Macomb County Michigan: Mortgage Rates Hit Record Lows Again!

By: Rick Giese RE/MAX First
 
 
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Interest Rates

Industry:
Consumer

Location:
Clinton Township - Michigan - US

CLINTON TOWNSHIP, Mich. - Sept. 11, 2020 - PRLog -- Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 2.86%. Last week's reported rate reached the lowest point in the history of the survey, which dates back to 1971

What does this mean for buyers?
This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:

"The summer is heating up as record low mortgage rates continue to spur homebuyer demand."

"Looks like the fall home buying season is going to be on fire! As buyers continue to flood into the market."

Clearly, buyers are capitalizing on today's record breaking low rates. The average monthly mortgage payment decreases significantly when rates are as low as they are today.Mortgage Rates Hit Record Lows for Three Consecutive Weeks | MyKCMA lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that's a bigger home than what they'd be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today's health crisis.

If you're in a position to buy or sell a home this year, let's connect to initiate the process while mortgage rates are historically low.

When you are ready, we can help you. Looking to sell looking to right size or move up!

As always, reach out to me Rick Giese via phone 586.242.3100, email rick@rickgiese.com, or Facebook MacombCountyLifeStyles.com If you have questions about this or any other real estate topic. I'm happy to help!

#rickgiese #remax #remaxfirst #macombcounty #michigan #realestate #homevalues

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