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Michigan Mortgage and Refinance Rates

Written by

Jeff Ostrowski

Edited by

Troy Segal

Edited by

Troy Segal

On Wednesday, April 17, 2024, the national average 30-year fixed mortgage APR is 7.25%. The national average 30-year fixed refinance APR is 7.24%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Michigan

As of Wednesday, April 17, 2024, current interest rates in Michigan are 7.21% for a 30-year fixed mortgage and 6.71% for a 15-year fixed mortgage. Across the state, prices have risen since the COVID-19 pandemic, with housing inventories yet to consistently reach pre-pandemic supply.

The median home sale price in Michigan was $224,900 in Feb. 2024, according to ATTOM — a 7.1 percent increase year-over-year. Of course, the numbers vary greatly depending on locale: Detroit’s median sale price was $110,000 and nearby Ann Arbor’s median price was $482,500. On the west side of the state, Grand Rapids’ median sale price was $281,822.

Refinance rates in Michigan

In recent years, mortgage rates in Michigan have increased tremendously, both for purchase loans and refinances. However, home prices have followed suit, increasing homeowners’ equity — up $21,000 on average in 2023. Michigan homeowners who’ve seen their equity rise in recent years might be interested in refinancing their mortgage to tap those funds.

Learn more: Why and how to do a cash-out refinance

Michigan mortgage rate trends

Michigan mortgage rates have followed national trends, rising throughout 2022 to peak in the fall of 2023. Since then, rates have moderated downward. Experts expect rates to decrease further in 2024 and 2025.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	7.20%	7.25%
15-Year Fixed Rate	6.67%	6.74%
5-1 ARM	6.78%	7.96%
30-Year Fixed Rate FHA	7.16%	7.21%
30-Year Fixed Rate VA	7.30%	7.34%
30-Year Fixed Rate Jumbo	7.30%	7.35%

Rates as of Wednesday, April 17, 2024 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	7.20%	7.24%
15-Year Fixed Rate	6.71%	6.78%
5-1 ARM	6.57%	7.79%
30-Year Fixed Rate FHA	7.28%	7.33%
30-Year Fixed Rate VA	7.74%	7.77%
30-Year Fixed Rate Jumbo	7.32%	7.37%

Rates as of Wednesday, April 17, 2024 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

Mortgage statistics for Michigan

Michigan’s housing market has seen steady growth over the past few years.

Most affordable counties, Feb. 2024: Gogebic, Luce, Iron, Ontonagon, Oscoda
Median home sales price, Feb. 2024: $224,900
Median down payment, Feb. 2024: $19,950
Homeownership rate, Q4 2023: 74.1%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Michigan

If you’re looking to get a mortgage in Michigan, explore these options:

Michigan conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 43 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
Michigan FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
Michigan VA loans: If you’re a veteran or active-duty member of the military with full entitlement, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 2.15 percent for homebuyers obtaining a VA loan for the first time.

Learn more: Types of home loans

First-time homebuyer programs in Michigan

The state of Michigan offers mortgage options and first-time homebuyer assistance programs to help make homeownership more affordable.

The Michigan State Housing Development Authority (MSHDA) connects first-time homebuyers, or those who haven’t owned a home in the past three years, with lenders participating in certain lower-cost mortgage programs. This includes the MI Home Loan, available to both first-time homebuyers throughout the state and repeat buyers in targeted areas.

The MI Home Loan program includes down payment assistance up to $10,000. To qualify, you’ll need a minimum credit score of 640 (or 660 if buying a multiple-section manufactured home), and your household’s income can’t exceed these limits. This program is only available to borrowers purchasing a home priced $224,500 or lower.

Learn more: Michigan first-time homebuyer programs

How to find the best mortgage rate in Michigan

Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
Step 3: Know your mortgage options - There are a few different types of mortgages.
Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

Lender

Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate's take

Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Nationwide availability

Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans

Recent Customer Reviews

5.0

562reviews

Read full lender review