Best Mortgage Lenders in Detroit, Michigan

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Contributor, Benzinga
January 18, 2022

Benzinga has researched the top mortgage lenders to show you the best mortgage lenders in Detroit, Michigan for buying a home or refinancing.

Best Mortgage Lenders in Detroit

Detroit, also known as “Motor City”, is the largest and most populous city in Michigan with 639,111 residents. Its metropolitan area, or Metro Detroit, is the 2nd largest metropolitan in the Midwest and 14th largest in the United States. 

Along with a strong automotive background, famously being the home of General Motors, Ford, and Stellantis North America - Detroit is widely known for its vast culture, role in music, and restoration of architecture. Contributing to the popularity of genres like Motown, jazz, punk, and rock, Detroit welcomes millions of tourists each year to explore not only the musical influences but the architectural design and unique history of Detroit.

Detroit Real Estate Market

While the median home value in Detroit is just $61,454, there has been an average annual appreciation rate over the last 10 years of 5.69%. However, rentals make up over half of the real estate market in Detroit at an average of $1,303 per month. Most homes in this market are single-family, 3 bedroom homes built between 1940-1969. Residents of Detroit are mainly young, single individuals with a range of both white and blue-collar jobs. 

Fort Wayne
Pembrook Ave/Livernois Ave
West Jefferson Ave/Woodward Ave
Seminole St/Kercheval St
U of Detroit Mercy/West 7 Mile
Woodward Ave/Edison Street
East Jefferson Ave/Mount Elliot St
Florence St/Southfield Fwy

Nearby Communities

Grosse Pointe
Grosse Pointe Farms
Grosse Pointe Woods
Huntington Woods
Pleasant Ridge
Royal Oak

Current Mortgage Rates in Michigan

The interest rate on your loan is referred to as your mortgage rate. This is primarily determined by your credit score, but your down payment, home location, mortgage type and mortgage term also play a role in determining your mortgage rate. 

Mortgage rate averages range from city to city but you can get a good idea of your expected rate by viewing your state’s average rates. Here’s a quick look at average mortgage rates for the most popular mortgage terms in Michigan.

Loan TypeRateAPR
30-year fixed N/A N/A
15-year fixed N/A N/A
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) N/A N/A
Rates based on an average home price of $173,277 and a down payment of 20%.
See more mortgage rates on Zillow

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