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Macomb

Current Mortgage Rates in Macomb, Michigan

Compare mortgage rates and fees for leading lenders in Macomb, 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 Macomb.

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

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Mortgage Rates in Macomb, MI as of October 1, 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 Macomb, MI Mortgage Rates Compare?

October 1, 2020

The current average rate for a 30 year fixed rate mortgage in Macomb 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
Macomb, 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 Macomb, Michigan?

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

The median home value for Macomb, MI is $190,270

Based on current mortgage rates and a 10% down payment, you need to make $34,244 per year to buy the median priced home in Macomb

With this income, you could qualify for a $171,243 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 Macomb is $793

The median household income for Macomb, MI is $61,354

Based on this income, you can afford a home valued at approximately $340,903

The home price you can afford to buy based on household income in Macomb is 179% of the median home value which means housing prices are average. Macomb ranks 64 out of 83 counties in Michigan and 1,973 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Macomb, Michigan

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Macomb below.

Conforming loan limits for Macomb, MI

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

FHA loan limits for Macomb, MI

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

VA loan limits for Macomb, MI

1 unit: $510,400

Additional Mortgage Resources for Macomb, MI Residents

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