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Warren

Current Mortgage Rates in Warren, Michigan

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

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

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Mortgage Rates in Warren, MI as of April 6, 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 Warren, MI Mortgage Rates Compare?

April 6, 2020

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

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

The median home value for Warren, MI (Oakland County) is $282,454

Based on current mortgage rates and a 10% down payment, you need to make $50,834 per year to buy the median priced home in Warren

With this income, you could qualify for a $254,208 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 Warren is $1,177

The median household income for Warren, MI (Oakland County) is $77,378

Based on this income, you can afford a home valued at approximately $429,940

The home price you can afford to buy based on household income in Warren is 152% of the median home value which means housing prices are average. Warren (Oakland County) ranks 80 out of 83 counties in Michigan and 2,499 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Warren, Michigan

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Warren (Oakland County) below.

Conforming loan limits for Warren, MI

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

FHA loan limits for Warren, MI

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

VA loan limits for Warren, MI

1 unit: $510,400

Additional Mortgage Resources for Warren, MI Residents

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