Current mortgage rates · week of July 9, 2026
| Week | 30-yr / 15-yr fixed |
| July 9, 2026 | 6.49% / 5.82% |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
Michigan Mortgage Overview
Michigan is the state of the Great Lakes. It's largely surrounded by bodies of water which helps create its beauty and wonder. Michigan has many first-time homebuyer programs available and the cost of living is affordable. The average home costs $270,000, making it an affordable place to live.
If you're thinking of buying a home in Michigan, here are the home loan options:
Michigan FHA loans
You don't need perfect credit to get a loan. The FHA loan requires just a 580 credit score, which is almost 100 points lower than conventional loans. FHA loans require just 3.5 percent down and they even allow credit scores as low as 500 - 579 if you put down 10 percent. FHA loans have flexible underwriting guidelines and require mortgage insurance for the life of the loan.
Michigan VA loans
Veterans of the military often don't have a lot of money saved to buy a home. The VA solves that problem by providing 100 percent financing and flexible underwriting guidelines. Veterans need just a 620 credit score and a decent debt ratio to qualify. VA loans don't require mortgage insurance.
Michigan USDA loans
If living in less populated areas don't bother you and you have low to moderate income, you may be eligible for a USDA loan. This 100 percent financing loan makes it easy to buy a home to live in (investment properties aren't allowed). You need just a 640 credit score and a 41 percent debt ratio to qualify.
Michigan conventional loans
Conventional loans are the loans everyone wants. They have low interest rates and only charge Private Mortgage Insurance until you owe less than 80 percent of the home's value. You need a 660+ credit score and a low debt ratio to qualify.
First-Time Homebuyer Programs in Michigan
If you're a first-time homebuyer, Michigan has many first-time homebuyer programs to help:
MI Home Loan
This low interest loan provides up to $7,500 in down payment assistance to help you buy your first home. You need a 640 credit score and the home must cost $224,500 or less.
MI Home Loan Flex
This is another low interest loan for MI buyers with more flexible guidelines, but you need a 660 credit score to qualify. Like the MI Home Loan the Flex loan provides up to $7,500 in down payment assistance.
Michigan Mortgage Credit Certificate
If your income limits are within the regulations, you may deduct up to 20 percent of the annual interest paid on your mortgage. You may take the credit for the entire term of the loan up to 30 years.
Michigan mortgage FAQ
- What types of mortgages can you get in Michigan?
- Michigan offers FHA loans needing just a 580 credit score and 3.5 percent down (500 - 579 scores qualify with 10 percent down), VA loans with 100 percent financing and no mortgage insurance for veterans with 620 credit, USDA loans with zero down and a 640 score in less populated areas, and conventional loans for buyers with a 660+ credit score and low debt ratios.
- What does Michigan offer first-time homebuyers?
- Michigan runs the MI Home Loan, a low-interest mortgage with down payment assistance for buyers with a 640 credit score, and the MI Home Loan Flex with more flexible guidelines for those with 660 credit. The Michigan Mortgage Credit Certificate also lets income-qualified buyers deduct up to 20 percent of the annual mortgage interest paid, for up to 30 years.
- What credit score is needed for a Michigan home loan?
- FHA loans in Michigan accept a 580 credit score, almost 100 points below conventional requirements, and even 500 - 579 with 10 percent down. VA loans need about 620, USDA loans require 640 with a 41 percent debt ratio, and conventional loans expect 660 or higher. The MI Home Loan requires 640 while the MI Home Loan Flex needs 660.