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Michigan Mortgage Rates
Between the stunning beauty of the Great Lakes, the big city environment around Detroit, and the college town fun of Ann Arbor, there is an awful lot to like about life in the state of Michigan. If you are considering purchasing or refinancing a home anywhere in this beautiful state, let’s take a minute to look at the pros and cons that it has to offer.
Common Michigan Loan Types:
- Michigan conventional mortgages: Michigan mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
- Michigan FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Michigan on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
- Michigan VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Michigan through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.
Michigan Mortgage Rates Compared to National Averages
Michigan mortgage rates usually come in just a few basis points higher than the national average. This typically holds true for 30-year and 15-year fixed-rate mortgages, as well as most of the popular adjustable-rate mortgage options.
If you are looking to refinance, you will likely find that Michigan refinance rates will range from competitive with to slightly higher than the national averages.