Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The 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 HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. 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.
In order to help you see how Michigan mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.
It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.
In order to qualify for the best mortgage rates in Michigan it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.
Michigan is the sixth most populous US state. According to the US census, as of 2017, there is an estimated population of over 12.8 million residents, which represents 4% of the US population. Based on FHFA’s All-Transaction Housing Price Index for Michigan, Housing prices in Michigan hit a low point in Q2 2011 after dropping by more than 28% from their Q1 2005 levels. Since 2011, by Q1 2017 prices have risen by more than 35%. This has created a great opportunity for many borrowers to refinance at low rates.</p>
Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.
Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed
Check out some differences in One MSA area in Michigan:
Mortgage Rates for Conventional Loans in One MSA in Michigan
Mortgage Fees in One MSA in Michigan
Loan Amount in Michigan for One MSA
LTV over 90% in One MSA in Michigan for One MSA