Rates by loan type
VA 30-Year mortgage rates in Michigan
For Michigan veterans and active-duty buyers, the VA loan is nearly always the best deal available: zero down, no monthly mortgage insurance, and rates that typically price below conventional loans.
The one-time VA funding fee (2.15% first use, waived entirely for veterans with service-connected disability ratings) replaces mortgage insurance. Even with the fee financed, the VA loan usually beats FHA and conventional on total cost.
Michigan has roughly half a million veterans, and lender experience varies enormously — a loan officer who closes VA loans monthly will navigate appraisal requirements (MPRs) far better than one who sees two a year. Ask directly how many VA closings they did last quarter.
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 VA 30-year rate in Michigan?
As of November 5, 2026, the national average locked rate is 6.76% (6.95% APR) on the VA 30-year, 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.