Rates by city
Mortgage rates in Troy, Michigan
Troy runs on two things buyers care about: some of the strongest public schools in Michigan and a dense business economy anchored by the Somerset Collection and the Big Beaver corridor — both of which keep demand, and prices, firm.
The Troy market
Troy's mix of well-kept colonials and executive homes draws relocating professionals and families paying a premium for the school district, so homes in top-rated attendance areas move fast and appraise strongly. The business base also brings a steady stream of relocation buyers who close quickly and clean.
Neighborhoods buyers ask about: Somerset · Raintree Village · Northfield Hills · Charnwood · Troy Historic Village area
What's different about buying here
Troy's premium is largely a school-district premium; homes in top attendance areas carry added demand and appraise strongly, so the boundary can matter as much as the house.
Down payment help in Troy
Prices in most of Troy exceed MSHDA limits, but pockets of condos and smaller homes can qualify. Employer relocation assistance is the more common first-purchase lever here — confirm program details with a MSHDA-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 Michigan payment calculator, and see whether you qualify for MSHDA down payment help before assuming you need 20% down.
Frequently asked questions
Why are Troy home prices so high?
Two drivers: highly-rated schools and a dense job base around the Somerset Collection and Big Beaver corridor. Families pay a premium to buy inside top attendance areas, and relocating professionals keep demand steady — so verify the school boundary of any specific address, since it materially affects value.
What is the monthly payment on a typical Troy home?
On Troy's median price of about $420 000 with 10% down at today's 6.45% average rate, expect roughly $3 052/month including Oakland County property taxes at ~1.5% and insurance.
Are mortgage rates different in Troy than the rest of Michigan?
The interest rate itself is the same statewide — what changes in Troy is everything around it: Oakland County's ~1.5% effective property tax, local insurance costs, and which down payment assistance programs apply.