Michigan Mortgage Rates & Home Prices (2026)
Median price: $235,000 · Avg. rate: 6.87%
Michigan Market Overview
$235,000
Median Home Price
6.87%
Avg. 30-Yr Rate
1.54%
Property Tax Rate
72.5%
Homeownership Rate
Michigan offers affordable housing with wide variation between metro Detroit and rural areas. MSHDA provides up to $10,000 in down payment assistance and competitive rates. Ann Arbor and Grand Rapids have the strongest appreciation, while many areas remain very affordable.
Estimated Monthly Payment
Median home in Michigan (20% down, 30-yr fixed)
$1,634/mo
Principal & Interest$1,234
Property Taxes$302
Home Insurance (est.)$98
Total Monthly (PITI)$1,634
Based on a $235,000 home with 20% down ($188,000 loan) at 6.87%. Does not include PMI, HOA, or other fees.
First-Time Buyer Programs in Michigan
- MSHDA MI Home Loan
- MI DPA Loan
- MI 10K DPA Program
Contact your state's Housing Finance Agency for current program availability and requirements.
Rate Comparison: MI Rates
30-Year Fixed6.87%
15-Year Fixed6.10%
5/1 ARM (est.)6.12%
FHA 30-Year6.72%
VA 30-Year6.62%
Rates are estimates based on state averages and may vary by lender and borrower qualifications.
Frequently Asked Questions
Key Stats: MI
FHA Loan Limit$472,030
Median Income$65,890
Cost Index0.88x