Detroit Mortgage Rates Survey – Week of February 6, 2012

Written by: BetterFinancePath Staff

According to a recent survey of Detroit mortgage rates offered by the largest area banks & credit unions, two Detroit institutions offered rates at about 4.000% on 30-year fixed -rate conforming loans in the Detroit metro area for well-qualified borrowers.  Comerica Bank ( offered the highest rate with 4.250% while the RBS Citizens ( offered rates at 4.000%.

While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.

Top Detroit Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Comerica Bank





RBS Citizens 02/05/2012





Listed rates from banks, thrifts and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.


Detroit Mortgage Rates Survey – Week of...

Share Tweet Pin It