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Grand Rapids

Current Mortgage Rates in Grand Rapids, Michigan

Compare mortgage rates and fees for leading lenders in Grand Rapids, 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 Grand Rapids.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Grand Rapids. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Grand Rapids, MI as of December 16, 2019
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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 Grand Rapids, MI Mortgage Rates Compare?

December 16, 2019

The current average rate for a 30 year fixed rate mortgage in Grand Rapids 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
Grand Rapids, MI Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Grand Rapids, Michigan?

The median home value for Grand Rapids, MI (Kent County) is $193,899

The median household income for Grand Rapids, MI (Kent County) is $59,054

Based on current mortgage rates and a 10% down payment, you need to make $35,974 per year to buy the median priced home in Grand Rapids

The home price you can afford to buy based on household income in Grand Rapids is 164% of the median home value which means housing prices are average

Grand Rapids (Kent County) ranks 74 out of 83 counties in Michigan and 2,299 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Grand Rapids, MI is average

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Loan Limits for Grand Rapids, Michigan

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Grand Rapids (Kent County) below.

Conforming loan limits for Grand Rapids, MI

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

FHA loan limits for Grand Rapids, MI

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

VA loan limits for Grand Rapids, MI

1 unit: $484,350

Additional Mortgage Resources for Grand Rapids, 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