»
»
Grand Rapids

Compare Current Grand Rapids, Michigan Mortgage Rates

Compare Grand Rapids, MI mortgage rates and fees from top lenders. 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 lowest 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.

%
Grand Rapids, MI Mortgage Rates as of December 6, 2024
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees & Points
  • Contact

%
Get Personalized Mortgage Quotes

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.

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

Get Free Personalized Mortgage Quotes

Compare Today's Grand Rapids, MI Mortgage Rates

December 6, 2024

Current mortgage rates in Grand Rapids, MI are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Grand Rapids, MI Rates
National
Average
Comparison
30 Year Fixed Rate
%
6.670%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%

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 $281,076

Based on current mortgage rates and a 10% down payment, you need to make $58,637 per year to buy the median priced home in Grand Rapids

With this income, you could qualify for a $252,968 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 $1,358

The median household income for Grand Rapids, MI (Kent County) is $73,072

Based on this income, you can afford a home valued at approximately $350,273

The home price you can afford to buy based on household income in Grand Rapids is 125% of the median home value which means housing prices are average. Grand Rapids (Kent County) ranks 80 out of 83 counties in Michigan and 2,427 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

orange-simple-house
ruler

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: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Grand Rapids, MI

1 unit: $472,030
2 units: $604,400
3 units: $730,525
4 units: $907,900

VA loan limits for Grand Rapids, MI

1 unit: $726,200

Additional Mortgage Resources for Grand Rapids, MI Residents

Mortgage Rates for Michigan Cities

Allegan Mortgage Rates

Ann Arbor Mortgage Rates

Battle Creek Mortgage Rates

Bay City Mortgage Rates

Detroit Mortgage Rates

Eaton Mortgage Rates

Flint Mortgage Rates

Grand Haven Mortgage Rates

Grand Rapids Mortgage Rates

Howell Mortgage Rates

Jackson Mortgage Rates

Kalamazoo Mortgage Rates

Lansing Mortgage Rates

Macomb Mortgage Rates

Monroe Mortgage Rates

Muskegon Mortgage Rates

Niles Mortgage Rates

Saginaw Mortgage Rates

St. Clair Mortgage Rates

Warren Mortgage Rates