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.
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
What's different about buying here
Dearborn has one of the country's most active markets for Sharia-compliant home financing — several national Islamic finance providers originate here alongside conventional lenders.
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.
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 Dearborn payment calculator, and see whether you qualify for Michigan's first-time buyer programs before assuming you need 20% down.
Frequently asked questions
Can I get Sharia-compliant home financing in Dearborn?
Yes — Dearborn is one of the largest U.S. markets for it. Several national providers offer interest-free structures (such as murabaha cost-plus and ijara lease-to-own) here. Compare their all-in cost against a conventional or FHA loan, since the pricing isn't a simple APR and closing structures differ.
What is the monthly payment on a typical Dearborn home?
On Dearborn's median price of about $240 000 with 10% down at today's 6.45% average rate, expect roughly $1 908/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.