Michigan Refinance Rates Today for October 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
- Bank & Credit Union Health Safety Ratings
- Bank & Credit Union Star Ratings
- Finance Calculators
Current Michigan refinance rates today start at 6.375% for a 30 year fixed and 6.00% for a 15 year fixed, compared with Michigan averages of 7.318% and 7.00%. Michigan mortgage refinance rates range from 6.00% to 9.00%, verified by MonitorBankRates as of October 30, 2026. Current mortgage refinance rates in Michigan include TLC Community Credit UnionTLC Community Credit Union1102 W Chicago Blvd, Adrian, MI, 48131 8608A+5.0 ★Texas Ratio: 0.45%Rate verified Oct 29, 2026 at 7.00%, Nicolet BankNicolet Bank100 South Main Street, Alpena, MI, 49684A+5.0 ★Texas Ratio: 2.28%Rate verified Oct 26, 2026 at 7.125%, Consumers Credit UnionConsumers Credit Union1037 Washington Ave, Battle Creek, MI, 48823A+5.0 ★Texas Ratio: 3.56%Rate verified Oct 29, 2026 at 7.125%, Old National BankOld National Bank100 E 8th St, Adrian, MI, 48104A+5.0 ★Texas Ratio: 4.98%Rate verified Oct 26, 2026 at 7.375%, and ELGA Credit UnionELGA Credit Union1390 N Leroy St, Bay City, MI, 48420A+5.0 ★Texas Ratio: 4.72%Rate verified Oct 29, 2026 at 7.375%. Refinance rates as of October 30, 2026 according to verified data from MonitorBankRates.
Use the tabs below to compare refinance rates across all loan types in Michigan side-by-side. Michigan refinance rates currently start as low as 6.375% from TLC Community Credit Union at 1102 W Chicago Blvd, Adrian, MI, 48131 8608. Rates are continually updated, so we recommend checking back frequently.
Refinance rates reflect actual verified offers from lenders actively lending to Michigan homeowners. Your final approved rate will depend on your credit profile, loan-to-value ratio, cash-out amount, and daily market movements. Last Updated and Verified: October 30, 2026
Compare Refinance Rates Today in Michigan
Rates shown are each lender’s posted rate for that loan type, which most lenders apply to purchase and refinance loans alike. Local Michigan lenders are listed first in every tab. Among lenders that post both, refinance pricing currently runs about 0.189 points above the same lender’s purchase rate nationally. That premium is shown for context only; every rate in the table is the lender’s posted rate.
Michigan 30 Year Fixed Refinance Rates
Cash-out refinance; LTV 80% (20% down payment); Loan amount $150,000; Credit score 740 or higher; 60-day lock
Rate/term refinance; Credit score 740 or higher; LTV 80% (20% down payment); Loan amount $150,000; Owner occupied/single family home; No secondary financing; Escrow for taxes and insurance; 60-day lock; Finance charges include $1150 origination fee, $10.95 flood certification fee and $94 tax service fee
30% Down Payment; Refinance Mortgage Rates
- Oct 26, 20267.22%▼ from 7.35%
- Oct 22, 20267.35%first recorded
No additional details available.
- Oct 26, 20267.23%▼ from 7.48%
- Sep 29, 20267.48%▲ from 7.23%
- Sep 26, 20267.23%▲ from 6.85%
- Sep 14, 20266.85%first recorded
No additional details available.
- Oct 29, 20267.34%▼ from 7.58%
- Oct 13, 20267.58%▼ from 7.59%
- Oct 9, 20267.59%▼ from 7.70%
- Sep 29, 20267.70%▲ from 7.44%
Refinance; advertised rates effective as of 10/26/2026
- Oct 26, 20267.43%▼ from 7.55%
- Oct 20, 20267.55%first recorded
No additional details available.
- Oct 29, 20267.44%▼ from 7.58%
- Oct 13, 20267.58%▼ from 7.59%
- Oct 9, 20267.59%▼ from 7.70%
- Sep 29, 20267.70%▲ from 7.44%
20% Down Payment; Refinance Mortgage
As Low As; Fannie Mae and Government Programs; APR based on estimated loan amount of $175,000; rates for members with excellent credit
- Oct 29, 20267.61%▼ from 7.99%
- Sep 29, 20267.99%▲ from 7.36%
- Sep 14, 20267.36%first recorded
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; Effective Thursday, October 29th, 2026
No additional details available.
As Low As; Rates accurate as of Oct 29, 2026
- Oct 13, 20266.62%▲ from 6.24%
- Oct 2, 20266.24%first recorded
As Low As; Rates effective as of 10/19/2026; MSHDA Loans; without DPA; APR based on estimated loan amount of $150,000 for Conventional Mortgage Loans
As Low As; Effective Thursday, October 29th, 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%
Savings comparison widget; savings example based on $250,000 loan at 6.875% for 30 years, excellent credit
Fixed Rate; Effective Date: October 1, 2026
Effective Date: Friday, October 23rd, 2026
As Low As
- Oct 29, 20267.00%▼ from 7.13%
- Oct 19, 20267.13%▼ from 7.50%
- Oct 13, 20267.50%▲ from 6.88%
- Sep 14, 20266.88%first recorded
Effective Date: October 29, 2026
- Oct 29, 20267.01%▼ from 7.14%
- Oct 5, 20267.14%▲ from 7.01%
- Sep 18, 20267.01%first recorded
As Low As; Rates accurate as of Oct 29, 2026
Construction Loan; one-time close; 1-year construction phase then 30-year permanent phase; Principal & Interest Payment $1,530.20; assumes credit score 740 or higher, LTV 80%, loan amount $230,000, 90-day lock
- Oct 26, 20267.06%▼ from 7.19%
- Oct 20, 20267.19%▼ from 7.31%
- Sep 27, 20267.31%▲ from 7.06%
- Sep 15, 20267.06%first recorded
Rate based on $150K loan amount; rate based on 30 day lock
- Oct 29, 20267.13%▼ from 7.38%
- Oct 2, 20267.38%▼ from 7.50%
- Sep 26, 20267.50%▲ from 7.00%
- Sep 18, 20267.00%▲ from 6.75%
As Low As; Mortgage, 30-Yr Fixed Purchase; APR as shown in Today's Rates
- Oct 19, 20267.13%▼ from 7.25%
- Oct 2, 20267.25%first recorded
No additional details available.
- Oct 29, 20267.16%▼ from 7.54%
- Sep 29, 20267.54%▲ from 7.16%
- Sep 18, 20267.16%first recorded
No additional details available.
No additional details available.
- Oct 26, 20267.17%▼ from 7.29%
- Sep 18, 20267.29%▲ from 7.00%
- Sep 14, 20267.00%first recorded
Mortgage; APR as low as
As Low As; Description: 30 Year Fixed
No additional details available.
- Oct 29, 20267.20%▲ from 7.13%
- Oct 19, 20267.13%▼ from 7.25%
- Oct 13, 20267.25%▼ from 7.36%
- Oct 9, 20267.36%▲ from 7.25%
As Low As; Rates accurate as of Oct 29, 2026
No additional details available.
- Oct 29, 20267.23%▼ from 7.48%
- Oct 9, 20267.48%first recorded
No additional details available.
Rates are based on $150,000 loan amount and 45-day rate lock. Rates are subject to change at any time.
- Oct 26, 20267.28%▼ from 7.54%
- Oct 13, 20267.54%first recorded
As Low As; Rates effective as of 10/19/2026; MSHDA Loans; with DPA (down payment assistance); APR based on estimated loan amount of $150,000 for Conventional Mortgage Loans
Purchase rates; Current Mortgage Rates
- Oct 26, 20267.30%▼ from 7.43%
- Oct 20, 20267.43%▲ from 7.30%
- Sep 15, 20267.30%first recorded
Principal & Interest Payment: $1,569.01; Conventional loan; Credit score 780 or higher; LTV 80% (20% down payment); Loan amount $230,000; Purchase, owner occupied single family home; 45-day lock
No additional details available.
- Oct 29, 20267.31%▲ from 7.13%
- Oct 19, 20267.13%▼ from 7.25%
- Oct 13, 20267.25%▼ from 7.36%
- Oct 9, 20267.36%▲ from 7.25%
As Low As; Rate as low as 7.125%; Effective Date: Thursday, October 29th, 2026; Regular monthly payments based on 80% LTV, 20% down; *APR = Annual Percentage Rate. Rates may vary based on term.
