Adjustable Mortgage Rates in Michigan
Updated: September 25, 2020
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Displaying rates for Mortgage Refinance in MI for $200,000
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2.836%APR  30 Year Fixed |
2.625% Rate | $803/mo |
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| PRODUCTS | RATES | +/- |
| 30 Year Fixed |
2.71%
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| 15 Year Fixed |
2.56%
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| 5/1 ARM |
4.56%
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Mortgage rates for Michigan go down to 2.71%
Friday, September 25, 2020
Mortgage rates for Michigan on Lender411 for 30-year fixed-rate mortgages are at 2.71%. That dropped from 3.00% to 2.71%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Michigan is now at 4.56%.
ARM Rates in Michigan Today
Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time (usually lower rates) and then can adjust based on current market conditions. Adjustable rate mortgages are usually amortized over a period of 30 years with the initial rate being fixed for anywhere from 1 month to 10 years.
If you are buying a home in Michigan or refinancing into an ARM loan, you can find the best rates on Lender411.com. Check out the main page on Adjustable Mortgage Rates.
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