Mortgage Rates in Detroit, Michigan — April 2026
Updated April 2026 | Based on Detroit market data and regional lending conditions
As one of Michigan's largest cities with 639,111 residents, Detroit has a well-established mortgage lending market. The current 30-year fixed rate here is 6.83% (0.74% above the national average). At a median home price of $65,000, the estimated $423/month payment (with 20% down) is affordable on the local median income of $32,000.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In Detroit, MI, the current 30-year rate is 6.83%. Shorter terms (15-year fixed at 6.06% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options include FHA loans (6.54%) and VA loans (6.29%), often available at lower rates with reduced down payment requirements.
Current Mortgage Rates in Detroit, MI
Below are the current average mortgage rates available in the Detroit area as of April 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 | 6.83% | 6.09% | +0.74% |
| 15-Year Fixed | 6.06% | 5.58% | +0.48% |
| 5/1 ARM | 6.3% | 5.95% | +0.35% |
| FHA | 6.54% | 5.85% | +0.69% |
| VA | 6.29% | 5.65% | +0.64% |
| Jumbo | 7.08% | 6.25% | +0.83% |
Detroit Housing Market Overview
Detroit is one of the more affordable housing markets, with a median home price of just $65,000 — significantly below the national median. Combined with a property tax rate of 1.54%, the total monthly housing cost of $423 is within reach for many local households earning the median $32,000.
Monthly Payment Breakdown for Detroit
Based on the median home price of $65,000 with 20% down ($13,000), here is what you can expect to pay monthly in Detroit:
15-Year vs. 30-Year Mortgage in Detroit
Choosing a 15-year mortgage in Detroit at 6.06% instead of a 30-year at 6.83% would save you $43,200 in total interest over the life of the loan. However, your monthly payment would be $440 instead of $340 — an increase of $100 per month.
Calculate Your Detroit 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 Detroit
What are the current mortgage rates in Detroit, MI?
As of April 2026, the average 30-year fixed mortgage rate in Detroit, Michigan is 6.83%, while the 15-year fixed rate is 6.06%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.74% above the national average of 6.09%.
How much is a monthly mortgage payment in Detroit?
Based on the median home price of $65,000 with 20% down, the estimated monthly mortgage payment in Detroit is $340 for principal and interest. Including property taxes of $83/month, the total monthly housing cost is approximately $423.
What income do I need to buy a home in Detroit?
Using the 28% rule, you would need an annual income of approximately $18,129 to afford the median-priced home in Detroit at $65,000. The median household income in Detroit is $32,000. The median income is currently sufficient to meet this threshold.
Is Detroit a good place to buy a home in 2026?
Detroit offers a below-average cost of living with a cost of living index of 82.5 (national average = 100). The property tax rate in Michigan is 1.54%, which is above the national average. As a major city with 639,111 residents, Detroit offers diverse employment opportunities and amenities.
Mortgage Rates by ZIP Code in Detroit, MI
Explore mortgage rates for specific ZIP codes in the Detroit area. Rates can vary by neighborhood based on local property values and lending competition.
Mortgage Rates in Other Michigan Cities
Related Tools & Guides
📊 Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national average adjusted for Michigan regional spread.
- Median home price: $65,000 sourced from Redfin / Zillow real estate listings (2026 data).
- Property tax rate: 1.54% effective rate per Tax Foundation 2026 state property tax data.
- Median household income: $32,000 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: April 2026. Rates are approximate averages based on regional lending data for the Detroit, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.