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.
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. More on Michigan property tax.
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.
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.
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
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 Michigan payment calculator, and see whether you qualify for MSHDA down payment help before assuming you need 20% down.
Frequently asked questions
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 6.57% average rate, expect roughly $3,082/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.