Farmington Hills, MI Mortgage Rates Today for November 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Current Farmington Hills, Michigan mortgage rates today start at 6.375% for a 30 year fixed and 6.00% for a 15 year fixed, compared with Michigan averages of 7.219% and 6.908%. Farmington Hills, Michigan mortgage rates range from 6.00% to 9.00%, verified by MonitorBankRates as of November 12, 2026. Current 30-year fixed mortgage rates in Farmington Hills, Michigan include Citizens BankCitizens Bank33333 W 12 Mile Rd, Farmington Hills, MI, 48334A+5.0 ★Texas Ratio: 5.44%Rate verified Nov 11, 2026 at 7.375%, TLC Community Credit UnionTLC Community Credit UnionA+5.0 ★Texas Ratio: 0.45%Rate verified Nov 8, 2026 at 6.375%, FreeStar Financial Credit UnionFreeStar Financial Credit UnionA5.0 ★Texas Ratio: 7.11%Rate verified Nov 8, 2026 at 6.50%, Consumers Credit UnionConsumers Credit UnionA+5.0 ★Texas Ratio: 3.56%Rate verified Nov 8, 2026 at 6.50%, and Honor Credit UnionHonor Credit UnionA+5.0 ★Texas Ratio: 5.27%Rate verified Nov 8, 2026 at 6.50%. Mortgage rates as of November 12, 2026 according to verified data from MonitorBankRates.
Farmington Hills borrowers can compare 153 mortgage rates from 35 lenders serving the Michigan area, including 1 local, with rates as low as 6.75% from Citizens Bank at 33333 W 12 Mile Rd, Farmington Hills, MI, 48334. Use the tabs below to compare all available loan types and terms. Rates are continually updated, so we recommend checking back frequently.
Mortgage Rates reflect actual verified offers from lenders actively lending to Michigan borrowers. Your final approved rate will depend on your credit profile, loan-to-value ratio, and daily market movements. Last Updated and Verified: November 12, 2026
Compare Mortgage Rates Today in Farmington Hills, Michigan & the Surrounding Area
Farmington Hills 30 Year Fixed Mortgage Rates
Refinance; based on $300,000 loan amount; rates include 0.125% autopay and paperless discount; effective 11/10/2026 9:16 AM CT
Credit score 740 or higher; LTV 80% (20% down payment); Loan amount $150,000; Purchase; Owner occupied/single family home; No secondary financing; Escrow for taxes and insurance; 60-day lock
As Low As; Rate As Low As column; Effective Date: Saturday, November 7th, 2026
Purchase loan; MSHDA program; borrower eligibility, income and sales price limits apply; rates effective November 7, 2026
As Low As; Rates accurate as of Nov 07, 2026; new purchase, primary residence, $175,000 loan, LTV 75% or less, credit score 780+
- Oct 13, 20266.62%▲ from 6.24%
- Oct 2, 20266.24%first recorded
As Low As; Today's Rates - Mortgage; Purchase mortgage; APR as shown on page
- Nov 8, 20266.63%▼ from 7.11%
- Nov 3, 20267.11%▼ from 7.13%
- Oct 19, 20267.13%▼ from 7.25%
- Oct 2, 20267.25%first recorded
As Low As; Rates effective as of 11/4/2026; APR based on estimated loan amount of $150,000 for Conventional Mortgage Loans
