Mortgage Rates in Michigan
Updated April 2026
Key Mortgage Metrics
Median Home Price
$255,000
30-Year Fixed Rate
6.7%
Property Tax Rate
1.54%
Est. Annual Property Tax
$3,927
Housing Market in Michigan
The median home price in Michigan is currently $255,000, with an average 30-year fixed mortgage rate of 6.7%. Property taxes in Michigan average 1.54% of home value, translating to approximately $3,927 annually on a median-priced home.
Use our mortgage calculator to estimate your monthly payments based on your specific down payment and loan terms.
First-Time Homebuyer Programs
Michigan offers several programs to help first-time homebuyers:
- Michigan Housing Development Authority
- Home loan programs
Contact your state housing finance agency for eligibility requirements and application details.
Related Resources
Calculate More
Explore our network of financial calculators: