Bay City

Current Mortgage Rates in Bay City, Michigan

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.

Mortgage Rates in Bay City, MI as of October 1, 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.


How Do Today's Bay City, MI Mortgage Rates Compare?

October 1, 2020

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%

Mortgage Program
Bay City, MI Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

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 $116,338

Based on current mortgage rates and a 10% down payment, you need to make $20,938 per year to buy the median priced home in Bay City

With this income, you could qualify for a $104,705 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 $485

The median household income for Bay City, MI (Bay County) is $48,496

Based on this income, you can afford a home valued at approximately $269,459

The home price you can afford to buy based on household income in Bay City is 232% of the median home value which means housing prices are affordable. Bay City (Bay County) ranks 14 out of 83 counties in Michigan and 972 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


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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Bay City, MI

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Bay City, MI

1 unit: $510,400

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