Rates by loan type
30-Year Refinance mortgage rates in Michigan
Refinance rates run slightly above purchase rates, and the decision comes down to one number: how many months of savings it takes to repay closing costs.
Michigan refinance closing costs typically land between $3,500 and $6,000, driven by title reissue rates (ask for the reissue credit — many borrowers never do) and whether the county requires a new survey.
Run your exact numbers in our break-even calculator before talking to lenders — knowing your target monthly savings turns the conversation from sales pitch to price check.
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 30-year refinance rate in Michigan?
As of November 5, 2026, the figure we show (modeled from the conforming 30-year) is 7.25% (7.32% APR) on the 30-year refinance, down 0.03 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.