- Oct 26, 20267.32%▼ from 7.43%
- Oct 19, 20267.43%▼ from 7.56%
- Oct 2, 20267.56%first recorded
Effective Date: 10/27/2026; Purchase of single family primary residence
- Oct 29, 20267.34%▼ from 7.46%
- Oct 23, 20267.46%▲ from 7.34%
- Oct 15, 20267.34%▼ from 7.72%
- Oct 2, 20267.72%▲ from 7.59%
As Low As; Secondary Market Mortgages; LTV: 97.00%; Maximum Limit: $400,000.00
- Oct 29, 20267.39%▼ from 7.77%
- Oct 2, 20267.77%▲ from 7.39%
- Sep 18, 20267.39%▲ from 7.26%
- Sep 14, 20267.26%first recorded
As Low As; Effective 10/29/2026
- Oct 26, 20267.41%▼ from 7.62%
- Oct 9, 20267.62%▲ from 7.51%
- Sep 29, 20267.51%▲ from 7.26%
- Sep 21, 20267.26%▲ from 7.03%
Mortgage refinance; conforming; rates include 0.125% autopay and paperless discount; based on $300,000 loan
As Low As; Rates effective as of 10/26/2026
Term: Payments amortized 360 months; 3% Down Payment; Payments amortized 360 months; APR quoted without PMI premiums or discount points
- Sep 27, 20267.51%▲ from 7.38%
- Sep 18, 20267.38%first recorded
APR - Zero points; Max loan to value 80% (exceptions case by case); Primary residence only
- Oct 29, 20267.52%▼ from 7.53%
- Oct 13, 20267.53%first recorded
Rates As Low As; Rates effective as of 10/29/2026; APR based on estimated loan amount of $150,000
- Oct 30, 20267.53%▼ from 7.66%
- Oct 14, 20267.66%first recorded
Fixed Rate Mortgages; 30-Year Fixed; APR*
Mortgage purchase rate; Principal & Interest Payment: $1,186.37
- Oct 26, 20267.54%▼ from 7.67%
- Oct 20, 20267.67%▲ from 7.54%
- Oct 14, 20267.54%▼ from 7.92%
- Oct 7, 20267.92%▲ from 7.54%
Michigan 15 Year Fixed Refinance Rates
No additional details available.
- Oct 29, 20266.82%▼ from 6.97%
- Oct 13, 20266.97%▼ from 7.08%
- Oct 9, 20267.08%▼ from 7.18%
- Sep 29, 20267.18%▲ from 7.02%
20% Down Payment; Refinance Mortgage
No additional details available.
- Oct 29, 20266.89%▼ from 6.97%
- Oct 13, 20266.97%▼ from 7.08%
- Oct 9, 20267.08%▼ from 7.18%
- Sep 29, 20267.18%▲ from 7.02%
30% Down Payment; Refinance Mortgage Rates
- Oct 26, 20266.90%▼ from 7.01%
- Oct 22, 20267.01%first recorded
Refinance; advertised rates effective as of 10/26/2026
- Oct 26, 20266.96%▼ from 7.08%
- Oct 20, 20267.08%first recorded
As Low As; Rates for members with excellent credit; Annual Percentage Rate based on an estimated loan amount of $175,000
- Oct 29, 20266.97%▼ from 7.10%
- Oct 9, 20267.10%▼ from 7.22%
- Oct 2, 20267.22%▲ from 7.10%
- Sep 29, 20267.10%▲ from 6.85%
As Low As; Fannie Mae and Government Programs; APR based on estimated loan amount of $175,000; rates for members with excellent credit
- Oct 29, 20267.35%▼ from 7.73%
- Oct 13, 20267.73%▼ from 7.86%
- Oct 2, 20267.86%▲ from 7.35%
- Sep 18, 20267.35%▼ from 7.60%
As Low As; Effective Thursday, October 29th, 2026
As Low As; Effective Thursday, October 29th, 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%
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
No additional details available.
- Oct 29, 20266.68%▼ from 6.93%
- Oct 9, 20266.93%first recorded
Effective Date: October 29, 2026
- Oct 29, 20266.72%▼ from 7.14%
- Oct 5, 20267.14%▲ from 7.01%
- Sep 18, 20267.01%first recorded
Mortgage; APR as low as
As Low As; Description: 15 Year Fixed
As Low As; Secondary Market Mortgages; LTV: 95.00%; Maximum Limit: $400,000.00
- Oct 29, 20266.75%▼ from 7.00%
- Oct 2, 20267.00%▲ from 6.62%
- Sep 18, 20266.62%▲ from 6.50%
- Sep 14, 20266.50%first recorded
No additional details available.
- Oct 29, 20266.76%▼ from 7.14%
- Oct 2, 20267.14%▲ from 7.02%
- Sep 29, 20267.02%▲ from 6.76%
- Sep 18, 20266.76%first recorded
No additional details available.