- Nov 5, 20266.65%▲ from 6.65%
- Oct 14, 20266.65%first recorded
Purchase loan; single family residence; 75% LTV; minimum credit score 780; 45 day rate lock; rates effective November 7, 2026
- Nov 8, 20266.70%▼ from 7.34%
- Oct 13, 20267.34%▼ from 7.36%
- Oct 2, 20267.36%▼ from 7.45%
- Sep 29, 20267.45%▲ from 7.31%
As Low As; APR* As Low As column; Effective Date: Saturday, November 7th, 2026
Home Loans; Effective Date: Thursday, October 22nd, 2026
- Oct 15, 20266.81%▲ from 6.15%
- Oct 12, 20266.15%▼ from 6.81%
- Oct 4, 20266.81%▲ from 6.55%
- Oct 2, 20266.55%▲ from 6.34%
Purchase loan; single family residence; 75% LTV; minimum credit score 780; 45 day rate lock; rates effective November 7, 2026
- Nov 8, 20266.81%▼ from 7.34%
- Oct 13, 20267.34%▼ from 7.36%
- Oct 2, 20267.36%▼ from 7.45%
- Sep 29, 20267.45%▲ from 7.31%
Mortgage Refinance Rates; Rates effective November 7, 2026
- Nov 8, 20266.84%▼ from 7.34%
- Oct 29, 20267.34%▼ from 7.58%
- Oct 13, 20267.58%▼ from 7.59%
- Oct 9, 20267.59%▼ from 7.70%
Fixed Rate; Effective Date: October 1, 2026
Fixed-rate mortgage shown in comparison widget; based on $250,000 loan
Effective Date: November 7, 2026; Payment $1,459.35
Farmington Hills 15 Year Fixed Mortgage Rates
Refinance; based on $300,000 loan amount; rates include 0.125% autopay and paperless discount; effective 11/10/2026 9:16 AM CT
As Low As; APR* As Low As column; Effective Date: Saturday, November 7th, 2026
As Low As; Rate As Low As column; Effective Date: Saturday, November 7th, 2026
Home Loans; Effective Date: Thursday, October 22nd, 2026
- Oct 15, 20266.35%▲ from 5.62%
- Oct 12, 20265.62%▼ from 6.35%
- Oct 4, 20266.35%▲ from 6.22%
- Oct 2, 20266.22%▲ from 5.90%
Purchase loan; single family residence; 75% LTV; minimum credit score 780; 45 day rate lock; rates effective November 7, 2026
- Nov 8, 20266.45%▼ from 6.82%
- Oct 13, 20266.82%▼ from 6.93%
- Oct 2, 20266.93%▼ from 7.04%
- Sep 29, 20267.04%▲ from 6.87%
Published APR range: 6.50%-17.95%. Fixed Rate Mortgages
- Oct 28, 20266.50%▲ from 6.25%
- Oct 15, 20266.25%first recorded
Fixed Rate; Effective Date: October 1, 2026
Purchase loan; single family residence; 75% LTV; minimum credit score 780; 45 day rate lock; rates effective November 7, 2026
- Nov 8, 20266.51%▼ from 6.82%
- Oct 13, 20266.82%▼ from 6.93%
- Oct 2, 20266.93%▼ from 7.04%
- Sep 29, 20267.04%▲ from 6.87%
Effective Date: November 7, 2026; Payment $1,944.56
As Low As; Cap: N/A; LTV: 95.00%; Maximum Limit: $400,000.00
Mortgage Refinance Rates; Rates effective November 7, 2026
- Nov 8, 20266.66%▼ from 6.80%
- Nov 3, 20266.80%▼ from 6.82%
- Oct 29, 20266.82%▼ from 6.97%
- Oct 13, 20266.97%▼ from 7.08%
As Low As; Rates based on credit bureau score
- Nov 8, 20266.72%▼ from 6.85%
- Oct 26, 20266.85%first recorded
Mortgage Refinance Rates; Rates effective November 7, 2026
