Michigan mortgages and home buyers, 2025
Incomes, down payments, rates, loan costs, denials and lenders across Michigan's 83 counties, from official HMDA records.
HMDA 2025 data released June 23, 2026
In 2025, lenders reported 86,675 home-purchase mortgages for owner-occupied, single-family homes in Michigan. The median buyer borrowed $245,000 on a home valued at $285,000 and reported a household income of $94,000.
Buyers financed a median 90% of the home's value (roughly 10% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $4,140.
Lenders denied 7.8% of completed home-purchase applications.
Key facts
- Home buyers' median income ($94,000) is 19% lower than the U.S. median ($116,000).
- Median conventional loan costs ($4,140) were 26% lower than the U.S. median ($5,570).
- FHA loans made up 14.7% of purchase mortgages, versus 21.1% nationally.
- The most common age bracket among borrowers was 25–34 (36.7% of purchase loans).
- 60.1% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (32.6% of denials with a stated reason).
The 2026 conforming limit is $832,750 for a one-unit home in every Michigan county. See every Michigan county's 2026 FHA and conforming loan limits.
Michigan counties compared
Click a column to sort. Medians shown with at least 30 loans.
| County | Purchase loans | Median loan | Buyer income | Down payment | 30-yr rate | Loan costs | Denial rate | FHA limit |
|---|---|---|---|---|---|---|---|---|
| Alcona County | 73 | $175,000 | $74,000 | 6.0% | 6.625% | $4,270 | 13.6% | $541,287 |
| Alger County | 33 | $225,000 | $95,000 | — | — | — | 10.5% | $541,287 |
| Allegan County | 1,087 | $285,000 | $103,000 | 13.5% | 6.625% | $4,020 | 5.7% | $541,287 |
| Alpena County | 144 | $165,000 | $73,000 | 5.0% | 6.625% | $3,990 | 14.4% | $541,287 |
| Antrim County | 161 | $265,000 | $98,000 | 10.0% | 6.750% | $4,110 | 8.8% | $541,287 |
| Arenac County | 94 | $165,000 | $75,000 | 5.0% | 6.625% | $4,040 | 11.8% | $541,287 |
| Baraga County | 30 | $145,000 | $77,000 | — | — | — | 11.4% | $541,287 |
| Barry County | 575 | $255,000 | $95,000 | 10.0% | 6.625% | $3,870 | 7.6% | $541,287 |
| Bay County | 964 | $155,000 | $70,000 | 5.0% | 6.625% | $3,830 | 6.3% | $541,287 |
| Benzie County | 121 | $325,000 | $119,000 | 20.0% | 6.625% | $4,380 | 4.7% | $541,287 |
| Berrien County | 1,229 | $235,000 | $90,000 | 10.0% | 6.625% | $3,790 | 7.2% | $541,287 |
| Branch County | 314 | $185,000 | $70,000 | 5.0% | 6.750% | $3,900 | 10.5% | $541,287 |
| Calhoun County | 1,204 | $175,000 | $75,000 | 5.0% | 6.625% | $3,430 | 9.1% | $541,287 |
| Cass County | 422 | $235,000 | $90,000 | 6.3% | 6.625% | $4,290 | 10.0% | $541,287 |
| Charlevoix County | 130 | $305,000 | $106,000 | 20.0% | 6.750% | $4,410 | 10.3% | $541,287 |
| Cheboygan County | 115 | $235,000 | $90,000 | 7.9% | 6.625% | $4,510 | 14.0% | $541,287 |
| Chippewa County | 146 | $205,000 | $94,000 | 5.5% | 6.750% | $3,800 | 12.4% | $541,287 |
| Clare County | 279 | $155,000 | $64,000 | 5.0% | 6.625% | $3,510 | 11.5% | $541,287 |
| Clinton County | 776 | $285,000 | $111,000 | 10.0% | 6.625% | $4,090 | 7.0% | $541,287 |
| Crawford County | 99 | $185,000 | $82,000 | 5.0% | 6.875% | $4,230 | 14.5% | $541,287 |
