Rates
The current 30-year fixed mortgage rate in Michigan is 2.750% Rate / 2.817% APR1 provided that you have very a FICO credit score of 740+ and you are buying a single-family home as your primary residence.
Conventional fixed-rate mortgages
| Term | Rate | APR |
| 30-year fixed | 2.750% | 2.817% |
| 20-year fixed | 2.750% | 2.845% |
| 15-year fixed | 2.250% | 2.372% |
| 10-year fixed | 2.375% | 2.554% |
Adjustable-rate mortgages
| Term | Rate | APR |
| 10-year ARM | 4.250% | 3.824% |
| 5-year ARM | 3.875% | 3.297% |
| 3-year ARM | 4.500% | 3.408% |
FHA mortgages
| Term | Rate | APR |
| 30-year fixed – FHA | 3.000% | 4.057% |
| 15-year fixed – FHA | 3.375% | 4.457% |
VA mortgages
| Term | Rate | APR |
| 30-year fixed – FHA | 2.625% | 2.868% |
| 15-year fixed – FHA | 3.375% | 3.836% |
Jumbo mortgages
| Term | Rate | APR |
| 30-year fixed – jumbo | 3.250% | 3.319% |
| 20-year fixed – jumbo | 3.125% | 3.222% |
| 15-year fixed – jumbo | 3.000% | 3.125% |