The 30-year fixed averaged 7.22% in this week’s locked-rate data, down 0.03 points from a week earlier. The 15-year sits at 6.57% and FHA at 7.07%.
Where rates sit
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 7.22% | 7.29% | -0.03 |
| 15-Year Fixed | 6.57% | 6.66% | +0.01 |
| FHA 30-Year | 7.07% | 7.84% | +0.05 |
| VA 30-Year | 6.90% | 7.09% | -0.02 |
These are national averages of rates borrowers actually locked (Optimal Blue’s indices, published by the St. Louis Fed). They are not adjusted for Michigan and are not lender quotes. For comparison, Freddie Mac’s PMMS put the 30-year at 7.24% and the 15-year at 6.60% this week; the two sources measure different things, so they rarely match to the hundredth.
The Michigan angle
What the move means on a Kalamazoo home. On Kalamazoo’s $230,000 median with 10% down, a 30-year at 7.22% puts principal and interest at $1,408/month, about $4 less than at last week’s 7.25%. Property tax (Kalamazoo County, ~1.6%) and insurance come on top; the Kalamazoo page has the full estimate.
Lock or float?
For buyers under contract, the weekly move matters less than the spread between lenders. Get two or three Loan Estimates on the same day and judge them against each other, not against a headline average.
Rate data: Optimal Blue Mortgage Market Indices via FRED, values for October 28 (national locked rates; refinance is our model). Benchmark: Freddie Mac PMMS.
These are benchmark figures, not lender quotes. Where they come from.