Our Michigan estimate for the 30-year fixed is 6.68% this week, up 0.08 points from last Thursday. The 15-year estimate is 5.97% and FHA sits at 6.34%.
Where rates sit
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 6.68% | 6.75% | +0.08 |
| 15-Year Fixed | 5.97% | 6.06% | +0.08 |
| FHA 30-Year | 6.34% | 7.11% | +0.08 |
| VA 30-Year | 6.24% | 6.43% | +0.08 |
Freddie Mac’s PMMS put the national 30-year at 6.66% and the 15-year at 6.04% 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 Grand Rapids home. On Grand Rapids’s $315,000 median with 10% down, a 30-year at 6.68% puts principal and interest at $1,826/month, about $15 more than at last week’s 6.60%. Property tax (Kent County, ~1.4%) and insurance come on top; the Grand Rapids 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: Michigan estimates for the week ending July 30, built on Freddie Mac PMMS (6.66% 30-year, 6.04% 15-year).
These are benchmark figures, not lender quotes. Where they come from.