| Delta County | 117 | $205,000 | $76,000 | 5.0% | 6.750% | $3,630 | 8.5% | $541,287 |
| Dickinson County | 157 | $145,000 | $79,000 | 3.5% | 6.625% | $3,410 | 10.7% | $541,287 |
| Eaton County | 1,029 | $225,000 | $93,000 | 9.0% | 6.625% | $3,910 | 8.4% | $541,287 |
| Emmet County | 217 | $325,000 | $121,000 | 16.3% | 6.625% | $3,880 | 6.4% | $541,287 |
| Genesee County | 3,792 | $205,000 | $82,000 | 5.0% | 6.625% | $4,170 | 7.6% | $541,287 |
| Gladwin County | 228 | $185,000 | $80,000 | 5.0% | 6.750% | $4,090 | 9.2% | $541,287 |
| Gogebic County | 105 | $125,000 | $56,000 | 5.0% | 6.500% | $3,260 | 7.7% | $541,287 |
| Grand Traverse County | 770 | $335,000 | $121,000 | 20.0% | 6.625% | $4,180 | 5.9% | $541,287 |
| Gratiot County | 299 | $165,000 | $68,000 | 4.7% | 6.625% | $3,830 | 8.5% | $541,287 |
| Hillsdale County | 332 | $205,000 | $80,000 | 5.0% | 6.625% | $4,300 | 7.2% | $541,287 |
| Houghton County | 212 | $175,000 | $85,000 | 10.0% | 6.625% | $3,120 | 7.7% | $541,287 |
| Huron County | 196 | $155,000 | $69,000 | 5.0% | 6.625% | $3,560 | 12.6% | $541,287 |
| Ingham County | 2,486 | $185,000 | $83,000 | 5.0% | 6.625% | $3,870 | 10.3% | $541,287 |
| Ionia County | 588 | $225,000 | $85,000 | 5.0% | 6.625% | $3,910 | 6.0% | $541,287 |
| Iosco County | 190 | $155,000 | $66,000 | 5.0% | 6.625% | $3,990 | 15.0% | $541,287 |
| Iron County | 86 | $125,000 | $56,000 | 5.0% | 6.500% | $3,010 | 11.1% | $541,287 |
| Isabella County | 435 | $205,000 | $90,000 | 10.0% | 6.625% | $3,750 | 10.3% | $541,287 |
| Jackson County | 1,477 | $205,000 | $82,000 | 5.0% | 6.625% | $3,990 | 8.2% | $541,287 |
| Kalamazoo County | 2,386 | $235,000 | $96,000 | 10.0% | 6.625% | $3,770 | 5.0% | $541,287 |
| Kalkaska County | 130 | $235,000 | $87,000 | 5.0% | 6.625% | $4,230 | 10.2% | $541,287 |
| Kent County | 6,372 | $295,000 | $107,000 | 10.0% | 6.625% | $3,950 | 5.1% | $541,287 |
| Keweenaw County | 12 | — | — | — | — | — | — | $541,287 |
| Lake County | 86 | $185,000 | $77,000 | 5.0% | 6.625% | $4,100 | 12.1% | $541,287 |
| Lapeer County | 812 | $275,000 | $102,000 | 10.0% | 6.625% | $4,540 | 6.0% | $541,287 |
| Leelanau County | 140 | $475,000 | $158,000 | 20.0% | 6.625% | $4,990 | 6.0% | $541,287 |
| Lenawee County | 903 | $205,000 | $79,000 | 5.0% | 6.625% | $3,850 | 6.1% | $541,287 |
| Livingston County | 1,996 | $345,000 | $130,000 | 16.2% | 6.625% | $4,440 | 4.6% | $541,287 |
| Luce County | 27 | — | — | — | — | — | 14.7% | $541,287 |
| Mackinac County | 28 | — | — | — | — | — | 17.6% | $541,287 |
| Macomb County | 8,696 | $245,000 | $88,000 | 10.0% | 6.625% | $4,320 | 8.7% | $541,287 |
| Manistee County | 165 | $215,000 | $90,000 | 7.5% | 6.625% | $4,420 | 8.6% | $541,287 |
| Marquette County | 386 | $245,000 | $95,000 | 10.0% | 6.625% | $3,450 | 6.7% | $541,287 |
| Mason County | 162 | $225,000 | $90,000 | 8.6% | 6.625% | $4,080 | 10.7% | $541,287 |
| Mecosta County | 314 | $225,000 | $84,000 | 6.8% | 6.625% | $4,060 | 8.5% | $541,287 |
| Menominee County | 127 | $165,000 | $68,000 | 3.9% | 6.625% | $3,470 | 6.1% | $541,287 |
| Midland County | 761 | $235,000 | $100,000 | 9.0% | 6.625% | $4,030 | 5.2% | $541,287 |
| Missaukee County | 99 | $195,000 | $76,000 | 5.0% | 6.625% | $4,210 | 8.9% | $541,287 |
