Mortgage Rates in Lansing, Michigan: 2026 Guide
30-year fixed: 7.32%. Median: $195,000.
Current Mortgage Rates in Lansing
| Loan Type | Rate | APR | Monthly* |
|---|---|---|---|
| 30-Year Fixed | 7.32% | 7.400% | $1,072/mo |
| 15-Year Fixed | 6.68% | 6.750% | $1,374/mo |
| 5/1 ARM | 6.46% | 6.810% | $982/mo |
Lansing Market Insights
Lansing, the state capital, offers affordable housing with stable government employment. The housing market is very accessible for first-time buyers, with median prices well below the national average. The cost of living is low, making it attractive for families and retirees.
FAQs
What is the average mortgage rate in Lansing?+
How much down payment is needed in Lansing?+
What are property taxes in Lansing?+
What a $195,000 Home Costs in Lansing
At Lansing's median home price of $195,000, a 20% down payment is $39,000. On a 30-year fixed loan at 7.32%, the monthly principal and interest payment works out to $1,072, and property taxes add roughly $192 per month at an effective rate of 1.18%. That puts the total PITI payment near $1,264 a month before homeowners insurance and HOA fees.
Keeping housing at or below 28% of gross income means a buyer in Lansing typically needs to earn about $54,171 a year to carry this payment comfortably.
Tax & Rate Context in Lansing
The effective property tax rate in Lansing is 1.18%, which works out to roughly $2,301 a year on a median-priced home.The 30-year fixed rate used here is the national Freddie Mac PMMS average of 7.32%. Local quotes move with credit score, down payment and lender, so compare at least three offers. Lansing has an estimated population of 112K, and demand in the local market affects how quickly homes move and how often sellers negotiate on price.