Michigan Mortgage : The lower rate on mortgages in Michigan has drawn more peoples across the nation, as there exists a great financial savings at the time of refinancing. Mortgages especially the fixed rate mortgages in the state have a high demand in the country.

According to the mortgage statistics, the home purchase mortgage loans per one thousand housing units was 46 in the year 2003. The median amount of mortgage loans for the home purchases was $121,000 with an average amount of mortgage loans to home purchases was $138, 346 in the same year.

Michigan Mortgage Type

The Market changes are the main reason behind choosing different types of mortgages.
It is found that more residents in the state choose fixed rate mortgages.

In case of the fixed rate mortgages, it provides both fixed rate of interest as well as monthly installment payments. This is accepted more and considered as the better form of mortgage. People consider it better from the grounds of providing security and peace.

Generally the fixed rate mortgages bear a term of 15 or 30 years. Some times 10 and 20 years fixed rate loan also exists.

For the short term the Michigan Adjustable Rate Mortgage (ARM) is also available. In case of the Adjustable Rate Mortgages, the time period is fixed for the first period of the loan and after the time period it is adjustable. ARM products are: 3/1 ARM, 5/1 ARM, or 7/1 ARM. For example in case of 3/1 ARM, the fixed interest rate is charged for the initial three years and then adjustable after that annually.

Michigan Mortgage Rate

The interest rate charged depends upon the mortgage types depending upon the time period.

The following table gives a clear picture on the mortgage rate in Michigan:

Fixed (Years)	Rates
10 Year Fixed	5.81%
15 Year Fixed	5.81%
20 Year Fixed	6.19%
30 Year Fixed	6.25%
Adjustable	Rates
1/1 Adjustable	5.50%
3/1 Adjustable	6.06%
5/1 Adjustable	6.19%
7/1 Adjustable	6.31%
10/1 Adjustable	6.44%

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