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Michigan 30-Year Fixed Mortgage Rates 2017

Compare Michigan 30-Year Fixed Conforming Mortgage rates with a loan amount of $250,000. To change the mortgage product or the loan amount, use the search box on the right. Click the lender name to view more information. Mortgage rates are updated daily.

Michigan 30-Year Fixed Conforming Mortgage

Lender APR Rate (%) Points Fees Monthly
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HomeDirect Mortgage
NMLS ID: 420821
3.878% 3.875% 0.00 $184 $1,176 Learn More
James B. Nutter & Company
NMLS ID: 2067
4.125% 4.125% 0.00 $1 $1,212 Learn More
PenFed Credit Union
NMLS ID: 401822
3.832% 3.750% 0.00 $2,500 $1,158 Learn More
CapWest Home Loans
NMLS ID: 6521
3.908% 3.875% 0.00 $997 $1,176 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
4.248% 4.180% 0.50 $2,049 $1,220 Learn More
Rocket Mortgage
NMLS ID: 3030
4.248% 4.180% 0.50 $2,049 $1,220 Learn More

Data from above provided by Informa Research Services, Inc.1

The Hastings City Bank
Updated 05/03/2017 - See Amortization Table
3.60% 3.50% 0.00 $0.00 $1,122.61
Updated 12/15/2016 - See Amortization Table
3.55% 3.50% 0.00 $1,224.00 $1,122.61
Updated 09/04/2017
Restrictions - See Amortization Table
3.65% 3.50% 0.88 $0.00 $1,122.61
Horizon Bank
Updated 12/15/2016 - See Amortization Table
3.67% 3.63% 0.00 $1,161.00 $1,140.83
Capital One, National Association
Updated 10/10/2017 - See Amortization Table
3.98% 3.75% 0.00 $2,739.00 $1,157.79
Updated 06/28/2017 - See Amortization Table
3.84% 3.75% 0.00 $0.00 $1,157.79
Bofi Federal Bank
Updated 07/03/2017 - See Amortization Table
3.93% 3.87% 0.00 $3,874.00 $1,174.88
Central Savings Bank
Updated 05/22/2017 - See Amortization Table
3.91% 3.88% 0.00 $6,300.00 $1,175.59
Updated 07/13/2017
Restrictions - See Amortization Table
3.93% 3.88% 0.00 $1,235.00 $1,175.59
JPMorgan Chase Bank, National Association
Updated 10/10/2017 - See Amortization Table
3.96% 3.88% 0.38 $0.00 $1,176.31
Bank of America, National Association
Updated 10/10/2017 - See Amortization Table
4.08% 3.88% 0.90 $0.00 $1,176.31
Citibank, National Association
Updated 10/10/2017 - See Amortization Table
3.97% 3.88% 0.13 $2,739.00 $1,176.31
Pentagon Federal Credit Union
Updated 09/20/2017
Restrictions - See Amortization Table
4.00% 3.88% 0.00 $2,784.00 $1,176.31
Updated 09/21/2017
Restrictions - See Amortization Table
3.90% 3.88% 0.00 $2,784.00 $1,176.31
Updated 09/22/2017
Restrictions - See Amortization Table
3.94% 3.88% 0.00 $2,784.00 $1,176.31
Alliant Credit Union
Updated 09/20/2017
Restrictions - See Amortization Table
3.96% 3.88% 0.00 $0.00 $1,176.31
Updated 10/10/2017
Restrictions - See Amortization Table
3.91% 3.88% 0.00 $2,936.00 $1,176.31
Flagstar Bank, FSB
Updated 05/03/2017 - See Amortization Table
4.19% 3.98% 0.00 $0.00 $1,189.94
Tri-County Bank
Updated 06/12/2017 - See Amortization Table
4.05% 4.00% 0.00 $3,633.00 $1,193.54
Updated 05/22/2017 - See Amortization Table
4.10% 4.00% 0.00 $3,574.00 $1,193.54

Data provided by BestCashCow

1Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

Rates from this table are based on loan amount of $250,000 and a variety of factors including credit score and loan to value ratios. For specific requirements please check with the lender. Rates may change at any time.


