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The average 30-year fixed mortgage rate in Michigan is 6.59% as of February 2026, according to data from Curinos LLC. That's 2 basis points higher than the national average mortgage rate. This means the monthly mortgage payment for a $253,000 Michigan home (close to the average home price in Michigan) purchased with a 20% down payment would be $1,293.
"While the Federal Reserve's recent rate cuts signal a more accommodative stance, it's important to remember that mortgage rates don't always follow suit," says Susan Allen, chief product officer for Experian Housing. "Over the next six to 12 months, we may see modest declines in mortgage rates, but they'll continue to respond to broader economic factors like inflation and bond market trends."
| Mortgage | Rate | Annual Percentage Rate (APR) | Monthly Payment |
|---|---|---|---|
| 30-year fixed, conventional | 6.59% | 6.83% | $1,293 |
| 15-year fixed, conventional | 5.74% | 6.12% | $1,682 |
| 5-year, 6-month adjustable-rate mortgage (ARM) | 6.42% | 6.66% | $1,270 |
Source: Curinos LLC, February 2026; assumes a 720 FICO® Score☉ Θ
Note: Monthly payment based on APR, typical home value for the state and 20% down; ARM payments can change after five years
Michigan Mortgage Rate Trends
The average 30-year fixed mortgage interest rate in Michigan is 6.59% as of February 2026. That's 1 basis point higher than last month, when the rate averaged 6.58%.
As of February 2026, the average 15-year fixed mortgage rate in Michigan is 5.74%. That's 1 basis point lower than last month's average rate of 5.75%. The current average five-year ARM rate in Michigan is 6.42%, 8 basis points lower than last month's average rate, which was 6.5%.
Michigan Mortgage Rate Trends
Michigan Refinance Rates
The current average refinance rate for a 30-year fixed mortgage in Michigan is 6.81%. That's 7 basis points higher than the national average refinance rate of 6.74%.
| Mortgage | Rate | Annual Percentage Rate (APR) | Monthly Payment |
|---|---|---|---|
| 30-year fixed, conventional | 6.81% | 7.05% | $1,322 |
| 15-year fixed, conventional | 5.79% | 6.18% | $1,687 |
Source: Curinos LLC, February 2026; assumes a 720 FICO® Score
Note: Monthly payment based on APR, typical home value for the state and 20% down
Michigan Housing Market Trends
The average price of homes, the inventory of available properties and the income required to buy a house in your desired area can all impact your decision to buy a home.
The estimated monthly mortgage payment for the typical Michigan home, which is valued at $253,000, would be $1,293 if you put 20% down.
How Are Michigan Home Prices Changing?
Although home prices are just one element in the total cost of homeownership, changes in prices impact home affordability and buyers' purchasing power. The chart below shows trends in the typical Michigan home value over time.
Michigan Home Values, 2014 to 2026
How Many Homes Are for Sale in Michigan?
The inventory of available homes in your area impacts both your ability to buy and the buying strategies that are likely to work best. The chart below shows changes in the number of homes for sale in key Michigan metro areas.
Michigan Homes for Sale Inventory, 2020 to 2026
What Income Do You Need to Buy a Home in Michigan?
How much house you can afford depends on a variety of factors, including interest rates, your credit score and your income. According to Reventure App data, $74,900 is the annual income a homebuyer in Michigan would need to spend less than 30% of their monthly income on a typical mortgage payment.
The chart below shows the annual household income needed to buy a home in Michigan's five largest metro areas: Detroit, Grand Rapids, Lansing, Flint and Ann Arbor.
Income Required to Buy a Home in Michigan
You can use the Experian mortgage calculator below to see how different interest rates and other expenses may impact your monthly payment.
At a minimum, you'll need to know your approximate home price, down payment, repayment term and an estimated interest rate (not the APR) based on your creditworthiness and the rates above.
Mortgage Calculator
†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.
Try the full Mortgage Calculator Opens a new window with more features.
To get a more precise estimate of your monthly costs, you can also include the following expenses in our calculator's advanced options:
- Property taxes: You may be able to estimate your annual property taxes based on your offer amount and the local tax rates.
- Home insurance premiums: Estimate your homeowners insurance premium and input the annual amount.
- Mortgage insurance: You may need to pay mortgage insurance if you have a government-backed mortgage or you put less than 20% down on a conventional mortgage.
- Homeowners association (HOA) dues: Budget for HOA fees if you plan to purchase a home or condo that's in an HOA.
Michigan Homebuyer Programs
Homebuyer assistance programs are designed to help overcome barriers to homeownership. The programs vary from state to state, but often include things like low-cost mortgages, down payment assistance and help with closing costs.
States may offer programs for repeat and first-time homebuyers, income-based programs and programs for special groups such as veterans or active service members, health care workers, first responders, educators, recent college graduates and first-generation Americans. Learn more about homebuyer programs in Michigan.
Frequently Asked Questions
What Are the Different Types of Mortgage Loans?
There are several common types of mortgages:
- Conventional mortgage loans aren't part of government-backed loan programs and are the most common type of mortgage. Conventional loans often have fixed interest rates and repayment terms of 10, 15, 20 or 30 years.
- Adjustable-rate mortgages (ARMs) have a fixed interest rate for a certain period, then the rate can periodically change during the rest of the loan term. For example, a 5/6 ARM has a fixed rate for five years and can adjust every six months afterward.
- Department of Veterans Affairs (VA) loans often require no down payments and may have low interest rates. They're available to eligible service members, veterans and surviving spouses.
- Federal Housing Administration (FHA) loans can be easier to get than conventional loans, but may also require mortgage insurance for the life of the loan.
- U.S. Department of Agriculture (USDA) loans may have low interest rates and don't require a down payment. You must buy a home in an eligible area and meet income limits.
- Jumbo loans are mortgages that exceed Federal Housing Finance Agency (FHFA) loan limits. Jumbo loans may require a higher credit score and down payment than other mortgage loans, and sometimes have high rates as well.
How Can I Lower My Monthly Mortgage Payment?
Borrowing less money is one way to lower your monthly payment. You can do this by making a bigger down payment, buying a less expensive home or using a homebuyer assistance program. You can also buy mortgage points to lower your interest rate or try to negotiate concessions from the seller, such as covering your closing costs or necessary home repairs. Shopping around and getting preapproved with multiple lenders can also help you get the best loan rates and terms.
Should I Refinance My Mortgage?
Refinancing your mortgage involves applying for a new mortgage and using the funds to pay off your existing loan. Refinancing could lead to significant savings, especially if mortgage rates have dropped or your credit has improved since you took out your loan. Before refinancing, however, consider the upfront costs, long-term costs and how long it will take to break even. Also keep in mind that refinancing into a new, longer-term loan may ultimately cost you more overall.
Build and Maintain Your Credit for the Best Rates
"Rate volatility is part of today's housing landscape, but it doesn't have to be intimidating," says Allen. "The best way to prepare is to know your budget, get preapproved, and check rates and listings regularly. Mortgage rates can vary significantly between lenders—even for the exact same loan—so it pays to compare offers."
A good credit score can help you qualify for the best mortgage interest rates and offers, whether you're buying a home or refinancing. You can check your FICO® Score for free from Experian. Mortgage lenders use a different version of the FICO® Score than the version you'll receive, but you can also review your credit reports and get insights into actions that could increase all your credit scores.
Mortgage and Refinance Rates by State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming