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Michigan Mortgage and Refinance Rates

On Wednesday, March 29, 2023, the national average 30-year fixed mortgage APR is 6.90%. The national average 30-year fixed refinance APR is 7.01%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Michigan mortgage overview

As of Wednesday, March 29, 2023, current interest rates in Michigan are 6.82% for a 30-year fixed mortgage and 6.16% for a 15-year fixed mortgage. The state of Michigan offers mortgage options and first-time homebuyer assistance programs to help make becoming a homeowner more affordable.

  • Michigan conventional mortgages: To qualify for a conventional mortgage, you generally must meet the following requirements.
  • Michigan FHA loans: If you don’t meet conventional loan requirements, you may qualify for an FHA loan. These are backed by the Federal Housing Administration, and the requirements include:
    • Credit score of at least 500
    • 10 percent down payment if credit score is between 500-579
    • 3.5 percent down payment if credit score is 580 or higher
    • DTI between 31 percent and 41 percent
  • Michigan VA loans: Insured by the Department of Veterans Affairs, VA loans are offered to qualifying veterans and active duty members of the armed forces. VA loans don’t require a down payment or PMI, and can be obtained through a VA-approved lender.

Top 5 Bankrate mortgage lenders in Michigan

  • Fairway Independent Mortgage Corporation
  • Bethpage Federal Credit Union
  • Garden State Home Loans
  • Sage Mortgage
  • Rocket Mortgage


Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

Fairway Independent Mortgage Corporation

Sometimes, the numbers say it all: Fairway Independent Mortgage Corporation funded more than $71 billion in home loans in 2021. While you’ll have to contact a loan officer for information about the lender’s rates and fees, the majority of the experience at Fairway can be done via your screen. The FairwayNOW mobile app helps you get preapproved quickly, upload your documents and monitor the status of your application. If you’re looking for an in-person touch, you’re in luck: The lender also has branch locations in Bay City, Coldwater and Saline.

Strengths: Mobile app makes managing application easy; three locations in Michigan.

Weaknesses: Doesn’t publicly advertise rates or list specific fees; have to contact a loan officer to start the process.

Read Bankrate's Fairway Independent Mortgage Corporation review.

Bethpage Federal Credit Union

Bethpage Federal Credit Union, based on New York’s Long Island, has 430,000 members. Membership is open to any U.S. citizen who deposits $5 into a share (savings) account. The nonprofit lender offers a variety of fixed-rate and adjustable-rate mortgages, along with FHA loans.

Strengths: Mortgage rates easy to find online.

Weaknesses: No branch locations in Michigan.

Read Bankrate's Bethpage Federal Credit Union mortgage review.

Garden State Home Loans

This lender is named for New Jersey, but borrowers in The Wolverine State can also take advantage of its competitive rates and quick turn times. Most closings happen within 30 days, and Garden State Home Loans will work with borrowers who have sub-par credit: A few programs require just a 580 credit score.

Strengths: Live chat feature on the lender’s website; instant online loan estimates; low overhead costs translate to lower fees for borrowers.

Weaknesses: Mortgage rates are not advertised online; website experience is not as sophisticated as that of some other lenders.

Read Bankrate's Garden State Home Loans review.

Sage Mortgage

Sage Mortgage is newer to the game — founded in 2020 — but it’s already gained the wisdom associated with its name by helping several thousand borrowers close mortgages. It’s an especially solid choice if you’re looking to refinance. By working with multiple lenders, Sage can help you find the best terms on a new loan.

Strengths: Specializes in refinancing; convenient ability to text with loan officers; easy online application process.

Weaknesses: Only starting rates available online.

Read Bankrate's Sage Mortgage review.

Rocket Mortgage

The nation’s largest lender does business everywhere, and it’s the biggest lender by volume in Michigan (where Rocket is headquartered) and in many other major U.S. states.

Strengths: Offers a broad selection of purchase and refinance options.

Weaknesses: No brick-and-mortar locations.

Read Bankrate's Rocket Mortgage review.

First-time homebuyer programs in Michigan

The Michigan State Housing Development Authority (MSHDA) provides first-time homebuyers, or those who haven’t owned a home in the past three years, options to help purchase a home.

MI Home Loan

The MI Home Loan, also known as the Michigan Down Payment loan, is available to both first-time homebuyers throughout the state and repeat buyers in targeted areas, and provides down payment assistance up to $7,500 (or $10,000 in certain zip codes). To qualify, borrowers are required to:

  • Apply through an eligible lender, found on the MSHDA website
  • Complete a homebuyer education course
  • Have a minimum credit of 640 (660 for multiple-section manufactured homes)
  • Meet household income limits, which vary based on household size and location, and the sales price limit

Also offered by the MSHDA is the MI Home Loan Flex, another down payment assistance loan with similar requirements, but available to first-time homebuyers and repeat buyers throughout the state.

With the MI Home Loan Flex, borrowers “do not necessarily need” to have paid off collections or judgment against them to qualify, but their credit score does need to meet a minimum of 660.

Michigan Mortgage Credit Certificate (MCC)

The Michigan Mortgage Credit Certificate (MCC) allows first-time homebuyers throughout the state and repeat buyers in targeted areas to claim a federal tax credit for the interest on their mortgage. The credit is worth up to 20 percent of the interest paid yearly, and can be claimed each year for up to 30 years.

Michigan mortgage refinancing

Michigan borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.

Michigan mortgage resources