Compare Today’s Mortgage Rates in Farmington, Michigan 48332
Pureloan is dedicated to helping you secure the best mortgage rates by conducting extensive searches among mortgage lenders and major banks in Farmington, Michigan 48332.
Our search engine thoroughly explores all home mortgage options in Farmington, Michigan 48332, including fixed-rate, adjustable-rate (ARM), FHA, VA, USDA, conventional, jumbo, and conforming home mortgages. Based on our calculations, we estimate that for a 30-year fixed loan, you can expect to save $13,443 in lifetime cash or $37 per month in Farmington and other areas of Oakland county.
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Summary of Average Mortgages in Farmington, Michigan 48332
Rate
APR
Expected Savings
Monthly Payment
Total Closing Costs
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Interactive Mortgage Rate Projections for Farmington, Michigan 48332
Pureloan has developed an interactive chart to help you forecast and predict mortgage rates in Farmington, MI 48332. This chart tracks the rates of the five largest nationwide lenders based on historical data from closed mortgage financings and projections using our proprietary modeling.
Historical Mortgage Rates in Farmington, Michigan 48332 from 2024 - 2016
We have compiled mortgage rates charts for home loans in Farmington, Michigan and around Oakland county to provide insight into trends that may be helpful during your home buying process. This data is derived from actual closed loans.
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|
| % 30 year fixed mortgage | 93.18% | 91.38% | 88.96% | 81.50% | 86.83% | 80.13% | 77.71% | 77.40% | 78.19% |
| avg mortgage rate | 6.81% | 4.85% | 3.21% | 3.45% | 4.51% | 4.77% | 4.23% | 3.95% | 4.14% |
| % 15 year fixed mortgage | 5.30% | 5.81% | 9.82% | 15.18% | 8.33% | 15.71% | 16.88% | 18.49% | 17.11% |
| avg mortgage rate | 6.10% | 4.06% | 2.63% | 2.90% | 3.83% | 4.20% | 3.41% | 3.10% | 3.32% |
| Avg credit score | 738.14 | 744.83 | 746.40 | 748.73 | 748.99 | 752.39 | 750.95 | 751.26 | 754.98 |
| Avg LTV (loan to value) | 84.17% | 84.73% | 83.90% | 83.60% | 83.35% | 81.23% | 81.23% | 81.89% | 81.74% |
| Avg DTI (debt to income) | 36.02 | 36.32 | 32.86 | 33.23 | 33.58 | 32.55 | 32.37 | 31.62 | 31.69 |
| % First time homebuyer | 31.06% | 35.07% | 30.98% | 25.78% | 25.00% | 21.79% | 16.56% | 26.37% | 13.09% |
| Avg mortgage insurance % | 14.91% | 14.94% | 13.18% | 12.56% | 11.50% | 10.88% | 10.18% | 10.34% | 9.53% |
Best Mortgage Brokers around Farmington, Michigan 48332
For those searching for a new home in Farmington, we have compiled a list of the top mortgage brokers located in and around Farmington, Michigan 48332 to assist you with your search.
Name
Address
Contact
John Adams Mortgage Co.
23366 Farmington Rd
Farmington MI 48332
(734) 455-2205
http://johnadamsmortgage.com
Mentor Financial
32746 Grand River Ave
Farmington MI 48332
(248) 471-6900
gregthomas@mentorfi.com
Omega One Way Realty
22029 Farmington Rd
Farmington MI 48332
(248) 473-5500
info@omegamortgage.info
Source Mortgage
33604 W 8 Mile Rd
Farmington MI 48332
(248) 536-0224
Pacific Bancorp
33966 W 8 Mile Rd
Farmington MI 48332
(248) 888-9660
Address
23366 Farmington Rd
Farmington MI
Contact
(734) 455-2205
http://johnadamsmortgage.com
Address
32746 Grand River Ave
Farmington MI
Contact
(248) 471-6900
gregthomas@mentorfi.com
Address
22029 Farmington Rd
Farmington MI
Contact
(248) 473-5500
info@omegamortgage.info