Explore the latest mortgage rates in Michigan, including 30-year fixed, 15-year fixed, FHA, and VA loan options. WiseIQ helps you compare top lenders and find the best financing for your home in the Great Lakes State.
Michigan Financial Snapshot
UpstartMortgage in Michigan: What You Need to Know
Michigan, known as the Great Lakes State, has a population of 10.0M with a median household income of approximately $61,000. The current unemployment rate stands at 3.8%, which lenders consider when evaluating applications from Michigan residents.
10.0M
Population
$61,000
Median Income
3.8%
Unemployment
Major financial hub: Detroit is the primary financial center for Michigan residents, with access to both national and regional lenders.
$277,400
Median Home Value (August 2025)
72.6%
Homeownership Rate (Q2 2025)
31 Days
Median Days on Market (September 2025)
The Michigan housing market shows promising trends for buyers, with a median sales price below the national average and an increase in available homes. These factors, combined with competitive mortgage rates, make Michigan an attractive state for homeownership.
Top Mortgage Lenders in Michigan
ThirdFederal
NMLS #449401
APR Range: 5.502% - 5.418%
"Competitive rates for 30-year fixed and 5/1 ARM mortgages."
- Strong customer satisfaction ratings
- Variety of loan products
- Experienced mortgage specialists
Tomo Mortgage
NMLS #2059741
APR Range: 5.702%
"Streamlined digital mortgage process for quick approvals."
- Fast closing times
- User-friendly online platform
- Dedicated loan officers
Real Genius
NMLS #2389303
APR Range: 5.804% - 6.003%
"Innovative solutions for diverse financial situations."
- Flexible loan terms
- Competitive FHA and VA options
- Personalized guidance
First Federal Bank
NMLS #408902
APR Range: 5.807% - 6.077%
"Reliable service with a focus on community banking."
- Local expertise
- Personalized customer service
- Variety of mortgage products
Sage Mortgage
NMLS #3304
APR Range: 5.939%
"Expert guidance for first-time homebuyers."
- Clear, reliable numbers
- Simple steps with expert guidance
- Dedicated support for first-time buyers
Michigan Mortgage Rate Comparison Table
| Product | Interest Rate | APR | Monthly Payment | Lender |
|---|---|---|---|---|
| 30-Year Fixed | 5.290% | 5.502% | $2,352 | ThirdFederal |
| 30-Year Fixed | 5.490% | 5.702% | $2,405 | Tomo Mortgage |
| 30-Year Fixed | 5.624% | 5.804% | $2,441 | Real Genius |
| 30-Year Fixed | 5.625% | 5.807% | $2,441 | First Federal Bank |
| 30-Year Fixed | 5.745% | 5.939% | $2,473 | Sage Mortgage |
| 5/1 ARM | 5.440% | 5.418% | $2,391 | ThirdFederal |
| 5/6 ARM | 4.875% | 6.003% | $2,244 | Real Genius |
| 5/6 ARM | 5.125% | 6.077% | $2,309 | First Federal Bank |
How to Choose the Best Mortgage in Michigan
-
Understand Your Credit Score
A higher credit score can unlock lower interest rates. Before applying, check your credit report for errors and take steps to improve your score if needed.
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Compare Loan Types
From 30-year fixed to FHA and VA loans, each option has unique benefits. Research which loan type best fits your financial situation and homeownership goals.
-
Shop Around for Lenders
Don't settle for the first offer. Compare rates and terms from multiple lenders to ensure you're getting the most competitive deal available in Michigan.
-
Consider Down Payment Options
While a 20% down payment is ideal, many programs in Michigan offer low or no down payment options. Understand the implications of each choice on your monthly payments and overall loan cost.
Frequently Asked Questions About Michigan Mortgage Rates
What are the current average mortgage rates in Michigan?
As of April 03, 2026, the average 30-year fixed mortgage rate in Michigan is 6.42%, and the 15-year fixed rate is 5.83%.
What is the median home sales price in Michigan?
The median home sales price in Michigan was $285,000 as of August 2025.
Are there first-time homebuyer programs in Michigan?
Yes, the Michigan State Housing Development Authority (MSHDA) offers programs like the MI Home Loan, which provides down payment assistance and favorable rates for eligible first-time homebuyers.
What credit score do I need for a mortgage in Michigan?
For conventional mortgages, a minimum credit score of 620 is typically required. FHA loans may be available with scores as low as 580.
How long does it take to close on a house in Michigan?
The median days on market for homes in Michigan was 31 days as of September 2025, but the closing process itself can take anywhere from 30 to 60 days after an offer is accepted.