Find my Michigan mortgage interest rate
Confidently start your journey to owning a home in the Wolverine State. If you want to buy a town home in Ann Arbor or a single-family home in Dearborn, it's important to know mortgage rates in Michigan. Having an idea of where the local mortgage market is can help you find options that make sense for your budget and lifestyle.
Available Michigan homebuyer programs*
Michigan State Housing Development Authority (MSHDA) offers programs for first-time homebuyers. These include government-backed loans and regular purchase loans. It also provides options for down payment assistance for all programs.
MI Home Loan
This program offers 30-year fixed-rate mortgages to first-time homebuyers who haven’t owned a home in three years, as well as repeat buyers in targeted areas. Income and purchase prices limits apply.
MI 10K Down Payment Assistance (DPA) Program
Borrowers can get up to $10,000 to use toward down payment assistance or closing costs. The assistance must be used with the MI Home Loan. It does not have to be paid back until the home is paid off in full, sold or refinanced, or when the homeowner no longer lives in the property as a primary residence.
How to find an affordable mortgage rate in Michigan
Your final mortgage rate for your dream home in Michigan will depend on your credit score and history of managing debt. However, there are several ways you can improve your chances of securing an affordable mortgage interest rate.
Improve your credit score
Pay down credit cards and pay bills on time.
Make larger down payment
A larger down payment reduces the loan-to-value ratio, which could translate into a lower interest rate.
Keep your debt-to-income ratio low
A lower DTI makes you less risky to lenders, which can help you secure a better mortgage interest rate.
Are you ready to lock in your mortgage rate in Michigan?
Apply now and quickly see what you qualify for.
*Income limits and eligibility requirements apply. This program is made available by MI Home Loan and MI 10K Down Payment Assistance (DPA) Program, and not Rate.
This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include city, county, or other additional fees and costs.
Mortgage rates are offered exclusively through Rate, Inc. and are subject to change without notice. The payment amount does not include homeowners' insurance, flood insurance (if applicable), or property taxes that must be paid in addition to your loan payment. The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination charges). These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. Refinancing may cause finance charges to be higher over the life of the loan.
Rate, Inc. has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency.