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. In our surveys, the spread between the cheapest and priciest Michigan quote for the same borrower routinely exceeds 0.375% — worth about $70/month on a $285,000 loan.
All Michigan rates compared
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 6.45% | 6.52% | ▾ 0.04 pts |
| 15-Year Fixed | 5.72% | 5.81% | ▾ 0.02 pts |
| FHA 30-Year | 6.12% | 6.89% | ▾ 0.05 pts |
| VA 30-Year | 6.02% | 6.21% | ▴ + 0.01 pts |
| Jumbo 30-Year | 6.61% | 6.66% | — no change |
| 30-Year Refinance | 6.58% | 6.65% | ▾ 0.03 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 30-year fixed rate in Michigan?
As of July 1, 2026, Michigan lenders in our survey average 6.45% (6.52% APR) on the 30-year fixed, down 0.04 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.