By the Wirly Editorial Team | AI-assisted, human-reviewed
Mortgage Refinancing in Michigan
Real refinance data for Michigan from federal sources, updated annually. See how your state compares to national averages.
Refinance Originations
24,799
2024 HMDA data
Avg Loan Amount
$247,324
National: $428,119
Denial Rate
23.48%
▲ Below national avg
Median Home Value
$217,600
U.S. Census Bureau
Source: HMDA 2024 via CFPB, U.S. Census Bureau ACS
Calculate your refinance savingsRefinance Trends in Michigan
Originations by Year
Refinance originations in Michigan by year. Source: HMDA via CFPB.
Loan Type Breakdown
Includes all refinance applications (originated, denied, and other outcomes). Source: HMDA via CFPB.
Home Price Trends in Michigan
Source: FHFA House Price Index
Top Lenders in Michigan
| # | Lender | HMDA Records | Avg Loan |
|---|---|---|---|
| 1 | Rocket Mortgage LLC | 34,293 | - |
| 2 | Rocket Mortgage LLC | 25,991 | - |
| 3 | The Huntington National Bank | 24,841 | - |
| 4 | United Shore Financial Services LLC | 23,928 | - |
| 5 | United Shore Financial Services LLC | 22,375 | - |
| 6 | The Huntington National Bank | 21,445 | - |
| 7 | Rocket Mortgage LLC | 20,995 | - |
| 8 | The Huntington National Bank | 20,871 | - |
| 9 | United Wholesale Mortgage LLC | 18,866 | - |
| 10 | Lake Michigan Credit Union | 18,075 | - |
Ranked by total HMDA filings in the state (2024). Source: HMDA via CFPB.
Compare all lenders →How Michigan Compares
| Metric | Michigan | National Avg |
|---|---|---|
| Refinance Originations | 24,799 | 697,820 |
| Avg Loan Amount | $247,324 | $428,119 |
| Denial Rate | 23.48% | 24.2% |
Green indicates the state performs better than the national average. Red indicates worse. Source: HMDA 2024, U.S. Census Bureau.
Current Mortgage Rates
30-Year Fixed
6.51%
▲ 6.36% prev
15-Year Fixed
5.85%
▲ 5.71% prev
5/1 ARM
6.06%
▲ 5.95% prev
National average rates updated daily from FRED (Federal Reserve Bank of St. Louis). Your rate depends on your credit score, loan amount, and lender.
Get personalized rates →Frequently Asked Questions
How many people refinanced in Michigan in 2024?
In 2024, there were 24,799 refinance originations in Michigan, according to HMDA data reported to the CFPB.
What is the average refinance loan amount in Michigan?
The average refinance loan amount in Michigan was $247,324 in 2024. This reflects originated loans reported through HMDA.
What is the refinance denial rate in Michigan?
The refinance denial rate in Michigan was 23.48% in 2024. This is calculated from originated and denied applications reported to the CFPB.
What are the top refinance lenders in Michigan?
The most active lenders in Michigan by HMDA filing volume include Rocket Mortgage LLC, Rocket Mortgage LLC, The Huntington National Bank. See the full list above for details.
Is it a good time to refinance in Michigan?
Whether refinancing makes sense depends on your current rate, loan balance, and how long you plan to stay in your home. Use our refinance calculator and break-even calculator to estimate your potential savings based on current national rates.
Want a deeper analysis?
Read our full editorial guide on refinancing in Michigan, including tips, regulations, and state programs.
Read the Michigan Refinance GuideData sourced from HMDA (Home Mortgage Disclosure Act) via the CFPB and FRED (Federal Reserve Bank of St. Louis). Demographics from the U.S. Census Bureau American Community Survey. This page is for educational purposes only and does not constitute financial advice. Consult a licensed mortgage professional for personalized guidance.