Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Tap on the profile icon to edit
your financial details.

Michigan Mortgage Rates

Your Details Done

Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Michigan Mortgages

Michigan combines a rich industrial history with the natural beauty of its lakes and forests. Despite a past of being below national averages, Michigan mortgage rates are now slightly higher than them. No Michigan counties have conforming loan limits above the standard $647,200 mark.

Today's Mortgage Rates in Michigan

Product Today Last Week Change
30 year fixed 6.75% 6.75% 0.00
15 year fixed 4.00% 3.63% +0.38
5/1 ARM 4.63% 2.00% +2.63
30 yr fixed mtg refi 7.49% 7.49% 0.00
15 yr fixed mtg refi 5.13% 5.00% +0.13
7/1 ARM refi 5.25% 5.13% +0.13
15 yr jumbo fixed mtg refi 3.05% 3.09% -0.03

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
Add your details
Purchase or Refinance
Select Purchase or Refinance
Do this later
Add your details
Enter your location Do this later
Add your details
Target Home Price
Target Home Value
Enter target home value
Do this later
Add your details
Down Payment
Down Payment
Enter down payment
Do this later
Add your details
Current Home Value
Current Home Value
Enter current home value
Do this later
Add your details
Current Mortgage Balance
Current Mortgage Balance
Enter current mortgage balance
Do this later
Add your details
Credit Score
Credit Rating
Select Your Credit Rating Do this later
No mortgages found. Please change your search criteria and try again.
Searching for Mortgages...
Share Your Feedback
How would you rate your experience using SmartAsset’s financial advisor matching service so far?
What is the most important reason for that score? (optional)
Please limit your response to 150 characters or less.
Thank you for your answer! Your feedback is very important to us.

Historical Mortgage Rates in Michigan

Photo Credit: ©

Michigan Mortgage Rates Quick Facts

  • Median Home Value: $169,600 (U.S. Census Bureau)
  • Loan Funding Rate: 62.72% (CFPB)
  • Homeownership Rate: 74.3% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,298 (U.S. Census Bureau)

After trailing just behind the national average from 2011 to 2016, average mortgage rates in Michigan rose above the national average in both 2017 and 2018. So over time, mortgage rates in Michigan have seen quite a bit of fluctuation.

A financial advisor in Michigan can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Michigan Historic Mortgage Rates*

YearMichigan RateU.S. Rate

*The FHFA stopped reporting new data in 2018.

Michigan Mortgages Overview

If you’re looking to buy a home in Michigan, you are not alone. The Michigan real estate has rebounded since the housing crisis, and in some cities homes are selling like hotcakes. The Great Lakes State has some expensive areas to buy a home, such as Huntington Woods, a wealthy Detroit suburb. But, the state has plenty of depressed housing markets, such as Flint, which help keep the state’s average prices pretty low.

No Michigan counties have conforming loan limits over the Fannie Mae and Freddie Mac standard $647,200 limit. The conforming loan limit is the maximum mortgage amount that can be re-sold on the secondary mortgage market. If you take out a mortgage that’s over the conforming loan limit in your county, your mortgage will be considered a "jumbo loan" and will likely come with a higher interest rate.

