Contact a Michigan lender to learn more about local requirements for mortgages. A year ago, the 30-year fixed mortgage rate was at 5.3. Typically, home values increase over time. Home values are constantly changing depending on buyer demand and the local market. HSHs National Monthly Mortgage Statistics: 1986 to 2016 30-Year-FRM Mortgage Rate 30-Year-FRM 3.978 3.895 3.988 15-Year-FRM Mortgage Rate 15-Year-FRM. This ensures you’re not paying more for a home than it’s worth on a purchase transaction and verifies the amount of equity available on a refinance transaction. Though, refinance rates can be higher.Ī lot of lenders will require an appraisal during the mortgage process to determine the fair market value of a property. The APRs on this page are for purchasing mortgages, which are typically similar to refinance rates. If you already have a mortgage and are considering a refinance, get customized rates for your unique circumstances. Also check Michigan rates daily before acquiring a loan to ensure you’re getting the lowest possible rate. To set yourself up for success and help you figure out how much you can afford, get pre-qualified by a licensed Michigan lender before you start your home search. Rocket Mortgage, 1050 Woodward Ave., Detroit, MI 48226-1906. Other programs may be available for first time home buyers. Based on Rocket Mortgage data in comparison to public data records. Loan programs and rates can vary by state. MI Home Loan Flex Mortgage: Up to 7,500 in down payment assistance with a minimum credit score of 700 and max sales price of 224,500.
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