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 often keep shorter-term loans on their own books and price them accordingly, so on a 15-year it is worth adding a Michigan credit union such as Lake Michigan Credit Union or DFCU Financial to the quotes you collect.
All Michigan rates compared
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 7.12% | 7.19% | ▾ 0.03 pts |
| 15-Year Fixed | 6.57% | 6.66% | ▴ + 0.05 pts |
| FHA 30-Year | 6.90% | 7.67% | ▾ 0.14 pts |
| VA 30-Year | 6.76% | 6.95% | ▾ 0.03 pts |
| Jumbo 30-Year | 7.42% | 7.47% | ▴ + 0.26 pts |
| 30-Year Refinance | 7.25% | 7.32% | ▾ 0.03 pts |
Source: Optimal Blue national locked-rate indices via FRED (refinance modeled). National averages of locked rates, not lender quotes; where they come from.
Frequently asked questions
What is the current 15-year fixed rate in Michigan?
As of November 5, 2026, the national average locked rate is 6.57% (6.66% APR) on the 15-year fixed, up 0.05 points from last week.
Why is my quoted rate different from the average?
The average mixes every borrower who locked that week, nationwide. Your credit score, down payment, property type, points and cash-out all move your own price, and a Michigan quote can sit above or below the national figure. Use it as a yardstick for judging quotes, not a promise.