- Oct 29, 20266.76%▼ from 6.93%
- Oct 9, 20266.93%first recorded
Fixed Rate Mortgages; 15-Year Fixed; APR*
Mortgage refinance; conforming; rates include 0.125% autopay and paperless discount; based on $300,000 loan
As Low As; Mortgage Rates; APR after prepaids; APR based on $175,000.00 purchase or no cash-out refinance, 80% financing, 740+ credit score
- Oct 29, 20266.94%▼ from 7.06%
- Oct 19, 20267.06%▼ from 7.32%
- Oct 2, 20267.32%▲ from 7.19%
- Sep 29, 20267.19%▲ from 6.94%
As Low As; Rate as low as 6.50%; new purchase of a single-family primary residence, $100,000 loan, 80% LTV, 680+ credit score; rates accurate as of 10/08/26
- Oct 9, 20266.95%▲ from 6.18%
- Sep 29, 20266.18%first recorded
Purchase rates; Current Mortgage Rates
- Oct 26, 20266.96%▼ from 7.08%
- Oct 20, 20267.08%▲ from 6.71%
- Sep 15, 20266.71%first recorded
Principal & Interest Payment: $2,051.26; Conventional loan; Credit score 780 or higher; LTV 80% (20% down payment); Loan amount $230,000; Purchase, owner occupied single family home; 45-day lock
As Low As; Rates accurate as of Oct 29, 2026
APR - Zero points; Max loan to value 80% (exceptions case by case); Primary residence only
- Oct 29, 20267.00%▲ from 6.91%
- Oct 13, 20266.91%first recorded
Rate based on $150K loan amount; rate based on 30 day lock
- Oct 29, 20267.00%▼ from 7.13%
- Sep 29, 20267.13%▼ from 7.38%
- Sep 26, 20267.38%▲ from 6.88%
- Sep 18, 20266.88%▲ from 6.38%
As Low As; Rate as low as 6.750%; Effective Date: Thursday, October 29th, 2026; Regular monthly payments based on 80% LTV, 20% down; *APR = Annual Percentage Rate. Rates may vary based on term.
- Oct 26, 20267.07%▼ from 7.16%
- Oct 19, 20267.16%▼ from 7.29%
- Oct 2, 20267.29%first recorded
Payment*: $2,655; Rates effective as of 10/28/2026; based on a 45 day lock
- Oct 28, 20267.09%▼ from 7.35%
- Oct 15, 20267.35%▲ from 7.22%
- Oct 12, 20267.22%first recorded
Effective Date: Friday, October 23rd, 2026
Rates are based on $150,000 loan amount and 45-day rate lock. Rates are subject to change at any time.
- Oct 26, 20267.12%▼ from 7.25%
- Oct 13, 20267.25%first recorded
As Low As; Rates accurate as of Oct 29, 2026
APR based on a $100,000 loan with 1% Point; Rates are subject to change at any time
As Low As; Effective 10/29/2026
- Oct 26, 20267.26%▼ from 7.31%
- Oct 9, 20267.31%▲ from 7.08%
- Sep 29, 20267.08%▲ from 6.84%
- Sep 21, 20266.84%▲ from 6.61%
Effective Date: 10/27/2026; Purchase of single family primary residence
- Oct 23, 20267.34%▲ from 7.22%
- Oct 15, 20267.22%▼ from 7.72%
- Oct 9, 20267.72%▲ from 7.59%
- Oct 2, 20267.59%▲ from 7.47%
Rates As Low As; Rates effective as of 10/29/2026; APR based on estimated loan amount of $150,000
- Oct 30, 20267.37%▼ from 7.75%
- Oct 14, 20267.75%first recorded
Today's Featured Rates; subject to change without notice; down payment required; subject to credit approval
- Oct 27, 20267.44%▲ from 7.32%
- Oct 22, 20267.32%▼ from 7.57%
- Oct 8, 20267.57%▲ from 7.44%
- Sep 28, 20267.44%▲ from 7.32%
Term: Payments amortized 180 months; 5% Down Payment; Payments amortized 180 months; APR quoted without PMI premiums or discount points
- Sep 27, 20267.48%▲ from 7.35%
- Sep 18, 20267.35%first recorded
Rates As Low As; Rates effective as of 10/29/2026; APR based on estimated loan amount of $150,000 for Conventional Mortgage Loans
- Oct 30, 20267.50%▼ from 7.87%
- Oct 14, 20267.87%first recorded
As Low As; Rates effective as of 10/29/2026
