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.
October 20, 2019
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%
The median home value for Macomb, MI is $177,822
The median household income for Macomb, MI is $59,953
Based on current mortgage rates and a 10% down payment, you need to make $32,992 per year to buy the median priced home in Macomb
The home price you can afford to buy based on household income in Macomb is 182% of the median home value which means housing prices are average
Macomb ranks 64 out of 83 counties in Michigan and 1,941 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
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
FHA loan limits for Macomb, MI
VA loan limits for Macomb, 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