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.
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%
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
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
FHA loan limits for Grand Rapids, MI
VA loan limits for Grand Rapids, MI
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