Who has the best mortgage rates in Michigan?
I’m looking for a primary, single-family home in for , and credit score.
Insights
Negotiate everything—rates, fees, and terms are not set in stone.
George Robinson TrueRate Data ScientistLenders with low rates in MI
TrueRate analyzed the rates lenders actually gave to buyers for the last three years and found only a few lenders likely to get you a good deal.
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Insights
Negotiate everything—rates, fees, and terms are not set in stone.
George Robinson TrueRate Data ScientistLenders in MI likely to have high rates
We don’t accept advertising, so you can get the real lender story. TrueRate looked at 54 lenders and found that these lenders are likely to offer you a high rate.
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Insights
Whether a lender has high margins or is simply inefficient and passing their costs on to you, the result is the same—you’ll likely end up paying more for your home. Our data shows that if you choose these lenders you will likely regret it.
George Robinson TrueRate Data ScientistLenders with average rates in MI
You deserve better than what these lenders historically provide.
Sorry, no lenders were found.
Methodology
We believe in transparency. Here’s how we crunched the numbers.
Based on lender data from 2023 with at least 10 loans similar to yours with 0 points for a 30-year fixed mortgage.
Don’t let lenders pull a fast one on you
Learn how really low rates often come with hidden fees. Drag the slider to see how rates and fees are connected.
Insights
Insights by James McTernan Tomo Mortgage Loan Advisor - NMLS #337556TrueRate report
See how mortgage companies got home buyers to over-pay by billions.
Get the reportMethodology
We believe in transparency. Here’s how we crunched the numbers.
Based on lender data from 2023 with at least 10 loans similar to yours with 0 points for a 30-year fixed mortgage.
Michigan is looking even better to buy right now
If you’ve been considering a move to the Great Lakes State, now is an excellent time to explore the market without overextending your budget.
Detroit, once known for its industrial past, is undergoing a revitalization with a thriving downtown and a burgeoning arts scene. Neighborhoods such as Corktown and Midtown are at the forefront of this transformation, offering a unique blend of historic charm and modern development. With the median home price in Detroit hovering around $70,000—well below the national average—it’s an ideal destination for first-time buyers or those looking to invest.
However, Michigan’s appeal extends well beyond Detroit. Grand Rapids is gaining popularity, known for its craft breweries and vibrant cultural scene. The city strikes a balance between affordability and quality of life, with a median home price around $270,000, making it an attractive option for young professionals and families.
For those seeking a quieter lifestyle, cities like Ann Arbor and Traverse City offer wonderful alternatives. Ann Arbor, home to the University of Michigan, boasts a strong economy and a thriving community, with a median home price of approximately $400,000. Traverse City, known for its stunning lakes and outdoor recreational activities, attracts those seeking a scenic, slower-paced lifestyle. However, due to its popularity as a vacation destination, home prices here can be higher.
Michigan also provides a range of programs for first-time homebuyers, including down payment assistance and favorable loan terms, to help ease the financial process of purchasing a home.