Michigan Mortgage Rates

Earlier this year, many housing experts have predicted that Michigan’s housing market will take quite a leap. True enough, the Great Lake State’s west area experienced some action as it rocketed to the 13th spot on Realtor.com’s “ hotness” index last June of 2017.

Strong Economy and Affordable Homes, A Great Combination

What made Michigan attractive to many homebuyers? It is the powerful combination of their growing economy and the relatively affordable housing you can find all throughout the state.

If you want to know how Michigan home values have improved over a year, Zillow saw a 7.2 percent increase from a year ago and sees that this won’t stop as we move closer to 2018. Home prices still remain lower compared to the national median home price, making it popular for homebuyers on a budget such as millennials.

Individuals on house hunting in the state will definitely love to hear that local lenders have very competitive mortgage loans. Affordable monthly mortgage payments, reasonable closing cost, and most especially low-interest rates are what to expect.

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Mortgage Rates in Michigan Remain Low

If you’re looking for mortgage loans with a fixed rate and a 30-year term, you will most likely take one with mortgage rates below 4 percent. Freddie Mac rates are at 3.85 percent as of October 11, 2017.

For 15-year fixed rate mortgages, you are looking at very low mortgage rates of 3.15 percent as per Freddie Mac dating October 11, 2017. These average rates may change weekly.

Homebuyers have to take note that different factors will affect the rate that will apply to their mortgage loans. Consider keeping a good credit score, a clean credit history and a stable source of income. These factors will definitely bring your mortgage rates down.

To make it easier for you to calculate the cost of your mortgage, Mortgagesum.com has a lot of tools that are user-friendly and helpful. We can also help you find a lender nearby with just a few clicks. Find low-cost mortgage loans in Michigan and start living the American Dream!

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© 2022 Mortgage.Info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.