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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 | 6.999%APR 7.039% | 0 pts$0 | $1,316/moP&I $1,316 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.076%APR 6.850% | 0 pts$0 | $1,309/moP&I $1,217 · MI $92 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.263%APR 6.321% | 0 pts$0 | $1,220/moP&I $1,220 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.017%APR 7.057% | 0 pts$0 | $1,319/moP&I $1,319 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.725% | 0 pts$0 | $1,400/moP&I $1,400 · 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 | 6.263% | 6.321% | 0 pts ($0) | $1,698/mo | $34,854 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.118% | 6.175% | 0 pts ($0) | $2,103/mo | $47,350 |
Condo 10% Down | 10% | 720 credit score | 7.335% | 7.511% | 0 pts ($0) | $1,531/mo | $53,953 |
Conventional 10% Down | 10% | 720 credit score | 6.820% | 6.983% | 0 pts ($0) | $1,454/mo | $50,497 |
Conventional 20% Down | 20% | 740 credit score | 6.999% | 7.039% | 0 pts ($0) | $1,316/mo | $40,908 |
Conventional 5% Down | 5% | 700 credit score | 7.171% | 7.659% | 0 pts ($0) | $1,590/mo | $55,788 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.454% | 7.497% | 0 pts ($0) | $1,722/mo | $59,352 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,464/mo | $49,590 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.846% | 7.226% | 0 pts ($0) | $1,571/mo | $56,771 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.017% | 7.057% | 0 pts ($0) | $1,648/mo | $56,092 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,041/mo | $48,661 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.076% | 6.850% | 0 pts ($0) | $1,468/mo | $51,645 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,498/mo | $52,459 |
FHA Streamline Refi | 0% | 640 credit score | 6.271% | 7.048% | 0 pts ($0) | $1,553/mo | $54,993 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.112% | 7.361% | 0 pts ($0) | $1,581/mo | $57,485 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,547/mo | $30,295 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.725% | 0 pts ($0) | $1,313/mo | $41,854 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,333/mo | $41,660 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,438/mo | $44,096 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.440% | 7.220% | 0 pts ($0) | $1,525/mo | $54,304 |
Second Home 10% Down | 10% | 720 credit score | 6.082% | 6.661% | 0 pts ($0) | $1,346/mo | $45,553 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,301/mo | $40,222 |
VA 0% Down | 0% | 700 credit score | 6.081% | 6.328% | 0 pts ($0) | $1,528/mo | $50,570 |
VA Cash-Out Refi | 0% | 640 credit score | 6.085% | 6.457% | 0 pts ($0) | $1,529/mo | $50,600 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.091% | 6.247% | 0 pts ($0) | $1,530/mo | $50,646 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,361/mo | $43,056 |
Frequently Asked Questions
What are today's mortgage rates in 48620, , MI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 48620, , MI is 6.999% (with an estimated monthly payment of $1,525). Active program rates also include FHA 30-year fixed loans at 6.076% and VA 0%-down fixed loans at 6.081%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 48620, , 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 48620, , MI have fluctuated between a low of 6.898% and a high of 7.151%. 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 48620, , MI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $247,329 in 48620, , MI, a standard 20%-down Conventional loan requires an upfront cash down payment of $49,466 but keeps your monthly payment lower at $1,525/mo (at 6.999% interest) with no monthly PMI. In comparison, an FHA loan requires only $8,657 (3.5% down) but has an estimated payment of $1,701/mo (at 6.076% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $238,672 falls comfortably within the local HUD FHA loan limit of $541,287 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 48620 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 48620 is $806,501. With a typical local home value of $247,329 in , a standard 20%-down mortgage requires a loan size of $197,863. 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 48620, , MI impact estimated mortgage payments?
The median home value in 48620, , MI is estimated at $247,329. Buying a typical home here with a standard 20% down payment ($49,466) translates to an estimated starting monthly mortgage payment of $1,525 (principal and interest). Compared to the local area median household income of $70,511 ($5,876/mo), this basic housing payment represents approximately 26.0% 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.