Mortgage Rates in Grand Rapids, Michigan: 2026 Guide
30-year fixed: 6.76%. Median: $295,000.
Current Mortgage Rates in Grand Rapids
| Loan Type | Rate | APR | Monthly* |
|---|---|---|---|
| 30-Year Fixed | 6.76% | 6.840% | $1,532/mo |
| 15-Year Fixed | 6.24% | 6.310% | $2,022/mo |
| 5/1 ARM | 6.14% | 6.490% | $1,436/mo |
Grand Rapids Market Insights
Grand Rapids is the economic hub of Western Michigan, with strong healthcare and manufacturing sectors. The housing market has seen steady appreciation, and popular neighborhoods like East Hills and Heritage Hill offer historic charm with modern amenities.
FAQs
What is the average mortgage rate in Grand Rapids?+
How much down payment is needed in Grand Rapids?+
What are property taxes in Grand Rapids?+
What a $295,000 Home Costs in Grand Rapids
At Grand Rapids's median home price of $295,000, a 20% down payment is $59,000. On a 30-year fixed loan at 6.76%, the monthly principal and interest payment works out to $1,532, and property taxes add roughly $379 per month at an effective rate of 1.54%. That puts the total PITI payment near $1,911 a month before homeowners insurance and HOA fees.
Keeping housing at or below 28% of gross income means a buyer in Grand Rapids typically needs to earn about $81,900 a year to carry this payment comfortably.
Tax & Rate Context in Grand Rapids
The effective property tax rate in Grand Rapids is 1.54%, which works out to roughly $4,543 a year on a median-priced home. The average 30-year fixed rate of 6.76% runs 0.05 points above the national average of 6.71%, so locking a rate and shopping at least three lenders matters more here. Grand Rapids has an estimated population of 200K, and demand in the local market affects how quickly homes move and how often sellers negotiate on price.