- 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; Purchase or Refinance; ELGA Portfolio
- Oct 29, 20268.23%▲ from 8.11%
- Oct 26, 20268.11%▼ from 8.36%
- Oct 13, 20268.36%first recorded
Published APR range: 9.00%-10.00%. Effective Date: 10/26/2026; APR range as printed
- Oct 28, 20269.00%▲ from 8.75%
- Oct 8, 20268.75%first recorded
Published APR range: 9.00%-17.95%. Effective Date: 10/26/2026
- Oct 28, 20269.00%▲ from 8.75%
- Oct 15, 20268.75%first recorded
Michigan 5/1 ARM Refinance Rates
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
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%
Rates As Low As; Rates effective as of 10/29/2026; APR based on estimated loan amount of $150,000 for Conventional Mortgage Loans
- Oct 30, 20266.50%▼ from 6.65%
- Oct 14, 20266.65%first recorded
Effective Date: October 29, 2026
- Oct 29, 20266.52%▲ from 6.52%
- Oct 23, 20266.52%▼ from 6.65%
- Oct 5, 20266.65%▲ from 6.60%
- Sep 18, 20266.60%first recorded
As Low As
As Low As
- Oct 23, 20266.86%▼ from 6.98%
- Oct 15, 20266.98%▲ from 6.93%
- Oct 13, 20266.93%first recorded
No additional details available.
- Oct 29, 20266.91%▼ from 6.92%
- Oct 23, 20266.92%▼ from 6.94%
- Oct 15, 20266.94%▼ from 6.99%
- Oct 9, 20266.99%▲ from 6.96%
As Low As; Purchase or Refinance; ELGA Portfolio
Michigan 30-Year Jumbo Refinance Rates
Refinance; advertised rates effective as of 10/26/2026
- Oct 26, 20267.01%▼ from 7.14%
- Oct 20, 20267.14%first recorded
No additional details available.
- Oct 29, 20267.77%▼ from 7.89%
- Sep 29, 20267.89%▲ from 7.77%
- Sep 26, 20267.77%▲ from 7.64%
- Sep 22, 20267.64%▲ from 7.52%
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
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
Purchase rates; Current Mortgage Rates
- Oct 26, 20267.01%▼ from 7.14%
- Oct 20, 20267.14%▲ from 7.01%
- Sep 15, 20267.01%first recorded
Principal & Interest Payment: $6,653.02; Assumptions: credit score 780 or higher; LTV 75% (25% down payment); loan amount $1,000,000; purchase; owner occupied/single family home; no secondary financing; 60-day lock; minimum loan amount $832,751; finance charges include $1,100 origination fee, $6.70 flood certification fee and $72 tax service fee
- Oct 26, 20267.01%▼ from 7.14%
- Oct 20, 20267.14%▼ from 7.26%
- Sep 27, 20267.26%▲ from 7.01%
- Sep 15, 20267.01%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
As Low As; APR based on $832,751 loan amount
As Low As
- Oct 23, 20267.25%▼ from 7.38%
- Oct 13, 20267.38%first recorded
No additional details available.
- Oct 29, 20267.39%▼ from 7.52%
- Oct 9, 20267.52%first recorded
As Low As; APR based on $832,751 loan amount
As Low As
- Oct 23, 20267.40%▼ from 7.53%
- Oct 13, 20267.53%first recorded
Michigan 15-Year Jumbo Refinance Rates
As Low As; APR based on $832,751 loan amount
As Low As
- Oct 23, 20266.58%▼ from 6.70%
- Oct 13, 20266.70%first recorded
As Low As; APR based on $832,751 loan amount
As Low As
- Oct 23, 20266.67%▼ from 6.79%
- Oct 13, 20266.79%first recorded
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
Michigan 5/1 Jumbo ARM Refinance Rates
As Low As
As Low As
- Oct 23, 20266.78%▼ from 6.85%
- Oct 15, 20266.85%▲ from 6.80%
- Oct 13, 20266.80%first recorded
Michigan FHA Loan Rates
Refinance; advertised rates effective as of 10/26/2026
- Oct 26, 20269.42%▼ from 9.57%
- Oct 20, 20269.57%first recorded
Rates accurate as of October 19, 2026
Rates accurate as of October 19, 2026
No additional details available.
No additional details available.
