Mortgage Rates in Canton Township, Michigan — March 2026
Updated March 2026 | Based on Canton Township market data and regional lending conditions
Canton Township is a growing city in Michigan with a population of 98,659. The current 30-year fixed mortgage rate in Canton Township is 6.86%, which is 0.21% above the national average. With a median home price of $203,000 and a 20% down payment of $40,600, homebuyers can expect a monthly principal and interest payment of approximately $1,065.
Current Mortgage Rates in Canton Township, MI
Below are the current average mortgage rates available in the Canton Township area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.86% | 6.65% | +0.21% |
| 15-Year Fixed | 6.08% | 5.89% | +0.19% |
| 5/1 ARM | 6.31% | 6.15% | +0.16% |
| FHA | 6.55% | 6.25% | +0.3% |
| VA | 6.3% | 6.05% | +0.25% |
| Jumbo | 7.11% | 6.85% | +0.26% |
Canton Township Housing Market Overview
The Canton Township housing market offers relatively affordable housing compared to many major cities. The median household income in Canton Township is $56,700, and the cost of living index is 93.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $57,471 to comfortably afford the median-priced home in Canton Township, which exceeds the current median household income.
Monthly Payment Breakdown for Canton Township
Based on the median home price of $203,000 with 20% down ($40,600), here is what you can expect to pay monthly in Canton Township:
15-Year vs. 30-Year Mortgage in Canton Township
Choosing a 15-year mortgage in Canton Township at 6.08% instead of a 30-year at 6.86% would save you $135,540 in total interest over the life of the loan. However, your monthly payment would be $1,377 instead of $1,065 — an increase of $312 per month.
Calculate Your Canton Township Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Canton Township
What are the current mortgage rates in Canton Township, MI?
As of March 2026, the average 30-year fixed mortgage rate in Canton Township, Michigan is 6.86%, while the 15-year fixed rate is 6.08%. FHA loans average 6.55% and VA loans 6.3%. These rates are 0.21% above the national average of 6.65%.
How much is a monthly mortgage payment in Canton Township?
Based on the median home price of $203,000 with 20% down, the estimated monthly mortgage payment in Canton Township is $1,065 for principal and interest. Including property taxes of $276/month, the total monthly housing cost is approximately $1,341.
What income do I need to buy a home in Canton Township?
Using the 28% rule, you would need an annual income of approximately $57,471 to afford the median-priced home in Canton Township at $203,000. The median household income in Canton Township is $56,700. This means most households would need to either earn above the median or consider homes below $203,000.
Is Canton Township a good place to buy a home in 2026?
Canton Township offers a below-average cost of living with a cost of living index of 93.5 (national average = 100). The property tax rate in Michigan is 1.63%, which is above the national average. Canton Township has a population of 98,659 and offers a very affordable lifestyle.
Mortgage Rates in Other Michigan Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Canton Township, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.