Rates as of July 8, 2026
| Program | Mortgage Rate | APR* | Change |
|---|---|---|---|
| Conventional 30-year fixed | |||
| Conventional 30-year fixed | 6.619% | 6.694% | -0.02 |
| Conventional 15-year fixed | |||
| Conventional 15-year fixed | 6.024% | 6.152% | +0.07 |
| 30-year fixed FHA† | |||
| 30-year fixed FHA† | 6.606% | 6.67% | +0.33 |
| 30-year fixed VA† | |||
| 30-year fixed VA† | 6.65% | 6.706% | +0.34 |
| Conventional 20-year fixed | |||
| Conventional 20-year fixed | 6.55% | 6.69% | -0.1 |
| Conventional 10-year fixed | |||
| Conventional 10-year fixed | 6.042% | 6.185% | -0.06 |
| † National average shown — statewide Michigan data for this loan type isn't available yet. | |||
| Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here. | |||
Buying a Home in Michigan
Many property buyers in Michigan consider using a lawyer too expensive. That’s a personal choice. But, if you do want an attorney on your side, remember that there are no set fees.
This means different lawyers may charge different sums for the exact same service. It’s always wise to shop around for your lawyer. Of course, you need to be clear about each one’s fee schedule so you’re not comparing apples with oranges.
You can also ask your attorney to limit his or her time to specific duties, such as scrutinizing the contract or the closing documents. Some find the peace of mind that comes with having your own attorney enough to justify the fees.
As a buyer in Michigan, it’s probably best to curb your enthusiasm in front of sellers or sellers’ real estate agents when looking at properties. That’s because sellers are under no obligation to sell to you at the price they are asking. If they feel they can squeeze a little more money out of you, they are legally allowed to raise the price. So it’s always better to look a little underwhelmed when viewing a property, even if it is the home of your dreams.
Refinancing in Michigan
Why refinance a mortgage in Michigan? For the same reason any American might. To:
- Get a lower mortgage rate so you pay less over the lifetime of your loan
- Reduce your monthly payment to increase your disposable income
- Take some of your equity out of your home so you walk away with a nice, fat check (perhaps you want to consolidate your other debts, start or finance a business, remodel your home or pay for a wedding or once-in-a-lifetime vacation)
- Shorten your mortgage’s term. If you can afford the higher monthly payments, refinancing to a shorter-term can save you a bundle.
There used to be a fifth reason: to change your loan from an adjustable-rate mortgage (an ARM) to a fixed-rate one. That reason carries less weight when fixed rates are competitive with ARMs, but it can still make sense depending on the gap between the two.
If rates look set to climb relative to where they are today, switching out of an ARM can be worth adding to your list of reasons to refinance.
In the meantime, there are few, if any, state-level hassles for those who wish to refinance.
First time home buyers in Michigan
First time home buyers in Michigan can take advantage of special home loans and discounts. The Michigan State Housing Development Authority alone has two different programs, each offering up to $7,500 in down payment assistance for qualified first time buyers.
- MI Home Loan Mortgage — Up to $7,500 in down payment assistance for lower-income buyers in “targeted areas”
- MI Home Loan / MI 10K DPA programs — down payment assistance for qualified buyers; check current limits and credit requirements on the MSHDA site.
Other programs may be available for first time home buyers in Michigan. Research both local and nationwide programs to find out what you qualify for.
Time to make a move? Let us find the right mortgage for youMortgage calculator: Michigan
Calculate your mortgage payment for a home in Michigan. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.
Mortgage companies in Michigan
One of the nation’s biggest lenders, Rocket Mortgage, is headquartered in Detroit. So it makes sense that Rocket Mortgage is also the most popular mortgage company in Michigan. Rounding out the list of Michigan’s five biggest mortgage lenders are Lake Michigan Credit Union, Huntington National Bank, Chase Bank, and Bank of America, according to ValuePenguin.
For reviews of the top nationwide lenders, see:
- The Best Mortgage Companies for 2026
- The Best Refinance Companies for 2026
- Individual Mortgage Lender Reviews
Michigan home buyers may also want to consider local companies.
According to customer reviews on Zillow, some smaller lenders earned top ratings for their service. Among the best-rated Michigan mortgage companies are: VEMA Mortgage, Honest Mortgage Company, Omega Lending, Accurate Mortgage Solutions, and Regal Home Lending.