Current Refinance Rates in Michigan
Michigan's refinancing rates might provide you with a fair idea of what your own rates will be. The current refinance interest rates in Michigan for various kinds of mortgages and terms are shown in the table below.
- Type of LoanRateAPR
- Conventional 30 Year Fixed5.75 %5.75 %
- Conventional 20 Year Fixed5.876 %5.875 %
- Conventional 15 Year Fixed4.884 %4.875 %
- Conventional 10 Year ARM6.737 %6.375 %
- Conventional 7 Year ARM6.798 %6 %
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Michigan?
The current average rate on a 15-year fixed-rate mortgage (FRM) in Michigan is 4.64%, slightly lower than the current national average of 4.67%, as per the Federal Reserve Bank of St. Louis. Similarly, 30-year FRM loans have a lower average of 5.25% in Michigan than the national average of 5.51%. However, the average rate in the state for a 5/1 adjustable-rate mortgage (ARM) is 4.56%, higher than the national average of 4.35%.
There are multiple factors that affect what is considered a "good rate." To guarantee you are receiving the best possible rate, you need to consider loan terms and amount, along with your credit score, income and debts. Because mortgage rates are often subject to daily fluctuations, you should anticipate a lender's estimate to be different from the rate you’ll get when you sign your mortgage agreement.
That said, evaluating rates from different providers is an easy way to find the best rate for your situation.
Estimate Your New Monthly Mortgage Payment
MoneyGeek's mortgage refinancing calculator helps you estimate your monthly mortgage refinance payments based on the current refinance rates in Michigan and your existing mortgage details. Remember that interest rates fluctuate daily and that factors such as your credit score, loan size, loan term and debt-to-income ratio affect your monthly payments.
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Frequently Asked Questions About Refinance Rates in Michigan
Getting your mortgage refinanced is a big decision that requires a lot of consideration and study. MoneyGeek has answered some frequently asked questions about Michigan’s mortgage refinancing to help you make an informed decision.
Read More on Mortgages
- FRED. "Mortgage Rates." Accessed July 13, 2022.