Michigan Mortgage and Refinance Rates

Written by Refi.com Team

Updated November 28, 2023

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» MORE: Compare top mortgage refinancing lenders

Current Michigan Mortgage Rates

Average market rates for 11-29-2023 in Michigan are 7.25% for 30 Year Fixed Purchase and 7.342% for 30 Year Fixed Refinance

DateProductRate
11-29-202330 Year Fixed Purchase7.25%
11-29-202330 Year Fixed Refinance7.342%

Michigan Purchase Rates

DateProductRate
11-29-202315 Year Fixed Purchase6.475%
11-29-202315 Year fixed Jumbo Purchase7.193%
11-29-202330 Year Fixed Purchase7.25%
11-29-202330 Year Fixed Jumbo Purchase7.686%

Michigan Refinance Rates

DateProductRate
11-29-202315 Year Fixed Refinance6.467%
11-29-202315 Year fixed Jumbo Refinance7.196%
11-29-202330 Year Fixed Refinance7.342%
11-29-202330 Year Fixed Jumbo Refinance7.734%

Michigan ARM Rates

DateProductRate
11-29-20235/6 ARM SOFR Purchase7.259%
11-29-20235/6 ARM SOFR Refinance7.309%
11-29-20235/6 ARM Jumbo SOFR Purchase6.8%
11-29-20235/6 ARM Jumbo SOFR Refinance6.825%

How we source rates and rate trends

» MORE: Check your 2023 home refinance eligibility

Most Common Mortgage Types in Michigan

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

» MORE: See today’s refinance rates

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

» MORE: Find competitive mortgage rates near you

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

Refi.com Team

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