Mortgage rates in Michigan
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
Michigan pairs low home prices with above-average property-tax rates.
Mortgage rates today by loan type
These are national averages. Lenders in Michigan price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
Michigan mortgage calculator
The calculator starts from Michigan's median list price, 20% down, the state's 1.14% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the full amortization schedule. To see how Michigan's property tax and insurance compare with every other state, try the mortgage calculator with taxes and insurance.
Michigan vs. the U.S.
Michigan's median list price is 28% below the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $624 a month less. Five-year price growth here was the 19th-fastest of 51 jurisdictions.
| Measure | Michigan | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $299,900 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $1,625 | $2,249 |
| Average home-purchase loanHMDA 2025 | $306,226 | $404,828 |
| Average closing costsincl. transfer taxes | $4,138 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.63% | 6.50% |
| Mortgage approval rateHMDA 2025 | 76.4% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +4.6% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +45.6% | +41.3% |
What Michigan borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every Michigan home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, Michigan borrowers paid 0.07 percentage points above the market benchmark at lock, the 10th-highest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateMI · U.S. | Over benchmarkMI · U.S. | Closing costsMI · U.S. | Paid pointsshare of loans | Median downequity on refis · MI |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)21,784 loans | 6.63%6.50% | +0.07+0.02 | $4,012$5,476 | 49.3%53.2% | 20.6% |
| Jumbo 30-yr fixed (20%+ down)221 loans | 6.63%6.63% | +0.01+0.00 | $6,360$10,251 | 31.7%38.4% | 20% |
| FHA 30-yr fixed10,810 loans | 6.63%6.25% | +0.74+0.42 | $8,379$11,291 | 52.4%59.3% | 3.5% |
| VA 30-yr fixed5,089 loans | 6.25%6.13% | −0.15−0.36 | $4,828$6,554 | 56.3%59.3% | 0% |
| Conventional rate-and-term refinance5,720 loans | 6.38%6.38% | −0.02−0.06 | $3,608$4,390 | 48.3%45.4% | 30.2% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in Michigan and what their borrowers paid.
Michigan's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in Michigan by 2025 purchase loans, out of 702 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in MI | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| United Wholesale Mortgage | 10,22312.1% | 6.62% | +0.11 | $2,190 | 51%$1,542 | 20% |
| Rocket Mortgage | 6,2807.4% | 6.63% | +0.08 | $2,154 | 64%$2,200 | 22% |
| Lake Michigan Credit Union | 6,2707.4% | 6.38% | −0.20 | $1,002 | 52%$440 | 23.8% |
| Mortgage 1 Incorporated | 2,0442.4% | 6.63% | +0.12 | $2,230 | 50%$1,446 | 22.3% |
| Huntington Bank | 2,0252.4% | 6.50% | +0.02 | $1,395 | 43%$550 | 20.6% |
| Union Home Mortgage | 1,8662.2% | 6.88% | +0.40 | $2,483 | 72%$1,280 | 20.1% |
| The Dart Bank | 1,7422.1% | 6.63% | +0.02 | $1,190 | 42%$678 | 20% |
| Staunton Financial, Inc. | 1,7242% | 6.63% | +0.06 | $1,499 | 40%$1,088 | 20% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in Michigan. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: Michigan lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in Michigan
On a home at Michigan's median list price of $299,900 with 20% down, the loan works out to $239,920, or about $1,625 a month in principal and interest at the 7.18% 30-year average.
What makes Michigan different is the cost around the loan. Its 1.14% effective property-tax rate adds roughly $285 a month, and homeowners insurance — at the state's median 0.43% of home value — about $109 more, bringing the all-in estimate to $2,019. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the affordability estimator.
