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Detroit

Current Mortgage Rates in Detroit, Michigan

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.

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Mortgage Rates in Detroit, MI as of September 22, 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.
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How Do Today's Detroit, MI Mortgage Rates Compare?

September 22, 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%

Mortgage Program
Today's
Detroit, MI Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Detroit, Michigan?

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

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Loan Limits for Detroit, Michigan

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

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

FHA loan limits for Detroit, MI

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

VA loan limits for Detroit, MI

1 unit: $510,400

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