This week's pricing
Pricing is national and set by the file, not by the state line. What varies by state is everything around it — taxes, assistance, loan limits — which is the rest of this page.
These are survey averages, not offers. Source: Freddie Mac Primary Mortgage Market Survey, retrieved from FRED (Federal Reserve Bank of St. Louis), series MORTGAGE30US. Survey week ending July 30, 2026; retrieved by us on August 1, 2026. Not a quote, not a commitment to lend, and not a rate available to any particular borrower.
No APR is stated with these figures because none exists to state. The Primary Mortgage Market Survey reports note rates only; an annual percentage rate depends on the finance charges of a specific transaction, which a national survey does not collect. These are third-party market observations, not rates offered by BankPricer, and no credit is offered on their terms.
Both series, with their 52-week context
| Product | Survey average | Prior week | 52-week low | 52-week high |
|---|---|---|---|---|
| 30-year fixed | 6.66% | 6.58% | 5.98% | 6.66% |
| 15-year fixed | 6.04% | 5.96% | 5.35% | 6.04% |
Survey averages for the week ending July 30, 2026 (Freddie Mac Primary Mortgage Market Survey via FRED, retrieved August 1, 2026). These are weekly national averages from a survey of lenders, not quotes and not offers of credit. The published survey basis is a conventional, conforming, owner-occupied purchase loan with an 80% loan-to-value ratio and a borrower with strong credit; it is an average across lenders and regions, so no individual borrower was offered it. Your own rate depends on your credit profile, loan amount, loan-to-value ratio, occupancy, property type, lock period and program, and your annual percentage rate will be higher than any note rate once costs are included. Rates change without notice. This is not a commitment to lend.
Any payment figure elsewhere on this site reflects principal and interest only and does not include property taxes, homeowners insurance, mortgage insurance, or HOA dues — your actual monthly obligation will be greater.
We archive every retrieval, so the figures shown on any given day can be shown to be the figures that were published on that day.
What actually shapes the Michigan market
Detroit
Detroit's residential market has changed substantially since 2015. Areas including Midtown, Corktown, Grandmont-Rosedale, and the University District have appreciated while still offering entry points under $150,000 for single-family and $200,000 to $300,000 for multi-unit. Gross rental yields exceed 10% in parts of the city. DSCR loans let investors qualify on the property's rental income with no personal income documentation. Renovation cost, management, and property-level due diligence carry more weight here than the rate does.
Ann Arbor
Ann Arbor operates as a separate market. Median prices run roughly $450,000 to $500,000, driven by the University of Michigan, a healthcare and technology employment base, and limited buildable land. Multiple-offer situations remain common and inventory stays tight. Buyers frequently need jumbo or high-balance conventional financing, where pricing spreads between lenders are wider than on conforming loans.
Grand Rapids
Grand Rapids has been among the faster-growing Michigan metros for a decade. The median sits near $280,000 with steady appreciation. Healthcare (Corewell Health), furniture manufacturing, and a growing technology sector provide the employment base. Investor activity has increased as buyers look outside fully-priced coastal markets.
Three housing markets in one state. Detroit is an investor underwriting problem, Ann Arbor is a jumbo financing problem, Grand Rapids is a first-purchase problem. The product follows the market, not the other way round.
Loan programs in Michigan
- Conventional (Fannie/Freddie): 3% to 20% down. The standard structure for Grand Rapids, Lansing, and Troy buyers.
- FHA: 3.5% down at 580+ credit. Widely used by Detroit and Grand Rapids first-time buyers, with MSHDA assistance layered on top.
- VA: Zero down, no monthly mortgage insurance. Michigan hosts Selfridge Air National Guard Base in Macomb County and a facility at Battle Creek.
- DSCR (investor): The working product for Detroit, Grand Rapids, and Ann Arbor investment property. Qualifies on rental income alone. See DSCR loans in Detroit.
- Jumbo: For loan amounts above the conforming limit for the county. Mainly Ann Arbor, Birmingham, Bloomfield Hills, and other Oakland County markets.
- HELOC: A second lien against equity, useful where refinancing would surrender a low existing first-mortgage rate.
Michigan markets we publish
Lower entry pricing; high DSCR volume.
Among the faster-growing Michigan metros.
Higher price points; jumbo financing common.
State capital; government and university employment.
Oakland County suburb; corporate employment base.
How to compare offers in Michigan
- Compare on the Loan Estimate, not on the rate. Page 2 carries the fees; page 3 carries the five-year cost and the APR. A lower rate with higher fees frequently loses.
- Compare on the same day. Pricing moves intraday, so a quote from Tuesday and a quote from Friday are not a comparison of lenders.
- Compare on the same lock period. A 30-day lock prices better than a 60-day lock; matching that up is a common way people compare two different things.
- Count the property tax line. In Michigan it moves your debt-to-income ratio, which moves what you qualify for — not just what you pay.
- Check assistance eligibility before you apply. Several programs must be in place at application and cannot be added afterwards.
Questions we get about Michigan
- Does Detroit work for investment property?
- Entry prices in many Detroit areas start under $100,000, with gross rental yields exceeding 10% in some. DSCR loans qualify on the property's rental income rather than personal income, which makes portfolio scaling more workable. The variables that decide the outcome are renovation cost, property management, and block-level due diligence — not the loan.
- What down payment assistance is available in Michigan?
- The Michigan State Housing Development Authority runs the MI Home Loan program with up to $10,000 in down payment assistance, and up to $15,000 in targeted ZIP codes. The assistance is a zero-interest second mortgage forgiven over time. It can be combined with an FHA, VA, or conventional first mortgage. Detroit, Grand Rapids, and other cities run additional local programs. Income and purchase price limits apply.
- How does Ann Arbor compare with the rest of Michigan?
- Ann Arbor's median runs roughly $450,000 to $500,000, against a statewide median near $240,000. The University of Michigan, a technology and healthcare employment base, and constrained supply drive that gap. Many Ann Arbor buyers need jumbo or high-balance financing, where lender-to-lender pricing spreads are wider than on conforming loans.
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Other states
Figures on this page
Every figure below was migrated from the production Michigan page. None was generated. Each still needs a citation and a retrieved-on date before this page is published:
- Statewide median ($240,000), Ann Arbor median range, Grand Rapids median ($280,000), and Detroit yield figures: migrated from the production state page without citations. Verify against MLS medians before publication.
- Michigan effective property tax rate: NEEDS SOURCING. The production state page carried tax rates for IL, IN, NJ, and TX but not for MI.
- MSHDA assistance amounts change by program year. Verify against michigan.gov/mshda.