Our Michigan estimate for the 30-year fixed is 6.60% this week, up 0.03 points from last Thursday. The 15-year estimate is 5.89% and FHA sits at 6.26%.
Where rates sit
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 6.60% | 6.67% | +0.03 |
| 15-Year Fixed | 5.89% | 5.98% | +0.03 |
| FHA 30-Year | 6.26% | 7.03% | +0.03 |
| VA 30-Year | 6.16% | 6.35% | +0.03 |
Freddie Mac’s PMMS put the national 30-year at 6.58% and the 15-year at 5.96% for the week. Our Michigan figures are built on that benchmark, so they move with it by design. They are not a separate reading of what Michigan lenders quoted.
The Michigan angle
What the move means on a Detroit home. On Detroit’s $85,000 median with 10% down, a 30-year at 6.60% puts principal and interest at $489/month, about $2 more than at last week’s 6.57%. Property tax (Wayne County, ~2.1%) and insurance come on top; the Detroit 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: Michigan estimates for the week ending July 23, built on Freddie Mac PMMS (6.58% 30-year, 5.96% 15-year).
These are benchmark figures, not lender quotes. Where they come from.