Compare mortgage rates and fees for leading lenders in Detroit, 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 Detroit.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Detroit. Plus, shopping lenders is free and there is no obligation.
July 8, 2020
The current average rate for a 30 year fixed rate mortgage in Detroit 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Detroit. Understand how much you need to earn to afford a home in Detroit, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Detroit 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 Detroit is right for you.
The median home value for Detroit, MI (Wayne County) is $134,886
Based on current mortgage rates and a 10% down payment, you need to make $24,276 per year to buy the median priced home in Detroit
With this income, you could qualify for a $121,397 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 Detroit is $562
The median household income for Detroit, MI (Wayne County) is $46,090
Based on this income, you can afford a home valued at approximately $256,092
The home price you can afford to buy based on household income in Detroit is 190% of the median home value which means housing prices are average. Detroit (Wayne County) ranks 53 out of 83 counties in Michigan and 1,772 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Detroit, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Detroit (Wayne County) below.
Conforming loan limits for Detroit, MI
FHA loan limits for Detroit, MI
VA loan limits for Detroit, MI