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Michigan

Current Michigan Mortgage Rates

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.

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Mortgage Rates for Michigan as of September 18, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Michigan Mortgage Rates Compare?

September 18, 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%

Mortgage Program
Today's
Michigan Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Michigan?

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

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Additional Mortgage Resources for Michigan Residents

Mortgage Rates for Michigan Cities

Allegan Mortgage Rates

Ann Arbor Mortgage Rates

Battle Creek Mortgage Rates

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Eaton Mortgage Rates

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Grand Haven Mortgage Rates

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Howell Mortgage Rates

Jackson Mortgage Rates

Kalamazoo Mortgage Rates

Lansing Mortgage Rates

Macomb Mortgage Rates

Monroe Mortgage Rates

Muskegon Mortgage Rates

Niles Mortgage Rates

Saginaw Mortgage Rates

St. Clair Mortgage Rates

Warren Mortgage Rates