The 30-year fixed averaged 6.51% across the Michigan lenders in our survey this week, up 6 basis points from last Thursday and the first increase after three straight weekly declines. The 15-year edged up to 5.75%, and FHA gave back a little of last month’s improvement to land at 6.17%.
What moved
The June CPI report came in hotter than the market wanted — core prices firmer than the soft jobs number two weeks ago had implied — and Treasury yields backed up on the print. Mortgage spreads didn’t help: they widened a touch instead of continuing their slow narrowing. It’s a modest move, not a trend break, but it does erase most of the improvement buyers picked up around July 1.
The Michigan angle
Two local notes worth more than the national headline:
Grand Rapids inventory keeps building. Active listings in Kent County rose again — now three consecutive months of gains, the longest stretch since 2023. The bidding-war pressure on ranches under $350,000 has clearly eased, and a higher rate week like this one gives well-qualified buyers slightly more negotiating room than they’ve had in a while.
MSHDA funds are still flowing. The MI 10K DPA remains available statewide, and a 6-basis-point rate move does nothing to change the math on down payment assistance. If you’re under the income limits, the first-time buyer stack still does the heavy lifting.
Lock or float?
This week the case flips slightly toward locking if you’re closing inside 45 days. You’ve watched rates give back three weeks of gains in a single print, and the next Fed meeting is close enough that another surprise could push pricing either way. Floating only makes sense if you’re comfortable riding out volatility past mid-August. Compare your quote against this week’s table — anything more than 0.25% above our survey average still deserves a second opinion from another lender.
Rate data: editorial survey of Michigan lenders, July 9. National benchmark: Freddie Mac PMMS (30-year 6.49%, 15-year 5.82% for the week ending July 9).