqft |
| 2018-11-01 | 85 days | 1,716 sqft |
| 2018-12-01 | 100 days | 1,725 sqft |
| 2019-01-01 | 111 days | 1,681 sqft |
| 2019-02-01 | 117 days | 1,638 sqft |
| 2019-03-01 | 101 days | 1,631 sqft |
| 2019-04-01 | 77 days | 1,640 sqft |
| 2019-05-01 | 50 days | 1,660 sqft |
| 2019-06-01 | 46 days | 1,700 sqft |
| 2019-07-01 | 54 days | 1,708 sqft |
| 2019-08-01 | 60 days | 1,713 sqft |
| 2019-09-01 | 67 days | 1,720 sqft |
| 2019-10-01 | 76 days | 1,733 sqft |
| 2019-11-01 | 89 days | 1,722 sqft |
| 2019-12-01 | 101 days | 1,692 sqft |
| 2020-01-01 | 114 days | 1,651 sqft |
| 2020-02-01 | 106 days | 1,628 sqft |
| 2020-03-01 | 78 days | 1,618 sqft |
| 2020-04-01 | 83 days | 1,650 sqft |
| 2020-05-01 | 81 days | 1,728 sqft |
| 2020-06-01 | 73 days | 1,779 sqft |
| 2020-07-01 | 60 days | 1,963 sqft |
| 2020-08-01 | 68 days | 1,892 sqft |
| 2020-09-01 | 73 days | 1,823 sqft |
| 2020-10-01 | 64 days | 1,786 sqft |
| 2020-11-01 | 67 days | 1,665 sqft |
| 2020-12-01 | 77 days | 1,603 sqft |
| 2021-01-01 | 80 days | 1,607 sqft |
| 2021-02-01 | 79 days | 1,582 sqft |
| 2021-03-01 | 49 days | 1,625 sqft |
| 2021-04-01 | 44 days | 1,660 sqft |
| 2021-05-01 | 37 days | 1,708 sqft |
| 2021-06-01 | 38 days | 1,823 sqft |
| 2021-07-01 | 40 days | 1,794 sqft |
| 2021-08-01 | 40 days | 1,758 sqft |
| 2021-09-01 | 42 days | 1,771 sqft |
| 2021-10-01 | 53 days | 1,756 sqft |
| 2021-11-01 | 57 days | 1,749 sqft |
| 2021-12-01 | 66 days | 1,627 sqft |
| 2022-01-01 | 68 days | 1,552 sqft |
| 2022-02-01 | 72 days | 1,517 sqft |
| 2022-03-01 | 64 days | 1,515 sqft |
| 2022-04-01 | 44 days | 1,531 sqft |
| 2022-05-01 | 30 days | 1,672 sqft |
| 2022-06-01 | 31 days | 1,806 sqft |
| 2022-07-01 | 33 days | 1,800 sqft |
| 2022-08-01 | 47 days | 1,770 sqft |
| 2022-09-01 | 58 days | 1,741 sqft |
| 2022-10-01 | 61 days | 1,700 sqft |
| 2022-11-01 | 70 days | 1,648 sqft |
| 2022-12-01 | 87 days | 1,603 sqft |
| 2023-01-01 | 82 days | 1,629 sqft |
| 2023-02-01 | 60 days | 1,567 sqft |
| 2023-03-01 | 56 days | 1,567 sqft |
| 2023-04-01 | 52 days | 1,632 sqft |
| 2023-05-01 | 42 days | 1,684 sqft |
| 2023-06-01 | 38 days | 1,763 sqft |
| 2023-07-01 | 40 days | 1,766 sqft |
| 2023-08-01 | 51 days | 1,716 sqft |
Traverse City's median listing age (time on market) for 2023-08-01 was 51 days.
This
is 7%
longer
than the same period one year ago.
Traverse City's median square footage for active listings during the 2023-08-01 period was 1,716 sqft. One year prior, the average listing was 1,770 sqft.
Traverse City's median square footage for active listings during the 2023-08-01 period was 1,716 sqft. One year prior, the average listing was 1,770 sqft.
Traverse City, MI Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,896 | $704,570,000 | $371,609 |
| Cash Out Refi | 989 | $252,585,000 | $255,394 |
| Refi | 607 | $160,635,000 | $264,638 |
| Home Improvement | 588 | $79,220,000 | $134,728 |
| Other | 444 | $75,270,000 | $169,527 |
Traverse City's most frequently cited loan purpose was Home Purchase, with 1,896 originations. The 2nd most popular reason was Cash Out Refi, with 989 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,116 | $317,420,000 | $284,427 |
| 5-6% | 1,065 | $301,295,000 | $282,906 |
| 4-5% | 994 | $321,850,000 | $323,793 |
| 6-7% | 555 | $131,345,000 | $236,658 |
| 2.5-3% | 336 | $91,850,000 | $273,363 |
| 7-8% | 200 | $42,710,000 | $213,550 |
| <2.5% | 127 | $51,235,000 | $403,425 |
| Over 8% | 120 | $10,710,000 | $89,250 |
During 2022, Traverse City's most frequently originated rate bucket was 3-4%, with 1,116 originations.
Loan Sizing (Traverse City, MI MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 1,567 | $435,155,000 | $277,699 |
| $100k-200k | 1,262 | $186,210,000 | $147,552 |
| $100,000 or less | 937 | $56,875,000 | $60,699 |
| $400k-600k | 418 | $198,930,000 | $475,909 |
| $600k-1000k | 225 | $166,825,000 | $741,444 |
| $Over $1MM | 115 | $228,285,000 | $1,985,087 |
Traverse City's loan sizing saw the bucket of loans from $200k-400k with 1,567 originations, totaling $435,155,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 1,170 | $408,330,000 | $349,000 |
| 60-80% | 1,150 | $426,820,000 | $371,148 |
| 20-40% | 781 | $126,855,000 | $162,426 |
| 40-60% | 683 | $232,625,000 | $340,593 |
| Under 20% | 639 | $45,665,000 | $71,463 |
| Over 100% | 27 | $19,475,000 | $721,296 |
Traverse City's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 1,170 originations, totaling $408,330,000 in origination value.