Michigan Mortgage and Refinance Rates

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Current Michigan Mortgage Rates

Average market rates for April 26, 2024 in Michigan are 7.34% for 30-year fixed purchase and 7.42% for 30-year fixed refinance

ProductRateAPR
30-year Fixed Purchase7.34%7.37%
30-year Fixed Refinance7.42%7.44%
Rates based on market averages as of Apr 26, 2024.
ProductRateAPR
30-year Fixed Purchase7.34%7.37%
30-year Fixed Refinance7.42%7.44%
Rates based on market averages as of Apr 26, 2024.

Michigan Purchase Rates

ProductRateAPR
15-year Fixed Purchase6.52%6.57%
15-year Fixed Jumbo Purchase7.42%7.47%
30-year Fixed Purchase7.34%7.37%
30-year Fixed Jumbo Purchase7.31%7.33%
Rates based on market averages as of Apr 26, 2024.

Michigan Refinance Rates

ProductRateAPR
15-year Fixed Refinance6.52%6.57%
15-year Fixed Jumbo Refinance7.43%7.49%
30-year Fixed Refinance7.42%7.44%
30-year Fixed Jumbo Refinance7.32%7.35%
Rates based on market averages as of Apr 26, 2024.

Michigan ARM Rates

ProductRateAPR
5/6 Arm (purchase)7.61%7.66%
5/6 Arm (refinance)7.64%7.70%
5/6 Jumbo Arm (purchase)7.09%7.10%
5/6 Jumbo Arm (refinance)7.16%7.17%
Rates based on market averages as of Apr 26, 2024.

How we source rates and rate trends

Most Common Mortgage Types in Michigan

  • Conventional: 95,672 loans
  • FHA: 17,778 loans
  • USDA: 1,734 loans
  • VA: 5,845 loans

Top Purchase Lenders in Michigan by Volume

  • Rocket Mortgage, LLC: 9,619 loans
  • Lake Michigan Credit Union: 6,998 loans
  • Mortgage 1 Incorporated: 4,260 loans
  • Flagstar Bank, Fsb: 3,299 loans
  • The Huntington National Bank: 3,269 loans
  • JPMorgan Chase Bank: 2,239 loans
  • Caliber Home Loans, Inc.: 2,198 loans
  • Independent Bank: 2,108 loans
  • Triad Financial Services, Inc.: 2,096 loans
  • Crosscountry Mortgage, LLC: 2,020 loans

Top Refinance Lenders in Michigan by Volume

  • Fifth Third Bank: 3,771 loans
  • Rocket Mortgage, LLC: 2,368 loans
  • Lake Michigan Credit Union: 1,587 loans
  • The Huntington National Bank: 1,559 loans
  • PNC Bank: 1,555 loans
  • Citizens Bank: 1,210 loans
  • Consumers Credit Union: 982 loans
  • JPMorgan Chase Bank: 851 loans
  • Flagstar Bank, Fsb: 760 loans
  • Comerica Bank: 610 loans

Top Cash-Out Refinance Lenders in Michigan by Volume

  • Rocket Mortgage, LLC: 11,000 loans
  • The Huntington National Bank: 3,252 loans
  • Nationstar Mortgage LLC: 1,621 loans
  • Flagstar Bank, Fsb: 1,196 loans
  • JPMorgan Chase Bank: 1,145 loans
  • Loandepot.com, LLC: 1,057 loans
  • Mortgage Center L.c: 835 loans
  • Lake Michigan Credit Union: 824 loans
  • Michigan Schools And Government: 784 loans
  • Freedom Mortgage Corporation: 779 loans

How we source lender data

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