Mortgage Rates in Dearborn, Michigan — March 2026
Updated March 2026 | Based on Dearborn market data and regional lending conditions
Dearborn is a growing city in Michigan with a population of 109,976. The current 30-year fixed mortgage rate in Dearborn is 6.72%, which is 0.07% above the national average. With a median home price of $175,000 and a 20% down payment of $35,000, homebuyers can expect a monthly principal and interest payment of approximately $905.
Current Mortgage Rates in Dearborn, MI
Below are the current average mortgage rates available in the Dearborn 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 | 6.72% | 6.65% | +0.07% |
| 15-Year Fixed | 5.96% | 5.89% | +0.07% |
| 5/1 ARM | 6.22% | 6.15% | +0.07% |
| FHA | 6.32% | 6.25% | +0.07% |
| VA | 6.12% | 6.05% | +0.07% |
| Jumbo | 6.92% | 6.85% | +0.07% |
Dearborn Housing Market Overview
The Dearborn housing market offers relatively affordable housing compared to many major cities. The median household income in Dearborn is $48,250, and the cost of living index is 87.5 (national average = 100). Based on the 28% affordability rule, the median income in Dearborn is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Dearborn
Based on the median home price of $175,000 with 20% down ($35,000), here is what you can expect to pay monthly in Dearborn:
15-Year vs. 30-Year Mortgage in Dearborn
Choosing a 15-year mortgage in Dearborn at 5.96% instead of a 30-year at 6.72% would save you $113,760 in total interest over the life of the loan. However, your monthly payment would be $1,178 instead of $905 — an increase of $273 per month.
Calculate Your Dearborn 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 Dearborn
What are the current mortgage rates in Dearborn, MI?
As of March 2026, the average 30-year fixed mortgage rate in Dearborn, Michigan is 6.72%, while the 15-year fixed rate is 5.96%. FHA loans average 6.32% and VA loans 6.12%. These rates are 0.07% above the national average of 6.65%.
How much is a monthly mortgage payment in Dearborn?
Based on the median home price of $175,000 with 20% down, the estimated monthly mortgage payment in Dearborn is $905 for principal and interest. Including property taxes of $201/month, the total monthly housing cost is approximately $1,106.
What income do I need to buy a home in Dearborn?
Using the 28% rule, you would need an annual income of approximately $47,400 to afford the median-priced home in Dearborn at $175,000. The median household income in Dearborn is $48,250. The median income is currently sufficient to meet this threshold.
Is Dearborn a good place to buy a home in 2026?
Dearborn offers a below-average cost of living with a cost of living index of 87.5 (national average = 100). The property tax rate in Michigan is 1.38%, which is near the national average. Dearborn has a population of 109,976 and offers a very affordable lifestyle.
Mortgage Rates in Other Michigan Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Dearborn, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.