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Michigan Mortgage Rates

Updated: April 13, 2024

Compare today's rates for Mortgage Refinance in MI

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Mortgage rates for Michigan go down to 3.00%

Saturday, April 13, 2024

Mortgage rates for Michigan on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Michigan is now at 4.56%.

If you are looking for up to the minute Michigan mortgage rates, you’ve come to the right place.  Finding the lowest rates is easy when you have access to our vast network of trusted mortgage professionals in Michigan. Talk to multiple mortgage lenders in MI to compare rate quotes and understand your options.

Michigan Mortgage Refinance

Why is it critical to find the lowest rate when refinancing?  Simply put, this is the entire goal of a refinance.  The lower your new rate, the more money you’ll save. While there are many ways to secure a refinance loan, the best option is the no cost refi, which allows you to switch to a new mortgage with a lower rate without paying the fees associated with closing a new loan.  This can literally save you thousands of dollars.

Home Loans in Michigan

The loan types available in Michigan are much like those available elsewhere.  One of the most widely available mortgage loan types is the 30 year fixed rate mortgage.  As the name implies, this loan comes with a fixed interest rate.  This is considered the most financially sound mortgage by many borrowers. Some opt for the 15-year fixed option.

The adjustable rate mortgage (ARM) is another common loan type.  You can also pursue a jumbo loan, interest-only loan, balloon mortgage, or other specialized loan type.  Whether or not one of these loans fits you will depend entirely on your needs and the requirements of your lender.  Government backed loans, such as the FHA loan and the VA loan, are available to those who qualify.

Detroit, MI skyline

About Michigan

Michigan is a beautiful state in the northern Midwest bounded by four of the five Great Lakes.  One man single handedly brought change to Michigan, and that man was Henry Ford.  He established the first automobile manufacturing plant in Detroit.  Detroit is the largest city in the state of Michigan and is known as Motor City as a result of Ford’s pioneering work.  Detroit also has a thriving music scene connected to its other major nickname Motown. Additionally, other major cities include Grand Rapids, Warren, and Flint.

Detroit has an interesting contrast in lifestyles, with affluent areas lying outside in the metro areas and a poorer demographic dwelling in the inner city area. Live music, in particular blues music, is part of the vibrant night life that the city boasts. If you are looking to live in a Midwestern city with a down to earth atmosphere, you should consider becoming a homeowner in Michigan.

 To learn more about homeownership in Michigan or research MI home buying programs, visit the Michigan HUD portal.

Follow these links to learn more about Michigan mortgages.

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