Dearborn, MI Mortgage Rates today
Michigan offers a diverse range of lifestyles, from bustling cities to serene lakeside towns. Its affordable housing market, top-rated universities, and outdoor recreation opportunities make it an attractive choice for homebuyers. To make the most of this opportunity, compare our current rates to find the perfect mortgage for your Michigan home.
If you have any questions about securing the best mortgage rates in Michigan, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Dearborn, MI
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5.875%
6.621% APR
$3,014/mo
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6.625%
7.109% APR
$2,305/mo
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6.000%
7.054% APR
$2,345/mo
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6.375%
7.381% APR
$2,246/mo
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6.000%
6.624% APR
$2,185/mo
infoLatest revision - November 20 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What is the average mortgage rate in Michigan?
Mortgage interest rates in Michigan shape homeowner finances in the Wolverine State, as these percentages influence total borrowing expenses. Rates fluctuate, directly impacting costs.
What are the current mortgage rates in Michigan?
We constantly check the current mortgage rates in Michigan, which allows for precise comparisons between options. Fixed and variable products offer differing advantages. Mortgage loans and refinancing carry distinct considerations. We update figures twice daily to guarantee current evaluations.
How are interest rates determined?
Lenders set curiosity rates for their loan offerings, tempered by factors such as the Federal Reserve's activities, economic cases, and client requirements. Modifications in short-term rates through the Federal Reserve will rouse lenders to remodel mortgage rates. Particular contemplations, together with credit score, down payment, earnings, and the alternating degrees of danger and operational fees for lenders, can also affect mortgage rates.
How frequently do mortgage rates change?
Mortgage rates fluctuate regularly and are troubled by factors such as swelling, the bind commercial, and the general real property market. Individual lenders judge curiosity rates supported by the running costs and desired returns; thus, rates may vary slightly across lenders. Client credit quality and the size of the down payment presented may additionally impact the individual rate supplied.
What is considered a good mortgage interest rate?
Undoubtedly, the most important aspect to consider is the mortgage rate, but one should recognize such attributes of the loan as annual percentage rates, fees, and closing costs. A rigorous comparison of the loan specifics from several lenders is required to spot the most advantageous deal that fits your situation.
Michigan's First-Time Homebuyer Programs
MI Home Loan
A 30-year fixed-rate mortgage offered by the Michigan State Housing Development Authority is called an MI Home Loan. It is available through MSHDA and the MSHDA-approved lenders. This first-time home buyer program in Michigan is offered as a conventional FHA, VA, or USDA loan. It can be used by first-time homebuyers throughout the state and repeat buyers in certain areas. If MI Home Loan borrowers are also eligible for the MI 10K DPA Loan, they can receive the DPA.
Additionally, Area-specific maximums for household income, home prices, and minimum credit scores are required. Statewide, home prices should be at most $2,24,500. The minimum credit score should be equal to or more than 640 for majority types of homes and 660 for multiple-section manufactured homes.
Michigan Down Payment Assistance
MI 10K DPA loan program
This is a 0 percent interest loan up to $10,000 available to those who qualify for an MI Home Loan and who complete a homebuyer education course. The money can be used for a down payment, closing, and prepaid/escrow payment. The 10K DPA loan has no monthly fees. It is only to be repaid when the home is no longer a primary residence or there is a change of ownership. This first-time home buyer grant in MI could previously be issued only in specific zip codes, but it became available statewide as soon as May 2023.
Other Michigan Homebuyer Assistance Programs
Mortgage credit certificate (MCC)
Even if your home is expensive, you can still save some money when paying taxes after buying a house through the MCC Mortgage Credit Certificate. In this state, your credit is 20% of annual mortgage interest, up to only $2000 a year. You have to pay a $400 fee for it, and with the lender's commission, it is somewhere between $500-$600, but you may consider such first-time home buyer programs in Michigan worthwhile if you use it every year for the full 30-year period.
Detroit homebuyer assistance
The dynamic city of Detroit has undergone substantial revitalization in recent years. A significant driver of this resurgence has been strategic initiatives aimed at bolstering homeownership within city limits. Among the assortment of Michigan first-time home buyer grants established to aid potential homeowners are:
- Detroit Neighborhood Initiative: The Detroit Neighborhood Initiative offers prospective purchasers who satisfy the requirements of the comprehensive NACA pre-purchase program qualification for an affordable, fixed-rate mortgage devoid of closing expenses or necessity for a down payment.
- Detroit DPA Program: Scheduled to reopen in 2024, Detroit’s DPA Program facilitates qualifying residents with lower incomes within Detroit to procure a residence by providing up to $25,000 as a non-repayable grant toward their down payment.
- Detroit Home Mortgage Program: Some participating lenders, including TCF and Huntington Bank, participate in the Detroit Home Mortgage program. The program can waive certain closing costs and offer modest grants for eligible buyers, spurring additional investment in the state through homeownership.
FHA Loan
Federal Housing Administration-insured loans offer prospective homeowners more accommodating requirements than conventional loans. Applicants can secure financing with only 3.5% down and credit as low as 580.
VA Loan
Active military, veterans, and bereaved partners gain from guarantees by the U.S. Department of Veterans Affairs. Rates tend to be reduced, and deposits are unnecessary. The administration crafts programs appropriately tailored to the sacrifices made.
USDA Loan
Loans assured by the U.S. Department of Agriculture also waive deposit demands. However, the property must be situated in designated non-urban areas and satisfy regional criteria. Country living receives backing from committed citizens.
HomeReady and Home Possible loans
HomeReady and Home Possible were established by government-tied enterprises to smooth first-time entry. Merely 3% down is needed with leniency on earnings. Varied sentence structure offers opportunities for diverse buyers.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
