Mortgage Rates in Farmington Hills, Michigan — March 2026
Updated March 2026 | Based on Farmington Hills market data and regional lending conditions
Farmington Hills is a growing city in Michigan with a population of 82,111. The current 30-year fixed mortgage rate in Farmington Hills is 6.89%, which is 0.24% above the national average. With a median home price of $241,000 and a 20% down payment of $48,200, homebuyers can expect a monthly principal and interest payment of approximately $1,268.
Current Mortgage Rates in Farmington Hills, MI
Below are the current average mortgage rates available in the Farmington Hills 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 | 6.89% | 6.65% | +0.24% |
| 15-Year Fixed | 6.1% | 5.89% | +0.21% |
| 5/1 ARM | 6.33% | 6.15% | +0.18% |
| FHA | 6.57% | 6.25% | +0.32% |
| VA | 6.32% | 6.05% | +0.27% |
| Jumbo | 7.14% | 6.85% | +0.29% |
Farmington Hills Housing Market Overview
The Farmington Hills housing market offers relatively affordable housing compared to many major cities. The median household income in Farmington Hills is $54,900, and the cost of living index is 82.9 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $68,014 to comfortably afford the median-priced home in Farmington Hills, which exceeds the current median household income.
Monthly Payment Breakdown for Farmington Hills
Based on the median home price of $241,000 with 20% down ($48,200), here is what you can expect to pay monthly in Farmington Hills:
15-Year vs. 30-Year Mortgage in Farmington Hills
Choosing a 15-year mortgage in Farmington Hills at 6.1% instead of a 30-year at 6.89% would save you $161,820 in total interest over the life of the loan. However, your monthly payment would be $1,637 instead of $1,268 — an increase of $369 per month.
Calculate Your Farmington Hills 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 Farmington Hills
What are the current mortgage rates in Farmington Hills, MI?
As of March 2026, the average 30-year fixed mortgage rate in Farmington Hills, Michigan is 6.89%, while the 15-year fixed rate is 6.1%. FHA loans average 6.57% and VA loans 6.32%. These rates are 0.24% above the national average of 6.65%.
How much is a monthly mortgage payment in Farmington Hills?
Based on the median home price of $241,000 with 20% down, the estimated monthly mortgage payment in Farmington Hills is $1,268 for principal and interest. Including property taxes of $319/month, the total monthly housing cost is approximately $1,587.
What income do I need to buy a home in Farmington Hills?
Using the 28% rule, you would need an annual income of approximately $68,014 to afford the median-priced home in Farmington Hills at $241,000. The median household income in Farmington Hills is $54,900. This means most households would need to either earn above the median or consider homes below $241,000.
Is Farmington Hills a good place to buy a home in 2026?
Farmington Hills offers a below-average cost of living with a cost of living index of 82.9 (national average = 100). The property tax rate in Michigan is 1.59%, which is above the national average. Farmington Hills has a population of 82,111 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 Farmington Hills, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.