- Nov 8, 20266.74%▼ from 6.80%
- Nov 3, 20266.80%▼ from 6.82%
- Oct 29, 20266.82%▼ from 6.97%
- Oct 13, 20266.97%▼ from 7.08%
As Low As; Rate based on $150K loan amount; rates and fees may vary; rate based on a 30 day lock
- Nov 8, 20266.75%▼ from 6.88%
- Nov 3, 20266.88%▼ from 7.13%
- Oct 13, 20267.13%first recorded
Rates based on $150,000 loan amount and 45-day rate lock; Effective Date: Saturday, November 7, 2026
- Nov 8, 20266.84%▼ from 7.12%
- Oct 26, 20267.12%▼ from 7.25%
- Oct 13, 20267.25%first recorded
Farmington Hills 5/1 ARM Mortgage Rates
ARM; Rate / APR printed as 6.125 / 6.282 APR
- Oct 26, 20266.28%▼ from 6.66%
- Oct 9, 20266.66%▲ from 6.53%
- Sep 29, 20266.53%▲ from 6.16%
- Sep 18, 20266.16%▲ from 6.00%
Effective Date: November 7, 2026; Payment $1,348.99
- Nov 7, 20266.49%▼ from 6.56%
- Sep 17, 20266.56%first recorded
As Low As; Rates effective as of 11/4/2026; APR based on estimated loan amount of $150,000
As Low As; Interest rate as low as 6.500%; APR based on estimated loan amount of $175,000
- Oct 9, 20266.71%▲ from 6.58%
- Sep 18, 20266.58%first recorded
As Low As
VHFA and First-Time Homebuying Loan Options; ARM: 2/5 Cap; tied to 1-year T-Bill with 2.875% margin
- Nov 7, 20266.84%▼ from 6.91%
- Oct 29, 20266.91%▼ from 6.92%
- Oct 23, 20266.92%▼ from 6.94%
- Oct 15, 20266.94%▼ from 6.99%
As Low As; Purchase or Refinance; ELGA Portfolio
Farmington Hills 30-Year Jumbo Mortgage Rates
Fixed Rate; Jumbo Mortgages are mortgage loans that exceed $832,750
- Sep 22, 20266.75%▲ from 6.00%
- Sep 18, 20266.00%first recorded
Fixed Rate
- Oct 26, 20266.75%▲ from 6.00%
- Sep 14, 20266.00%first recorded
Purchase loan; single family residence; $1,000,000 loan; 80% LTV; minimum credit score 740; 60 day rate lock; rates effective November 7, 2026
- Nov 8, 20266.89%▼ from 7.52%
- Sep 29, 20267.52%▲ from 7.39%
- Sep 26, 20267.39%▲ from 7.27%
- Sep 22, 20267.27%▲ from 7.14%
Fixed Rate; Jumbo Mortgages are mortgage loans that exceed $832,750
- Sep 22, 20267.00%▲ from 6.38%
- Sep 18, 20266.38%first recorded
Fixed Rate
- Oct 26, 20267.00%▲ from 6.38%
- Sep 14, 20266.38%first recorded
Fixed Rate; Jumbo Mortgages are mortgage loans that exceed $832,750
- Sep 22, 20267.13%▲ from 6.63%
- Sep 18, 20266.63%first recorded
Fixed Rate
- Oct 26, 20267.13%▲ from 6.63%
- Sep 14, 20266.63%first recorded
Jumbo purchase mortgage sample: credit score 780 or higher; LTV 75% (25% down payment); loan amount $1,000,000; owner occupied single family; no secondary financing; 60-day lock; Principal & Interest payment $6,737.19; minimum loan amount $832,751; rates effective 10/19/2026
- Nov 11, 20267.14%▲ from 6.89%
- Oct 31, 20266.89%▼ from 7.01%
- Oct 26, 20267.01%▼ from 7.14%
- Oct 20, 20267.14%▼ from 7.26%
Purchase rate; advertised rates effective as of 11/10/2026
- Nov 11, 20267.14%▲ from 6.89%
- Oct 31, 20266.89%first recorded
No additional details available.
