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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.

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Mortgage Rates in Bay City, MI as of August 22, 2019
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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 Bay City, MI Mortgage Rates Compare?

August 22, 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%

Mortgage Program
Today's
Bay City, MI 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 Bay City, Michigan?

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 by 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

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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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Bay City, MI

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Bay City, MI

1 unit: $484,350

Additional Mortgage Resources for Bay City, MI Residents

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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/

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