Michigan Mortgage Rates
Below you can see the current average mortgage rates in Michigan for both conventional and non-conventional mortgages. You can also compare them to current national rates as well as historical interest rates for both MI and nationwide.
Current Mortgage Rates in MI
| Mortgage Type | Avg. MI Rate | +/- | National Rate |
| 30-Year Fixed | 4.32% | – | 3.60% |
| 15-Year Fixed | 3.46% | – | 3.05% |
| 30-Year 5/1 ARM | 3.97% | – | 3.36% |
| 30-Year 3/1 ARM | 4.48% | – | – |
| 30-Year 7/1 ARM | 4.08% | – | – |
| 30-Year 10/1 ARM | 4.06% | – | – |
Note: Rates are updated weekly. Last update: 8/13/2019
Source: Consumer Financial Protection Bureau, Federal Reserve Bank of St. Louis
Non-Conventional Mortgage Rates in MI
| Mortgage Type | Avg. MI Rate | +/- |
| FHA 30-Year Fixed | 3.86% | – |
| FHA 15-Year Fixed | 3.84% | – |
| VA 30-Year Fixed | 3.81% | – |
| VA 15-Year Fixed | 3.84% | – |
Note: Rates are updated weekly. Last update: 8/13/2019
Source: Consumer Financial Protection Bureau
Historical Mortgage Rate Trends in MI
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Note: Adjustable mortgage rates excluded due to inefficient data.
Historical Mortgage Rate Trends in the U.S.
Source: Freddie Mac
Other Helpful Mortgage Resources
- Mortgage Calculator: Estimate Your Monthly Payment
- Mortgage Refinance Calculator
- Physician Mortgage Loans
- Mortgage Tips for Student Loan Borrowers
- Should You Pay Off Your Mortgage or Invest?
- Does Paying Your Mortgage Twice a Month Save Money?
- How Much House Can I Afford?
Data and Reports
The post Michigan Mortgage Rates appeared first on LendEDU.