Compare mortgage rates and closing costs for leading lenders in Michigan. Review free, personalized mortgage rates for Michigan based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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December 14, 2019
The current average rate for a 30 year fixed rate mortgage in Michigan is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Michigan is $170,107
The median household income for Michigan is $55,737
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Michigan is $31,560
The home price you can afford to buy based on household income in Michigan is 177% of the median home value which means housing prices are affordable. Michigan ranks 14 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Michigan is affordable
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index