30-Year Fixed Mortgage Rate (U.S.)

The 30-year mortgage rate is what most Michigan home buyers will pay on a fixed-rate loan. Each 1-percentage-point swing changes the monthly payment on a $250,000 loan by roughly $160 — a big lever for affordability.

• Lock your rate when shopping for a home — once you have a signed offer, ask your lender to lock so a rate spike doesn’t kill the deal.
• If rates fall 1+ percentage point below your current loan, get refinance quotes — the breakeven on closing costs is typically 18–30 months.
• Compare with the 15-year rate (usually 0.7–1 point lower) and a 5/1 ARM if you plan to move within 5 years.