- Oct 29, 20267.63%▼ from 7.90%
- Sep 29, 20267.90%▲ from 7.63%
- Sep 26, 20267.63%▲ from 7.39%
- Sep 14, 20267.39%first recorded
As Low As; Rates effective as of 10/29/2026
- 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 effective as of 10/29/2026
- Oct 26, 20267.76%▼ from 7.98%
- Oct 19, 20267.98%▼ from 8.02%
- Oct 10, 20268.02%▲ from 7.89%
- Oct 2, 20267.89%▼ from 8.02%
As Low As; Rates accurate as of Oct 29, 2026
Government Loans; 30-Year Rate and 30-Year APR; Rates current as of: October 20, 2026
- Oct 20, 20267.82%▲ from 7.38%
- Sep 19, 20267.38%▲ from 7.15%
- Sep 15, 20267.15%first recorded
As Low As; Rates accurate as of Oct 29, 2026
Purchase rates; Current Mortgage Rates
- Oct 26, 20269.42%▼ from 9.57%
- Oct 20, 20269.57%▲ from 8.96%
- Sep 15, 20268.96%first recorded
Purchase; Principal & Interest Payment: $1,165.36; Credit score 640 or higher; LTV 96.5% (3.5% down payment); Base loan amount $170,000
- Oct 26, 20269.42%▼ from 9.57%
- Oct 20, 20269.57%▲ from 9.57%
- Sep 27, 20269.57%▲ from 9.26%
- Sep 24, 20269.26%▲ from 8.96%
Michigan VA Loan Rates
No additional details available.
- Oct 26, 20267.23%▼ from 7.48%
- Sep 29, 20267.48%▲ from 7.23%
- Sep 26, 20267.23%▲ from 6.85%
- Sep 14, 20266.85%first recorded
Refinance; advertised rates effective as of 10/26/2026
- Oct 26, 20267.54%▼ from 7.67%
- Oct 20, 20267.67%▲ from 7.04%
- Sep 15, 20267.04%first recorded
As Low As; Points 0.0
No additional details available.
As Low As; Points 0.0
No additional details available.
No additional details available.
- Oct 26, 20267.17%▼ from 7.29%
- Sep 18, 20267.29%▲ from 7.00%
- Sep 14, 20267.00%first recorded
No additional details available.
- Oct 29, 20267.23%▼ from 7.48%
- Oct 9, 20267.48%first recorded
Purchase rates; Current Mortgage Rates
- Oct 26, 20267.54%▼ from 7.67%
- Oct 20, 20267.67%▼ from 7.92%
- Oct 7, 20267.92%▲ from 7.42%
- Sep 27, 20267.42%▲ from 7.16%
Mortgage purchase rate; Principal & Interest Payment: $1,186.37
- Oct 26, 20267.54%▼ from 7.67%
- Oct 20, 20267.67%▲ from 7.54%
- Oct 14, 20267.54%▼ from 7.92%
- Oct 7, 20267.92%▲ from 7.54%
Banks and Credit Unions: If you need to update your rate data or request removal from MonitorBankRates.com, please contact us here.
National Refinance Rate Averages
Daily averages of posted rates across every lender we track, as of October 31, 2026. Use these as the benchmark for the Michigan quotes above; lenders that price refinances separately currently run about 0.189 points higher.
Michigan Refinance Rate Trends
Compare local Michigan refinance quotes against the statewide average
Daily averages of posted first-mortgage rates across our lender network, updated every evening. Because most lenders price purchase and refinance loans identically, this is the benchmark a Michigan refinance quote should be measured against, plus roughly 0.189 points at lenders that price refinances separately.
Michigan 30-year fixed rates fell 0.070 points over the past 7 days to 7.318%.
Michigan 15-year fixed rates fell 0.066 points over the past 7 days to 7.000%.
What Michigan Homeowners Actually Pay to Refinance
Posted refinance rates from our lender network alongside the rates borrowers closed at, from federal HMDA filings
Two different measures. The refinance premium is computed nightly from lenders that publish separate purchase and refinance pricing. HMDA figures are median note rates on loans that actually closed.
Michigan Refinance Rate Forecast, Next 12 Months
Where are Michigan refinance rates headed through October 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. If the forecast shows rates falling, waiting may beat refinancing today; the break-even calculator below shows what each scenario is worth. Not financial advice.
