The 30-year fixed averaged 6.45% across the Michigan lenders in our survey this week, down 4 basis points from last Thursday and the third consecutive weekly decline. The 15-year followed to 5.72%, while FHA pricing improved the most, dropping a nickel to 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
Two local notes worth more than the national headlines:
Grand Rapids inventory is finally moving. Active listings in Kent County rose for the second straight month — the first back-to-back gain since 2023. Homes are still going pending in under two weeks, but buyers are no longer seeing five-offer situations on every ranch under $350,000.
MSHDA funds remain available. Unlike several state housing agencies that exhausted down payment assistance mid-year, the MI 10K DPA is still funding statewide. If you’re under the income limits, the first-time buyer stack still works.
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. Compare your quote against this week’s table — anything more than 0.25% above our survey average deserves a second opinion from another lender.
Rate data: editorial survey of Michigan lenders, July 1. National benchmark: Freddie Mac PMMS.