Michigan mortgage and refinance rates for May 2026

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the five largest banks and thrifts across hundreds of markets in the U.S.

• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.

• “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

To qualify for a conventional mortgage, you’ll typically need a minimum 620 credit score and a debt-to-income (DTI) ratio of no more than 45% (with possible exceptions up to 50%). If you make a down payment of less than 20%, you’ll need to pay private mortgage insurance (PMI) as well. 

If your credit history disqualifies you from a conventional mortgage, you might be able to get a Federal Housing Administration (FHA) loan. If you have a credit score of at least 580, you could qualify for a down payment as low as 3.5%. An FHA loan in Michigan has an average rate of 0.00%.  

If you’re a veteran or active-duty member of the military, or a surviving spouse, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan in Michigan has an average rate of 0.00%. And while a VA loan doesn’t typically require a down payment or mortgage insurance, you may need to pay a funding fee, which ranges from 1.25% to 3.3% of the loan amount for home purchases.

If you’re a low- to moderate-income buyer who's looking for property in a rural area, loans backed by the U.S. Department of Agriculture are worth a look. Fewer lenders offer USDA loans, but if you can find one, you may be able to score significantly lower mortgage rates.

While Michigan median sales prices are lower than the national average, there are still plenty of high-end properties available in the state — particularly in lakefront areas. If you’re looking to buy a property that exceeds the conforming loan limit, you’ll need to compare jumbo mortgage lenders. Interest rates for a jumbo mortgage in Michigan average 6.63%, and you should be prepared to make a down payment of at least 10%.