| Monroe County | 1,537 | $235,000 | $92,000 | 6.4% | 6.625% | $4,560 | 5.8% | $541,287 |
| Montcalm County | 594 | $225,000 | $80,000 | 5.0% | 6.625% | $4,160 | 5.7% | $541,287 |
| Montmorency County | 100 | $175,000 | $69,000 | 5.0% | 6.625% | $3,300 | 7.0% | $541,287 |
| Muskegon County | 1,854 | $215,000 | $78,000 | 5.0% | 6.625% | $3,750 | 5.5% | $541,287 |
| Newaygo County | 375 | $235,000 | $83,000 | 10.0% | 6.625% | $4,470 | 8.0% | $541,287 |
| Oakland County | 12,515 | $315,000 | $130,000 | 11.9% | 6.625% | $4,340 | 6.7% | $541,287 |
| Oceana County | 166 | $215,000 | $78,000 | 10.0% | 6.625% | $4,270 | 7.4% | $541,287 |
| Ogemaw County | 144 | $165,000 | $67,000 | 5.0% | 6.625% | $3,930 | 12.5% | $541,287 |
| Ontonagon County | 30 | $135,000 | $67,000 | — | — | — | 0.0% | $541,287 |
| Osceola County | 161 | $175,000 | $71,000 | 5.0% | 6.750% | $4,080 | 10.8% | $541,287 |
| Oscoda County | 51 | $155,000 | $62,000 | 10.0% | — | $3,650 | 14.5% | $541,287 |
| Otsego County | 208 | $235,000 | $85,000 | 10.0% | 6.625% | $3,750 | 7.7% | $541,287 |
| Ottawa County | 2,728 | $325,000 | $114,000 | 20.0% | 6.625% | $3,890 | 4.1% | $541,287 |
| Presque Isle County | 42 | $155,000 | $70,000 | 5.0% | — | — | 10.2% | $541,287 |
| Roscommon County | 220 | $175,000 | $74,000 | 10.0% | 6.625% | $3,850 | 10.8% | $541,287 |
| Saginaw County | 1,548 | $175,000 | $75,000 | 5.0% | 6.625% | $3,690 | 7.8% | $541,287 |
| St. Clair County | 1,531 | $225,000 | $85,000 | 6.9% | 6.625% | $4,420 | 6.2% | $541,287 |
| St. Joseph County | 553 | $195,000 | $75,000 | 5.0% | 6.625% | $3,800 | 7.7% | $541,287 |
| Sanilac County | 263 | $185,000 | $78,000 | 5.0% | 6.750% | $4,530 | 8.2% | $541,287 |
| Schoolcraft County | 29 | — | — | — | — | — | 9.1% | $541,287 |
| Shiawassee County | 664 | $185,000 | $73,000 | 5.0% | 6.625% | $4,080 | 7.0% | $541,287 |
| Tuscola County | 416 | $175,000 | $73,000 | 5.0% | 6.625% | $3,700 | 9.4% | $541,287 |
| Van Buren County | 554 | $255,000 | $91,000 | 10.0% | 6.625% | $4,010 | 7.4% | $541,287 |
| Washtenaw County | 2,913 | $345,000 | $142,000 | 20.0% | 6.625% | $4,250 | 5.8% | $541,287 |
| Wayne County | 12,873 | $205,000 | $82,000 | 5.0% | 6.625% | $4,340 | 11.6% | $541,287 |
| Wexford County | 276 | $225,000 | $83,000 | 5.0% | 6.625% | $4,250 | 9.2% | $541,287 |
Who bought homes in Michigan
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Michigan
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Michigan | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.625% | 6.250% |
| 30-year fixed rate · VA | 6.250% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.23 pts | +0.13 pts |
| Total loan costs · conventional | $4,140 | $5,570 |
| Total loan costs · FHA | $8,350 | $11,310 |
| Total loan costs · VA | $4,830 | $6,490 |
| Origination charges (all loan types) | $1,610 | $1,860 |
| Borrowers paying discount points | 45.5% | 51.3% |
| Points paid, when paid (% of loan) | 0.56% | 0.87% |
| Borrowers receiving lender credits | 35.1% | 33.1% |
| Adjustable-rate mortgages | 7.1% | 7.4% |
| Jumbo loans (above conforming limit) | 1.6% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Michigan: 7,538 of 96,130 completed home-purchase applications were denied (7.8%).
