Michigan Mortgage and Refinance Rates

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Current Michigan Mortgage Rates

Average market rates for May 24, 2024 in Michigan are 7.09% for 30-year fixed purchase and 7.17% for 30-year fixed refinance

ProductRateAPR
30-year Fixed Purchase7.09%7.11%
30-year Fixed Refinance7.17%7.20%
Rates based on market averages as of May 24, 2024.
ProductRateAPR
30-year Fixed Purchase7.09%7.11%
30-year Fixed Refinance7.17%7.20%
Rates based on market averages as of May 24, 2024.

Michigan Purchase Rates

ProductRateAPR
15-year Fixed Purchase6.28%6.33%
15-year Fixed Jumbo Purchase6.69%6.71%
30-year Fixed Purchase7.09%7.11%
30-year Fixed Jumbo Purchase7.31%7.34%
Rates based on market averages as of May 24, 2024.

Michigan Refinance Rates

ProductRateAPR
15-year Fixed Refinance6.28%6.33%
15-year Fixed Jumbo Refinance6.70%6.72%
30-year Fixed Refinance7.17%7.20%
30-year Fixed Jumbo Refinance7.28%7.31%
Rates based on market averages as of May 24, 2024.

Michigan ARM Rates

ProductRateAPR
5/6 Arm (purchase)7.48%7.51%
5/6 Arm (refinance)7.58%7.62%
5/6 Jumbo Arm (purchase)6.93%6.94%
5/6 Jumbo Arm (refinance)6.99%6.99%
Rates based on market averages as of May 24, 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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