Rates by loan type
15-Year Fixed mortgage rates in Michigan
The 15-year fixed prices roughly three-quarters of a point below the 30-year and cuts lifetime interest by more than half — if you can carry the bigger payment.
On a $200,000 loan, moving from a 30- to a 15-year term raises the payment by roughly $450/month but saves over $100,000 in interest at current rates. It suits refinancers who are several years into a 30-year loan and don't want to reset the clock.
Credit unions are unusually competitive on 15-year terms in Michigan — Lake Michigan Credit Union and DFCU Financial frequently undercut national lenders here.
All Michigan rates compared
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 6.51% | 6.58% | ▴ + 0.06 pts |
| 15-Year Fixed | 5.75% | 5.84% | ▴ + 0.03 pts |
| FHA 30-Year | 6.17% | 6.94% | ▴ + 0.05 pts |
| VA 30-Year | 6.07% | 6.26% | ▴ + 0.05 pts |
| Jumbo 30-Year | 6.65% | 6.70% | ▴ + 0.04 pts |
| 30-Year Refinance | 6.64% | 6.71% | ▴ + 0.06 pts |
Source: Editorial survey of Michigan lenders; national benchmark: Freddie Mac PMMS. Averages for borrowers with 740+ credit and 20% down; your quote will differ.
Frequently asked questions
What is the current 15-year fixed rate in Michigan?
As of July 9, 2026, Michigan lenders in our survey average 5.75% (5.84% APR) on the 15-year fixed, up 0.03 points from last week.
Why is my quoted rate different from the average?
Averages assume 740+ credit, 20% down, and a single-family primary home. Lower scores, smaller down payments, condos, and cash-out all add pricing adjustments. The average is a benchmark for judging quotes — not a promise.