Denial rate
| Application | Michigan | U.S. |
|---|---|---|
| Home purchase | 7.8% | 8.5% |
| Conventional | 6.1% | 7.1% |
| FHA | 15.5% | 12.5% |
| VA | 9.6% | 8.0% |
| USDA | 10.6% | 12.5% |
| Refinance | 16.0% | 17.9% |
| Cash-out refinance | 31.1% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Michigan
Top mortgage lenders in Michigan
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | United Wholesale Mortgage (UWM) | 18,512 | 14.4% | 8.5% | 6.625% | +0.36 | $4,870 |
| 2 | Rocket Mortgage, LLC | 15,904 | 12.3% | 12.3% | 6.750% | +0.31 | $4,160 |
| 3 | Lake Michigan Credit Union | 7,027 | 5.5% | 2.4% | 6.500% | −0.07 | $3,690 |
| 4 | Union Home Mortgage Corp. | 3,254 | 2.5% | 2.9% | 6.875% | +0.58 | $5,050 |
| 5 | Mortgage 1 Incorporated | 3,114 | 2.4% | 1.8% | 6.625% | +0.28 | $4,370 |
| 6 | The Huntington National Bank | 2,948 | 2.3% | 11.5% | 6.625% | +0.19 | $3,960 |
| 7 | Staunton Financial, Inc. | 2,266 | 1.8% | 4.2% | 6.625% | +0.23 | $4,180 |
| 8 | JPMorgan Chase Bank, N.A. | 2,238 | 1.7% | 10.5% | 6.500% | +0.01 | $3,300 |
| 9 | Veterans United Home Loans | 2,181 | 1.7% | 10.8% | 6.625% | +0.34 | $3,840 |
| 10 | Flagstar Bank, N.A. | 2,006 | 1.6% | 26.0% | 6.625% | +0.32 | $3,620 |
| 11 | CrossCountry Mortgage, Inc. | 1,975 | 1.5% | 2.6% | 6.875% | +0.54 | $5,110 |
| 12 | The Dart Bank | 1,932 | 1.5% | 4.3% | 6.625% | +0.16 | $3,960 |
| 13 | Mortgage Center L.c | 1,571 | 1.2% | 3.2% | 6.375% | +0.11 | $4,140 |
| 14 | Fifth Third Bank, N.A. | 1,563 | 1.2% | 10.0% | 6.625% | +0.11 | $3,630 |
| 15 | Freedom Mortgage Corporation | 1,418 | 1.1% | 12.5% | — | — | — |
| 16 | Rate | 1,403 | 1.1% | 3.3% | 6.625% | +0.30 | $4,500 |
| 17 | Consumers Credit Union | 1,399 | 1.1% | 1.7% | 6.750% | +0.24 | $3,420 |
| 18 | Pennymac Loan Services, LLC | 1,293 | 1.0% | 13.0% | 6.750% | +0.32 | $4,230 |
| 19 | Mercantile Bank | 1,281 | 1.0% | 8.1% | 6.625% | +0.18 | $3,560 |
| 20 | Independent Bank | 1,211 | 0.9% | 4.3% | 6.625% | +0.24 | $4,130 |
| 21 | Newrez LLC | 1,154 | 0.9% | 11.0% | 6.875% | +0.42 | $4,890 |
| 22 | Gold Star Mortgage Financial Group, Corporation | 1,106 | 0.9% | 2.3% | 6.625% | +0.31 | $4,030 |
| 23 | Preston Home Loans Inc. | 1,053 | 0.8% | 2.9% | 6.875% | +0.51 | $4,540 |
| 24 | First Merchants Bank | 1,050 | 0.8% | 5.1% | 6.500% | +0.09 | $4,100 |
| 25 | Michigan Schools and Government | 992 | 0.8% | 4.3% | 6.625% | −0.11 | $2,830 |
Largest lenders in Michigan by 2025 originations. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Metro areas in Michigan
- Warren-Troy-Farmington Hills, MI · 25,558 purchases
- Detroit-Dearborn-Livonia, MI · 12,873 purchases
- Grand Rapids-Wyoming-Kentwood, MI · 10,857 purchases
- Lansing-East Lansing, MI · 4,291 purchases
- Flint, MI · 3,792 purchases
- South Bend-Mishawaka, IN-MI · 2,870 purchases
- Ann Arbor, MI · 2,913 purchases
- Kalamazoo-Portage, MI · 2,386 purchases
- Muskegon-Norton Shores, MI · 1,854 purchases
- Monroe, MI · 1,537 purchases
- Saginaw, MI · 1,550 purchases
- Jackson, MI · 1,477 purchases
- Traverse City, MI · 1,161 purchases
- Battle Creek, MI · 1,204 purchases
- Niles, MI · 1,229 purchases
- Bay City, MI · 964 purchases
- Midland, MI · 761 purchases
Source: FFIEC/CFPB HMDA 2025 public LAR; FHFA and HUD 2026 loan limits. Methodology