Rates by city
Mortgage rates in Novi, Michigan
Novi is metro Detroit's newest-construction market, built up around the auto-supplier and tech corridor along I-96 — which means more new-build and near-new inventory here than in almost any older Oakland County suburb.
That estimate applies Oakland County's ~1.5% effective rate to the median price. Your real bill uncaps when you buy — resetting to about half the sale price — and the homestead exemption trims it if you file on time. How the tax bill actually works.
Down payment help in Novi
At Novi's price point, MSHDA income and purchase-price limits are hard to meet, so first-time help here more often comes from employer relocation packages than state programs. Buyers who do qualify should confirm a MSHDA-approved lender before writing.
The Novi market
A high share of Novi's homes are 1990s-and-newer subdivisions and condos, so appraisals are consistent and financing is straightforward — but competition from relocating auto and tech professionals keeps prices among the highest in the I-96 corridor. Newer construction also means fewer of the repair-related appraisal snags that slow older-suburb closings.
Neighborhoods buyers ask about: Novi Town Center · Island Lake · Beck North · Tollgate · Maybury Park
Today's Michigan rates
| Loan type | Rate | APR | Weekly change |
|---|---|---|---|
| 30-Year Fixed | 6.57% | 6.64% | ▴ + 0.06 pts |
| 15-Year Fixed | 5.86% | 5.95% | ▴ + 0.11 pts |
| FHA 30-Year | 6.23% | 7.00% | ▴ + 0.06 pts |
| VA 30-Year | 6.13% | 6.32% | ▴ + 0.06 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 Oakland County payment calculator, and see whether you qualify for down payment assistance before assuming you need 20% down.
Frequently asked questions
What is the monthly payment on a typical Novi home?
On Novi's median price of about $450,000 with 10% down at today's 6.57% average rate, expect roughly $3,291/month including Oakland County property taxes at ~1.5% and insurance.
Are mortgage rates different in Novi than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Novi is everything around it: Oakland County's ~1.5% effective property tax, local insurance costs, and which down payment assistance programs apply.