Our Michigan estimate for the 30-year fixed is 6.45% this week, down 4 basis points from last Thursday and the third consecutive weekly decline. The 15-year followed to 5.72%, and FHA sits at 6.12%.
What moved
Treasury yields drifted lower after the June jobs report came in softer than forecast, and mortgage spreads — stubbornly wide for two years — narrowed slightly. None of this is dramatic, but direction matters more than magnitude for buyers deciding whether to lock.
The Michigan angle
What the move means on a Flint home. On Flint’s $70,000 median with 10% down, a 30-year at 6.45% puts principal and interest at $396/month, about $2 less than at last week’s 6.49%. Property tax (Genesee County, ~1.6%) and insurance come on top; the Flint page has the full estimate.
Lock or float?
If you’re closing within 30 days, the case for locking is straightforward: you’ve caught a three-week improvement, and the next CPI print is a coin flip. Floating makes sense only past 45 days out.
Rate data: Michigan estimates for the week ending July 1, built on Freddie Mac PMMS.
These are benchmark figures, not lender quotes. Where they come from.