Today's Mortgage Rates in Michigan

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Updated: July 16, 2024

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Today's 30-year mortgage rate in Michigan is 6.80%, sitting marginally beneath the current national average rate of 6.90% for similar loans. In Michigan, homebuyers have access to beneficial programs like the MI Home Loan and the Mortgage Credit Certificate (MCC) Federal Tax Credit to potentially soften their mortgage costs.

By guiding you through the maze of Michigan's mortgage rates by loan type, exploring the distinction between interest rate and APR and dissecting how your credit score affects your rates, we'll equip you with knowledge to navigate your mortgage journey with confidence. Insight into the state's diverse mortgage types, rate structures, lenders and special programs will empower you to make educated home financing choices.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Michigan. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Michigan

In Michigan, the average APR for a 30-year fixed-rate mortgage has risen to 6.80% in July 2024 from 6.66% the previous month. If you took out a loan for $250,000 with a 20% down payment, the current mortgage rate bump could mean an additional $6,693 in total interest over the life of your loan, not including extra expenses like property taxes or HOA fees. A slight movement in rates has a clear impact on your finances, highlighting the benefit of locking in lower rates when available.

Current Mortgage Rates in Michigan (Jan to May)

Understanding the current mortgage rate in Michigan can help you budget because rates may vary, swayed by economic shifts and Federal Reserve actions. You'll see the trend of rate changes on our line chart, outlining the ebbs and flows over recent months, shaping your payment plans.

Who Needs to Know Today's Mortgage Rates in Michigan?

Staying up-to-date with today's mortgage interest rates in Michigan benefits both homebuyers and existing homeowners looking to refinance, against the ever-changing backdrop of the housing market:

    coupleG icon

    First-time homebuyers

    First-time homebuyers in Michigan can compare current mortgage rates to gauge competitiveness and make informed decisions.

    homeowner icon

    Homeowners with mortgages

    Knowing current mortgage rates, homeowners in Michigan might explore mortgage refinancing to potentially lower their payments.

Purchase rates and refinance rates are different — in Michigan, the current mortgage rate for a 30-year fixed loan if you're buying a home is 6.80%, while it's a higher 8.18% if you're refinancing. Keep this in mind as you weigh your options for a mortgage or refinancing in the state.

Current Mortgage Rates in Michigan by Loan Type

A 30-year fixed-rate mortgage in Michigan often has a higher rate than a 15-year fixed-rate mortgage. The longer loan term means more risk for the lender — more time allows for changes in interest rates and the possibility of non-payment. Different mortgage loan types in Michigan can influence the rate you get.

You'll want to use a mortgage calculator to see how different rates affect your monthly payments. It’s a tool that can help you understand your payment schedule over the life of your loan. Plus, comparing rates with a mortgage calculator aids in making a decision that aligns with your finances.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.94%APR6.15%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate is the cost each year to borrow money for a mortgage. In Michigan, you're looking at an average mortgage interest rate of 6.72% for a 30-year fixed-rate mortgage.

The Annual percentage rate, or APR, is the interest rate with all the extra fees included, like mortgage points and other charges. For this same type of mortgage in Michigan, the average APR is slightly higher at 6.80%, giving you a clearer picture of the yearly expense related to your loan.

Current Mortgage Rates in Michigan by Credit Score

For a solid credit score of 740 or more in Michigan, you're looking at an average APR of 7.24% for a 30-year fixed mortgage with a down payment ranging from 5% to 20%. If your score is under 680, that average APR jumps to 8.28%.

Your credit score can shape the mortgage rates you're eligible for in Michigan. To see rates tailored to your credit score and down payment, check out the interactive table below:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR6.03%
15-year FixedAPR6.26%
20-year FixedAPR6.91%
30-year FixedAPR7.10%
5-year ARMAPR7.85%
7-year ARMAPR7.65%

Mortgage Types in Michigan

In July 2024, 30-year fixed rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Michigan at just 6.39%. Knowing your mortgage options can help you make a better decision for your financial future. Explore the table below with the different mortgage loan types available in Michigan:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Michigan

Conventional Loans

Conventional loans in Michigan are not backed by the federal government and follow conforming loan limits.

Your creditworthiness and down payment affect the rates you receive on a conventional loan.

6.80%

FHA Loans

FHA loans in Michigan are backed by the Federal Housing Administration, suitable for low-to-moderate income borrowers.

Government backing might lower rates, but FHA loan fees could affect overall cost.

0.00%

VA Loans

VA loans in Michigan are available to military service members and offer flexible eligibility requirements.

Typically lower interest rates due to VA guarantee, subject to borrower eligibility for a VA loan.

6.39%

USDA Loans

USDA loans in Michigan are for rural homebuyers and backed by the US Department of Agriculture.

Advantageous rates possible for qualified rural homebuyers selecting a USDA loan.

currently unavailable

Jumbo Loans

Jumbo loans in Michigan exceed conventional conforming loan limits and are designed for high-value property purchases.

Higher property values may lead to higher rates with a jumbo loan, reflecting increased lender risk.

7.01%

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MORTGAGE RATE STRUCTURES IN MICHIGAN

Mortgage rates in Michigan are split into two categories: fixed and adjustable.

  • Fixed-rate mortgage: This rate stays the same over the life of the loan, ensuring that your monthly mortgage payments remain stable. This can give you peace of mind with no surprises.
  • Adjustable-rate mortgage: Your initial rate is often lower than fixed, and it adjusts over time based on the market. This could lower your monthly mortgage payments when interest rates fall.