What Forecast Rates Mean for Michigan Homeowners Refinancing
Monthly principal & interest on a 30-year refinance of the loan of $185,280 (80% of the state median home value). Payment differences show what waiting for the forecast rate would be worth each month.
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (MI avg) | 7.318% | $1,272 | 21% | |
| 6-Month Forecast | 7.318% (6.97, 7.62%) | $1,272 | +$0/mo | 21% |
| 12-Month Forecast | 7.568% (7.22, 7.87%) | $1,304 | +$32/mo | 21.5% |
Income column = annual mortgage payment as % of Michigan median household income ($72,875). Above 30% is generally considered cost-burdened.
Michigan Refinance Break-Even Calculator
Enter your current loan and the refinance rate you have been quoted. The calculator shows the new payment, monthly savings, and how many months it takes for those savings to pay back the closing costs. Click a current Michigan rate on the right to test it instantly.
Principal and interest only. Excludes escrow, mortgage insurance, and any prepayment penalty on the current loan. Lifetime interest compares the remaining interest on the current loan to total interest on the new loan. Estimates are for informational purposes only.
Run the Numbers on Your Michigan Refinance
The rate is only part of the decision. Use these calculators to turn current Michigan home refinance rates into monthly savings, break-even months, and total interest before you request quotes from refinance lenders.
If 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.
CalculateEnter 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.
CalculateIf your goal is cash rather than a lower rate, compare current Michigan home equity loan and HELOC rates against a cash-out refinance. Keeping a low existing first mortgage and adding a second lien is often the cheaper path, especially for loans originated between 2020 and 2022.
CompareTell 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 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.
CalculateTypes of Refinance Loans Available in Michigan
Homeowners across Michigan can choose from several refinance programs. The right one depends on what you are trying to do: lower the rate, shorten the term, pull cash out, or drop mortgage insurance. Pricing, appraisal requirements, and eligibility differ across each, and the cheapest program is not always the lowest posted rate once fees are counted.
Rate-and-Term Refinance
The standard refinance. You replace your existing mortgage with a new loan for about the same balance, changing only the rate, the term, or both. It is the lowest-priced refinance product at nearly every Michigan lender because the loan-to-value ratio does not rise.
Best for homeowners whose rate is at least half a point above today’s Michigan average and who plan to stay past the break-even point. Choosing a term that matches your remaining years, rather than resetting to 30, keeps the payoff date where it is.
Cash-Out Refinance
A cash-out refinance replaces your mortgage with a larger one and hands you the difference at closing. Conventional lenders cap the new loan at 80% of appraised value; VA cash-out loans go to 90%. Rates run above rate-and-term pricing.
If you hold a low rate from 2020 to 2022, a home equity loan or HELOC in Michigan usually costs less than refinancing the whole balance at today’s rate to pull out cash.
FHA Streamline Refinance
For homeowners already in an FHA loan. No appraisal, no income verification, and limited credit review, as long as the new loan produces a net tangible benefit (generally a rate at least 0.5% lower, or a move from an ARM to a fixed rate). You need 210 days since the first payment and six on-time payments.
The upfront mortgage insurance premium is reduced to 0.01% and annual MIP continues, so FHA borrowers with 20% equity and good credit should also price a conventional rate-and-term refinance, which drops mortgage insurance entirely.
VA IRRRL (Streamline Refinance)
The Interest Rate Reduction Refinance Loan lets veterans refinance an existing VA loan with no appraisal, no income documentation, and a funding fee of just 0.5% (waived for borrowers with a service-connected disability). Closing costs can be rolled into the loan.
The new rate must be lower than the current one unless you are moving from an ARM to a fixed rate, and you must recoup closing costs within 36 months. VA lenders in Michigan quote IRRRL pricing separately, so ask for it by name.
USDA Streamlined-Assist Refinance
For homeowners with an existing USDA Rural Development loan. No appraisal or credit review in most cases, and the new payment must be at least $50 a month lower than the current one. The property no longer has to meet the rural eligibility map.
Twelve months of on-time payments are required, and the 1% upfront guarantee fee plus the annual fee apply to the new loan.
Jumbo Refinance
The 2026 FHFA conforming baseline in Michigan is $832,750 for most counties, higher in designated high-cost areas. A refinance above the county limit is a jumbo loan, priced and underwritten lender by lender.
