Rates by city
Mortgage rates in Farmington Hills, Michigan
Farmington Hills is one of Oakland County's largest and most diverse suburbs, with an established housing stock that spans starter ranches to executive colonials — a range that makes it unusually accessible for a west-Oakland community.
The Farmington Hills market
The breadth of housing types means Farmington Hills serves both first-time and move-up buyers, and its central Oakland location keeps demand steady. Older sections offer solid comparables for appraisals, while newer condo developments give lower-cash-to-close entry points.
Neighborhoods buyers ask about: Downtown Farmington · Ramblewood · Kendallwood · Independence Commons · Copper Creek
What's different about buying here
Farmington Hills' unusually wide price range means some smaller homes and condos actually fall within MSHDA limits — uncommon for Oakland County.
Down payment help in Farmington Hills
The wide price range means some Farmington Hills condos and smaller homes fall within MSHDA limits — a rarer thing in Oakland County. Buyers near the lower end should ask a MSHDA-approved lender about the MI 10K DPA.
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 Oakland 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
Can first-time buyers use MSHDA assistance in Farmington Hills?
In parts of it, yes. Unlike pricier Oakland County suburbs, Farmington Hills has enough condos and smaller homes below the MSHDA purchase-price cap that income-qualified buyers can pair a MI Home Loan with the MI 10K DPA. Confirm the specific home's price against the current county limit.
What is the monthly payment on a typical Farmington Hills home?
On Farmington Hills's median price of about $350 000 with 10% down at today's 6.45% average rate, expect roughly $2 597/month including Oakland County property taxes at ~1.6% and insurance.
Are mortgage rates different in Farmington Hills than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Farmington Hills is everything around it: Oakland County's ~1.6% effective property tax, local insurance costs, and which down payment assistance programs apply.