As of July 2024, the average APR in Michigan is 6.80% for a 30-year fixed-rate mortgage and 7.68% for a seven-year adjustable-rate mortgage.

Mortgage Lenders in Michigan

First Midwest Bank, Better and U.S. Bank stand out as solid options for securing a mortgage in Michigan. These lenders are accessible in Michigan and have been selected based on their Better Business Business Bureau accreditation and their homeowner assistance programs. Remember, our list is not exhaustive and other lenders may fit your needs.

Your mortgage rate in Michigan can vary based on the lender you choose as each offers distinct mortgage options and loan terms. To find the best possible deal, compare rates from several lenders — a step that could save you money over the life of your loan.


  • First Midwest Bank
    • 8Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8 am to 7 pm ET Saturday, 8 am to 1 pm ETCustomer Service Hours

    First Midwest Bank services the Michigan area with both online and in-person options, catering to a range of needs with products like conventional and FHA loans. For the more community-oriented options, such as Community Experts and Heroes, a 720 credit score is the standard, and the advantage is significant with down payments as low as 0% for Community Experts and 1% for Community Heroes.

    First Midwest Bank has customer service hours from Monday to Friday, 8 am to 7 pm ET, and Saturday from 8 am to 1 pm ET through phone or in-person channels. First Midwest Bank steps up to assist homeowners too, offering programs like Home Manager and Down payment Assistance Programs that open doors to home ownership for many.

    Pros

    • Prequalification available online
    • Tailored loans for professionals
    • Interactive loan recommendation tools

    Cons

    • Limited to seven states for physical branches
    • Credit score criteria for certain products unclear
    First Midwest Bank

  • U.S. Bank
    • 6Number of Mortgage Options
    • YesOnline Application
    • NRBBB Rating
    • Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours

    U.S. Bank serves Michigan residents with a variety of mortgage options including conventional, FHA, VA, jumbo loans, investment property and construction loans. For those keen on ARMs or jumbo loans, the minimum credit score requirement stands at 660, while an FHA loan will require a minimum score of 640. Down payments start low with 3% for conventional loans and 3.5% for FHA. VA loans are an option for eligible veterans and service members wanting to buy a home with no down payment.

    You can reach its customer service team Monday to Friday from 7 am to 8 pm CT and on Saturdays from 8 am to 2 pm CT, through video calls, phone conversations or in-person meetings. U.S. Bank offers homeowners assistance programs including forbearance, repayment plans, loan modification and payment deferral. Additionally, it stands as the top HELOC lender for bad credit in most states.

    Pros

    • Online prequalification available
    • Unique mortgage options offered
    • Client credit for eligible customers

    Cons

    • BBB rating not published
    • Limited physical branch availability
    U.S. Bank

  • Better
    • 4Number of Mortgage Options
    • YesOnline Application
    • B+BBB Rating
    • Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours

    Better is a mortgage lender that serves Michigan borrowers exclusively online, offering several mortgage options including fixed- and adjustable-rate mortgages. For a fixed-rate mortgage, the minimum credit score required is 620 while the minimum for an FHA loan is lower at 580. Expect to pay as little as 3% down if applying for non-FHA loans and your credit score exceeds 580, and a minimum of 3.5% if opting for FHA loans.

    You can receive support from Better through phone or email with customer service hours running from Monday to Friday between 8 am and 9 pm ET, and over the weekends from 9 am to 9 pm ET. If you're exploring ways to reduce the costs associated with buying a home, the Better Real Estate discount may offer valuable savings. Better maintains a strong presence in the lending space and is known for its streamlined, tech-driven approach to the mortgage process, making it a competitive choice for modern borrowers.

    Pros

    • Loan officers don't work on commission
    • Sunday customer support available
    • Quick closing time compared to average

    Cons

    • No VA or USDA mortgage options
    • Entirely online, no local branches
    • B+ rating from the Better Business Bureau
    Better

Mortgage Programs in Michigan

Owning your own home includes hidden costs that might surprise you. In Michigan, you can get assistance from the Michigan State Housing Development Authority. They offer mortgage programs to support you in managing home-related finances.

Program
Content

MI Home Loan

The MI Home Loan simplifies the path to homeownership across Michigan. Geared towards first-time buyers and some repeat buyers, it features income limits and a maximum home sale price of $224,500. It also offers a down payment assistance up to $10,000 for those who attend a Housing Education class and have a credit score of at least 640.

Mortgage Credit Certificate (MCC) Federal Tax Credit

The Mortgage Credit Certificate (MCC) Federal Tax Credit benefits Michigan residents eyeing homeownership. Primarily for first-time buyers, it grants a yearly federal tax credit valued at 20% of your mortgage interest. This program also imposes income and sales price ceilings, influenced by family size and purchase location.

FAQ: Mortgage Rates in Michigan

Many borrowers have questions about today's mortgage rates in Michigan. We've addressed commonly asked questions to help you understand the current rates and make informed decisions during your home-buying process.

What are the current mortgage rates in Michigan?
How do mortgage rates in Michigan compare to national rates?
How does my credit score impact the mortgage rates I get in Michigan?
Are there any special mortgage programs in Michigan to help homebuyers?
How can I get the best possible mortgage rate in Michigan?
What are today's mortgage refinance rates in Michigan?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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