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 | 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 |
| Jumbo 30-Year | 6.61% | 6.66% | — no change |
| 30-Year Refinance | 6.58% | 6.65% | ▾ 0.03 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.
Frequently asked questions
What is the current jumbo 30-year rate in Michigan?
As of July 1, 2026, Michigan lenders in our survey average 6.61% (6.66% APR) on the jumbo 30-year, unchanged from last week.
Why is my quoted rate different from the average?
Averages assume 740+ credit, 20% down, and a single-family primary home. Lower scores, smaller down payments, condos, and cash-out all add pricing adjustments. The average is a benchmark for judging quotes — not a promise.