The 30-year fixed averaged 7.37% in this week’s locked-rate data, up 0.13 points from a week earlier. The 15-year sits at 6.68% and FHA at 7.10%.
Where rates sit
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 7.37% | 7.44% | +0.13 |
| 15-Year Fixed | 6.68% | 6.77% | +0.16 |
| FHA 30-Year | 7.10% | 7.87% | +0.15 |
| VA 30-Year | 7.01% | 7.20% | +0.08 |
These are national averages of rates borrowers actually locked (Optimal Blue’s indices, published by the St. Louis Fed). They are not adjusted for Michigan and are not lender quotes. For comparison, Freddie Mac’s PMMS put the 30-year at 7.28% and the 15-year at 6.60% this week; the two sources measure different things, so they rarely match to the hundredth.
A note on this week’s numbers. Starting with this post, our table uses national locked-rate data instead of the method behind earlier weekly posts (see our editorial policy), so compare this week with September 24 on direction, not on the exact level. The weekly change above is measured on the new data itself.
The Michigan angle
What the move means on a Detroit home. On Detroit’s $85,000 median with 10% down, a 30-year at 7.37% puts principal and interest at $528/month, about $7 more than at last week’s 7.24%. 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: Optimal Blue Mortgage Market Indices via FRED, October 1 (national locked rates; refinance is our model). Benchmark: Freddie Mac PMMS.
These are benchmark figures, not lender quotes. Where they come from.