Jumbo refinances usually require a 700 or higher credit score, reserves of six to twelve months of payments, and a loan-to-value of 80% or less. Because balances are large, even a quarter-point rate difference is worth thousands a year, so compare the 30-Year Jumbo and 15-Year Jumbo tabs above closely. If paying the balance down to the conforming limit at closing is possible, conforming refinance pricing is often noticeably better.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Michigan refinance 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 Refinance Rate Data: We aggregate mortgage and refinance rates for 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. Where a lender publishes a product specifically for refinancing, that product is listed by name; where a lender publishes one rate sheet for purchase and refinance loans, that rate is shown as the refinance rate, which is how the lender itself quotes it.
Refinance Premium and HMDA Figures: The refinance premium is the average difference between a lender’s refinance-labeled product and the same lender’s standard product of the same term, computed nightly across lenders that publish both. It is shown for context and is never added to any rate in the tables. HMDA figures are median note rates on first-lien, owner-occupied, one-to-four-unit loans originated in the most recent reporting year, from the Consumer Financial Protection Bureau’s public Loan/Application Register.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in 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 and refinance 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.
Refinance Product Information
How a Mortgage Refinance Works
A refinance pays off your current mortgage with a new loan on the same Michigan home. The new lender wires the payoff to the old lender at closing, and from that point you make payments on the new loan only. Because it is a brand-new mortgage, you go through an application, credit check, and usually an appraisal, and you pay closing costs, just as you did when you bought the home.
Refinance Rates vs. Purchase Rates
Most Michigan banks and credit unions post one rate sheet that applies to purchase and refinance loans alike, which is why the tables above show the same lenders you will find on our Michigan mortgage rates page. For example, TLC Community Credit Union is listing a 30 Year Fixed - Cash Out Refinances at 7.00% for either purpose. Some lenders price refinances separately and list them by name, such as ELGA Credit Union’s ARM 1st Mortgage Purchase or Refinance ELGA Portfolio - 5/1 ARM at 6.50%. Across lenders that post both, refinance pricing currently runs about 0.189 points above the same lender’s purchase rate nationally. Cash-out refinances, investment properties, and second homes carry pricing add-ons at every lender.
Finding Your Break Even Point
Divide total closing costs by the monthly payment savings and you get the number of months until the refinance has paid for itself. A Michigan homeowner who expects to sell before that month should not refinance, no matter how good the rate looks. The calculator above runs this math with today’s local rates. A shorter break-even, under three years, is a comfortable margin; anything past five years needs a long stay to pay off.
Refinance Closing Costs
Refinance closing costs in Michigan typically run two to five percent of the loan and include the lender’s origination fee, appraisal, title search and lender’s title policy, recording fees, and prepaid interest. Discount points are optional and buy the rate down. A no-closing-cost refinance rolls the fees into a higher rate or the loan balance. It is not free, but it can be the better choice for a homeowner likely to move or refinance again within a few years, because there is nothing to recoup.
When to Wait
Refinancing rarely pays when the new rate is less than half a point below the current one, when you are more than ten years into a 30-year loan and would reset the clock, or when your credit score has dropped since the original loan. Homeowners holding a rate from 2020 to 2022 are usually better served by keeping that loan and using a home equity loan or HELOC for cash needs. Our Michigan refinance rate trends above show where rates have been over the past 90 days, and the forecast gives a sense of where they may head, so you can decide whether to lock now or wait.
Frequently Asked Questions about Refinance Rates in Michigan
What are refinance rates in Michigan today?
What are home loan refinance rates in Michigan (MI) today?
Are refinance rates higher than purchase mortgage rates in Michigan?
When does refinancing make sense in Michigan?
How soon can I refinance a mortgage in Michigan?
What is a rate-and-term refinance?
What is a cash-out refinance?
Does refinancing reset my 30-year term?
What are typical refinance closing costs in Michigan?
What is the difference between interest rate and APR on a refinance?
Should I lock my refinance rate?
How do I compare refinance lenders in Michigan?
How do I get refinance quotes in Michigan?
What are the best refinance rates in Michigan?
- TLC Community Credit Union: 7.00% (30 Year Fixed - Cash Out Refinances)
- Nicolet Bank: 7.125% (Refinance 30 Year Fixed (Conforming))
- Consumers Credit Union: 7.125% (Mortgage Refinance - 30-Yr VA Loan)
- Old National Bank: 7.375% (Refinance 30 Year Fixed)
- ELGA Credit Union: 7.375% (1st Mortgage Purchase or Refinance (Fannie Mae and Government Programs) - 30 Year Fixed)
Michigan Rates & Resources
Home Refinance Rates by City in Michigan (MI)