Starting Your Search for the Best Mortgage Rates 2017

Once you have found and purchased the home of your dreams, you will need to protect your investment. You will need a good understanding of the best type of loan for you as well as prevailing mortgage rates.

Securing the best mortgage isn’t simply about finding a lender who offers you the best rate. Taking out a mortgage can be a time-consuming, confusing, and even emotional process. The best mortgage lenders will guide you through the complex process with ease and treat you with respect. This makes finding the best rates from top mortgage lenders a little bit tougher than finding, say, the Best Credit Card for earning travel rewards, the Highest Yielding Online Savings Account Account or the Highest Yielding CD.

In addition to searching for the best rate, you will want to improve your credit score, identify the maximum down payment you can make and determine how long you will be in your house or apartment. Based on these factors, the following are the types of mortgage products you may wish to consider.

Fixed-rate mortgages

While fixed-rate mortgages are by far the most common type of home loan. It’s also the easiest to understand. While the proportion of your loan that is amortized will increase each month (versus interest on the balance), you still pay the same amount every month. Your interest rate is locked in when you close on the loan, so you aren’t vulnerable to sudden increases in interest rates.

Fixed-rate mortgages ordinarily require a 20% down payment (or that you pay for mortgage insurance) and are most often offered for 10-, 15- or 30-year terms, with the latter being the most popular choice. Longer terms generally mean lower payments, but they also mean it will take longer to build equity in your home. You will also pay more interest over the life of the loan.

The BestCashCow mortgage calculator is a great way to examine the amortization schedule that you will have for different fixed rate mortgage lengths and balances (hyperlink-

Adjustable-rate mortgages (ARMs)

Typically, ARMS offer lower initial interest rates, and sometimes lower initial payments than fixed rate mortgages, making it easier for a wider range of people to qualify for better homes. The interest rate remains constant for a certain period of time, most commonly 7 or 10 years although shorter and longer terms are often available. Generally, the shorter the period, the better the rate — then rises and falls periodically according to a financial index.

ARMs offer a fantastic opportunity for homeowners to get rates lower than would be available in a fixed rate product, and are ideal for those who are not planning to be in the home for more than the term for which rates are fixed, or those who will be able to pay off the mortgage should rates rise. If you don’t fit that criteria, you run that risk of your ARM beginning to adjust when interest rates are climbing in which case your payments could be adjusted upwards quite sharply. While most products have terms limited them to more than a 2% annual increase (or decrease), given that interest rates on fixed products are currently so low, you may find yourself several years out regretting that you did not lock into a fixed rate product.

Interest-only mortgages (IOs)

Interest-only mortgages are technically a type of ARM on which only the interest is charged each month, but the outstanding loan amount does not begin to amortize until after the interest-only period (usually 5 years). These mortgages are compelling because they allow home buyers to pay only interest for a certain period at the beginning of the loan, keeping payments as low as possible. They can be a good choice for someone who expects a significant increase in income down the pike, but they are the worst choice for those seeking to build equity in their homes. They can also lead people to mistakenly buy more expensive homes than they can afford. Once the interest-only payment period is up, your payment can jump significantly when you begin to pay the principal of the loan, plus you can experience a rate increase.

FHA and VA loans

FHA and VA loans are government-backed mortgages. FHA loans require much smaller down payments than their conventional counterparts and can often be good option for those with a steady, healthy income without enough savings for a huge down payment (often as little as 2.5% down). The drawback of FHA loans is that you will likely be responsible for mortgage insurance each month in order to help the lender blunt some of the risk. VA loans are also available to those with a military affiliation and offer with low (or even no) down-payment options, minus the mortgage insurance required on FHA loans. However, the VA typically charges a one-time funding fee that varies according to down payment amount.

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