Rates by loan type
Jumbo 30-Year mortgage rates in Michigan
Loans above the conforming limit are "jumbo" — in Michigan that mostly means Ann Arbor, Birmingham/Bloomfield, and lakefront property from Harbor Springs to Grosse Pointe.
Jumbo pricing in Michigan is bank-driven: institutions holding loans on their own balance sheets (Flagstar, Huntington, private banks) price aggressively for strong-deposit clients, so your bank relationship is negotiating leverage.
Expect 700+ credit, 10–20% down, and full documentation. Some Michigan lenders offer "high-balance" pricing between the conforming floor and jumbo territory — a distinction that can save a quarter point.
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 jumbo 30-year rate in Michigan?
As of November 5, 2026, the national average locked rate is 7.42% (7.47% APR) on the jumbo 30-year, up 0.26 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.