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.