Payment at the $299,900 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $2,019P&I $1,625 | — | $64,118 | $87,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,380P&I $1,828 | $157 | $34,128 | $102,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,490P&I $1,930 | $166 | $19,133 | $107,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,534P&I $1,971 | $170 | $13,135 | $109,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $2,464P&I $1,937 | $133 | $14,635 | $106,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $2,372P&I $1,979 | — | $4,138 | $102,000 |
Monthly = principal and interest + property tax (1.14% effective) + homeowners insurance (about $109/mo — Michigan's median premium, 0.43% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + Michigan's average closing costs ($4,138). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in Michigan's biggest counties
Home prices, and so the loan you need, vary more inside Michigan than rates do. The table covers the largest county markets. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| Wayne County5,024 homes for sale · Sep 2026 | $163,875+2.5% | $230,65516,170 loans | $832,750$1,040,937 | Conforming$131,100 loan | $1,103at 7.18% | |
| Oakland County3,578 homes for sale · Sep 2026 | $400,000-7% | $437,90314,478 loans | $832,750$1,040,937 | Conforming$320,000 loan | $2,693at 7.18% | |
| Macomb County2,360 homes for sale · Sep 2026 | $285,000-7.3% | $287,88210,154 loans | $832,750$1,040,937 | Conforming$228,000 loan | $1,919at 7.18% | |
| Genesee County1,196 homes for sale · Sep 2026 | $217,375+3.6% | $208,7554,319 loans | $832,750$1,040,937 | Conforming$173,900 loan | $1,463at 7.18% | |
| Kent County1,188 homes for sale · Sep 2026 | $380,500-1.7% | $343,0407,408 loans | $832,750$1,040,937 | Conforming$304,400 loan | $2,562at 7.18% | |
| Washtenaw County927 homes for sale · Sep 2026 | $454,250-6.1% | $368,6443,447 loans | $832,750$1,040,937 | Conforming$363,400 loan | $3,058at 7.18% | |
| Ingham County733 homes for sale · Sep 2026 | $199,975-13% | $248,3462,947 loans | $832,750$1,040,937 | Conforming$159,980 loan | $1,346at 7.18% | |
| Kalamazoo County625 homes for sale · Sep 2026 | $326,975-3.8% | $264,5572,819 loans | $832,750$1,040,937 | Conforming$261,580 loan | $2,201at 7.18% | |
| Ottawa County573 homes for sale · Sep 2026 | $477,450+2.1% | $342,6043,276 loans | $832,750$1,040,937 | Conforming$381,960 loan | $3,214at 7.18% | |
| Berrien County567 homes for sale · Sep 2026 | $409,675-2.9% | $925,5561,781 loans | $832,750$1,040,937 | Conforming$327,740 loan | $2,758at 7.18% | |
| Saginaw County518 homes for sale · Sep 2026 | $165,000-7% | $201,2681,814 loans | $832,750$1,040,937 | Conforming$132,000 loan | $1,111at 7.18% | |
| Grand Traverse County514 homes for sale · Sep 2026 | $519,750-0.4% | $362,2361,100 loans | $832,750$1,040,937 | Conforming$415,800 loan | $3,499at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), Michigan's 1.14% effective property tax and its median insurance premium (0.43% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in Michigan
Rates are national, but the rules around the loan are not. These Michigan specifics can change your payment, your closing or your protections as a borrower.
Taxable value uncaps the year after you buy
Michigan caps yearly taxable-value growth at inflation or 5%, whichever is less, but the cap lifts in the year after a sale, when taxable value resets to half of true cash value. A buyer's tax bill can therefore exceed the seller's, and the buyer must file a Property Transfer Affidavit within 45 days.
Source: a2gov.orgPrincipal Residence Exemption cuts up to 18 mills
The Principal Residence Exemption removes up to 18 mills of local school operating tax from a home you own and occupy as your permanent residence. To claim it, file Form 2368 with the city or township assessor by June 1 for both of that year's tax bills, or by November 1 for the winter bill.
Source: dearborn.govForeclosure sale starts a redemption period
Most Michigan mortgages are foreclosed by advertisement, a sheriff's auction without a court case. The owner can still redeem during a statutory period ranging from 30 days to one year (MCL 600.3240), and the sheriff's deed becomes operative only if no one redeems by the deadline.
Source: macombgov.orgMarried couples default to tenancy by the entireties
A deed to a married couple in Michigan generally creates a tenancy by the entireties, even if the deed does not use those words. Neither spouse can sell the home without the other's consent, and the survivor automatically becomes sole owner.
Source: a2gov.orgChecked against official sources on October 18, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How Michigan buyers finance their homes
Michigan leans conventional: 84.6% of 2025 originations were conventional loans (U.S. 78.0%), while FHA made up 10.1% and VA 5.0% — below the national 13.2% and 8.2%. Government-backed loans are still widely available; they are simply a smaller slice of what borrowers here choose.
| Loan type | Share in MI | U.S. share | Approval in MI | Avg loan in MI |
|---|---|---|---|---|
| Conventional | 84.6% | 78.0% | 76.7% | $249,733 |
| FHA | 10.1% | 13.2% | 71.8% | $221,310 |
| VA | 5.0% | 8.2% | 80.5% | $298,115 |
| USDA | 0.3% | 0.6% | 87.4% | $186,409 |
The average Michigan home loan in 2025 was $249,095 — 29% below the U.S. average of $352,861, the 13th-smallest of 51 jurisdictions. Home purchases accounted for 59.7% of those loans (U.S. 64.2%); cash-out refinances for 19.8% (U.S. 17.1%), so owners here tapped home equity more often than most.
