Bay City, MI metro: mortgages and home buyers
2025 home-purchase and refinance statistics for the 1-county Bay City, MI area (OMB code 13020), from official HMDA records.
In 2025, lenders reported 964 home-purchase mortgages for owner-occupied, single-family homes in the Bay City, MI metro area. The median buyer borrowed $155,000 on a home valued at $175,000 and reported a household income of $70,000.
Buyers financed a median 95% of the home's value (roughly 5% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $3,830.
Lenders denied 6.3% of completed home-purchase applications.
Key facts
- Home buyers' median income ($70,000) is 40% lower than the U.S. median ($116,000).
- Median conventional loan costs ($3,830) were 31% lower than the U.S. median ($5,570).
- 28.3% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
- The most common age bracket among borrowers was 25–34 (35.1% of purchase loans).
- 64.2% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was credit history (28.1% of denials with a stated reason).
Counties in the metro area
| County | Purchase loans | Median loan | Buyer income | 30-yr rate | Loan costs | Conforming limit | FHA limit |
|---|---|---|---|---|---|---|---|
| Bay County, MI | 964 | $155,000 | $70,000 | 6.625% | $3,830 | $832,750 | $541,287 |
Who bought homes in Bay City
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Bay City
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Bay City | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.625% | 6.250% |
| 30-year fixed rate · VA | 6.588% | 6.125% |
| 15-year fixed rate · conventional | — | 5.875% |
| Rate spread vs. APOR · conventional | +0.38 pts | +0.13 pts |
| Total loan costs · conventional | $3,830 | $5,570 |
| Total loan costs · FHA | $6,670 | $11,310 |
| Total loan costs · VA | $3,740 | $6,490 |
| Origination charges (all loan types) | $1,600 | $1,860 |
| Borrowers paying discount points | 39.9% | 51.3% |
| Points paid, when paid (% of loan) | 0.69% | 0.87% |
| Borrowers receiving lender credits | 28.6% | 33.1% |
| Adjustable-rate mortgages | 2.7% | 7.4% |
| Jumbo loans (above conforming limit) | 0.1% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Bay City: 66 of 1,049 completed home-purchase applications were denied (6.3%).
Denial rate
| Application | Bay City | U.S. |
|---|---|---|
| Home purchase | 6.3% | 8.5% |
| Conventional | 4.7% | 7.1% |
| FHA | 10.7% | 12.5% |
| VA | 10.8% | 8.0% |
| USDA | — | 12.5% |
| Refinance | 18.2% | 17.9% |
| Cash-out refinance | 32.1% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Bay City
Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology