Rates by loan type
FHA 30-Year mortgage rates in Michigan
FHA loans are Michigan's default path for buyers with thinner credit or smaller savings: 3.5% down with a 580 score, and rates that actually run below conventional.
The catch is mortgage insurance: an upfront 1.75% premium plus annual MIP that, with minimum down payment, lasts the life of the loan. That is why FHA APRs in our table sit far above the note rate — always compare FHA vs. conventional-with-PMI both ways at 620+ scores.
FHA loan limits are set per county. In most of Michigan the single-family limit sits at the national floor; check your county's current limit at HUD before assuming a price cap.
All Michigan rates compared
| 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 |
| Jumbo 30-Year | 7.42% | 7.47% | ▴ + 0.26 pts |
| 30-Year Refinance | 7.25% | 7.32% | ▾ 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.
Frequently asked questions
What is the current FHA 30-year rate in Michigan?
As of November 5, 2026, the national average locked rate is 6.90% (7.67% APR) on the FHA 30-year, down 0.14 points from last week.
Why is my quoted rate different from the average?
The average mixes every borrower who locked that week, nationwide. Your credit score, down payment, property type, points and cash-out all move your own price, and a Michigan quote can sit above or below the national figure. Use it as a yardstick for judging quotes, not a promise.