Mortgage Rates in Lansing, Michigan — March 2026
Updated March 2026 | Based on Lansing market data and regional lending conditions
Lansing is a growing city in Michigan with a population of 112,644. The current 30-year fixed mortgage rate in Lansing is 6.72%, which is 0.07% above the national average. With a median home price of $135,000 and a 20% down payment of $27,000, homebuyers can expect a monthly principal and interest payment of approximately $698.
Current Mortgage Rates in Lansing, MI
Below are the current average mortgage rates available in the Lansing 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% |
Lansing Housing Market Overview
The Lansing housing market offers relatively affordable housing compared to many major cities. The median household income in Lansing is $38,250, and the cost of living index is 82.5 (national average = 100). Based on the 28% affordability rule, the median income in Lansing is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Lansing
Based on the median home price of $135,000 with 20% down ($27,000), here is what you can expect to pay monthly in Lansing:
15-Year vs. 30-Year Mortgage in Lansing
Choosing a 15-year mortgage in Lansing at 5.96% instead of a 30-year at 6.72% would save you $87,660 in total interest over the life of the loan. However, your monthly payment would be $909 instead of $698 — an increase of $211 per month.
Calculate Your Lansing 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 Lansing
What are the current mortgage rates in Lansing, MI?
As of March 2026, the average 30-year fixed mortgage rate in Lansing, 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 Lansing?
Based on the median home price of $135,000 with 20% down, the estimated monthly mortgage payment in Lansing is $698 for principal and interest. Including property taxes of $155/month, the total monthly housing cost is approximately $853.
What income do I need to buy a home in Lansing?
Using the 28% rule, you would need an annual income of approximately $36,557 to afford the median-priced home in Lansing at $135,000. The median household income in Lansing is $38,250. The median income is currently sufficient to meet this threshold.
Is Lansing a good place to buy a home in 2026?
Lansing 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 1.38%, which is near the national average. Lansing has a population of 112,644 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 Lansing, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.