- Nov 11, 20267.14%▲ from 6.89%
- Oct 31, 20266.89%▼ from 7.01%
- Oct 26, 20267.01%▼ from 7.14%
- Oct 20, 20267.14%first recorded
As Low As; Jumbo APRs based on $832,751 loan amount
Mortgage Refinance Rates; Rates effective November 7, 2026
- Nov 8, 20267.27%▼ from 7.64%
- Nov 3, 20267.64%▼ from 7.77%
- Oct 29, 20267.77%▼ from 7.89%
- Sep 29, 20267.89%▲ from 7.77%
As Low As; Jumbo APRs based on $832,751 loan amount
Farmington Hills 15-Year Jumbo Mortgage Rates
As Low As; Jumbo APRs based on $832,751 loan amount
As Low As; Jumbo APRs based on $832,751 loan amount
Fixed Rate; Jumbo Mortgages are mortgage loans that exceed $832,750
- Sep 22, 20266.88%▲ from 6.25%
- Sep 18, 20266.25%first recorded
Fixed Rate
- Oct 26, 20266.88%▲ from 6.25%
- Sep 14, 20266.25%first recorded
Farmington Hills 5/1 Jumbo ARM Mortgage Rates
As Low As; Jumbo APRs based on $832,751 loan amount
Farmington Hills FHA Loan Rates
Rates accurate as of October 19, 2026
Rates accurate as of October 19, 2026
FHA / VA mortgage; rate 7.125% / APR 7.292% as printed
Mortgage Refinance Rates; Rates effective November 7, 2026
- Nov 8, 20267.39%▼ from 7.52%
- Nov 3, 20267.52%▼ from 7.63%
- Oct 29, 20267.63%▼ from 7.90%
- Sep 29, 20267.90%▲ from 7.63%
Rates current as of: November 5, 2026
- Nov 5, 20267.49%▼ from 7.82%
- Oct 31, 20267.82%▲ from 7.38%
- Oct 14, 20267.38%first recorded
As Low As; Rates effective as of 11/4/2026
- Nov 5, 20267.51%▼ from 7.76%
- Oct 26, 20267.76%▼ from 7.98%
- Oct 19, 20267.98%▼ from 8.02%
- Oct 10, 20268.02%▲ from 7.89%
As Low As; Rates accurate as of Nov 07, 2026; new purchase, primary residence, $175,000 loan, LTV 75% or less, credit score 780+
- Nov 8, 20267.71%▼ from 7.77%
- Oct 29, 20267.77%first recorded
As Low As; Rates effective as of 11/4/2026
- Oct 30, 20267.72%▼ from 8.10%
- Oct 19, 20268.10%▼ from 8.23%
- Oct 2, 20268.23%▲ from 8.10%
- Oct 1, 20268.10%▼ from 8.23%
As Low As; Rates accurate as of Nov 07, 2026; new purchase, primary residence, $175,000 loan, LTV 75% or less, credit score 780+
No additional details available.
- Nov 11, 20268.86%▼ from 9.42%
- Oct 26, 20269.42%▼ from 9.57%
- Oct 20, 20269.57%▲ from 9.57%
- Sep 27, 20269.57%▲ from 9.26%
Purchase rate; FHA loan; advertised rates effective as of 11/10/2026
- Nov 11, 20268.86%▼ from 9.42%
- Oct 31, 20269.42%first recorded
No additional details available.
- Nov 11, 20268.86%▼ from 9.42%
- Oct 26, 20269.42%▼ from 9.57%
- Oct 20, 20269.57%first recorded
Farmington Hills VA Loan Rates
As Low As; Points 0.0
No additional details available.
As Low As; Points 0.0
No additional details available.
Purchase loan; rates effective November 7, 2026
- Nov 8, 20266.98%▼ from 7.48%
- Sep 29, 20267.48%▲ from 7.23%
- Sep 26, 20267.23%▲ from 6.85%
- Sep 14, 20266.85%first recorded
Mortgage Refinance Rates; Rates effective November 7, 2026
- Nov 8, 20266.98%▼ from 7.10%
- Nov 3, 20267.10%▼ from 7.23%
- Oct 26, 20267.23%▼ from 7.48%
- Sep 29, 20267.48%▲ from 7.23%
FHA / VA mortgage; rate 7.125% / APR 7.292% as printed
Purchase rate; VA loan; advertised rates effective as of 11/10/2026
No additional details available.
- Oct 31, 20267.42%▼ from 7.54%
- Oct 26, 20267.54%▼ from 7.67%
- Oct 20, 20267.67%▲ from 7.04%
- Sep 15, 20267.04%first recorded
Principal & Interest Payment: $1,171.66; Rate example assumes credit score 680 or higher, LTV 100%, owner-occupied single family purchase, 45-day lock; subject to credit approval
Banks and Credit Unions: If you need to update your rate data or request removal from MonitorBankRates.com, please contact us here.
Farmington Hills, MI Mortgage Rate Trends
Compare local Farmington Hills, MI mortgage rate quotes against the statewide average
Daily mortgage rate averages tracked across our database of verified mortgage rate quotes, updated every evening.
