Mortgage Rates in Waterford Township, Michigan — March 2026
Updated March 2026 | Based on Waterford Township market data and regional lending conditions
Waterford Township is a growing city in Michigan with a population of 73,813. The current 30-year fixed mortgage rate in Waterford Township is 6.84%, which is 0.19% above the national average. With a median home price of $220,000 and a 20% down payment of $44,000, homebuyers can expect a monthly principal and interest payment of approximately $1,152.
Current Mortgage Rates in Waterford Township, MI
Below are the current average mortgage rates available in the Waterford Township 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 | 6.84% | 6.65% | +0.19% |
| 15-Year Fixed | 6.06% | 5.89% | +0.17% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.09% | 6.85% | +0.24% |
Waterford Township Housing Market Overview
The Waterford Township housing market offers relatively affordable housing compared to many major cities. The median household income in Waterford Township is $51,800, and the cost of living index is 86 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $61,714 to comfortably afford the median-priced home in Waterford Township, which exceeds the current median household income.
Monthly Payment Breakdown for Waterford Township
Based on the median home price of $220,000 with 20% down ($44,000), here is what you can expect to pay monthly in Waterford Township:
15-Year vs. 30-Year Mortgage in Waterford Township
Choosing a 15-year mortgage in Waterford Township at 6.06% instead of a 30-year at 6.84% would save you $146,340 in total interest over the life of the loan. However, your monthly payment would be $1,491 instead of $1,152 — an increase of $339 per month.
Calculate Your Waterford Township 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 Waterford Township
What are the current mortgage rates in Waterford Township, MI?
As of March 2026, the average 30-year fixed mortgage rate in Waterford Township, Michigan is 6.84%, while the 15-year fixed rate is 6.06%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.19% above the national average of 6.65%.
How much is a monthly mortgage payment in Waterford Township?
Based on the median home price of $220,000 with 20% down, the estimated monthly mortgage payment in Waterford Township is $1,152 for principal and interest. Including property taxes of $288/month, the total monthly housing cost is approximately $1,440.
What income do I need to buy a home in Waterford Township?
Using the 28% rule, you would need an annual income of approximately $61,714 to afford the median-priced home in Waterford Township at $220,000. The median household income in Waterford Township is $51,800. This means most households would need to either earn above the median or consider homes below $220,000.
Is Waterford Township a good place to buy a home in 2026?
Waterford Township offers a below-average cost of living with a cost of living index of 86 (national average = 100). The property tax rate in Michigan is 1.57%, which is above the national average. Waterford Township has a population of 73,813 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 Waterford Township, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.