Rates by city
Mortgage rates in Ann Arbor, Michigan
Ann Arbor is Michigan's jumbo-adjacent market: with a median around half a million dollars, a routine 20%-down purchase in many neighborhoods lands at or above the conforming loan limit, which changes both your rate and your documentation.
The Ann Arbor market
University of Michigan demand keeps prices high and inventory scarce, especially in walkable areas like Burns Park, Kerrytown and the Old West Side. Two local wrinkles trip up out-of-state lenders: non-warrantable condos near campus (which many lenders won't finance conventionally) and purchases that cross into jumbo territory at otherwise ordinary price points.
Neighborhoods buyers ask about: Burns Park · Kerrytown · Old West Side · Water Hill · Bryant · Lower Burns Park
What's different about buying here
Ann Arbor is Michigan's jumbo-adjacent market: many purchases exceed conforming limits at 20% down, and condo non-warrantability near campus trips up out-of-state lenders.
Down payment help in Ann Arbor
MSHDA income and purchase-price limits are hard to meet at Ann Arbor prices, so first-time-buyer help here more often comes from employer programs — the University of Michigan and the health system have offered homebuyer and neighborhood incentives to staff.
Today's Michigan rates
| 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 |
Source: Editorial survey of Michigan lenders; national benchmark: Freddie Mac PMMS. Averages for borrowers with 740+ credit and 20% down; your quote will differ.
Estimate your exact payment with Washtenaw County's tax rate in the Washtenaw County payment calculator, and see whether you qualify for down payment assistance before assuming you need 20% down.
Frequently asked questions
Will I need a jumbo loan to buy in Ann Arbor?
Often, yes. With a median near $525,000, financing more than the conforming limit is common even with 20% down. Jumbo loans usually want a 700+ score and full documentation, and local banks that hold these loans on their books frequently price them most aggressively for existing clients.
What is the monthly payment on a typical Ann Arbor home?
On Ann Arbor's median price of about $525 000 with 10% down at today's 6.45% average rate, expect roughly $3 909/month including Washtenaw County property taxes at ~1.8% and insurance.
Are mortgage rates different in Ann Arbor than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Ann Arbor is everything around it: Washtenaw County's ~1.8% effective property tax, local insurance costs, and which down payment assistance programs apply.