Michigan Refinance Rates
Compare today's refi rates in Michigan (MI). Updated 2026-04-28.
Avg. 30-Year Refi Rate
6.70%
State average · MI
Avg. 15-Year Refi Rate
5.94%
State average · MI
Est. Closing Costs
$5,200
Typical range in MI
Michigan refi rates (6.70%) are 0.11% below the national average (6.81%). Source: FRED · Updated 2026-04-28.
Top Refi Lenders in Michigan (12)
30yr: 6.305%15yr: 5.555%Cash-out: 6.555%
30yr: 6.305%15yr: 5.555%Cash-out: 6.430%
30yr: 6.380%15yr: 5.630%Cash-out: 6.580%
30yr: 6.420%15yr: 5.680%Cash-out: 6.680%
30yr: 6.430%15yr: 5.680%Cash-out: 6.680%
Refinancing Tips for Michigan Homeowners
- • Average closing costs in MI are approximately $5,200 — factor this into your break-even calculation.
- • With a 30-year refi rate of 6.70%, homeowners who locked in rates above 7.5% may save significantly by refinancing.
- • Michigan has no special state tax on mortgage refinancing — check with your tax advisor for deductibility of points and fees.
- • VA IRRRL and FHA streamline refinances require less documentation and no new appraisal in most cases, making them faster to close.
FAQ: Refinancing in Michigan
What is the average refinance rate in Michigan?+
The average 30-year refinance rate in Michigan is approximately 6.7%, compared to the national average of 6.81%.
How much are refinance closing costs in Michigan?+
Estimated refinance closing costs in Michigan are approximately $5,200. This typically includes origination fees, appraisal, title insurance, and government recording fees.
How long does it take to refinance in Michigan?+
A typical refinance in Michigan takes 30-45 days from application to closing. VA IRRRL and FHA streamline refinances may close faster due to reduced documentation requirements.