Mortgage Rates in Southfield, Michigan — March 2026
Updated March 2026 | Based on Southfield market data and regional lending conditions
Southfield is a growing city in Michigan with a population of 73,006. The current 30-year fixed mortgage rate in Southfield is 6.64%, which is 0.01% below the national average. With a median home price of $244,000 and a 20% down payment of $48,800, homebuyers can expect a monthly principal and interest payment of approximately $1,252.
Current Mortgage Rates in Southfield, MI
Below are the current average mortgage rates available in the Southfield 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 | 6.64% | 6.65% | -0.01% |
| 15-Year Fixed | 5.9% | 5.89% | +0.01% |
| 5/1 ARM | 6.18% | 6.15% | +0.03% |
| FHA | 6.44% | 6.25% | +0.19% |
| VA | 6.19% | 6.05% | +0.14% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Southfield Housing Market Overview
The Southfield housing market offers relatively affordable housing compared to many major cities. The median household income in Southfield is $63,500, and the cost of living index is 84.1 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $67,586 to comfortably afford the median-priced home in Southfield, which exceeds the current median household income.
Monthly Payment Breakdown for Southfield
Based on the median home price of $244,000 with 20% down ($48,800), here is what you can expect to pay monthly in Southfield:
15-Year vs. 30-Year Mortgage in Southfield
Choosing a 15-year mortgage in Southfield at 5.9% instead of a 30-year at 6.64% would save you $156,060 in total interest over the life of the loan. However, your monthly payment would be $1,637 instead of $1,252 — an increase of $385 per month.
Calculate Your Southfield 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 Southfield
What are the current mortgage rates in Southfield, MI?
As of March 2026, the average 30-year fixed mortgage rate in Southfield, Michigan is 6.64%, while the 15-year fixed rate is 5.9%. FHA loans average 6.44% and VA loans 6.19%. These rates are 0.01% below the national average of 6.65%.
How much is a monthly mortgage payment in Southfield?
Based on the median home price of $244,000 with 20% down, the estimated monthly mortgage payment in Southfield is $1,252 for principal and interest. Including property taxes of $325/month, the total monthly housing cost is approximately $1,577.
What income do I need to buy a home in Southfield?
Using the 28% rule, you would need an annual income of approximately $67,586 to afford the median-priced home in Southfield at $244,000. The median household income in Southfield is $63,500. This means most households would need to either earn above the median or consider homes below $244,000.
Is Southfield a good place to buy a home in 2026?
Southfield offers a below-average cost of living with a cost of living index of 84.1 (national average = 100). The property tax rate in Michigan is 1.6%, which is above the national average. Southfield has a population of 73,006 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 Southfield, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.