Jun 2, 2025 - Real Estate
Most Michigan mortgages have rates under 4%
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One bright spot in this bummer housing market: More listings are shaking loose.
Why it matters: While some homeowners sitting on low mortgage rates are finally selling, the "lock-in effect" isn't going away anytime soon.
State of play: Inventory in 20 of the 50 largest U.S. metros topped pre-pandemic norms in April, up from 18 in March, per Realtor.com.
By the numbers: In Michigan, 60% of mortgages have rates below 4%, according to Cotality, an industry data provider.
- The landscape in Michigan mirrors the nationwide share of sub-4% mortgages, which is 62%.
- In California, Utah and North Dakota, the share hits 71%.
Between the lines: Most who took out new mortgages in recent years have rates above 6%.
What's next: Mortgage rates aren't expected to fall much this year, and home prices continue to rise.