The 30-year fixed averaged 7.12% 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 6.90%.
Where rates sit
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 7.19% | -0.03 |
| 15-Year Fixed | 6.57% | 6.66% | +0.05 |
| FHA 30-Year | 6.90% | 7.67% | -0.14 |
| VA 30-Year | 6.76% | 6.95% | -0.03 |
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 7.18% and the 15-year at 6.57% this week; the two sources measure different things, so they rarely match to the hundredth.
The Michigan angle
What the move means on a Traverse City home. On Traverse City’s $450,000 median with 10% down, a 30-year at 7.12% puts principal and interest at $2,727/month, about $8 less than at last week’s 7.15%. Property tax (Grand Traverse County, ~1.1%) and insurance come on top; the Traverse City page has the full estimate.
Lock or float?
Locking versus floating comes down to your timeline: inside 45 days, the case for locking is stronger; past that, you’re betting on the next inflation print.
Rate data: Optimal Blue Mortgage Market Indices via FRED, values for November 4 (national locked rates; refinance is our model). Benchmark: Freddie Mac PMMS.
These are benchmark figures, not lender quotes. Where they come from.