Rates
Mortgage rates overview
Illustrative national pricing for the loan types most buyers compare, plus the local costs that change a payment in Michigan.
What the table shows
These are illustrative estimates for comparison, not quotes. A real rate depends on your credit score, down payment, loan type, property and the day you lock. Two lenders can quote the same borrower differently on the same afternoon.
| Loan type | Rate | APR | Who it suits |
|---|---|---|---|
| 30-year fixed | 6.50% | 6.68% | Most common choice for buyers who plan to stay put. |
| 15-year fixed | 5.88% | 6.02% | Higher payment, less interest over the life of the loan. |
| 30-year FHA | 6.25% | 6.94% | 3.5% minimum down; mortgage insurance required. |
| 30-year VA | 6.00% | 6.21% | Eligible veterans and service members; often 0% down. |
| 30-year jumbo | 6.85% | 6.99% | Loan amounts above the conforming limit for the county. |
| 5/1 adjustable-rate | 6.10% | 6.44% | Fixed for five years, then adjusts annually. |
Why rates move
Fixed mortgage rates follow long-term bond yields, especially the 10-year Treasury and mortgage-backed securities. Inflation expectations, Fed guidance and investor demand for mortgage bonds all push the number around. The Fed's policy rate matters, but it is not the same thing as a mortgage rate.
What changes your rate
- Credit score: the single biggest lever on pricing.
- Loan-to-value: more down payment usually means a better rate and less mortgage insurance.
- Debt-to-income: a stretched budget prices higher, or fails to qualify.
- Term and loan type: 15-year loans usually price lower than 30-year; FHA, VA and jumbo each price differently.
- Points: paying upfront lowers the rate but raises cash to close.
Rate versus APR
The rate sets your principal and interest payment. The APR folds in certain lender fees and points, so it is a broader cost measure. Compare both, then compare the Loan Estimate line by line: origination charges, services you can and cannot shop for, taxes, and cash to close.
Michigan and Detroit
The rate is national; the payment is local. Property taxes vary by municipality, and homeowners insurance in parts of Wayne County can run well above suburban quotes. That is why a rate quote that ignores escrow is not a payment quote.
For local pricing and the costs that sit on top of it, see Detroit Metro mortgage rates. For the mechanics of rate shopping, read Mortgage rates explained.
How to compare offers
- Get quotes on the same day, for the same loan terms.
- Ask for a written Loan Estimate from each lender.
- Compare cash to close, not just the rate.
- Ask how the loan officer is paid, and whether points are included.
- Check licenses at NMLS Consumer Access.
Estimate your payment
Add taxes, insurance and HOA dues to see the number you would actually pay each month.
Open the payment calculator