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 | 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 30-year refinance rate in Michigan?
As of July 1, 2026, Michigan lenders in our survey average 6.58% (6.65% APR) on the 30-year refinance, down 0.03 points 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.