Updated: December 13, 2024
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Today's 30-year mortgage rate in Michigan is 6.38%, below the national average rate of 6.83% for similar loans. To lessen their mortgage costs, Michigan homebuyers have access to beneficial programs like the MI Home Loan and the Mortgage Credit Certificate (MCC) Federal Tax Credit.
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 this content are annual percentage rates (APRs).
This data was last updated in December 2024.
In Michigan, the average APR for a 30-year fixed-rate mortgage is 6.38% in December 2024 — down from 6.75% the month before. If you took out a loan for $250,000 with a 20% down payment, the current mortgage rate decrease could mean savings of around $4,294 in total interest over the life of your loan, not including extra expenses like property taxes or HOA fees.
Understanding the current mortgage rate in Michigan can help you budget because rates may vary, swayed by economic shifts and Federal Reserve actions. Our line chart shows the trend of rate changes, outlining the ebbs and flows over recent months and shaping your payment plans.
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:
First-time homebuyers in Michigan can compare current mortgage rates to gauge competitiveness and make informed decisions.
Knowing current mortgage rates, homeowners in Michigan might explore mortgage refinancing to 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 6.38%, while it's slightly higher at 6.70% if you're refinancing. Remember this as you weigh your options for a mortgage or refinancing in the state.
A 30-year fixed-rate mortgage in Michigan is often higher than a 15-year fixed loan. 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.
| 5.76% | 5.94% |
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 6.30% 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 6.38%, giving you a clearer picture of the yearly expense related to your loan.
For a solid credit score of 740 or more in Michigan, you're looking at an average APR of 6.82% for a 30-year fixed mortgage with a down payment of 5% to 20%. If your score is under 680, that average APR jumps to 7.42%.
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:
| 10-year Fixed | 5.86% |
| 15-year Fixed | 5.86% |
| 20-year Fixed | 6.54% |
| 30-year Fixed | 6.68% |
| 5-year ARM | 7.40% |
| 7-year ARM | 7.21% |
In December 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Michigan at 6.22%. Knowing your mortgage options can help you make a better decision about 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 | A conventional loan in Michigan is not insured by government agencies. | Mortgage rates for conventional loans are influenced by your credit score, down payment and other financial factors. | 6.38% |
FHA Loans | An FHA loan is insured by the Federal Housing Administration, available to Michigan residents. | FHA loans usually have lower requirements, potentially leading to slightly higher mortgage rates compared to conventional loan rates. | 8.03% |
VA Loans | VA loans are backed by the Department of Veterans Affairs for Michigan's veterans. | VA loans offer competitive rates due to government backing, which might result in lower rates for qualified veterans. | 6.22% |
USDA Loans | USDA loans support rural homebuyers in Michigan, backed by the US Department of Agriculture. | USDA loans offer low rates to qualified rural homebuyers, with specific income and property eligibility requirements. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conforming loan limits set by FHFA in Michigan, not covered by Fannie Mae or Freddie Mac. | Jumbo loans come with higher risk for lenders, often translating to higher interest rates for borrowers in Michigan. | 6.52% |
Mortgage rates in Michigan are split into two categories: fixed and adjustable.
As of December 2024, the average rate in Michigan is 6.38% for a 30-year fixed-rate mortgage and 7.00% for a seven-year adjustable-rate mortgage.
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 homeowner assistance programs. However, our list is not exhaustive, and other lenders may fit your needs.
Your mortgage rate in Michigan can vary based on the lender 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 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's customer service hours are 8 a.m. to 7 p.m. ET Monday through Friday and 8 a.m. to 1 p.m. ET Saturday, through phone or in-person channels. First Midwest Bank also steps up to assist homeowners, offering programs like Home Manager and Down Payment Assistance Program.
Pros
Cons
U.S. Bank serves Michigan residents with various 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 is 660, while an FHA loan requires a minimum score of 640. Down payments start at 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 through Friday from 7 a.m. to 8 p.m. CT and on Saturdays from 8 a.m. to 2 p.m. 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 is the top HELOC lender for bad credit in most states.
Pros
Cons
Better is a mortgage lender that serves Michigan borrowers exclusively online with 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 for non-FHA loans with a credit score exceeding 580 and a minimum of 3.5% if opting for FHA loans.
Better offers phone or email support. Customer service hours are Monday through Friday between 8 a.m. and 9 p.m. ET and weekends from 9 a.m. to 9 p.m. 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
Cons
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 of 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. |
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.
Current average APRs in Michigan vary due to factors like loan type. For example, conforming loans such as a 30-year fixed have rates around 6.38% as of December 2024, while seven-year ARM conforming loans show rates near 7%. Note that these are just examples, and rates fluctuate based on a variety of factors.
In Michigan, the current average APR for a 30-year fixed-rate mortgage is around 6.38%, whereas the national average is approximately 6.83% as of December 2024. Similarly, a five-year adjustable-rate mortgage averages 7.27% in Michigan, compared to 7.79% nationally in the same period.
Your credit score significantly affects the mortgage rates you can obtain. Higher scores can help secure low mortgage rates due to being seen as a lower risk to lenders.
Yes, Michigan offers several mortgage programs to assist homebuyers, such as the MI Home Loan, Mortgage Credit Certificate (MCC) Federal Tax Credit and more.
To secure the best mortgage rates in Michigan, improve your credit score, consider a larger down payment and shop around with multiple lenders to compare offers.
As of December 2024, the average refinance rates in Michigan are 6.09% for a 15-year fixed and 6.70% for a 30-year fixed. Explore today's refinance rates in Michigan for the most current information.
To estimate your payments, use a mortgage calculator for Michigan, which will factor in details such as the home price, down payment, loan term, interest rate and taxes.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
