Mortgage Rates in Michigan: Today's Averages & 2026 Outlook
Michigan 30-year fixed rates are running around 6.88% — roughly 3 bps above the national average of 6.85%. Here's how MI rates stack up, what drives the spread, and the programs that can price you lower.
Today's Michigan rates by loan type
Estimates for Michigan based on the current national 30-year average of 6.85% plus the state's typical spread (+3 bps). Live national rate sourced daily from Freddie Mac PMMS via our rate feed. Your actual quote will depend on your credit, down payment, and lender.
What drives Michigan mortgage rates
National rates set the floor — Freddie Mac's weekly PMMS average is the benchmark almost every Michigan lender starts from. But MI typically prices about 3 basis points above that national average because of three local dynamics: the mix of loan types written in the state, lender density and competition, and how expensive the state is to close in.
Loan mix. Conventional dominant; FHA share elevated in metro Detroit. The mix matters because FHA, VA, and USDA loans price differently than conventional — states with heavier government-loan share tend to show tighter buyer rates but higher fees.
Median loan size. The typical Michigan loan is around $220,000 on a $245,000 home. That size sits well inside conforming loan limits, so most MI buyers get standard agency pricing.
Refi activity. Refi share is small — most books are sub-5%.
What a typical Michigan payment looks like
| Line item | Estimate |
|---|---|
| Median home price | $245,000 |
| Median loan amount (typical LTV) | $220,000 |
| 30-yr rate (state avg) | 6.88% |
| Monthly principal & interest | $1,446 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$1,880 |
Directional math for Michigan in 2026. Add property taxes, homeowners insurance, PMI (if putting less than 20% down), and any HOA dues for a full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
What's unique about financing in Michigan
What most MI borrowers use
Conventional dominant; FHA share elevated in metro Detroit.
Below-market MI rate options
MSHDA MI Home Loan pairs a competitive rate with up to $10K in DPA.
Is a refi worth it in MI?
Refi share is small — most books are sub-5%.
Rate + grants + closing costs
A below-market rate is only one lever. Stack it with MI down-payment assistance and seller-paid closing costs. See MI grants → · MI closing costs →
Get matched with a Michigan lender — free
We'll match you with vetted MI lenders competing for your loan. Compare real Loan Estimates side-by-side — the same Michigan buyer can save $2,000–$5,000+ over the life of the loan by shopping three quotes.
Michigan mortgage rates: FAQ
What is today's mortgage rate in Michigan?▾
The average 30-year fixed mortgage rate in Michigan is around 6.88% — roughly 3 bps above the current national average of 6.85%. 15-year fixed loans run about 6.13%, FHA around 6.63%, and VA around 6.53%. Your actual rate depends on credit score, down payment, loan type, and lender competition — always compare Loan Estimates from at least three lenders.
How do Michigan mortgage rates compare to the national average?▾
Michigan rates typically sit slightly above (about 3 bps higher than) the US 30-year average. The spread reflects local lender competition, loan mix (conventional dominant; fha share elevated in metro detroit.), and state-level closing-cost dynamics.
What monthly payment can I expect on a Michigan home?▾
On the median Michigan loan of $220,000 at 6.88% for 30 years, principal and interest run about $1,446/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues. Add roughly 25–35% to that P&I number to estimate a full PITI payment.
Are there special first-time homebuyer rate programs in Michigan?▾
Yes. MSHDA MI Home Loan pairs a competitive rate with up to $10K in DPA. These state-agency programs typically pair a below-market rate with down payment assistance — worth comparing against a standard conventional loan before locking.
Should I refinance my Michigan mortgage right now?▾
Refi share is small — most books are sub-5%. The break-even math: divide your total refi closing costs by your monthly payment savings — if you'll stay in the home longer than the payback period, refinancing pays off. Our free Refi Optimizer runs the numbers for you.