Grand Rapids Real Estate Market Update

Grand Rapids Mortgage Rates

Grand Rapids Real EstateMortgage rates are still very low. In fact, in a recent article at CNNMoney shows that interest rates have smashed the old record. This is more terrific news for the slowly recovering Grand Rapids real Estate Market. We have been seeing homes selling and inventory has been steadily dropping. The Grand Rapids Short Sales and Foreclosure market is still quite saturated (unfortunately), however sales have increased over last year as sellers are taking advantage of the smaller inventory and increased buyer interest.

“Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record lows,” said Frank Nothaft, Freddie Mac’s chief economist.

The 15-year fixed-rate mortgage is popular among homeowners who are seeking to refinance or to trade-up and minimize their total interest payments. At the current rate, a borrower financing $200,000 would pay $1,370 a month and spend a total of just under $47,000 in interest over the 15-year span of the mortgage.”

Grand Rapids House Value

If you are thinking of selling your Grand Rapids’ home, now is a good time to put it on the market. We market our listings aggressively and can you help you get your home sold. For more information about what is selling in your area or what your home is worth, feel free to call or contact me anytime.

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