See current Michigan Refinance fixed rates (30 Year, 20, 15, 10, FHA, VA and Jumbo), variable rates (10 year, 7, 5, 3), Cash Out rates, plus comparisons with national averages and lender types. Refinancing in Michigan can help lower your monthly payment, shorten your loan term, or tap into equity with a cash-out refinance.
Michigan Refinance Rates –
Find community reported rates by Michigan’s homeowners (rates are average APR).
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.64% | 6.69% | 6.74% | |
| Michigan | 6.65% | 6.71% | 6.75% | |
| Credit Unions | 6.25% | 6.30% | 6.46% | 9.1/10 |
| Online lenders | 6.35% | 6.41% | 6.55% | 8.4/10 |
| Banks | 6.65% | 6.71% | 6.75% | 8.5/10 |
| 30 year fixed | 6.65% | 6.71% | 6.75% | |
| 30 year fixed FHA | 6.75% | 6.80% | 6.85% | |
| 30 year fixed VA | 6.15% | 6.20% | 6.25% | |
| 30 year fixed Jumbo | 6.77% | 7.00% | 7.20% | |
| 20 year fixed | 6.41% | 6.46% | 6.51% | |
| 15 year fixed | 6.13% | 6.19% | 6.24% | |
| 10 year fixed | 6.23% | 6.28% | 6.33% | |
| 3 year ARM | 8.43% | 8.48% | 8.53% | |
| 5 year ARM | 6.50% | 6.55% | 6.60% | |
| 7 year ARM | 6.44% | 6.49% | 6.54% | |
| 10 year ARM | 6.55% | 6.60% | 6.65% | |
| Satisfaction | 8.6/10 | 8.0/10 | 7.3/10 |
Source: MFP’s Community Home Refinance Rates Survey of Michigan homeowner members in the last 30 days.
Cash Out Refinance Rates in Michigan –
Find community reported cash-out refinance rates by Michigan homeowners (rates are average APR).
| Credit Score | |||
|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | |
| Nationally | 6.76% | 6.89% | 7.01% |
| Michigan | 6.78% | 6.91% | 7.03% |
| Credit Unions | 6.38% | 6.50% | 6.73% |
| Online lenders | 6.48% | 6.61% | 6.83% |
| Banks | 6.78% | 6.91% | 7.03% |
| 30 year fixed | 6.78% | 6.91% | 7.03% |
| 30 year fixed FHA | 6.88% | 7.00% | 7.13% |
| 30 year fixed VA | 6.28% | 6.40% | 6.53% |
| 30 year fixed Jumbo | 6.89% | 7.02% | 7.14% |
| 20 year fixed | 6.54% | 6.66% | 6.79% |
| 15 year fixed | 6.26% | 6.39% | 6.51% |
| 10 year fixed | 6.35% | 6.48% | 6.60% |
| 3 year ARM | 8.55% | 8.68% | 8.80% |
| 5 year ARM | 6.63% | 6.75% | 6.88% |
| 7 year ARM | 6.57% | 6.69% | 6.82% |
| 10 year ARM | 6.68% | 6.80% | 6.93% |
Source: MFP’s Community Home Refinance Rates Survey of Michigan members in the last 30 days.
How Michigan Compares to National Averages
- Michigan refinance rates (6.65% for best credit scores) are in line with national averages (national average: 6.64%).
- Credit unions are more competitive: In Michigan, credit unions offer 6.50%, banks 6.75%, online lenders 6.60%.
- Borrower satisfaction: Credit unions 8.7/10, Online lenders 8.4/10, Banks 8.1/10.
Refinance Options in Michigan
- 30-year Fixed: At 6.65% APR for excellent credit, Michigan's most popular choice for stable long-term payments with predictable monthly costs
- 30-year Fixed FHA: At 6.75% APR for excellent credit, government-backed programs with competitive terms and flexible qualification requirements
- 30-year Fixed VA: At 6.15% APR for excellent credit, exclusive to eligible veterans and military members, featuring Michigan's most competitive rates
- 30-year Fixed Jumbo: At 6.77% APR for excellent credit, for high-value homes with competitive jumbo mortgage terms
- 20-year Fixed: At 6.41% APR for excellent credit, a balanced option between shorter and longer terms with moderate payments
- 15-year Fixed: At 6.13% APR for excellent credit, lower interest rates but higher monthly payments, ideal for building equity faster
- 10-year Fixed: At 6.23% APR for excellent credit, the shortest fixed-term option with competitive rates for rapid equity building
- Adjustable-rate mortgages (ARMs): Various terms including 3-year (8.43% APR), 5-year (6.50% APR), 7-year (6.44% APR), and 10-year (6.55% APR) options that start lower but may adjust upward after initial fixed period
Metro Area Rates
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Detroit | 6.56% | 5.82% |
| Grand Rapids | 6.56% | 5.81% |
| Lansing | 6.55% | 5.81% |
| Ann Arbor | 6.56% | 5.81% |
| Sterling Heights | 6.54% | 5.79% |
* APR Rates shown are for borrowers with the best credit scores. Click the city name to see community recommended lenders and ratings
Compare Lenders Rated by Michigan Homeowners
Michigan homeowners consistently give credit unions (8.5/10) the highest marks for satisfaction, beating both banks (8.0/10) and online lenders (8.2/10).
See our full list of Best Mortgage Refinance Lenders in Michigan based on ratings from local borrowers.
FAQs – Michigan Refinance Rates
Are refinance rates lower in Michigan than the U.S. average?
Yes. Michigan refinance rates are slightly below national levels, with the 30-year fixed averaging 6.55% compared to 6.60% nationally.
Which lenders are most popular in Michigan for refinancing?
Credit unions lead the way thanks to their lower rates and higher customer satisfaction scores, followed by online lenders offering convenience and competitive pricing. In term of number of loans, banks still do more than credit unions in the state.
Do government-backed refinance programs help Michigan borrowers?
Yes. FHA refinances provide options for homeowners with lower credit, while VA refinances offer some of the lowest rates available in the state (6.75%) for qualified veterans.
More Info for Michigan Homeowners:
Michigan Best Refinance Lenders from Community recommendations
Michigan Home Equity Loan & Michigan HELOC Rates
Loans Comparison Calculator: Heloc, Cash-Out, Home Equity, Renovation.
Michigan Best Home Insurance from Community recommendations & Costs
More Resources for Michigan Homeowners.