Compare Mortgage Rates

  • Refinance
  • Home Purchase
  • Home Equity
  • Debt Consolidation

Powered by SecureRights™
Include 1st & 2nd mortgages plus any equity loans or credit lines
Powered by SecureRights™
Powered by SecureRights™
Powered by SecureRights™

Michigan Mortgages at a glance

Average 25th Percentile 50th Percentile 75th Percentile
Loan Amount $152,685 $102,500 $125,000 $182,500
Property Values $206,318 $107,500 $157,500 $235,000
Average LTV 81.4%
Percent Refinance 73.0%
Pct of Refis Cashout 7.6%

Michigan Mortgage Rates

Mortgage loan options available in Michigan include fixed-rate mortgages, adjustable-rate mortgages, home equity loans, and home equity lines of credit. Within these categories, you can find many variations. Focus your research by deciding upfront what's most important to you: the best interest rate or the lowest possible payment? Or would you rather keep your overall interest expenses low? Admittedly, getting the lowest mortgage loan rate in The Great Lake State takes some discipline. Finding lenders and mortgage options are important steps, but you also have to feel comfortable evaluating your choices. Fortunately, has the tools to help. You can use our site to compare mortgage rates by loan type or credit profile, calculate payments, learn how different mortgage loans amortize, and, most importantly, find Michigan brokers and lenders. The process will be the same, whether you're buying an urban loft in Detroit, or refinancing a lakeside mansion.

Powered by Sure Hits
Powered by SecureRights™

Amerisave NMLS #1168


Rates as of: 4/27/2015 30 Yr. Fixed
  • Direct Mortgage Lender. NMLS ID #1168. AZ State Lic #BK - 0906515
  • Billions Funded
  • Apply Online. Quick approvals.
Show Phone number

Call Now: 866-814-2162

Rate APR Term Point Payment
  • 4.250%
  • 4.500%
  • 4.625%
  • 4.448%
  • 4.616%
  • 4.656%
  • 30 Yr. Fixed
  • 30 Yr. Fixed
  • 30 Yr. Fixed
  • 2.000%
  • 1.000%
  • 0.000%
  • $1,008
  • $1,039
  • $1,054

VA Loans For Veterans
  • VA Loans = No Mortgage Insurance
  • 100% Financing, No Down Payment
  • Active or Retired VA Status Ok

Mortgage Rates From 2.75% (2.93% APR)

Guide To Lenders
  • $200k Loan for Under $816/Month
  • Free Home Mortgage Rate Quotes.
  • Compare Rates from Up to 5 Lenders.
  • Lock in Your Low Rate Today!

The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes. More Info.. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.

Rate Map for Michigan

Our Michigan Rate Map shows the mortgage rates borrowers have been getting in different parts of the state. Each “balloon” represents a single mortgage loan where the borrower has chosen to discretely share their loan information.

Clicking on individual markers lets you see the mortgage rates other Michigan borrowers have been able to get with different credit scores, loan-to-value ratios, loan amounts and other factors. The list of options at left can be used to narrow down your choices.

Like to join in? If you recently obtained or refinanced a mortgage and would like to share your rate information anonymously, just click on “Share Your Rate” above the map and fill out the boxes indicated. Your fellow borrowers will appreciate it!

NOTE: cannot guarantee the accuracy of the data provided as it is submitted by our visitors.


If you're already a mortgage borrower, you might be interested in consolidating debt, funding a home remodel, or lowering your mortgage payment. Refinancing can accomplish any one of these objectives. Consolidating, or funding home improvement, both require a cash-out refinance; this means borrowing more than you owe on your current mortgage. To do this, you must have equity in your home. If you'd like a lower payment, you'll have to refinance to a lower interest rate, or lengthen your loan's maturity. Refinancing to a lower rate will save you the most in the long run.

Overview of Mortgage Loans

  • Fixed-rate mortgages have a set interest rate, set payment amount, and set maturity date, at which time all of the debt is paid off. Most fixed-rate mortgages are repaid over 30 years, but some borrowers prefer the lower rate, 15-year programs.
  • Adjustable-rate mortgages begin with a low monthly payment. After a specified period of time, the mortgage loan rate and payment are adjusted regularly, so that the rate tracks with a benchmark index such as LIBOR.
  • Home equity loans have fixed interest. • HELOCs have adjustable interest rates, often tied to the prime rate.

How to Review Your Options

As a Michigan resident, you can take these steps to get the best possible mortgage loan rate:

  1. Review market rates
  2. Run the numbers for various loan types
  3. Browse Michigan lenders and brokers
  4. Call brokers and lenders, submit applications, receive quotes

Informed comparison shopping will help you find the best rate on your mortgage loan or mortgage refinance in Michigan. You'll know, for example, to look out for differences in loan structure and upfront payments of points, rather than simply comparing programs by the monthly payment. Also, don't assume that you'll be offered a lender's lowest advertised rate; these are reserved for borrowers with above-average credit. If you have bad credit, it might be helpful to review Michigan rates by credit quality and loan type here.