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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 | 6.903%APR 6.939% | 0 pts$0 | $2,525/moP&I $2,525 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.054%APR 6.825% | 0 pts$0 | $2,531/moP&I $2,352 · MI $179 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.999%APR 6.050% | 0 pts$0 | $2,298/moP&I $2,298 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.768%APR 6.804% | 0 pts$0 | $2,491/moP&I $2,491 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.669% | 0 pts$0 | $2,713/moP&I $2,713 · 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 | 5.999% | 6.050% | 0 pts ($0) | $3,235/mo | $64,593 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.995% | 6.048% | 0 pts ($0) | $4,042/mo | $90,029 |
Condo 10% Down | 10% | 720 credit score | 7.172% | 7.341% | 0 pts ($0) | $2,919/mo | $102,408 |
Conventional 10% Down | 10% | 720 credit score | 6.604% | 6.760% | 0 pts ($0) | $2,755/mo | $95,026 |
Conventional 20% Down | 20% | 740 credit score | 6.903% | 6.939% | 0 pts ($0) | $2,525/mo | $78,146 |
Conventional 5% Down | 5% | 700 credit score | 7.019% | 7.497% | 0 pts ($0) | $3,034/mo | $105,997 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.346% | 7.385% | 0 pts ($0) | $3,300/mo | $113,427 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,836/mo | $96,076 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.814% | 7.190% | 0 pts ($0) | $3,034/mo | $109,541 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.768% | 6.804% | 0 pts ($0) | $3,114/mo | $105,077 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,954/mo | $94,275 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.054% | 6.825% | 0 pts ($0) | $2,837/mo | $99,745 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,903/mo | $101,634 |
FHA Streamline Refi | 0% | 640 credit score | 6.249% | 7.023% | 0 pts ($0) | $3,002/mo | $106,221 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.988% | 7.232% | 0 pts ($0) | $3,025/mo | $109,669 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $2,998/mo | $58,694 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.669% | 0 pts ($0) | $2,544/mo | $81,088 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $2,583/mo | $80,711 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $2,786/mo | $85,432 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.421% | 7.198% | 0 pts ($0) | $2,949/mo | $104,938 |
Second Home 10% Down | 10% | 720 credit score | 5.945% | 6.518% | 0 pts ($0) | $2,570/mo | $86,478 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,521/mo | $77,926 |
VA 0% Down | 0% | 700 credit score | 6.047% | 6.291% | 0 pts ($0) | $2,949/mo | $97,474 |
VA Cash-Out Refi | 0% | 640 credit score | 6.060% | 6.429% | 0 pts ($0) | $2,954/mo | $97,665 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.069% | 6.221% | 0 pts ($0) | $2,956/mo | $97,797 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $2,637/mo | $83,416 |
Frequently Asked Questions
What are today's mortgage rates in Shorewood-Tower Hills-Harbert, MI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Shorewood-Tower Hills-Harbert, MI is 6.903% (with an estimated monthly payment of $2,211). Active program rates also include FHA 30-year fixed loans at 6.054% and VA 0%-down fixed loans at 6.047%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Shorewood-Tower Hills-Harbert, 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 Shorewood-Tower Hills-Harbert, MI have fluctuated between a low of 6.529% and a high of 6.982%. 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 Shorewood-Tower Hills-Harbert, MI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $479,174 in Shorewood-Tower Hills-Harbert, MI, a standard 20%-down Conventional loan requires an upfront cash down payment of $95,835 but keeps your monthly payment lower at $2,211/mo (at 6.903% interest) with no monthly PMI. In comparison, an FHA loan requires only $16,771 (3.5% down) but has an estimated payment of $2,483/mo (at 6.054% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $462,403 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 Shorewood-Tower Hills-Harbert before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Shorewood-Tower Hills-Harbert is $806,501. With a typical local home value of $479,174 in , a standard 20%-down mortgage requires a loan size of $383,339. 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 Shorewood-Tower Hills-Harbert, MI impact estimated mortgage payments?
The median home value in Shorewood-Tower Hills-Harbert, MI is estimated at $479,174. Buying a typical home here with a standard 20% down payment ($95,835) translates to an estimated starting monthly mortgage payment of $2,211 (principal and interest). Compared to the local area median household income of $83,114 ($6,926/mo), this basic housing payment represents approximately 31.9% 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.