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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 | 6.913%APR 6.950% | 0 pts$0 | $2,219/moP&I $2,219 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.944%APR 6.713% | 0 pts$0 | $2,198/moP&I $2,041 · MI $157 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.019%APR 6.071% | 0 pts$0 | $2,022/moP&I $2,022 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.938%APR 6.975% | 0 pts$0 | $2,225/moP&I $2,225 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.675% | 0 pts$0 | $2,382/moP&I $2,382 · 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 | 6.019% | 6.071% | 0 pts ($0) | $2,843/mo | $56,900 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.971% | 6.023% | 0 pts ($0) | $3,543/mo | $78,744 |
Condo 10% Down | 10% | 720 credit score | 7.204% | 7.374% | 0 pts ($0) | $2,571/mo | $90,269 |
Conventional 10% Down | 10% | 720 credit score | 6.616% | 6.772% | 0 pts ($0) | $2,422/mo | $83,560 |
Conventional 20% Down | 20% | 740 credit score | 6.913% | 6.950% | 0 pts ($0) | $2,219/mo | $68,705 |
Conventional 5% Down | 5% | 700 credit score | 7.032% | 7.511% | 0 pts ($0) | $2,667/mo | $93,211 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.356% | 7.396% | 0 pts ($0) | $2,900/mo | $99,703 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,489/mo | $84,345 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.820% | 7.196% | 0 pts ($0) | $2,666/mo | $96,239 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.938% | 6.975% | 0 pts ($0) | $2,781/mo | $94,401 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,471/mo | $82,764 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.944% | 6.713% | 0 pts ($0) | $2,462/mo | $86,200 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,549/mo | $89,224 |
FHA Streamline Refi | 0% | 640 credit score | 6.061% | 6.832% | 0 pts ($0) | $2,583/mo | $90,832 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.997% | 7.242% | 0 pts ($0) | $2,658/mo | $96,386 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $2,632/mo | $51,527 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.675% | 0 pts ($0) | $2,233/mo | $71,187 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $2,267/mo | $70,856 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $2,446/mo | $75,000 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.302% | 7.077% | 0 pts ($0) | $2,557/mo | $90,646 |
Second Home 10% Down | 10% | 720 credit score | 5.948% | 6.521% | 0 pts ($0) | $2,257/mo | $75,953 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,213/mo | $68,411 |
VA 0% Down | 0% | 700 credit score | 6.063% | 6.308% | 0 pts ($0) | $2,594/mo | $85,778 |
VA Cash-Out Refi | 0% | 640 credit score | 6.067% | 6.436% | 0 pts ($0) | $2,595/mo | $85,830 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.073% | 6.226% | 0 pts ($0) | $2,597/mo | $85,907 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $2,315/mo | $73,231 |
Frequently Asked Questions
What are today's mortgage rates in 48816, , MI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 48816, , MI is 6.913% (with an estimated monthly payment of $2,117). Active program rates also include FHA 30-year fixed loans at 5.944% and VA 0%-down fixed loans at 6.063%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 48816, , 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 48816, , MI have fluctuated between a low of 6.545% and a high of 6.992%. 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 48816, , MI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $420,664 in 48816, , MI, a standard 20%-down Conventional loan requires an upfront cash down payment of $84,133 but keeps your monthly payment lower at $2,117/mo (at 6.913% interest) with no monthly PMI. In comparison, an FHA loan requires only $14,723 (3.5% down) but has an estimated payment of $2,348/mo (at 5.944% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $405,941 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 48816 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 48816 is $806,501. With a typical local home value of $420,664 in , a standard 20%-down mortgage requires a loan size of $336,531. 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 48816, , MI impact estimated mortgage payments?
The median home value in 48816, , MI is estimated at $420,664. Buying a typical home here with a standard 20% down payment ($84,133) translates to an estimated starting monthly mortgage payment of $2,117 (principal and interest). Compared to the local area median household income of $86,250 ($7,188/mo), this basic housing payment represents approximately 29.4% 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.