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Purpose: State: Loan Amount: Loan Type: Points:
$ GO
Institution Payments Rates Apr Points Fees Last Update   Phone – A Direct Lender $1122.61 3.500% 3.703% 1.697% $1950.00 10/07/2011 – A Direct Lender $1140.13 3.625% 3.754% 0.789% $1950.00 10/07/2011 – A Direct Lender $1157.79 3.750% 3.814% 0.000% $1950.00 10/07/2011
Data provided by Informa Research Services click here for details

Current Mortgage Rates

Compared to this time in 2010, Michigan Mortgage Rates have decreased for the state’s home buyers. The current mortgage rates forecast seems to indicate that these rates will remain low in areas such as Detroit, Lansing and Ann Arbor. The average listing price of homes in Michigan is just $82,100, which is a bargain compared to homes in bordering states.

Detroit, the state’s largest city, offers a variety of homes that list below the state’s average listing price. Recently, homes in the Motor City have listed for an average of $74,200. Home buyers interested in a variable loan can find a 5/1 ARM with rates of 3.03 to 3.34 percent APR.

The Lansing area also has a 5/1 ARM with affordable Michigan Mortgage Rates. A 7/1 ARM is available with rates of 3.21 to 3.32 percent APR. This range is slightly below the national average of 3.33 percent. Home listings can average $101,300 in the state capital. Comparable listings are available in East Lansing.

Over in Washtenaw County, Ann Arbor has numerous attractions for home buyers. One influence on the housing market there is the University of Michigan. A 30-year fixed mortgage ranges from 4.22 to 5.91 percent APR. Homes in Ann Arbor have listed for an average of $155,100.

The advantageous mortgage rates forecast is hardly limited to the previous three cities. A 30-year fixed is also available in Grand Rapids for as low as 4.22 percent. In addition, home buyers can seek out a 15-year fixed mortgage with rates of 3.47 to 4.31 percent APR. $106,700 is the average list price of homes in Grand Rapids, which is one of the state’s largest cities.

North of Grand Rapids, Traverse City and Cadillac have rates of 3.55 to 4.04 percent APR for a 15-year fixed mortgage. The national rate for this type of mortgage has been 3.58 percent.

The Upper Peninsula is another area with beneficial Michigan Mortgage Rates. Like Traverse City, Ishpeming can see a low of 3.55 percent for 15-year fixed mortgages. A 20-year fixed mortgage can be obtained for as low as 4.01 percent. Marquette has similar rates.

Taking advantage of the positive mortgage rates forecast can save home buyers in the Great Lakes State thousands over the years. In comparison to homes in the nearby states of Wisconsin and Ohio, a home in Detroit or Ann Arbor can be a sizable bargain.

4.25% 30 Year Fixed Rate
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