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 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%
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.).

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 240 7.01% $6,074
LAKE MICHIGAN CREDIT UNION 143 6.60% $3,684
QUICKEN LOANS, LLC 136 6.69% $6,667
The Huntington National Bank 77 6.72% $4,143
Independent Bank 75 6.74% $4,142
Fifth Third Bank 63 6.70% $4,286
Mercantile Bank of Michigan 51 6.86% $4,404
CALCON MUTUAL MORTGAGE LLC 50 6.85% $6,928
CREDIT UNION ONE 42 6.32% $3,470
JPMorgan Chase Bank 40 6.62% $4,089
NEWREZ LLC 36 7.15% $5,960
GUARANTEED RATE, INC. 23 6.89% $5,451
The Dart Bank 19 6.63% $3,995
MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION 18 6.67% $4,948
STAUNTON FINANCIAL, INC. 15 6.88% $4,034
Nicolet National Bank 13 7.05% $3,642
Flagstar Bank, FSB 12 7.30% $5,106
UNION HOME MORTGAGE CORP. 10 6.76% $7,404
GUILD MORTGAGE COMPANY 10 7.06% $4,997
GENISYS 9 6.35% $5,487
MORTGAGE CENTER L.C 9 6.46% $4,963
FIRST COMMUNITY MORTGAGE, INC. 9 6.82% $6,341
CONSUMERS 8 7.14% $3,431
J. VIRGIL, INC. 7 6.95% $7,996
LOANDEPOT.COM, LLC 7 6.72% $5,651
Mr. Cooper ( Nationstar Mortgage ) 7 6.53% $5,887
Bank of America 7 6.09% $4,818
NAVY FEDERAL CREDIT UNION 7 6.09% $3,999
First State Bank 6 6.79% $4,628
First Merchants Bank 6 6.73% $4,047
The Loan Store, Inc. 6 6.39% $6,196
Charles Schwab Bank, SSB 5 5.96% $2,950
Horizon Bank 5 7.08% $3,675
Goldman Sachs Bank USA 5 6.15% $3,841
NexBank 5 7.18% $8,216
Morgan Stanley Private Bank 5 5.95% $4,830
Citibank 4 5.84% $5,194
FREEDOM MORTGAGE CORPORATION 4 7.22% $6,084
American Mortgage & Equity Consultants, Inc. 4 6.96% $5,375
CHURCHILL MORTGAGE CORPORATION 4 7.19% $6,487
U.S. Bank 4 6.78% $5,360
ARBOR FINANCIAL CREDIT UNION 4 6.78% $4,774
MICHIGAN SCHOOLS AND GOVERNMENT 4 5.91% $2,639
Wells Fargo Bank 4 6.53% $6,859
MICHIGAN FIRST CREDIT UNION 4 7.75% $7,136
GREENSTATE CREDIT UNION 4 6.69% $5,282
Preston Home Loans Inc 3 6.79% $4,102
NBKC BANK 3 7.08% $3,675
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.50% $7,651
MOVEMENT MORTGAGE, LLC 3 6.71% $6,217
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.83% $7,468
UBS Bank USA 3 6.21% $5,074
Barrington Bank & Trust Company, N.A. 3 7.42% $3,277
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.88% $7,174
Isabella Bank 3 5.92% $2,857
PNC Bank 3 6.75% $4,146
CROSSCOUNTRY MORTGAGE, LLC 3 7.32% $4,420
PENNYMAC LOAN SERVICES, LLC 3 7.04% $4,281
DFCU FINANCIAL 3 7.08% $7,035
Carrington Mortgage Services, LLC 3 6.17% $8,139
Frankenmuth Credit Union 3 6.63% $2,302
Citizens Bank 2 7.13% $3,202
CMG MORTGAGE, INC. 2 6.87% $4,388
Commerce Home Mortgage, Inc. 2 9.19% $15,512
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 6.63% $3,877
Florida Capital Bank 2 6.69% $10,532
BROKER SOLUTIONS, INC. 2 6.88% $4,783
BMO Harris Bank 2 6.69% $4,798
KeyBank 2 6.81% $5,639
LENDSURE MORTGAGE CORP. 2 8.00% $20,608
Bell Bank 2 6.88% $4,854
Baxter Credit Union 2 6.81% $3,053
NFM, INC. 2 7.31% $9,028
Northpointe Bank 2 6.06% $3,536
OCMBC, INC. 2 8.00% $13,574
Plains Commerce Bank 2 7.38% $4,987
