Mortgage Rates in Novi, Michigan — March 2026
Updated March 2026 | Based on Novi market data and regional lending conditions
Novi is a growing city in Michigan with a population of 60,489. The current 30-year fixed mortgage rate in Novi is 6.88%, which is 0.23% above the national average. With a median home price of $207,000 and a 20% down payment of $41,400, homebuyers can expect a monthly principal and interest payment of approximately $1,088.
Current Mortgage Rates in Novi, MI
Below are the current average mortgage rates available in the Novi 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 | 6.88% | 6.65% | +0.23% |
| 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 | 7.13% | 6.85% | +0.28% |
Novi Housing Market Overview
The Novi housing market offers relatively affordable housing compared to many major cities. The median household income in Novi is $50,800, and the cost of living index is 91.7 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $57,557 to comfortably afford the median-priced home in Novi, which exceeds the current median household income.
Monthly Payment Breakdown for Novi
Based on the median home price of $207,000 with 20% down ($41,400), here is what you can expect to pay monthly in Novi:
15-Year vs. 30-Year Mortgage in Novi
Choosing a 15-year mortgage in Novi at 6.1% instead of a 30-year at 6.88% would save you $138,600 in total interest over the life of the loan. However, your monthly payment would be $1,406 instead of $1,088 — an increase of $318 per month.
Calculate Your Novi 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 Novi
What are the current mortgage rates in Novi, MI?
As of March 2026, the average 30-year fixed mortgage rate in Novi, Michigan is 6.88%, while the 15-year fixed rate is 6.1%. FHA loans average 6.57% and VA loans 6.32%. These rates are 0.23% above the national average of 6.65%.
How much is a monthly mortgage payment in Novi?
Based on the median home price of $207,000 with 20% down, the estimated monthly mortgage payment in Novi is $1,088 for principal and interest. Including property taxes of $255/month, the total monthly housing cost is approximately $1,343.
What income do I need to buy a home in Novi?
Using the 28% rule, you would need an annual income of approximately $57,557 to afford the median-priced home in Novi at $207,000. The median household income in Novi is $50,800. This means most households would need to either earn above the median or consider homes below $207,000.
Is Novi a good place to buy a home in 2026?
Novi offers a below-average cost of living with a cost of living index of 91.7 (national average = 100). The property tax rate in Michigan is 1.48%, which is near the national average. Novi has a population of 60,489 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 Novi, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.