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
Michigan loan limits for 2026
All 83 of Michigan's counties use the 2026 baseline conforming limit of $832,750 for a one-unit home. Any loan above that is a jumbo loan here, which usually means a larger down payment and cash reserves. See the full national grid in our conforming loan limit reference.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in Michigan
Average closing costs in Michigan are about $4,138 including transfer taxes (No. 20 of 51, highest first). On a home at the median list price of $299,900:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $59,980 | $8,997 |
| Average closing costs | $4,138 | $4,138 |
| Cash to close (estimate) | $64,118 | $13,135 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in Michigan
Michigan's transfer tax is $3.75 per $500 to the state plus $0.55 per $500 to the county — 0.86% combined — and the seller is liable for it. Sellers of a principal residence whose taxable value hasn't risen above its value when they bought it can be exempt from the state portion, and can claim a refund on Treasury Form 2796 within four years. Source: newaygocountymi.gov
Getting approved in Michigan
Federal HMDA lending records show Michigan lenders originated 229,505 home loans in 2025 and denied 70,986 applications — an approval rate near 76.4% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our mortgage approval report, and how Michigan ranks for lender complaints (11,788 on record).
Shopping for a loan? See the most active mortgage lenders in Michigan, ranked by federal HMDA volume.
Down-payment help in Michigan
You rarely need 20% down. MSHDA's MI Home Loan and MI 10K DPA (up to $10,000), plus up to $25,000 in Detroit, a $5,000 grant in Oakland County and up to $7,500 in Grand Rapids. The $25,000 First-Generation program is closed. See all first-time home buyer programs in Michigan — requirements, income limits by county and how far each covers a typical home.
Michigan MCC: 20% of your mortgage interest back as a tax credit
MSHDA issues a 20% credit to first-time buyers statewide and repeat buyers in targeted areas, applied for through an approved MCC lender before you buy. Maximum sales price: $544,233 statewide. What the credit is worth, with an MCC calculator.
Check current terms at MSHDA, see how a smaller down payment changes your number with the down-payment estimator, or compare assistance in every state.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (Michigan vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in Michigan reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our editorial team. Full sources and formulas: our methodology.
Michigan mortgage FAQ
What is a good mortgage rate in Michigan right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, Michigan's conventional buyers paid a median 6.63%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in Michigan than in other states?
Slightly. In 2025 HMDA records, Michigan's median conventional 30-year rate was 6.63%, against 6.50% nationally. Against the benchmark for each loan's lock week, which counts points and fees, Michigan loans priced 0.07 percentage points above it (the 10th-highest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in Michigan?
The national jumbo 30-year average is 7.25% (Optimal Blue). In 2025, Michigan's jumbo buyers paid a median 6.63%. A loan is jumbo above the $832,750 conforming limit, which applies in every Michigan county.
Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $239,920 loan (20% down on Michigan's median list price), a 30-year at 7.18% costs $1,625 a month and a 15-year at 6.57% costs $2,099.
The 15-year saves about $207,252 in interest but needs $474 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $239,920 loan (20% down on Michigan's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $1,625 to $1,791, or $165 a month.
Over 30 years that is about $59,524 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, Michigan's conventional rate-and-term refinances closed at a median 6.38% and purchases at 6.63%, partly because refinances bunch up when rates dip. Refinances priced 0.02 percentage points below the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a mortgage on a $300,000 house in Michigan?
About $2,020 a month with 20% down at 7.18%: $1,626 principal and interest, $285 property tax at Michigan's 1.14% effective rate and $109 homeowners insurance. With 10% down, PMI adds about $158 and the total is near $2,380.
Michigan's property tax runs above the U.S. median (1.14% vs 0.91% of value), and insurance above the U.S. median (0.43% vs 0.40% of value).
How much do you need to make to afford a $300,000 house in Michigan?
About $87,000 a year with 20% down, so the $2,020 monthly payment stays within 28% of gross income — or about $102,000 with 10% down once PMI is added.
Car, student-loan and card payments count too: conventional loans generally cap all monthly debts at 45% of income (50% with an automated approval), FHA at 43% (up to 57% with compensating factors).
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.