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.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Michigan. Plus, shopping lenders is free and there is no obligation.
July 9, 2020
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%
Below we offer valuable insights on the housing market and real estate prices in Michigan. Understand how much you need to make to buy a house in Michigan, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Michigan is affordable for you. We provide this helpful information to help you decide if living in Michigan is right for you.
The median home value for Michigan is $181,757
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Michigan is $32,712
With this income, you could qualify for a $163,581 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Michigan is $758
The median household income for Michigan is $57,039
Based on this income, you can afford a home valued at approximately $316,928
The home price you can afford to buy based on household income in Michigan is 174% of the median home value which means housing prices are affordable. Michigan ranks 15 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Michigan is affordable