Michigan 30-year fixed rates fell 0.012 points over the past 7 days to 7.219%.
Michigan 15-year fixed rates rose 0.003 points over the past 7 days to 6.908%.
Michigan Mortgage Rate Forecast, Next 12 Months
Where are Michigan mortgage rates headed through November 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. Not financial advice.
What Forecast Rates Mean for Farmington Hills, MI Home Buyers
Monthly principal & interest payment on Farmington Hills, MI median home of $354,500 (20% down, 30-year fixed, city-level Census ACS median)
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (MI avg) | 7.219% | $1,929 | 22.1% | |
| 6-Month Forecast | 7.219% (6.87, 7.52%) | $1,929 | +$0/mo | 22.1% |
| 12-Month Forecast | 7.469% (7.12, 7.77%) | $1,977 | +$48/mo | 22.6% |
Income column = annual mortgage payment as % of Farmington Hills, MI median household income ($104,836). Above 30% is generally considered cost-burdened.
Farmington Hills, Michigan Housing Affordability
The MonitorBankRates Housing Affordability Index (MBR-HAI) for Farmington Hills, Michigan is updated every morning from local Census Bureau data and the current Michigan average mortgage rate. A score of 100 equals the national baseline; higher is more affordable.
- MBR-HAI Score: 102.6 Near Average (Nov 12, 2026)
- National Score: 97.8 (Farmington Hills is 4.8 points above)
- Rank in Michigan: 515 of 629 cities (1 = most affordable)
- Average 30-Year Rate: 7.23% (Michigan lenders)
- Median Home Value: $354,500 (Census)
- Median Household Income: $104,836 (Census)
- Principal & Interest on the Median Home: $1,932/mo (20% down)
What This Score Means for Farmington Hills, Michigan Home Buyers
The median home value of $354,500 against a median household income of $104,836 gives a price-to-income ratio of 3.4x, relatively affordable compared with national levels. Beyond the mortgage, the median total monthly owner cost here is $1,600, covering the mortgage, property taxes, insurance and utilities. Property taxes alone average $471 a month.
- 120+ Very Affordable
- 110 to 119 Affordable
- 95 to 109 Near Average
- 85 to 94 Less Affordable
- 50 to 84 Much Less Affordable
- Below 50 Least Affordable
See the full Farmington Hills affordability page Michigan index All state rankings Methodology
How Mortgage Rates Impact Home Affordability in Farmington Hills, Michigan
Farmington Hills, Michigan Housing Market Overview
According to the U.S. Census Bureau, the median owner-occupied home value in Farmington Hills, Michigan is approximately $354,500. The 2026 FHFA conforming loan limit for this area is $832,750, meaning most buyers financing at 80% LTV will qualify for conforming loan pricing, making rate comparison across local lenders especially valuable.
Farmington Hills, Michigan Homeownership Rate
With a homeownership rate of 78.6%, well above the national average of 65.7%, Farmington Hills, Michigan has a strong ownership culture, making competitive mortgage rates especially important for buyers entering the market. The homeowner vacancy rate of 0.5% signals a tight market with limited available inventory, making it critical to secure the best possible rate quickly when a suitable property becomes available.
Monthly Payment Estimates for Farmington Hills, Michigan Buyers
Even a small difference in your interest rate can add up to tens of thousands of dollars over the life of a loan. The table below shows monthly principal and interest payments on a $280,000 mortgage, based on a 20% down payment on the Farmington Hills, Michigan median home value.
| Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 6.719% | 30-year fixed | $1,810 | $371,711 |
| 7.219% Current Avg | 30-year fixed | $1,904 | $405,515 |
| 7.719% | 30-year fixed | $2,000 | $439,985 |
| 6.908% | 15-year fixed | $2,502 | $170,421 |
A 0.500% rate increase on a $280,000 loan adds roughly $96 per month and over $34,470 in total interest over a 30-year term. That’s why comparing verified, current rates from multiple lenders, using the rate table above, is one of the most impactful financial decisions a Farmington Hills, Michigan buyer can make.
