Michigan Mortgage Rates Today — Compare MI Lenders
The average 30-year fixed mortgage rate in Michigan is currently 6.50% APR. Michigan offers affordable housing across most markets, with Grand Rapids consistently ranking as one of the best cities for young professionals. Compare today’s rates from top Michigan lenders across all major loan types below.
Michigan Mortgage Rate Comparison Table
Rates below assume a 740+ credit score, 20% down payment, and a $270,000 loan on a single-family primary residence in Michigan.
| Loan Type | Interest Rate | APR | Best For |
|---|---|---|---|
| 30-Year Fixed | 6.50% | 6.50% | Most Popular |
| 15-Year Fixed | 5.85% | 5.85% | Pay off faster, save interest |
| 5/1 ARM | 6.62% | 6.62% | Short-term owners |
| FHA 30-Year | 6.17% | 6.17% | Low down payment |
| VA 30-Year | 6.01% | 6.01% | Veterans & military |
| 30-Year Refinance | 6.62% | 6.62% | Existing homeowners |
Rates sourced from lender survey data and updated regularly. Actual rates vary by lender and borrower profile. See disclaimer.
Understanding Mortgage Rates in Michigan
Michigan’s housing market has recovered strongly from the 2008-2009 financial crisis. Detroit’s urban core and surrounding suburbs offer some of the most affordable housing in any major metro area, while Ann Arbor commands a premium as a world-class university city.
Grand Rapids consistently ranks as one of the best cities for young professionals seeking affordable homeownership. West Michigan has a strong manufacturing and healthcare economy supporting stable housing demand.
What Affects Your Michigan Mortgage Rate?
Several key factors influence the rate a Michigan lender will offer you: your credit score (740+ gets the best rates), your down payment (20%+ eliminates PMI), your loan type (VA and FHA often beat conventional), and broader market conditions driven by the Federal Reserve and Treasury yields. Always compare at least 3–5 lenders — the spread between best and worst rate can be 0.5–1.0%.