Rates by city
Mortgage rates in Canton, Michigan
Canton is western Wayne County's family-suburb success story — a fast-growing township of newer subdivisions and strong schools that pulls buyers out of both Detroit and Ann Arbor's orbit.
The Canton market
Canton's housing skews newer than most of Wayne County, with 1990s-and-later subdivisions dominating, so appraisals are consistent and inventory turns over quickly among relocating families. Its position between Detroit and Ann Arbor makes it a magnet for dual-commute households.
Neighborhoods buyers ask about: Cherry Hill Village · Sunflower · Central Canton · Fellows Creek · Pheasant Run
What's different about buying here
Canton's newer subdivision stock makes appraisals predictable, and its position between Detroit and Ann Arbor draws dual-commute families competing for limited inventory.
Down payment help in Canton
Newer, mid-priced homes mean Canton sits near the edge of MSHDA eligibility — some purchases qualify, others just exceed the cap, so verify the specific price with a MSHDA-approved lender.
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 Wayne County's tax rate in the mortgage payment calculator, and see whether you qualify for buyer assistance programs before assuming you need 20% down.
Frequently asked questions
Why is Canton so popular with families?
Newer homes, strong schools, and a location that splits the commute to both Detroit and Ann Arbor. That combination keeps demand high and inventory tight, so buyers benefit from an underwritten preapproval and flexibility on closing dates to compete.
What is the monthly payment on a typical Canton home?
On Canton's median price of about $380 000 with 10% down at today's 6.45% average rate, expect roughly $2 807/month including Wayne County property taxes at ~1.6% and insurance.
Are mortgage rates different in Canton than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Canton is everything around it: Wayne County's ~1.6% effective property tax, local insurance costs, and which down payment assistance programs apply.