Rates by city
Mortgage rates in Bay City, Michigan
Bay City anchors the eastern Tri-Cities with waterfront character and some of the most affordable historic housing in Michigan — Victorian-era homes on the Saginaw River at prices that draw restorers and first-time buyers alike.
That estimate applies Bay County's ~1.6% effective rate to the median price. Your real bill uncaps when you buy — resetting to about half the sale price — and the homestead exemption trims it if you file on time. More on Michigan property tax.
Down payment help in Bay City
MSHDA works well in Bay City, and the surrounding Bay County countryside is largely USDA-eligible — so between assistance and zero-down rural loans, cash-to-close hurdles are lower here than the prices alone suggest.
The Bay City market
Bay City's grand but affordable older housing rewards buyers open to renovation, making FHA 203(k) loans a natural fit, while low prices keep entry accessible. As in other low-priced Michigan cities, some homes fall below lender minimums and route buyers to local institutions.
Neighborhoods buyers ask about: Center Avenue Historic District · Midland Street · South End · Banks · Essexville border
Today's Michigan rates
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 6.57% | 6.64% | ▴ + 0.06 pts |
| 15-Year Fixed | 5.86% | 5.95% | ▴ + 0.11 pts |
| FHA 30-Year | 6.23% | 7.00% | ▴ + 0.06 pts |
| VA 30-Year | 6.13% | 6.32% | ▴ + 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.
Estimate your exact payment with Bay County's tax rate in the Michigan payment calculator, and see whether you qualify for MSHDA down payment help before assuming you need 20% down.
Frequently asked questions
Is Bay City a good market for a fixer-upper?
Yes — its stock of affordable historic homes is ideal for an FHA 203(k) renovation loan, which finances the purchase plus improvements in a single mortgage. That's often the practical route on older homes that need work before they'd pass a standard appraisal.
What is the monthly payment on a typical Bay City home?
On Bay City's median price of about $130,000 with 10% down at today's 6.57% average rate, expect roughly $1,068/month including Bay County property taxes at ~1.6% and insurance.
Are mortgage rates different in Bay City than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Bay City is everything around it: Bay County's ~1.6% effective property tax, local insurance costs, and which down payment assistance programs apply.