Our Michigan estimate for the 30-year fixed is 7.05% this week, up 0.08 points from last Thursday. The 15-year estimate is 6.35% and FHA sits at 6.71%.
Where rates sit
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 7.05% | 7.12% | +0.08 |
| 15-Year Fixed | 6.35% | 6.44% | +0.16 |
| FHA 30-Year | 6.71% | 7.48% | +0.08 |
| VA 30-Year | 6.61% | 6.80% | +0.08 |
Freddie Mac’s PMMS put the national 30-year at 7.03% and the 15-year at 6.42% 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 Marquette home. On Marquette’s $280,000 median with 10% down, a 30-year at 7.05% puts principal and interest at $1,685/month, about $14 more than at last week’s 6.97%. Property tax (Marquette County, ~1.4%) and insurance come on top; the Marquette 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 September 24, built on Freddie Mac PMMS (7.03% 30-year, 6.42% 15-year).
These are benchmark figures, not lender quotes. Where they come from.