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $16,753
PROVIDENT FUNDING ASSOCIATES, L.P. 2 6.44% $4,278
ROSS MORTGAGE CORPORATION 2 6.56% $7,735
Stifel Bank and Trust 2 6.56% $3,077
SUCCESS MORTGAGE PARTNERS, INC. 2 6.63% $4,742
ZILLOW HOME LOANS, LLC 2 6.25% $9,044
TOP FLITE FINANCIAL, INC. 2 6.75% $9,016
USAA Federal Savings Bank 2 6.81% $4,034
MEMBERS FIRST Credit Union 1 6.50% $2,700
THE MORTGAGE LINK, INC. 1 7.63% $27,927
Merchants Bank of Indiana 1 6.50% $4,587
First National Bank of America 1 8.50% $14,263
MICHIGAN MUTUAL, INC. 1 6.99% $6,440
Century Mortgage Company DBA Century Lending Company 1 5.99% $6,151
The State Bank 1 5.88% $2,601
First-Citizens Bank & Trust Company 1 6.88% $7,922
MORTGAGE 1 INCORPORATED 1 6.99% $2,831
Financial Partners Credit Union 1 7.13% $4,906
Mortgage Research Center, LLC 1 6.88% $3,907
EVERETT FINANCIAL, INC. 1 7.38% $5,550
Bank of England 1 8.13% $3,320
M&T Bank 1 5.88% $7,939
Elements Financial Federal Credit Union 1 7.63% $4,633
NATIONS RELIABLE LENDING, LLC 1 7.63% $7,983
Arvest Bank 1 6.63% $5,794
EASTMAN 1 6.50% $5,419
NETWORK CAPITAL FUNDING CORPORATION 1 6.50% $19,819
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.62% $4,423
Dort Financial Credit Union 1 5.88% $3,674
Comerica Bank 1 6.00% $3,540
Discover Bank 1 7.81% $0
North American Savings Bank, F.S.B. 1 7.50% $3,417
COMMUNITYAMERICA 1 7.00% $3,720
Northwest Federal Credit Union 1 6.75% $5,927
NUMARK CREDIT UNION 1 6.50% $2,994
OceanFirst Bank 1 6.00% $2,808
Ally Bank 1 7.13% $2,330
Old National Bank 1 6.88% $2,918
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.99% $9,084
DAS Acquisition Company, LLC 1 8.13% $8,702
PFCU 1 5.88% $5,879
PHH Mortgage Corporation 1 7.38% $6,112
UNITED HOME LOANS, INC. 1 7.13% $6,155
PLAZA HOME MORTGAGE, INC. 1 7.38% $3,495
ChoiceOne Bank 1 7.13% $2,200
Cornerstone First Mortgage, Inc 1 8.00% $11,346
Adventure Credit Union 1 6.13% $2,456
Prosperity Home Mortgage, LLC 1 6.50% $6,141
UNIVERSITY OF MICHIGAN CREDIT UNION 1 6.88% $3,168
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.50% $4,233
Quontic Bank 1 8.13% $11,368
Raymond James Bank 1 5.63% $5,244
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.49% $2,545
Civista Bank 1 6.38% $2,510
SCOTT CREDIT UNION 1 6.88% $2,314
COMMUNITY FINANCIAL CREDIT UNION 1 7.88% $3,068
Commerce Bank 1 6.75% $3,651
STOCKTON MORTGAGE CORPORATION 1 8.63% $8,228
Centra Credit Union 1 7.00% $2,956
GUARANTEED RATE AFFINITY, LLC 1 6.99% $0
CARDINAL FINANCIAL 1 5.99% $3,847
CAPITAL CONCEPTS, INC. 1 7.25% $13,144
Heartland Bank 1 6.50% $2,735
Honor Credit Union 1 7.38% $3,097
First Western Trust Bank 1 7.38% $4,153
CANOPY MORTGAGE, LLC 1 7.13% $5,401
1st Source Bank 1 7.13% $6,186
V.I.P. MORTGAGE, INC. 1 6.75% $7,530
AMERICAN HERITAGE LENDING, INC. 1 7.38% $5,960
AMERICAN FINANCING CORPORATION 1 5.99% $9,911
Key Mortgage Services, Inc. 1 7.00% $6,072
BLG HOLDINGS, INC. 1 6.99% $4,019
Leader Bank 1 6.88% $4,518
Waterstone Mortgage Corporation 1 5.99% $10,542
BETTER MORTGAGE CORPORATION 1 5.38% $26,279
MEMBER FIRST MORTGAGE, LLC 1 6.63% $7,052

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.