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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 July 5, 2020
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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.
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How Do Today's Grand Rapids, MI Mortgage Rates Compare?

July 5, 2020

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%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Grand Rapids, Michigan?

Below we provide helpful information on the real estate market, home prices and housing affordability in Grand Rapids. Understand how much you need to earn to afford a home in Grand Rapids, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Grand Rapids 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 Grand Rapids is right for you.

The median home value for Grand Rapids, MI (Kent County) is $210,186

Based on current mortgage rates and a 10% down payment, you need to make $37,828 per year to buy the median priced home in Grand Rapids

With this income, you could qualify for a $189,167 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 Grand Rapids is $876

The median household income for Grand Rapids, MI (Kent County) is $60,433

Based on this income, you can afford a home valued at approximately $335,788

The home price you can afford to buy based on household income in Grand Rapids is 160% of the median home value which means housing prices are average. Grand Rapids (Kent County) ranks 78 out of 83 counties in Michigan and 2,362 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Grand Rapids, MI

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

VA loan limits for Grand Rapids, MI

1 unit: $510,400

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