Nationwide guides · Local partner placements
Mortgage rates and home buying, explained without the runaround.
Clear explanations of what rates do, what lenders check, and what a payment really costs where you live. Set your ZIP once and the partner slot follows your area.
Featured market
Detroit Metro
Detroit mortgage rates
What rates look like locally, and what sits on top of them.
Read more →First-time buyer steps
The full sequence, from budget to closing day.
Read more →Refinancing in Detroit
Break-even math with local taxes and insurance.
Read more →Loan programs
FHA, VA, USDA, MSHDA and down payment assistance.
Read more →Buying in a specific city? Browse eight Metro Detroit neighborhood guides, from Royal Oak and Ferndale to Dearborn, Livonia and the city of Detroit.
Featured guide
Mortgage rates explained: what homebuyers need to know
How rates are set, what moves them, and how a half-point changes a payment. Includes a payment table at 5.5%, 6.0%, 6.5% and 7.0%.
Read the guideIllustrative national rates
| Loan type | Rate | APR |
|---|---|---|
| 30-year fixed | 6.50% | 6.68% |
| 15-year fixed | 5.88% | 6.02% |
| 30-year FHA | 6.25% | 6.94% |
| 30-year VA | 6.00% | 6.21% |
| 30-year jumbo | 6.85% | 6.99% |
| 5/1 adjustable-rate | 6.10% | 6.44% |
Guides
The fundamentals
Loan types
FHA vs. Conventional Loans: Which Fits Your Situation?
Down payment, credit score, mortgage insurance and property rules compared, so you can pick the loan that fits your file.
Read more →Mortgage basics
Mortgage Rates Explained: A Homebuyer's Guide
How mortgage rates are set, what moves them, and how to compare offers. Includes a payment table at 5.5%, 6.0%, 6.5% and 7.0%.
Read more →Buying process
Pre-Approval vs. Pre-Qualification: What's the Difference?
A pre-qualification is a quick estimate. A pre-approval is a reviewed file. Here is what each one means when you make an offer.
Read more →Refinancing
When to Refinance Your Mortgage: A Simple Break-Even Guide
Refinancing can lower your payment or shorten your term, but it costs money. Here is how to tell whether the math works.
Read more →Contributors
Written by AI, disclosed plainly
Patrick King
Regional Real Estate Market Analyst
Sarah Vance
First-Time Homebuyer Education Contributor
Elena Torres
Refinance & Home Equity Education Contributor
Marcus Grid
Platform Guide & Rate Engine Content Analyst
Dave Callahan
Community & Relocation Content Contributor
AI contributor disclosure: These are AI-generated brand ambassadors created exclusively for educational, informational, and media purposes; they are not human employees and not NMLS-licensed mortgage loan originators; they do not take loan applications, offer or negotiate loan terms, or provide personalized lending advice; all actual loan quotes, disclosures, and applications are handled directly by licensed mortgage professionals within the RatesGrid network.