Best for: Online experience and fast preapproval
- Min. credit
- 580
- Min. down
- 1% (ONE+ program, income limits apply)
- HQ
- Detroit, MI
- NMLS
- #3030
4.6 / 5.0
Read review Independent · Not a lender
Michigan mortgage rates, compared the way a neighbor would.
We track what Michigan lenders actually quote — from Rocket's Detroit tower to the credit union down the street — and explain the programs that make buying here cheaper, starting with MSHDA's $10,000 down payment assistance.
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 7.19% | ▾ 0.03 pts |
| 15-Year Fixed | 6.57% | 6.66% | ▴ + 0.05 pts |
| FHA 30-Year | 6.90% | 7.67% | ▾ 0.14 pts |
| VA 30-Year | 6.76% | 6.95% | ▾ 0.03 pts |
Source: Optimal Blue national locked-rate indices via FRED (refinance modeled). National averages of locked rates, not lender quotes; where they come from.
Lender reviews
The lenders Michiganders actually use
All 55 reviews →Three of the five largest mortgage companies in America are headquartered in Michigan. We review them — and the local credit unions that often beat them — on pricing, closing speed, and what borrowers report after closing.
Best for: Working through an independent mortgage broker
- Min. credit
- 620
- Min. down
- 3% (Conventional 97)
- HQ
- Pontiac, MI
- NMLS
- #3038
4.4 / 5.0
Read review Best for: Branch access and construction lending in Michigan
- Min. credit
- 620
- Min. down
- 3%
- HQ
- Troy, MI
- NMLS
- #417490
4.2 / 5.0
Read review Calculators
Run your own numbers
Monthly payment
Principal, interest, Michigan property taxes and PMI in one estimate.
How much house can I afford?
Work backward from your income and debts to a realistic price range.
Michigan closing costs
Transfer tax, title fees and recording costs specific to Michigan counties.
Refinance break-even
Whether today's rates save you enough to justify the closing costs.
First-time buyers
Michigan pays you to buy your first home
Between MSHDA's MI Home Loan, the MI 10K DPA (up to $10,000 toward your down payment, statewide), and city-level grants in Detroit, Grand Rapids and Lansing, a first purchase in Michigan can require far less cash than the sticker price suggests.
We keep a plain-English rundown of every active program, its income limits, and which lenders participate.
Browse buyer programs
- $10,000 MI 10K DPA assistance, 0% interest
- 640 minimum credit score for MSHDA programs
- ~$285K median Michigan home price — below the national median
- 83 counties, all MSHDA-eligible
Frequently asked questions
What are mortgage rates in Michigan right now?
As of November 5, 2026, the 30-year fixed averaged 7.12% in national locked-rate data, with the 15-year at 6.57%. Rates move daily — see the full Michigan rate table for every loan type.
Is MichiganMortgageLoan.net a lender?
No. We are an independent publisher based on rate data and lender research — we do not originate loans, take applications, or earn commission on any specific loan you close. Read how we make money.
What credit score do I need to buy a house in Michigan?
Most Michigan lenders want 620+ for a conventional loan, while FHA loans go down to 580 with 3.5% down (and 500 with 10% down at some lenders). MSHDA programs require 640. Your rate improves noticeably at 680, 700, and 740.
What is the MSHDA down payment assistance program?
The Michigan State Housing Development Authority offers up to $10,000 in down payment assistance (MI 10K DPA) as a zero-interest loan repaid when you sell or refinance. It pairs with the MI Home Loan for buyers meeting income and purchase-price limits — see our first-time buyer guide.