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Mortgage rates in Southfield, Michigan
Southfield is metro Detroit's office capital, and its housing follows suit — a large supply of affordable condos and mid-century homes that make it one of the more accessible Oakland County markets for first-time and investor buyers alike.
The Southfield market
Southfield's abundant condos and ranch homes keep prices well below the Oakland County average, which draws both first-time buyers and rental investors. The trade-off is a higher effective tax rate and condo associations whose warrantability a lender will check before approving conventional financing.
Neighborhoods buyers ask about: Magnolia · Sheffield Estates · Pebble Creek · Berkley border · Northland area
What's different about buying here
Southfield's many condos make it MSHDA-friendly, but lenders will verify a condo association's warrantability before approving a conventional loan — a common Southfield snag.
Down payment help in Southfield
Southfield is one of the few Oakland County cities where MSHDA programs genuinely fit — plenty of homes and condos sit under the purchase-price cap, so the MI 10K DPA is worth pursuing with an approved lender.
Today's Michigan rates
| 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 |
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 mortgage payment calculator, and see whether you qualify for buyer assistance programs before assuming you need 20% down.
Frequently asked questions
What should condo buyers watch for in Southfield?
Warrantability. Before a conventional loan is approved on a Southfield condo, the lender reviews the association's finances, owner-occupancy ratio, and litigation status. A non-warrantable condo can force a higher-rate portfolio loan, so confirm the building's status early with your lender.
What is the monthly payment on a typical Southfield home?
On Southfield's median price of about $200 000 with 10% down at today's 6.45% average rate, expect roughly $1 615/month including Oakland County property taxes at ~2% and insurance.
Are mortgage rates different in Southfield than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Southfield is everything around it: Oakland County's ~2% effective property tax, local insurance costs, and which down payment assistance programs apply.