Some U.S. counties are so pricey that their conforming loan limit is higher than $647,200. For now, no Michigan counties have home prices high enough to merit raising the conforming loan limit. In contrast, some states have over a dozen high-limit counties.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Allegan$647,200 $420,680
Alpena$647,200 $420,680
Antrim$647,200 $420,680
Arenac$647,200 $420,680
Baraga$647,200 $420,680
Barry$647,200 $420,680
Bay$647,200 $420,680
Benzie$647,200 $420,680
Berrien$647,200 $420,680
Branch$647,200 $420,680
Calhoun$647,200 $420,680
Cass$647,200 $420,680
Charlevoix$647,200 $420,680
Cheboygan$647,200 $420,680
Chippewa$647,200 $420,680
Clare$647,200 $420,680
Clinton$647,200 $420,680
Crawford$647,200 $420,680
Delta$647,200 $420,680
Dickinson$647,200 $420,680
Eaton$647,200 $420,680
Emmet$647,200 $420,680
Genesee$647,200 $420,680
Gladwin$647,200 $420,680
Gogebic$647,200 $420,680
Grand Traverse$647,200 $420,680
Gratiot$647,200 $420,680
Hillsdale$647,200 $420,680
Houghton$647,200 $420,680
Huron$647,200 $420,680
Ingham$647,200 $420,680
Ionia$647,200 $420,680
Iosco$647,200 $420,680
Iron$647,200 $420,680
Isabella$647,200 $420,680
Jackson$647,200 $420,680
Kalamazoo$647,200 $420,680
Kalkaska$647,200 $420,680
Kent$647,200 $420,680
Keweenaw$647,200 $420,680
Lake$647,200 $420,680
Lapeer$647,200 $420,680
Leelanau$647,200 $420,680
Lenawee$647,200 $420,680
Livingston$647,200 $420,680
Luce$647,200 $420,680
Mackinac$647,200 $420,680
Macomb$647,200 $420,680
Manistee$647,200 $420,680
Marquette$647,200 $420,680
Mason$647,200 $420,680
Mecosta$647,200 $420,680
Menominee$647,200 $420,680
Midland$647,200 $420,680
Missaukee$647,200 $420,680
Monroe$647,200 $420,680
Montcalm$647,200 $420,680
Montmorency$647,200 $420,680
Muskegon$647,200 $420,680
Newaygo$647,200 $420,680
Oakland$647,200 $420,680
Oceana$647,200 $420,680
Ogemaw$647,200 $420,680
Ontonagon$647,200 $420,680
Osceola$647,200 $420,680
Oscoda$647,200 $420,680
Otsego$647,200 $420,680
Ottawa$647,200 $420,680
Presque Isle$647,200 $420,680
Roscommon$647,200 $420,680
Saginaw$647,200 $420,680
St. Clair$647,200 $420,680
St. Joseph$647,200 $420,680
Sanilac$647,200 $420,680
Schoolcraft$647,200 $420,680
Shiawassee$647,200 $420,680
Tuscola$647,200 $420,680
Van Buren$647,200 $420,680
Washtenaw$647,200 $420,680
Wayne$647,200 $420,680
Wexford$647,200 $420,680

One distinctive feature of the Michigan mortgage market is the high number of foreclosure properties. Those foreclosed homes aren’t just a result of missed monthly mortgage payments. In Michigan, property tax foreclosure has put tens of thousands of homes on the market, with some selling for less than a month’s rent. A 1999 Michigan state law requires county treasurers to auction off all homes that have been delinquent on property taxes for three years or more. A more recent law prevents delinquent homeowners from bidding on their own homes in these foreclosure auctions and winning them back.

That means if you’re looking for a bargain on a Michigan home, a foreclosure auction may be an appealing option. Just keep in mind that some of the properties may be owner-occupied at the time of the auction.

Before you buy a home in Michigan, it’s a good idea to look at the history of its property taxes. Some homes in the Great Lakes State are likely overdue for an assessment, which means the property taxes on the homes may be much higher than you’d expect. Because of the state’s automatic property tax foreclosure law it's especially important to ensure that you can keep up with your property tax bill if you’re buying a home in Michigan.

The foreclosure process in Michigan generally involves an auction, not a lawsuit. Most mortgages include a power of sale clause that allows the lender to advertise the home’s foreclosure in the event that the buyer becomes delinquent on mortgage payments. Notice of foreclosure, including a sale date, must be advertised for four weeks before the sale, and within 15 days the lender must post a notice at the property to be foreclosed. There is no mortgage default notice requirement in Michigan, which puts the burden on the homebuyer to stay on top of mortgage bills. The foreclosure process in the Great Lakes State can move quickly.

30-Year Fixed Mortgage Rates in Michigan

If you get a mortgage in Michigan (which you might not need to do if you score a bargain at auction) you’ll probably end up with a 30-year fixed-rate mortgage. That’s the type of mortgage most homebuyers opt for.

Once you lock in your mortgage rate, it won’t change for the full 30-year term unless you decide to refinance your mortgage. You’ll have 30 years to pay off the mortgage, unless you refinance or make prepayments that shorten the term.

The average Michigan rate for a fixed 30-year mortgage is 3.50% (Zillow, Jan. 2022).

Michigan Jumbo Loan Rates

As we mentioned, in most counties, any home loan that’s $647,200 or less is a "conforming loan." Loans exceeding that amount are considered jumbo loans and generally come with a higher interest rate. Why? Because if a bank is lending you an extra-large sum it wants some compensation for that extra risk. However, jumbo loans currently come with lower rates.

The average 30-year fixed Michigan jumbo loan rate is 3.38% (Zillow, Jan. 2022).

