Compare mortgage rates and fees for leading lenders in Bay City, MI. 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 lender offering the best mortgage rates in Bay City.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Bay City. Plus, shopping lenders is free and there is no obligation.
December 14, 2019
The current average rate for a 30 year fixed rate mortgage in Bay City 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 Bay City, MI (Bay County) is $111,435
The median household income for Bay City, MI (Bay County) is $47,389
Based on current mortgage rates and a 10% down payment, you need to make $20,675 per year to buy the median priced home in Bay City
The home price you can afford to buy based on household income in Bay City is 229% of the median home value which means housing prices are affordable
Bay City (Bay County) ranks 21 out of 83 counties in Michigan and 1,018 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Bay City, MI is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bay City (Bay County) below.
Conforming loan limits for Bay City, MI
FHA loan limits for Bay City, MI
VA loan limits for Bay City, MI
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/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index