Grand Rapids Real Estate Market Update November 2012

Grand Rapids Real Estate Market Update

Grand Rapids Real EstateGood news coming this month in the Grand Rapids Association of Realtor’s latest market report. Grand Rapids Home sales are out pacing last years output by a pretty good margin. I suspect this will be even more evident in certain areas including the Ada Township Luxury Homes market, the Cascade Township Homes and especially the Grand Rapids Downtown Condos market. Grand Rapids Condos in particular have been selling, provided they are priced accordingly. Home inventory is continuing to fall and we are now at a 4 month level.

Interest rates continue to be low and with home prices being so low, it is a great time to buy.

Grand Rapids Mortgage Rates

Mortgage rates remain low and refinancing or purchasing is a great idea. Here is a snapshot of the current mortgage rates in town provided by John Fein at Fifth Third Bank.

3.375%                 30Yr Fixed Conventional
3.25%                   20Yr Fixed Conventional
2.75%                   15Yr Fixed Conventional loan
3.375 %                 30Yr Fixed FHA
3.875%                  30Yr Fixed FHA 203k
4.125%                 30Yr Fixed Jumbo
3.50%                   30Yr Fixed FHA MSHDA
4.00%                   30Yr Fixed FHA MSHDA with DPA
3.375%                 30Yr Fixed VA
2.25%                  5Yr Arm conventional
2.50%                 7Yr Arm conventional

John Fein
Fifth Third Bank
Phone 616-261-4093
Fax 866-239-0118

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