Michigan ARM Loan Rates

An adjustable-rate mortgage (ARM) is a mortgage where the rate can change during the mortgage term. Most ARMs are hybrid loans. That means after an introductory period of one, three, five, seven or 10 years (depending on the mortgage) the interest rate can go up or down, once a year. In general, most rates increase. The total increase is capped in the mortgage terms, but the rate jump, which will result in a jump in your monthly payments, can be a struggle if you haven’t budgeted for it.

The average rate for a 5/1 ARM in Michigan is 2.81% (Zillow, Jan. 2022).

Michigan Mortgage Resources

If you need a little help purchasing or holding on to a home in Michigan there are resources available. Through the MI Home Loan program, the Michigan State Housing Development Authority (MSHDA) offers down payment assistance of up to $7,500. A homebuyer education class is required. The assistance is available to first-time homebuyers across Michigan and repeat homebuyers in certain areas targeted for development. Income limits vary based on family size and home location, but there is a statewide sales price limit of $224,500.

A separate program from the MSHDA, called MI Home Loan Flex, is designed for repeat homebuyers and is available across Michigan, with the same sales price limit of $224,500. It offers down payment assistance of up to the lesser of $7,500 or 4% of the sales price, whichever is less.

Available Resources

ResourceProblem or IssueWho Qualifies
Michigan State Housing Development AuthorityHomebuying assistance and down payment assistance (up to $7,500) through the MI First Home Program.First-time homebuyers state-wide and repeat homeowners in certain areas targeted for development. Income limits, sales price limits and minimum credit scores apply. Homeownership education is required.
Michigan State Housing Development AuthorityHomebuying assistance and down payment assistance (up to $7,500 or 4% of the sales price, whichever is less) through the MI Home Loan Flex.Repeat homebuyers state-wide who meet income, sales price and minimum credit score limits. A minimum score of 660 is required.
Michigan State Housing Development AuthorityHomebuying assistance through the Individual Development Account, which provides a 3:1 match for the money participants save for homeownership.IDA participants must be at or below 200% of the poverty level ($32,040 per year for a family of two in 2016).
Michigan Homeowner Assistance Nonprofit Housing CorporationForeclosure prevention through the Step Forward Michigan Program.Applicants must own or live in their home, their lender, county treasurer or condo association must be a participating partner, and applicants must have less than $10,000 in their bank accounts. They must also have enough income to pay future housing expenses, and have gone through a qualifying event that caused the delinquency - an event like a death, medical event, divorce or significant housing repair expense.

There are other benefits available in addition to down payment assistance. The MSHDA’s Mortgage Credit Certificate (MCC) program offers qualified homebuyers a federal tax credit of 20% of their annual mortgage interest payments.

There’s also the Individual Development Account, which provides financial education, credit counseling, homeownership counseling and more. But the biggest benefit is that it’s a matched savings account that can help low-income families save for homeownership.

If you’re already a homeowner and you need help holding on to your home, there is housing education and counseling available to you free of charge. Another resource is MSHDA’s Step Forward Michigan, which can help qualified Michiganders who are delinquent on their mortgage, property taxes or condo fees. To be eligible, you must own and live in your home, have less than $10,000 in your bank accounts and have enough income to pay future housing expenses. You must have experienced a qualifying event such as unemployment, divorce, a medical event, etc.

The state of Michigan offers other resources for foreclosure prevention, and there are also local resources, particularly in hard-hit areas like Detroit. Several non-profits help low-income Michiganders navigate the foreclosure auction process and buy the homes they’re renting or other low-price homes.

Michigan Mortgage Taxes

Michigan has a flat income tax of 4.25%. Your Michigan taxes will use your federal Adjusted Gross Income as the basis for that flat tax rate. Though you can always deduct your mortgage interest on your federal income tax return if you itemize your deductions, you won’t be able to deduct your mortgage interest payments when you do your Michigan state income taxes.

If you own a home in Michigan that is your primary residence for at least six months of the year and you pay property taxes you may qualify for a property tax credit, depending on the when you got your mortgage, on the taxable value of your home and on your household income.

Some Michigan counties give property tax relief to seniors, people with disabilities, veterans, people experiencing poverty and surviving spouses of veterans and farmers. If you need property tax help in Michigan, you can contact the treasurer of your city or county.

Michigan has a state real estate transfer tax of 0.75% that you’ll owe if you sell your home in Michigan. Counties levy their own real estate transfer taxes, which range from 0.11% to 0.15% depending on the population of the county.

Michigan Mortgage Refinance

Refinancing a Michigan mortgage works as it does in other states. You’ll essentially take out a new mortgage, either from the same lender or from a new lender who offers better terms. You may decide to refinance to lower your rate, to shorten your loan term or to lower your monthly payments.