Mortgage Rates in Midland, Michigan — March 2026
Updated March 2026 | Based on Midland market data and regional lending conditions
Midland is a growing city in Michigan with a population of 41,922. The current 30-year fixed mortgage rate in Midland is 6.83%, which is 0.18% above the national average. With a median home price of $193,000 and a 20% down payment of $38,600, homebuyers can expect a monthly principal and interest payment of approximately $1,010.
Current Mortgage Rates in Midland, MI
Below are the current average mortgage rates available in the Midland 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 | 6.83% | 6.65% | +0.18% |
| 15-Year Fixed | 6.05% | 5.89% | +0.16% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.08% | 6.85% | +0.23% |
Midland Housing Market Overview
The Midland housing market offers relatively affordable housing compared to many major cities. The median household income in Midland is $60,400, and the cost of living index is 90.7 (national average = 100). Based on the 28% affordability rule, the median income in Midland is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Midland
Based on the median home price of $193,000 with 20% down ($38,600), here is what you can expect to pay monthly in Midland:
15-Year vs. 30-Year Mortgage in Midland
Choosing a 15-year mortgage in Midland at 6.05% instead of a 30-year at 6.83% would save you $128,340 in total interest over the life of the loan. However, your monthly payment would be $1,307 instead of $1,010 — an increase of $297 per month.
Calculate Your Midland 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 Midland
What are the current mortgage rates in Midland, MI?
As of March 2026, the average 30-year fixed mortgage rate in Midland, Michigan is 6.83%, while the 15-year fixed rate is 6.05%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.18% above the national average of 6.65%.
How much is a monthly mortgage payment in Midland?
Based on the median home price of $193,000 with 20% down, the estimated monthly mortgage payment in Midland is $1,010 for principal and interest. Including property taxes of $235/month, the total monthly housing cost is approximately $1,245.
What income do I need to buy a home in Midland?
Using the 28% rule, you would need an annual income of approximately $53,357 to afford the median-priced home in Midland at $193,000. The median household income in Midland is $60,400. The median income is currently sufficient to meet this threshold.
Is Midland a good place to buy a home in 2026?
Midland offers a below-average cost of living with a cost of living index of 90.7 (national average = 100). The property tax rate in Michigan is 1.46%, which is near the national average. Midland has a population of 41,922 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 Midland, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.