Data sources: U.S. Census Bureau; Federal Housing Finance Agency (FHFA). Monthly payments shown are principal & interest only; taxes, insurance, and PMI not included.
Farmington Hills, Michigan Income & Housing Affordability
At a price-to-income ratio of 3.4x, Farmington Hills, Michigan is a relatively affordable housing market compared to national averages. That ratio, median home value divided by median household income, is a standard benchmark used by housing economists to gauge how accessible homeownership is relative to local earnings. The national baseline is approximately 3.8x.
What This Means for Farmington Hills, Michigan Buyers
With a median household income of $104,836 per year in Farmington Hills, Michigan ($8,736/month) and a median home value of approximately $354,500, a buyer financing at 80% LTV at the current average rate would commit roughly 21.8% of gross monthly income to principal and interest alone. that falls within a manageable range relative to income, though taxes, insurance, HOA fees, and PMI will add to the true monthly cost of ownership.
Compared to the Michigan statewide price-to-income ratio of 3.2x, Farmington Hills tracks closely with the broader Michigan market on income-adjusted affordability. In either case, even a 0.25% improvement in your mortgage rate meaningfully reduces both the income needed to qualify and the total cost over the loan term.
Data sources: U.S. Census Bureau. Monthly payment estimate assumes 80% LTV at current average rate; principal and interest only.
Full Cost of Homeownership in Farmington Hills, Michigan
A mortgage payment is just the starting point. Property taxes, insurance, and utilities add hundreds of dollars per month to the true cost of owning a home in Farmington Hills, Michigan. Understanding the full picture before you buy is the difference between a home you can afford and one that stretches you thin.
Owner vs. Renter Costs
In Farmington Hills, Michigan, the median homeowner with a mortgage pays approximately $1,600/month in total housing costs, covering the mortgage payment, property taxes, insurance, and utilities. The median renter pays $1,551/month including utilities. The $49/month difference between owning and renting is relatively narrow, worth factoring carefully into a rent vs. buy analysis given that owners also build equity over time. Property taxes alone account for $471/month of the ownership cost, a figure that can vary dramatically by location and is often underestimated by first-time buyers.
Housing Cost Burden
The federal standard defines “cost burdened” as spending more than 30% of gross household income on housing. “Severely cost burdened” means spending 50% or more. Both thresholds leave little room for savings, emergencies, or other financial goals.
In Farmington Hills, Michigan, 20.2% of homeowners with mortgages are cost burdened and 41.1% of renters are cost burdened. Renters face significantly higher burden rates than owners, a pattern that often reflects lower renter incomes rather than lower rental costs, and one that can make the path from renting to owning financially difficult even when mortgage payments might be affordable. The 20.2% owner burden rate is below the national average of 28.0%, suggesting this market offers relatively manageable ownership costs relative to local incomes.
Data sources: U.S. Census Bureau, American Community Survey 5-Year Estimates. Monthly owner costs include mortgage payment, taxes, insurance, and utilities. Property taxes reflect median annual taxes for mortgage holders. Rent reflects median gross rent including utilities. Cost burden figures reflect households spending 30%+ of gross income on housing.
Farmington Hills, Michigan Mortgage Payment Calculator
See your estimated monthly principal & interest payment at today’s Farmington Hills, Michigan rates. The home price is prefilled with the local median home value. Adjust anything, or click a current rate on the right to apply that loan type’s rate and term instantly.
Principal & interest only, excludes property taxes, homeowners insurance, PMI, and HOA dues. See the Full Cost of Homeownership section above for those figures. Estimates are for informational purposes only.
Run the Numbers on Your Farmington Hills, Michigan Home Loan
Rates are only part of the equation. Use these calculators to translate current Farmington Hills, Michigan mortgage rates and home loan rates into real numbers for your specific situation before you request quotes from mortgage lenders.
Enter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios: a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current Farmington Hills, Michigan rates, so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateIf you already own a home, enter your current rate, remaining loan balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, how much you’d save each month, and the break-even point, the number of months it takes for your savings to cover the closing costs of refinancing.
