Rates by city
Mortgage rates in Detroit, Michigan
Buying in Detroit is unlike anywhere else in Michigan: prices range from four-figure land-bank lots to half-million-dollar restorations blocks apart, and the financing that works depends entirely on which of those you're chasing.
The Detroit market
The split market is the whole story. Move-in-ready homes in Corktown, West Village and the historic districts draw multiple offers and appraise cleanly, while large stretches of the city sell below the $50,000 mark where most lenders set their minimum loan amount. That gap is why FHA 203(k) renovation loans and the Detroit Land Bank's programs matter more here than a quarter-point of rate.
Neighborhoods buyers ask about: Corktown · West Village · Indian Village · Bagley · Rosedale Park · East English Village
What's different about buying here
Detroit's NEZ districts can dramatically lower the tax bill on a renovated home, so the county's ~2.1% effective rate overstates what many buyers actually pay after abatement.
Down payment help in Detroit
Detroit runs its own Down Payment Assistance program that has offered up to $25,000 to income-qualified buyers — more than double the statewide MSHDA amount — and Neighborhood Enterprise Zone (NEZ) districts can cut property taxes on rehabbed homes for years. Both stack on top of a standard mortgage.
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 do so many Detroit homes fall below lender minimums?
Many national lenders won't write a mortgage under about $50,000, and a large share of Detroit's inventory sells below that. Local credit unions, portfolio lenders, and FHA 203(k) renovation loans (which finance purchase plus repairs in one loan) are the usual paths around it.
What is the monthly payment on a typical Detroit home?
On Detroit's median price of about $85 000 with 10% down at today's 6.45% average rate, expect roughly $780/month including Wayne County property taxes at ~2.1% and insurance.
Are mortgage rates different in Detroit than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Detroit is everything around it: Wayne County's ~2.1% effective property tax, local insurance costs, and which down payment assistance programs apply.