Rates by city
Mortgage rates in Dearborn, Michigan
Dearborn is home to one of the most active markets for Sharia-compliant home financing in the United States, so buyers here weigh options that most Michigan cities never encounter alongside conventional mortgages.
That estimate applies Wayne County's ~2% 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. See how Michigan property tax works.
Down payment help in Dearborn
Wayne County's ~2% effective tax rate is on the higher side, so escrow costs matter to your monthly budget. Alongside MSHDA, buyers seeking interest-free financing should compare Islamic-finance providers' total cost carefully, since fee structures differ from a standard APR comparison.
The Dearborn market
Ford's headquarters anchors steady local employment, and Dearborn's strong owner-occupancy and well-maintained brick homes keep values stable. The distinctive feature is financing itself: several national Islamic-finance providers originate here, offering murabaha and ijara structures that avoid interest, competing directly with conventional and FHA lenders for the same buyers.
Neighborhoods buyers ask about: East Dearborn · West Dearborn · Springwells · Aviation Sub · Snow Woods
Today's Michigan rates
| 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 |
Source: Optimal Blue national locked-rate indices via FRED (refinance modeled). National averages of locked rates, not lender quotes; where they come from.
Estimate your exact payment with Wayne County's tax rate in the Dearborn payment calculator, and see whether you qualify for Michigan's first-time buyer programs before assuming you need 20% down.
Frequently asked questions
What is the monthly payment on a typical Dearborn home?
On Dearborn's median price of about $240,000 with 10% down at this week's 7.12% average rate, expect roughly $2,005/month including Wayne County property taxes at ~2% and insurance.
Are mortgage rates different in Dearborn than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Dearborn is everything around it: Wayne County's ~2% effective property tax, local insurance costs, and which down payment assistance programs apply.