CalculateBuying isn’t always the better financial decision, and renting isn’t always throwing money away. This calculator weighs the full cost of each path: mortgage payments, taxes, insurance, and maintenance against rent increases and the opportunity cost of a down payment, to show which option builds more wealth over your intended time horizon in Farmington Hills, Michigan.
CalculateTypes of Mortgages Available in Farmington Hills, Michigan
Not every loan program is right for every buyer in Farmington Hills, Michigan. Rates, down payment requirements, eligibility rules, and long-term costs vary significantly across products, and the right choice depends on your credit profile, how long you plan to stay, and whether you qualify for any government-backed programs.
Fixed-Rate Mortgage
A fixed-rate mortgage locks your interest rate in for the entire loan term. Your principal and interest payment on day one is identical to payment 360. That predictability is valuable for long-term financial planning, especially in markets where housing costs represent a large share of household income.
Available in 10-, 15-, 20-, and 30-year terms. The 30-year minimizes monthly payments; the 15-year cuts total interest paid dramatically but requires a higher monthly commitment. The payment comparison table above shows exactly how those trade-offs look at today’s Farmington Hills, Michigan rate levels.
Adjustable-Rate Mortgage (ARM)
An ARM offers a fixed introductory rate for an initial period, commonly 5, 7, or 10 years, after which the rate adjusts periodically based on a market index. The starting rate is typically lower than a comparable fixed-rate loan, which reduces your monthly payment during the initial window.
ARMs work best when you have a defined exit timeline: if you plan to sell or refinance before the fixed period ends, you capture the lower rate without exposure to future adjustments. Rate caps govern how much the rate can move at each adjustment and in total, so read those terms closely before committing.
FHA Loan
Backed by the Federal Housing Administration, FHA loans are built for buyers who don’t yet meet conventional loan standards. You can qualify with a credit score of 580 and just 3.5% down, and some lenders will consider scores as low as 500 with a 10% down payment.
The cost of that lower barrier is mortgage insurance. FHA loans carry an upfront MIP of 1.75% of the loan amount (which can be rolled in) plus an annual MIP of 0.15% to 0.75% depending on your term and LTV. For buyers who would otherwise wait years to save a larger down payment, given ongoing home price trends in Farmington Hills, Michigan, FHA is often the faster path to ownership.
VA Loan
Available to eligible active-duty service members, veterans, reservists, National Guard members, and qualifying surviving spouses, VA loans are among the most favorable mortgage programs available anywhere. No down payment is required, there is no monthly mortgage insurance, and rates are generally competitive with, and often better than, conventional loan rates.
A one-time funding fee applies, 2.15% of the loan for first-time VA borrowers with no down payment, which can be financed into the loan. In Farmington Hills, Michigan, where home prices require substantial savings for a conventional down payment, the zero-down VA benefit is an enormous advantage for those who qualify.
Jumbo Loan
The 2026 FHFA conforming loan limit for Farmington Hills, Michigan is $832,750. Mortgages above that amount are classified as jumbo loans and are not eligible for purchase by Fannie Mae or Freddie Mac, which means lenders carry the full risk and price that risk accordingly.
Jumbo underwriting is stricter: lenders typically require a credit score of 700 or higher, substantial cash reserves, thorough income documentation, and a down payment of at least 10 to 20%. Rates may run slightly above conforming levels, though the gap narrows in competitive lending environments.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Farmington Hills, Michigan mortgage rate tables are free for consumers to use, and we do not receive payment from any lender to be included or to be ranked in any particular order. Listings are based solely on the rates each lender publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Mortgage Rate Data: We aggregate mortgage and refinance rates for Farmington Hills, Michigan directly from the official websites of local lenders, credit unions, and national mortgage originators using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every rate displayed is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in Farmington Hills, Michigan. We feature a comprehensive mix of licensed NMLS financial institutions, from neighborhood credit unions and competitive regional banks to large national originators available to borrowers in MI.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage rates daily. Because rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data, including the Texas Ratio, ensuring you compare rates from secure, reliable lenders.
Mortgage Product Information
How a Mortgage Works
A mortgage is a loan used to buy a home in Farmington Hills, Michigan, secured by the property itself as collateral. The borrower repays the amount over a set term, most commonly 30 or 15 years, in monthly installments that cover both principal and interest. Because the loan is secured, the lender can foreclose on the home if payments are not made, which is part of why mortgage rates are lower than rates on unsecured debt.
