Michigan Mortgage Rates | The Simple Dollar

Michigan Mortgage Rates | The Simple Dollar

Are you on the hunt for a new home in Michigan? If so, you’re in luck. There has never been a better time to borrow the money for a home in Michigan. The COVID-19 pandemic has caused serious economic damage for most of the nation, but it has also had an upside: bottom-barrel mortgage rates. 

Both refinance and purchase loan rates are extremely low in Michigan right now. As of mid-December, the average 30-year fixed rate mortgage loan in Michigan had an interest rate of about 2.87%. That’s just 0.01% higher than the national average of 2.86%. 

Prior to the pandemic, we rarely saw mortgage rates fall below 3%. So, if you’re looking for a mortgage loan in this state, right now is prime time to get one. Chances are good that rates will go back up when the pandemic is under control, so don’t wait if you’re ready to buy or refi. Here’s what you need to know.

Mortgage Rates in Michigan

The mortgage interest rate table below is updated daily to reflect the most current mortgage rates available in the market. According to Bankrate’s latest survey of the nation’s largest mortgage lenders, these are the current average rates for a 30-year fixed, 15-year fixed, FHA and VA mortgage rates.

Product Rate Rate Last Week
30-Year Fixed Rate 2.860% 2.900%
20-Year Fixed Rate 2.830% 2.850%
15-Year Fixed Rate 2.370% 2.410%
10-Year Fixed Rate 2.350% 2.420%
30-Year FHA Rate 2.630% 2.630%
30-Year VA Rate 2.630% 2.710%

Rates data based on
Detroit, Michigan
as of

Mortgage Rates Trends

In this graph: On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders.Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

Mortgage rates in other states

New Jersey
New York
North Carolina

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