Michigan Mortgage Rates (2026)
Current average mortgage rates, median home prices, and top lenders in Michigan. Rates apply to primary residence purchases with good credit (740+).
30yr Fixed
7.06%
Avg APR
15yr Fixed
6.46%
Avg APR
Median Price
$250,000
Median home
Monthly P&I
$1,334
30yr at 80% LTV
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Top Mortgage Lenders in Michigan
1
Get RateRocket Mortgage
Online convenience
30yr Fixed
7%
15yr Fixed
6.4%
Min Down
3%
2
Get RateChase
Existing customers
30yr Fixed
6.9%
15yr Fixed
6.3%
Min Down
3%
3
Get RateWells Fargo
Branch access
30yr Fixed
7.1%
15yr Fixed
6.5%
Min Down
3%
4
Get RateBank of America
Preferred Rewards
30yr Fixed
7%
15yr Fixed
6.4%
Min Down
3%
5
Get RateloanDepot
Low down payment
30yr Fixed
6.9%
15yr Fixed
6.3%
Min Down
3%
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First-Time Buyer Programs in Michigan
- ✓MSHDA MI Home Loan
- ✓MSHDA Down Payment Assistance
- ✓Detroit Home Mortgage
Mortgage Requirements in Michigan
- •Min 640 credit score for MSHDA
- •Income limits apply
- •Homebuyer education required
Michigan Housing Market Facts
Detroit metro offers some of the lowest home prices of any major US city.
Grand Rapids and Ann Arbor are significantly pricier than Detroit.
MSHDA DPA provides up to $10,000 toward down payment.
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