Fixed vs. Adjustable Rate Mortgages
A fixed-rate mortgage keeps the same interest rate for the entire term, so a Farmington Hills, Michigan homeowner’s principal-and-interest payment never changes. For example, Citizens Bank is listing a Mortgage Refinance - 30-Year Fixed Rate at 7.375%. An adjustable-rate mortgage (ARM) starts with a fixed period, often five, seven, or ten years, and then adjusts periodically based on a market index. ARMs usually open with a lower rate, but the payment can rise once the fixed period ends, so they tend to suit Farmington Hills, Michigan borrowers who expect to move or refinance before that point. On the adjustable-rate side, OMNI Community Credit Union is listing a 5/1 30 Year ARM at 6.125%.
How Mortgage Rates Are Set
Mortgage rates move with the broader bond market, particularly the yield on the 10-year Treasury, plus a spread that reflects lender costs and risk. On top of that national baseline, the rate a Michigan borrower is offered depends on individual factors: credit score, down payment size, loan amount, loan type, and the property itself. This is why the advertised rates above are a starting point, and a borrower’s final rate is set once an application is underwritten.
Points and Closing Costs
The interest rate is not the only cost of buying a home in Farmington Hills, Michigan. Discount points are an optional upfront fee (one point equals one percent of the loan amount) paid to lower the rate over the life of the loan. Closing costs cover items such as origination fees, appraisal, title insurance, and recording, and typically run two to five percent of the loan. Comparing the annual percentage rate (APR) alongside the note rate helps Farmington Hills, Michigan shoppers account for these costs when weighing lenders.
When to Consider Refinancing
Refinancing replaces an existing mortgage with a new one, usually to secure a lower rate, change the term, or tap home equity. For Farmington Hills, Michigan homeowners, the general guideline is that refinancing makes sense when the savings from a lower rate recoup the closing costs within the time the borrower plans to stay in the home, known as the break-even point. Borrowers also refinance to switch from an adjustable rate to a fixed rate, or to remove mortgage insurance once enough equity has built up. Current Farmington Hills, Michigan refinance rates from local lenders are listed on our refinance page.
Frequently Asked Questions about Mortgage Rates in Farmington Hills, Michigan
What are mortgage rates in Farmington Hills, Michigan today?
What are home loan rates in Farmington Hills, MI today?
How does my credit score affect my rate in Farmington Hills, Michigan?
What is a 30-Year Fixed Mortgage?
What are closing costs in Farmington Hills, Michigan?
Should I lock my mortgage rate?
What is an Adjustable-Rate Mortgage (ARM)?
What is a Jumbo Loan in Farmington Hills, Michigan?
Do I need 20% down to buy a house in Farmington Hills, Michigan?
What is the difference between Interest Rate and APR?
How do I compare mortgage lenders in Farmington Hills, Michigan?
How do I get mortgage quotes in Farmington Hills, Michigan?
What is the median home value in Farmington Hills, Michigan?
What is the homeownership rate in Farmington Hills, Michigan?
What is the conforming loan limit in Farmington Hills, Michigan?
What is the median monthly cost of homeownership in Farmington Hills, Michigan?
What are the median property taxes in Farmington Hills, Michigan?
What is the median rent in Farmington Hills, Michigan?
What percentage of homeowners are cost burdened in Farmington Hills, Michigan?
What percentage of renters are cost burdened in Farmington Hills, Michigan?
What are the best Mortgage rates in Farmington Hills, Michigan?
- Citizens Bank: 7.375% (Mortgage Refinance - 30-Year Fixed Rate)
- TLC Community Credit Union: 6.375% (30 Year Fixed - Purchases)
- FreeStar Financial Credit Union: 6.50% (Fixed Rate Mortgage - 30 Year Fixed)
- Consumers Credit Union: 6.50% (30-Yr MSHDA No DPA Fixed)
- Honor Credit Union: 6.50% (MSHDA 30 Year Fixed)
Farmington Hills, Michigan Rates & Resources
