Rates by loan type
30-Year Fixed mortgage rates in Michigan
The 30-year fixed is what four out of five Michigan buyers end up with: the payment never moves, and the long term keeps it affordable on Michigan incomes.
The trade-off is total interest — at current rates you pay roughly twice the loan amount over the full term. Michiganders who expect to stay put often split the difference: take the 30-year for payment safety, then prepay principal when cash allows. There is no prepayment penalty on conforming loans.
Rate shopping matters most on this product because every lender offers it. Freddie Mac's research found that one extra rate quote saved borrowers about $1,500 over the life of the loan, and five quotes about $3,000. Collect Loan Estimates on the same day so they are comparable.
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 30-year fixed rate in Michigan?
As of November 5, 2026, the national average locked rate is 7.12% (7.19% APR) on the 30-year fixed, down 0.03 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.