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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 | 6.942%APR 6.980% | 0 pts$0 | $1,179/moP&I $1,179 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.952%APR 6.722% | 0 pts$0 | $1,165/moP&I $1,082 · MI $83 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.080%APR 6.134% | 0 pts$0 | $1,078/moP&I $1,078 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.902%APR 6.940% | 0 pts$0 | $1,175/moP&I $1,175 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.691% | 0 pts$0 | $1,262/moP&I $1,262 · 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 | 6.080% | 6.134% | 0 pts ($0) | $1,513/mo | $30,466 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.051% | 6.106% | 0 pts ($0) | $1,887/mo | $42,242 |
Condo 10% Down | 10% | 720 credit score | 7.264% | 7.437% | 0 pts ($0) | $1,370/mo | $48,196 |
Conventional 10% Down | 10% | 720 credit score | 6.768% | 6.928% | 0 pts ($0) | $1,304/mo | $45,196 |
Conventional 20% Down | 20% | 740 credit score | 6.942% | 6.980% | 0 pts ($0) | $1,179/mo | $36,562 |
Conventional 5% Down | 5% | 700 credit score | 7.073% | 7.555% | 0 pts ($0) | $1,419/mo | $49,653 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.384% | 7.425% | 0 pts ($0) | $1,541/mo | $53,020 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,319/mo | $44,694 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.829% | 7.207% | 0 pts ($0) | $1,414/mo | $51,055 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.902% | 6.940% | 0 pts ($0) | $1,468/mo | $49,780 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,839/mo | $43,856 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.952% | 6.722% | 0 pts ($0) | $1,305/mo | $45,729 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,351/mo | $47,279 |
FHA Streamline Refi | 0% | 640 credit score | 6.073% | 6.845% | 0 pts ($0) | $1,370/mo | $48,213 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.030% | 7.276% | 0 pts ($0) | $1,413/mo | $51,285 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,395/mo | $27,304 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.691% | 0 pts ($0) | $1,183/mo | $37,721 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,201/mo | $37,546 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,296/mo | $39,742 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.313% | 7.089% | 0 pts ($0) | $1,357/mo | $48,105 |
Second Home 10% Down | 10% | 720 credit score | 5.958% | 6.532% | 0 pts ($0) | $1,197/mo | $40,307 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,173/mo | $36,250 |
VA 0% Down | 0% | 700 credit score | 6.075% | 6.321% | 0 pts ($0) | $1,376/mo | $45,535 |
VA Cash-Out Refi | 0% | 640 credit score | 6.078% | 6.449% | 0 pts ($0) | $1,377/mo | $45,556 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.086% | 6.240% | 0 pts ($0) | $1,378/mo | $45,611 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,227/mo | $38,804 |
Frequently Asked Questions
What are today's mortgage rates in 49062, , MI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 49062, , MI is 6.942% (with an estimated monthly payment of $1,875). Active program rates also include FHA 30-year fixed loans at 5.952% and VA 0%-down fixed loans at 6.075%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 49062, , 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 49062, , MI have fluctuated between a low of 6.594% and a high of 7.044%. 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 49062, , MI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $222,906 in 49062, , MI, a standard 20%-down Conventional loan requires an upfront cash down payment of $44,581 but keeps your monthly payment lower at $1,875/mo (at 6.942% interest) with no monthly PMI. In comparison, an FHA loan requires only $7,802 (3.5% down) but has an estimated payment of $2,075/mo (at 5.952% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $215,104 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 49062 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 49062 is $806,501. With a typical local home value of $222,906 in , a standard 20%-down mortgage requires a loan size of $178,325. 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 49062, , MI impact estimated mortgage payments?
The median home value in 49062, , MI is estimated at $222,906. Buying a typical home here with a standard 20% down payment ($44,581) translates to an estimated starting monthly mortgage payment of $1,875 (principal and interest). Compared to the local area median household income of $73,387 ($6,116/mo), this basic housing payment represents approximately 30.7% 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.