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Compare Michigan mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Michigan.
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.
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Michigan Mortgage Rates
February 9, 2023
Current mortgage rates in Michigan are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Michigan Rates
National Average
Comparison
30 Year Fixed Rate
%
6.090%
15 Year Fixed Rate
%
5.140%
5/1 Adjustable Rate Mortgage
%
5.125%
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 $213,577
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Michigan is $34,994
With this income, you could qualify for a $192,219 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 $810
The median household income for Michigan is $65,355
Based on this income, you can afford a home valued at approximately $398,880
The home price you can afford to buy based on household income in Michigan is 187% 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
Additional Mortgage Resources for Michigan Residents