How do I know when to refinance in Michigan?

Sign up for rate alerts and watch for a drop of at least 0.5-1% below your current rate. Then run the break-even calculator to see if the savings justify the closing costs based on how long you plan to stay in the home.

What affects mortgage rates in Michigan?

Mortgage rates are influenced by Federal Reserve policy, the 10-year Treasury yield, inflation data, and overall bond market conditions. Your personal rate also depends on your credit score, down payment, loan type, and property type.

Do mortgage rates change daily?

Yes. Mortgage rates can change multiple times per day based on bond market activity. The rate you lock today may be different from the rate quoted yesterday or tomorrow.

What is a mortgage rate lock?

A rate lock is an agreement between you and your lender that guarantees a specific interest rate for a set period -- typically 30-60 days -- while your loan is processed and closed.

Michigan Mortgage Rates, Alerts & Resources — Kirby and Angie Northern Michigan Mortgage Lender

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Straight answers to common rate questions.

The questions we get every week about mortgage rates. No fluff.

No. Rates are tiered by credit score, but you don't need 800+ to get a competitive rate. Most conventional programs have strong pricing at 740+. FHA loans are often competitive for scores in the 620-680 range. The best move is to know your score before you start shopping so we can tell you exactly where you land.

Rates are personal. Credit score, down payment percentage, loan amount, loan type, property type, and occupancy all affect your rate. Two people buying in the same neighborhood on the same day can have meaningfully different rates. The rate you see advertised is almost never the rate you'll actually get -- that's why a real quote matters.

Timing the market is a losing game for most buyers. Rates may drop -- or they may not, or they may rise first. If the payment works for your budget today and you're buying a home you plan to stay in, waiting for a lower rate often costs more in appreciation than you'd save in interest. You can always refinance when rates drop.

A rate lock guarantees your interest rate for a set period -- typically 30-60 days -- while your loan processes. Once you're under contract and moving toward closing, locking protects you from rate increases. Whether to lock immediately or float is a judgment call based on market conditions -- it's a conversation we have with every client.

Your interest rate is the cost of borrowing the money. APR (Annual Percentage Rate) includes the interest rate plus certain fees, spread across the loan term. APR is useful for comparing loans side by side. The gap between rate and APR narrows on larger loans and widens on smaller ones where fees represent a bigger percentage of the total.

Yes. Paying discount points upfront lowers your interest rate for the life of the loan. One point typically costs 1% of the loan amount. Whether it's worth it depends on how long you plan to keep the loan -- the longer you stay, the more sense it makes to buy the rate down. We run the break-even math on this for every client who asks.

What's your real buying power?

Skip the guesswork. A free 10-minute conversation with Kirby or Angie gives you an actual number based on your real income, debt, and credit -- not a generic online estimate.

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Equal Housing Lender. All loans subject to credit approval. Rates and programs subject to change without notice. This is not a commitment to lend. Kirby Slocum NMLS #680817 | Angie Anderson NMLS #1999286 | Union Home Mortgage Corp. NMLS #2229229. Licensed in Michigan, Ohio, and Indiana.