Mortgage Refinance Rates in Michigan (2026)
With Michigan's median value near $245,000, a homeowner refinancing a typical $167,000 balance from about 7.50% to 6.25% saves roughly $139/month — breaking even on ~$4,175 of costs near month 30.
Most Michigan owners have built real equity. A cash-out refinance can tap up to 80% of value, and a rate-and-term refinance simply lowers the payment. Michigan uses the $806,500 conforming baseline statewide.
Refinance snapshot by Michigan county
| County | Est. Value | 2026 Conforming Limit | Tier |
|---|---|---|---|
| Wayne County | $135,000 | $806,500 | Baseline |
| Oakland County | $310,000 | $806,500 | Baseline |
| Macomb County | $275,000 | $806,500 | Baseline |
| Kent County | $330,000 | $806,500 | Baseline |
| Genesee County | $165,000 | $806,500 | Baseline |
| Washtenaw County | $245,000 | $806,500 | Baseline |
| Ingham County | $245,000 | $806,500 | Baseline |
| Ottawa County | $245,000 | $806,500 | Baseline |
| Kalamazoo County | $245,000 | $806,500 | Baseline |
| Saginaw County | $245,000 | $806,500 | Baseline |
| Livingston County | $245,000 | $806,500 | Baseline |
| Muskegon County | $245,000 | $806,500 | Baseline |
| St. Clair County | $245,000 | $806,500 | Baseline |
| Jackson County | $245,000 | $806,500 | Baseline |
| Berrien County | $245,000 | $806,500 | Baseline |
| Monroe County | $245,000 | $806,500 | Baseline |
| Calhoun County | $245,000 | $806,500 | Baseline |
| Allegan County | $245,000 | $806,500 | Baseline |
| Eaton County | $245,000 | $806,500 | Baseline |
| Bay County | $245,000 | $806,500 | Baseline |
| Lapeer County | $245,000 | $806,500 | Baseline |
| Lenawee County | $245,000 | $806,500 | Baseline |
| Grand Traverse County | $245,000 | $806,500 | Baseline |
| Midland County | $245,000 | $806,500 | Baseline |
| Shiawassee County | $245,000 | $806,500 | Baseline |
| Clinton County | $245,000 | $806,500 | Baseline |
| Cass County | $245,000 | $806,500 | Baseline |
| Isabella County | $245,000 | $806,500 | Baseline |
| Marquette County | $245,000 | $806,500 | Baseline |
| Van Buren County | $245,000 | $806,500 | Baseline |
Should you refinance in Michigan?
It comes down to your break-even. Take your closing costs (often 2-5% of the balance) and divide by your monthly savings — if you will stay in the home past that month count, refinancing usually wins. Cash-out makes sense when the rate and use of funds beat your other borrowing options.
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Frequently Asked Questions
- How much can refinancing save in Michigan?
- On a $167,000 balance near the Michigan median, dropping from ~7.50% to 6.25% saves about $139/month. Your figure depends on your current rate and balance.
- What is the conforming loan limit in Michigan for 2026?
- Most Michigan counties use the $806,500 baseline; high-cost counties go up to $1,209,750. Above that, refinances are jumbo loans.