Michigan Interest Only Mortgage Rates
Updated: July 12, 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 |
3.03%
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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 3.03%
Sunday, July 12, 2020
Mortgage rates for Michigan on Lender411 for 30-year fixed-rate mortgages are at 3.03%. That dropped from 3.03% to 3.03%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Michigan is now at 4.56%.
Interest Only Rates in Michigan
When you buy a home in Michigan or refinance your existing mortgage with an interest only mortgage loan, you are taking out a 30-year mortgage, electing to pay "interest only" (instead of principal + interest) for a set period of time, such as 3, 5, 7 or 10 years. After the end of the "interest only period", the monthly payments readjust to include the principal, and the loan is re-amortized for the remaining years. Check out our main page on Interest Only Mortgage Rates.
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