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Bay City

Compare Current Bay City, Michigan Mortgage Rates

Compare Bay City, MI 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 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.

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Bay City, MI Mortgage Rates as of July 2, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Bay City, MI Mortgage Rates

July 2, 2022

Current mortgage rates in Bay City, MI 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
Bay City, MI Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.810%
15 Year Fixed Rate
%
4.920%
5/1 Adjustable Rate Mortgage
%
4.410%

How Affordable is Housing in Bay City, Michigan?

Below we provide helpful information on the real estate market, home prices and housing affordability in Bay City. Understand how much you need to earn to afford a home in Bay City, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Bay City fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Bay City is right for you.

The median home value for Bay City, MI (Bay County) is $138,412

Based on current mortgage rates and a 10% down payment, you need to make $22,678 per year to buy the median priced home in Bay City

With this income, you could qualify for a $124,571 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 Bay City is $525

The median household income for Bay City, MI (Bay County) is $53,622

Based on this income, you can afford a home valued at approximately $327,271

The home price you can afford to buy based on household income in Bay City is 236% of the median home value which means housing prices are affordable. Bay City (Bay County) ranks 21 out of 83 counties in Michigan and 1,041 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

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Loan Limits for Bay City, Michigan

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

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Bay City, MI

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Bay City, MI

1 unit: $647,200

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