Rates Blog

Finance Blogs » Rates Blog » Mortgage rates in Detroit

Mortgage rates in Detroit

By Claes Bell · Bankrate.com
Thursday, April 27, 2017
Posted: 10 am ET

Mortgage rates showed no clear direction in the Detroit area this week.

Benchmark 30-year rate ticks down in Detroit

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Detroit area declined to 4.12 percent. The local rate was lower than the national average rate of 4.19 percent, and was down 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.

The mortgages in the survey for this week had an average of 0.09 discount and origination points.

"The drop in the 30-year fixed will benefit those who waited to lock on a rate, as their decision turned out to be a shrewd one," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage fell to $799.19, dropping $1.92 from last week, corresponding with the dip in mortgage rates.

Other Detroit mortgage types go higher

The average rate for 30-year jumbo mortgages went in the other direction this week, rising 6 basis points to 4.06%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Detroit area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages ticked upward 5 basis points as well, climbing to 3.40 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage increased along with rates, adding $4.04 to $1,171.47.

"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less advantageous than it would have been before the rate rise," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate ticked upward 8 points this week, up to 3.38 percent. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common type of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted April 26, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Detroit area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 4.12% 3.40% 3.38% 4.06%
Change from last week: -0.02 +0.05 +0.08 +0.06
Monthly payment: $799.19 $1,171.47 $729.92 $2,039.42
Change from last week: -$1.92 +$4.04 +$7.33 +$14.75

Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
6 Comments
Helaine
April 23, 2017 at 3:48 am

Very good blog! Do you have any tips and hints for aspiring writers?
I'm planning to start my own blog soon but I'm a little lost on everything.
Would you propose starting with a free platform like WordPress or
go for a paid option? There are so many options out there that
I'm completely overwhelmed .. Any ideas? Thanks!

fotbollströjor

Franklin
April 18, 2017 at 2:57 pm

Hello, its pleasant piece of writing on the topic of media
print, we all know media is a great source of information.
fotballdrakter

Janice
March 11, 2017 at 2:11 am

Hi there, its good piece of writing concerning media print, we all
know media is a great source of data. maglie calcio poco prezzo

Gerard
March 11, 2017 at 1:07 am

It's in reality a great and helpful piece of information. I'm satisfied that you shared this helpful
information with us. Please keep us up to date like this.
Thank you for sharing. fotbollströjor

Add a comment

(Comments may take 5-10 minutes to appear)