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Mortgage rates in Detroit, Michigan

By Claes Bell · Bankrate.com
Thursday, October 20, 2016
Posted: 10 am ET

Multiple benchmark mortgage rates were flat in the Detroit area this week.

Benchmark 30-year rate remains unchanged in Detroit

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Detroit area held at 3.58%, according to Bankrate's national survey of large lenders.

In the survey for the current week, the mortgages had an average of 0.12 discount and origination points.

"With the most popular mortgage rate standing still, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also steady, staying at $748.31.

Other Detroit mortgage types mixed

Breaking ranks with the 30-year conventional mortgage, the average rate for 30-year jumbo mortgages fell this week, down 7 basis points to 3.56%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Detroit area, that limit is $417,000.

The average rate for 15-year fixed-rate mortgages stayed unchanged at 2.83%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,126.02.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still won't help or hurt for refinancers thinking about locking soon," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate fell 4 basis points this week, dropping to 3.05%. The most common type of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Detroit area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.58% 2.83% 3.05% 3.56%
Change from last week: N/C N/C -0.04 -0.07
Monthly payment: $748.31 $1,126.02 $700.10 $1,886.51
Change from last week: N/C N/C -$3.57 -$16.32
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