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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 August 22, 2019
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Get Personalized Mortgage Quotes for Michigan

Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Michigan Mortgage Rates Compare?

August 22, 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%

Mortgage Program
Today's
Michigan Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Michigan?

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 by 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

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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

Bay City Mortgage Rates

Detroit Mortgage Rates

Eaton Mortgage Rates

Flint Mortgage Rates

Grand Haven Mortgage Rates

Grand Rapids Mortgage Rates

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

Sources

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