Grand Rapids Mortgage Rates

Grand Rapids mortgage rates are setting another record low due to more signs of a weak economy.  Today’s 30 year fixed rates are as low as 3.75% (3.987% APR) (See Assumptions).  Michigan residents can benefit from the weak economy by taking advantage of historically low mortgage interest rates.  A borrower with a $200,000 at 6% would save an estimated $272.87 per month if they refinanced to today’s rates.  That is equivalent to getting a $3,274/year pay increase (Quote updated 11/8/11).

Foreclosures are still an issue holding our economy back.  Michigan overall is now the 6th highest in foreclosures for the US.  1 our of every 265 homes are in foreclosure.  If you think the housing market in Michigan is bad, take a look at Nevada with 1 in every 88  homes in foreclosure.

For you number nerds like myself, here is some technical information on what is affecting Grand Rapids mortgage rates.  This morning’s report of Jobless Claims fell 29K to 429K, although continuing claims jumped upward by 247K.  The weak dollar against the Euro is negatively affecting the stock markets this morning which helps mortgage interest rates recover from their upward corrections last week.

Mortgage rates in Grand Rapids are the lowest we have seen in history.  If you are over 5.00% then now is the time to refinance.  If you are considering purchasing a home, then you can get more for your money with interest rates low and home prices at their rock bottom!

Historically Low Interest Rates

Mortgage rates are at 30 year lows which makes now a great time to lock in a 30 Year Fixed Rate. Mortgages backed by the Government have gained tremendous popularity because they require little to no down payment and offer low monthly payments. Take advantage of this historic opportunity and apply online or call now!

Mortgage Rates Update - 11/8/11

If you have been tracking our mortgage rates then you know that rates have been steadily creeping up over the past few weeks. The explanations for these rate increases are for the same reasons, signs of positive economic growth and overall the market correcting itself from artifically holding down mortgage rates. If you are hoping to reduce your mortgage payments by refinancing your home loan or if you are planning on purchasing a home in the near future then I strongly recommend you lock in your mortgage rate before rates creep higher (Article Updated By Anthony 11/8/11).

Michigan Mortgage Rates

Mortgage rates in West Michigan have taken a turn for the better. After a couple of months of higher than expected mortgage rates, the mortgage backed security marketing (MBS) has increased in appetite making mortgage rates lower. The concern over many states not being able to pay their debts and the current national debt limit has provided concern for many investors. In times of concern investors choose to invest their money into more guaranteed and consistent rates of return. Although mortgage rates are looking attractive at this time in the low 4's for a 30 years fixed mortgage and the mid to upper 3's for a 15 year fixed mortgage, I would still recommend locking in your interest rate in the next 30 days. (Article Updated By Anthony 11/8/11).