Compare Today’s Refinance Rates for Detroit, Michigan 48205
Pureloan's search engine provides real-time analysis of refinance lenders to find the best home refinance rates available in Detroit, Michigan 48205.
Our analysis indicates that for 30-year amortization refinancing, you can expect to save up to $8,030 over the lifetime of your mortgage, which translates to a monthly savings of $22 in Detroit and other areas of Wayne county. We analyze all refinance loan options, including HELOC, short home refinancing, and positive equity refinancing, to provide you with the most suitable options for your financial situation.
Summary of Average Refinances in Detroit, Michigan 48205
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Interactive Refinance Rate Projections for Detroit, Michigan 48205
Pureloan has developed an interactive chart to monitor the five largest local lenders in Detroit, MI 48205, for refinancing and cash-out. The chart features historical rates, which are based on completed refinancings, and projections, which are based on proprietary modeling.
Historical Refinance Rates in Detroit, Michigan 48205 from 2024 - 2016
The following historical data provides insights into refinancing trends in Detroit, Michigan and the surrounding Wayne county, based on factors such as loan type, credit score, LTV, and other parameters. This data is derived from actual closed home refinancings.
2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
---|---|---|---|---|---|---|---|---|---|
% 30 year fixed refinance | 82.61% | 58.01% | 56.80% | 55.14% | 62.60% | 54.95% | 52.28% | 52.83% | 54.68% |
avg refi rate | 6.46% | 3.61% | 3.01% | 3.29% | 4.17% | 4.58% | 4.14% | 3.96% | 4.14% |
% 15 year fixed refinance | 13.04% | 26.19% | 26.83% | 26.58% | 21.76% | 32.42% | 34.70% | 33.88% | 31.87% |
avg refi rate | 5.78% | 2.81% | 2.47% | 2.80% | 3.64% | 3.91% | 3.39% | 3.20% | 3.38% |
Avg credit score | 735.75 | 740.32 | 752.34 | 757.61 | 746.87 | 740.69 | 746.29 | 751.67 | 754.48 |
Avg LTV (loan to value) | 62.64% | 61.38% | 65.49% | 69.51% | 73.18% | 67.93% | 70.23% | 71.59% | 72.41% |
Avg DTI (debt to income) | 37.35 | 33.47 | 32.28 | 31.96 | 33.16 | 34.03 | 33.28 | 32.28 | 31.69 |
Avg refinance insurance % | 2.29% | 1.30% | 2.21% | 3.64% | 5.58% | 3.00% | 3.69% | 4.13% | 4.54% |
Best Refinance Brokers around Detroit, Michigan 48205
If you are considering refinancing your mortgage or obtaining a cash-out refinance in Detroit, Michigan 48205, we have compiled a list of top refinance brokers to assist you in the process.
Michelle Baker
Mortgage Loan Specialist
One Woodward Ave
Detroit, MI 48205
(313) 230-9127
steven.smith@53.com
Terrence Gilmore
Loan Officer
2222 Conner St
Detroit, MI 48205
(877) 573-2324
terrence_gilmore@navyfederal.org
Pamela Stevenson
Loan Officer
2222 Conner St
Detroit, MI 48205
(877) 573-2324
pamela_stevenson@navyfederal.org
Melanie
Loan Officer
2222 Conner St
Detroit, MI 48205
(877) 573-2324
melanie_moore@navyfederal.org
Lisa
Loan Officer
2222 Conner St
Detroit, MI 48205
(877) 573-2324
lisa_staggers@navyfederal.org
Address
One Woodward Ave
Detroit, MI
Contact
(313) 230-9127
Fax (301) 639-0804
steven.smith@53.com
Address
2222 Conner St
Detroit, MI
Contact
(877) 573-2324
Fax (301) 639-0804
terrence_gilmore@navyfederal.org
Address
2222 Conner St
Detroit, MI
Contact
(877) 573-2324
Fax (301) 639-0804
pamela_stevenson@navyfederal.org