Michigan Mortgage Rates
Find the best Michigan mortgage rates and Detroit home loan options. Compare current MI mortgage rates, explore local lenders, and calculate your payments with our Michigan-specific tools.
Michigan Mortgage Calculator
Calculate your monthly mortgage payment using current Michigan rates and local market data. Factor in Michigan property taxes and insurance costs for accurate estimates.
Michigan Mortgage Calculator
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Current Michigan Mortgage Rates by Loan Type
30-Year Fixed Conventional
stable15-Year Fixed Conventional
downFHA 30-Year Fixed
stableVA 30-Year Fixed
downUSDA Rural Development
stable5/1 ARM
upMichigan Housing Market Overview
Statewide Market Stats
Detroit
Wayne County
Grand Rapids
Kent County
Warren
Macomb County
Sterling Heights
Macomb County
Ann Arbor
Washtenaw County
Lansing
Ingham County
Top Mortgage Lenders in Michigan
Flagstar Bank
Special Programs:
- Michigan first-time buyer programs
- Construction loans
- VA loans
Strengths:
- Strong Michigan presence
- Local expertise
- Competitive rates
Considerations:
- Limited national presence
- Complex underwriting process
Quicken Loans/Rocket Mortgage
Special Programs:
- VA Loans
- FHA Loans
- Conventional
- Jumbo loans
Strengths:
- Detroit-based company
- Fast digital process
- Excellent customer service
Considerations:
- Higher closing costs
- Limited face-to-face service
Chemical Bank (TCF)
Special Programs:
- First-time buyer assistance
- Community development loans
- Agricultural loans
Strengths:
- Regional expertise
- Personal service
- Community focus
Considerations:
- Limited product variety
- Slower technology adoption
Fifth Third Bank
Special Programs:
- Down payment assistance
- Investment property loans
- Construction-to-permanent
Strengths:
- Multi-state presence
- Variety of programs
- Good technology
Considerations:
- Higher fees
- Complex approval process
Michigan Community Banks
Special Programs:
- Local first-time buyer programs
- Agricultural loans
- Small business owner programs
Strengths:
- Personal service
- Local market knowledge
- Flexible underwriting
Considerations:
- Limited product options
- Basic technology platform
Michigan Homebuyer Programs & Incentives
Michigan State Housing Development Authority (MSHDA)
Michigan State Housing Development Authority
Program Benefits
- Below-market interest rates
- Down payment assistance up to $7,500
- MI Home Loan Program
- MSHDA Flex Program for higher incomes
Application Process:
Through participating MSHDA approved lenders
Eligibility Requirements
- First-time homebuyer (or not owned home in past 3 years)
- Primary residence in Michigan
- Complete homebuyer education course
- Meet income and purchase price limits by county
MI Home Loan Flex
MSHDA
Program Benefits
- Higher income limits than standard program
- Down payment assistance available
- Competitive interest rates
- Can be used statewide
Application Process:
Through MSHDA participating lenders only
Eligibility Requirements
- Broader income qualification
- First-time homebuyer or targeted areas
- Property must be in Michigan
- Homebuyer education required
USDA Rural Development - Michigan
USDA Rural Development Michigan
Program Benefits
- No down payment required
- No monthly mortgage insurance
- Below-market interest rates
- Available in many Michigan rural areas
Application Process:
Through USDA approved lenders in Michigan
Eligibility Requirements
- Property in USDA eligible area
- Income below area limits
- Primary residence only
- U.S. citizenship or permanent residency
Michigan Counties Mortgage & Economic Data
Wayne County (Detroit)
Major Employers:
Kent County (Grand Rapids)
Major Employers:
Oakland County
Major Employers:
Macomb County
Major Employers:
Washtenaw County (Ann Arbor)
Major Employers:
Ingham County (Lansing)
Major Employers:
Michigan Real Estate Market Trends & 2024 Outlook
Current Market Trends
- Detroit housing market recovery continuing with steady growth
- Grand Rapids and West Michigan showing strong demand
- Ann Arbor market driven by University of Michigan and tech sector
- Rural Michigan benefits from USDA loan programs
- Auto industry recovery supporting metro Detroit employment
2024 Market Projections
Market Challenges
- High property taxes in some counties
- Population decline in some industrial areas
- Aging housing stock in urban areas
- Economic dependence on automotive industry
Market Opportunities
- Strong affordability compared to national averages
- Robust first-time buyer program availability
- Automotive industry transformation creating new opportunities
- Growing tech sector in Ann Arbor and Grand Rapids
Michigan Mortgage Rates FAQ
What are current mortgage rates in Michigan?
Current Michigan mortgage rates range from 6.245% for 5/1 ARM loans to 7.155% for 30-year fixed conventional loans. FHA rates average 6.895% while VA loans average 6.635%. Rates vary by lender, credit score, loan amount, and specific location within Michigan.
What is the median home price in Michigan?
The median home price in Michigan is $195,000 as of 2024, offering excellent affordability. Detroit homes average $165,000, Grand Rapids averages $225,000, Ann Arbor averages $385,000, while other areas vary significantly by local economic conditions and proximity to major employment centers.
What Michigan first-time homebuyer programs are available?
Michigan offers MSHDA programs including MI Home Loan with down payment assistance up to $7,500, MI Home Loan Flex for higher incomes, and below-market interest rate loans. USDA rural loans are available for eligible areas, along with VA loans for veterans and FHA loans with low down payments.
Which Michigan counties have the best mortgage rates?
Mortgage rates are generally consistent statewide, but competition is highest in Wayne County (Detroit), Kent County (Grand Rapids), and Oakland County areas. These metro areas may offer slightly better rate options due to increased lender competition and market activity.
How do Michigan property taxes affect mortgage payments?
Michigan property tax rates vary significantly by county from 1.68% to 3.18% of assessed value. Kent County (Grand Rapids) has lower rates at 1.68% while Wayne County (Detroit) has higher rates at 3.18%. Property taxes are typically included in monthly mortgage payments through escrow accounts.
What credit score do I need for a Michigan mortgage?
Minimum credit scores for Michigan mortgages vary by loan type: Conventional loans typically require 620+, FHA loans accept scores as low as 580, VA loans often accept 580+, and MSHDA programs require 640+. Higher scores (740+) qualify for the best rates from Michigan lenders.
Michigan Mortgage Resources
Ready to Buy a Home in Michigan?
Use our Michigan-specific mortgage calculator to estimate your payments with current rates, local taxes, and insurance costs. Explore Michigan MSHDA programs to maximize your affordability.