Michigan mortgage rates are typically competitive with national averages. The state's affordable housing costs mean most buyers work with standard conforming loans at the best available rates. Metro Detroit's ongoing revitalization and Grand Rapids' growth create active lending markets. Check our live rate widget for today's Michigan rates.

The Michigan State Housing Development Authority's MI Home Loan offers 30-year fixed-rate mortgages with up to $10,000 in down payment assistance (DPA). The DPA is a 0% interest, non-amortizing second loan due when you sell, refinance, or pay off the first mortgage. Income limits vary by county, and the program works with FHA, VA, and USDA loans. First-time buyers and buyers in targeted areas are eligible.

Detroit's housing market has been recovering steadily, with significant investment in downtown, Midtown, and neighborhoods like Corktown and West Village. Home prices remain among the most affordable in any major US city, creating strong value opportunities. FHA loans are popular in Detroit due to lower price points. Be sure to budget for potentially higher property taxes and insurance in some Detroit zip codes.

Absolutely. Michigan has extensive USDA-eligible areas, including much of the Upper Peninsula, northern Lower Michigan, and many communities outside metro Detroit, Grand Rapids, and Lansing. Growing towns like Traverse City's outskirts, Ludington, and Alpena area communities often qualify. USDA loans offer 0% down and competitive rates.

Michigan's housing market has seasonal patterns. Spring and summer bring the most listings and competition, often leading to multiple offers and faster-rising prices. Fall and winter typically see fewer buyers and more motivated sellers, potentially creating negotiating leverage. However, rates don't change seasonally — they're driven by national economic conditions. Buying in the off-season can sometimes yield a better overall deal.