Today’s Refinance Rates in Michigan

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Edited byScott Strandberg

Updated: January 18, 2024

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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.


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.


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.

Your rates depend on the current market and your financial situation, but you have a good rate if refinancing would result in significant savings.

Refinancing a mortgage at a rate higher than your current mortgage rate is an unfavorable rate. The point of refinancing is to save money by securing a lower rate.

Michigan's average 30-year fixed-rate mortgage rate is 5.25%, and it can be beneficial to get a rate that is close to or below that.

For a 15-year fixed-rate mortgage, the average rate in Michigan is 4.64%. Considering that, you should choose a comparable or lower rate.

In Michigan, a 5/1 adjustable-rate mortgage has an average interest rate of approximately 4.56%. Rates that are lower or comparable to this average might be desirable.