Mortgage Rates in Parchment, Michigan — March 2026
Updated March 2026 | Based on Parchment market data and regional lending conditions
Parchment is a smaller Michigan community of 29,601 where home prices remain well below the national median, making homeownership more attainable. The current 30-year fixed rate here is 6.64% (0.01% below the national average). At a median home price of $185,000, the estimated $1,217/month payment (with 20% down) is affordable on the local median income of $65,500.
Current Mortgage Rates in Parchment, MI
Below are the current average mortgage rates available in the Parchment area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.64% | 6.65% | -0.01% |
| 15-Year Fixed | 5.9% | 5.89% | +0.01% |
| 5/1 ARM | 6.19% | 6.15% | +0.04% |
| FHA | 6.45% | 6.25% | +0.2% |
| VA | 6.2% | 6.05% | +0.15% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Parchment Housing Market Overview
At $185,000, Parchment offers more affordable housing than most U.S. metros. The local cost of living index is 89.2 (100 = national average), and the median household income of $65,500 provides comfortable purchasing power in this market.
Monthly Payment Breakdown for Parchment
Based on the median home price of $185,000 with 20% down ($37,000), here is what you can expect to pay monthly in Parchment:
15-Year vs. 30-Year Mortgage in Parchment
Choosing a 15-year mortgage in Parchment at 5.9% instead of a 30-year at 6.64% would save you $118,260 in total interest over the life of the loan. However, your monthly payment would be $1,241 instead of $949 — an increase of $292 per month.
Calculate Your Parchment Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Parchment
What are the current mortgage rates in Parchment, MI?
As of March 2026, the average 30-year fixed mortgage rate in Parchment, Michigan is 6.64%, while the 15-year fixed rate is 5.9%. FHA loans average 6.45% and VA loans 6.2%. These rates are 0.01% below the national average of 6.65%.
How much is a monthly mortgage payment in Parchment?
Based on the median home price of $185,000 with 20% down, the estimated monthly mortgage payment in Parchment is $949 for principal and interest. Including property taxes of $268/month, the total monthly housing cost is approximately $1,217.
What income do I need to buy a home in Parchment?
Using the 28% rule, you would need an annual income of approximately $52,157 to afford the median-priced home in Parchment at $185,000. The median household income in Parchment is $65,500. The median income is currently sufficient to meet this threshold.
Is Parchment a good place to buy a home in 2026?
Parchment offers a below-average cost of living with a cost of living index of 89.2 (national average = 100). The property tax rate in Michigan is 1.74%, which is above the national average. Parchment has a population of 29,601 and offers a very affordable lifestyle.
Mortgage Rates in Other Michigan Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Parchment, Michigan area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.