The 30-year fixed averaged 6.57% across the Michigan lenders in our survey this week, up 0.06 points from last Thursday. The 15-year added its share to 5.86%, and FHA pricing landed at 6.23%.
Where rates sit
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 6.57% | 6.64% | +0.06 |
| 15-Year Fixed | 5.86% | 5.95% | +0.11 |
| FHA 30-Year | 6.23% | 7.00% | +0.06 |
| VA 30-Year | 6.13% | 6.32% | +0.06 |
The national benchmark set the tone: Freddie Mac’s PMMS put the 30-year at 6.55% and the 15-year at 5.93% for the week. Our Michigan survey tracks that benchmark with a small local spread, so the direction here follows the national move.
The Michigan angle
Credit unions stay competitive. Lake Michigan Credit Union and DFCU Financial continue to undercut national lenders on shorter terms in Michigan — worth a call if you’re weighing a 15-year.
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. Compare your quote against this week’s table — anything well above our survey average deserves a second opinion, and if you’re a first-time buyer, check whether the MSHDA stack narrows the gap before you assume you need 20% down.
Rate data: editorial survey of Michigan lenders, July 16. National benchmark: Freddie Mac PMMS (6.55% 30-year, 5.93% 15-year for the week ending July 16).