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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 | 6.880%APR 6.915% | 0 pts$0 | $1,906/moP&I $1,906 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.015%APR 6.784% | 0 pts$0 | $1,907/moP&I $1,772 · MI $135 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.961%APR 6.011% | 0 pts$0 | $1,731/moP&I $1,731 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.839%APR 6.875% | 0 pts$0 | $1,898/moP&I $1,898 · MI $0 | See details |
| Investment Property FixedConforming | 7.594%APR 7.635% | 0 pts$0 | $2,046/moP&I $2,046 · 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 | 5.961% | 6.011% | 0 pts ($0) | $2,441/mo | $48,547 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.941% | 5.992% | 0 pts ($0) | $3,048/mo | $67,543 |
Condo 10% Down | 10% | 720 credit score | 7.114% | 7.281% | 0 pts ($0) | $2,196/mo | $76,905 |
Conventional 10% Down | 10% | 720 credit score | 6.574% | 6.729% | 0 pts ($0) | $2,078/mo | $71,596 |
Conventional 20% Down | 20% | 740 credit score | 6.880% | 6.915% | 0 pts ($0) | $1,906/mo | $58,919 |
Conventional 5% Down | 5% | 700 credit score | 6.995% | 7.472% | 0 pts ($0) | $2,290/mo | $79,942 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.321% | 7.359% | 0 pts ($0) | $2,490/mo | $85,538 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,145/mo | $72,685 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.786% | 7.161% | 0 pts ($0) | $2,289/mo | $82,575 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.839% | 6.875% | 0 pts ($0) | $2,373/mo | $80,270 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,991/mo | $71,323 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.015% | 6.784% | 0 pts ($0) | $2,138/mo | $75,044 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,196/mo | $76,890 |
FHA Streamline Refi | 0% | 640 credit score | 6.181% | 6.953% | 0 pts ($0) | $2,255/mo | $79,606 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.969% | 7.213% | 0 pts ($0) | $2,284/mo | $82,771 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $2,268/mo | $44,404 |
Investment Property 25% Down | 25% | 740 credit score | 7.594% | 7.635% | 0 pts ($0) | $1,919/mo | $61,091 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,954/mo | $61,061 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $2,108/mo | $64,632 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.386% | 7.162% | 0 pts ($0) | $2,223/mo | $79,015 |
Second Home 10% Down | 10% | 720 credit score | 6.038% | 6.612% | 0 pts ($0) | $1,964/mo | $66,336 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,907/mo | $58,954 |
VA 0% Down | 0% | 700 credit score | 6.009% | 6.252% | 0 pts ($0) | $2,222/mo | $73,319 |
VA Cash-Out Refi | 0% | 640 credit score | 6.020% | 6.387% | 0 pts ($0) | $2,225/mo | $73,442 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.044% | 6.196% | 0 pts ($0) | $2,231/mo | $73,709 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,995/mo | $63,107 |
Frequently Asked Questions
What are today's mortgage rates in 48137, , MI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 48137, , MI is 6.880% (with an estimated monthly payment of $2,474). Active program rates also include FHA 30-year fixed loans at 6.015% and VA 0%-down fixed loans at 6.009%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 48137, , 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 48137, , MI have fluctuated between a low of 6.498% and a high of 6.958%. 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 48137, , MI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $362,512 in 48137, , MI, a standard 20%-down Conventional loan requires an upfront cash down payment of $72,502 but keeps your monthly payment lower at $2,474/mo (at 6.880% interest) with no monthly PMI. In comparison, an FHA loan requires only $12,688 (3.5% down) but has an estimated payment of $2,774/mo (at 6.015% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $349,824 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 48137 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 48137 is $806,501. With a typical local home value of $362,512 in , a standard 20%-down mortgage requires a loan size of $290,010. 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 48137, , MI impact estimated mortgage payments?
The median home value in 48137, , MI is estimated at $362,512. Buying a typical home here with a standard 20% down payment ($72,502) translates to an estimated starting monthly mortgage payment of $2,474 (principal and interest). Compared to the local area median household income of $101,313 ($8,443/mo), this basic housing payment represents approximately 29.3% 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.