Select your Scenario
Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 7.048%APR 7.093% | 0 pts$0 | $991/moP&I $991 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.102%APR 6.880% | 0 pts$0 | $984/moP&I $915 · MI $69 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.299%APR 6.364% | 0 pts$0 | $918/moP&I $918 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.038%APR 7.083% | 0 pts$0 | $990/moP&I $990 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.747% | 0 pts$0 | $1,050/moP&I $1,050 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.299% | 6.364% | 0 pts ($0) | $1,275/mo | $26,277 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.172% | 6.237% | 0 pts ($0) | $1,581/mo | $35,778 |
Condo 10% Down | 10% | 720 credit score | 7.375% | 7.557% | 0 pts ($0) | $1,152/mo | $40,637 |
Conventional 10% Down | 10% | 720 credit score | 6.843% | 7.010% | 0 pts ($0) | $1,092/mo | $37,961 |
Conventional 20% Down | 20% | 740 credit score | 7.048% | 7.093% | 0 pts ($0) | $991/mo | $30,878 |
Conventional 5% Down | 5% | 700 credit score | 7.125% | 7.615% | 0 pts ($0) | $1,186/mo | $41,567 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.489% | 7.537% | 0 pts ($0) | $1,295/mo | $44,678 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,097/mo | $37,166 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.788% | 7.169% | 0 pts ($0) | $1,171/mo | $42,234 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.038% | 7.083% | 0 pts ($0) | $1,238/mo | $42,156 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,530/mo | $36,470 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.102% | 6.880% | 0 pts ($0) | $1,103/mo | $38,848 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,123/mo | $39,316 |
FHA Streamline Refi | 0% | 640 credit score | 6.296% | 7.077% | 0 pts ($0) | $1,167/mo | $41,357 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.086% | 7.339% | 0 pts ($0) | $1,182/mo | $42,945 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,160/mo | $22,705 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.747% | 0 pts ($0) | $984/mo | $31,368 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $999/mo | $31,222 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,078/mo | $33,049 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.462% | 7.246% | 0 pts ($0) | $1,146/mo | $40,819 |
Second Home 10% Down | 10% | 720 credit score | 6.114% | 6.698% | 0 pts ($0) | $1,012/mo | $34,301 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $975/mo | $30,145 |
VA 0% Down | 0% | 700 credit score | 6.121% | 6.373% | 0 pts ($0) | $1,150/mo | $38,128 |
VA Cash-Out Refi | 0% | 640 credit score | 6.123% | 6.500% | 0 pts ($0) | $1,150/mo | $38,139 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.149% | 6.309% | 0 pts ($0) | $1,153/mo | $38,287 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,020/mo | $32,269 |
Frequently Asked Questions
What are today's mortgage rates in 48061, , MI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 48061, , MI is 7.048% (with an estimated monthly payment of $1,065). Active program rates also include FHA 30-year fixed loans at 6.102% and VA 0%-down fixed loans at 6.121%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 48061, , MI?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 48061, , MI have fluctuated between a low of 6.927% and a high of 7.178%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 48061, , MI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $185,364 in 48061, , MI, a standard 20%-down Conventional loan requires an upfront cash down payment of $37,073 but keeps your monthly payment lower at $1,065/mo (at 7.048% interest) with no monthly PMI. In comparison, an FHA loan requires only $6,488 (3.5% down) but has an estimated payment of $1,185/mo (at 6.102% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $178,876 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 48061 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 48061 is $806,501. With a typical local home value of $185,364 in , a standard 20%-down mortgage requires a loan size of $148,291. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 48061, , MI impact estimated mortgage payments?
The median home value in 48061, , MI is estimated at $185,364. Buying a typical home here with a standard 20% down payment ($37,073) translates to an estimated starting monthly mortgage payment of $1,065 (principal and interest). Compared to the local area median household income of $48,913 ($4,076/mo), this basic housing payment represents approximately 26.1% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.